Q3 2025 Holdings
Filed 2025-11-13 | 24 holdings | $361.8M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Spdr Gold TR(GLD)Put | GOLD SHS | 78463V107 | $111.5M | 313,700 | 30.8% |
| Ishares Inc(EWZ)Put | MSCI BRAZIL ETF | 464286400 | $66.7M | 2,152,300 | 18.4% |
| Barrick MNG Corp(B) | COM SHS | 06849F108 | $26.2M | 800,000 | 7.2% |
| Petroleo Brasileiro SA Petro(PJX) | SP ADR NON VTG | 71654V101 | $21.3M | 1,800,000 | 5.9% |
| Teekay Tankers LTD(TNK) | CL A | G8726X106 | $19.5M | 386,099 | 5.4% |
| Select Sector Spdr TR(XLE)Put | ENERGY | 81369Y506 | $17.9M | 200,000 | 4.9% |
| Ishares Silver TR(SLV) | ISHARES | 46428Q109 | $16.9M | 400,000 | 4.7% |
| Tsakos Energy Navigation LTD(TEN) | SHS | G9108L173 | $16.8M | 757,565 | 4.7% |
| Mosaic Co New(MOS) | COM | 61945C103 | $13.1M | 377,000 | 3.6% |
| Compania de Minas Buenaventu(BVN) | SPONSORED ADR | 204448104 | $10.9M | 447,516 | 3.0% |
| Tidewater Inc New(TDW) | COM | 88642R109 | $10.8M | 201,763 | 3.0% |
| Aris MNG Corp(ARIS) | COM | 04040Y109 | $9.3M | 947,600 | 2.6% |
| Cmb.tech NV(CMBT) | SHS | B38564108 | $5.6M | 598,570 | 1.6% |
| Gerdau SA(GGB) | SPON ADR REP PFD | 373737105 | $4.9M | 1,567,825 | 1.3% |
| Ishares TR(LQD) | IBOXX INV CP ET | 464287242 | $4.0M | 36,200 | 1.1% |
| Solaris RES Inc(SLSR) | COM NEW | 83419D201 | $4.0M | 623,100 | 1.1% |
| Cementos Pacasmayo S A A(CPAC) | SPONSORED ADR | 15126Q208 | $1.5M | 209,734 | 0.4% |
| Brazil Potash Corp(GRO) | COMMON SHARES | 10586A108 | $968.4K | 359,995 | 0.3% |