Q4 2025 Holdings
Filed 2026-02-17 | 37 holdings | $146.7M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Andersons Inc(ANDE) | COM | 034164103 | $18.6M | 348,913 | 12.6% |
| Methanex Corp(MEOH) | COM | 59151K108 | $16.0M | 402,532 | 10.9% |
| Darling Ingredients Inc(DAR) | COM | 237266101 | $15.2M | 423,056 | 10.4% |
| Bunge Global SA(BG) | COM SHS | H11356104 | $14.3M | 160,661 | 9.8% |
| Mission Produce Inc(AVO) | COM | 60510V108 | $9.2M | 790,381 | 6.2% |
| Bunge Global SA(BG)Put | COM SHS | H11356104 | $8.9M | 100,000 | 6.1% |
| Smithfield Foods Inc(SFD) | COM | 832248207 | $8.5M | 380,915 | 5.8% |
| Avient Corporation(AVNT) | COM | 05368V106 | $6.7M | 213,749 | 4.6% |
| Darling Ingredients Inc(DAR)Put | COM | 237266101 | $4.7M | 131,300 | 3.2% |
| Andersons Inc(ANDE)Call | COM | 034164103 | $3.6M | 67,000 | 2.4% |
| United STS Oil FD LP(USO)Put | UNITS | 91232N207 | $3.5M | 50,000 | 2.4% |
| Fuller H B Co(FUL) | COM | 359694106 | $3.4M | 57,505 | 2.3% |
| Eastman Chem Co(EMN) | COM | 277432100 | $3.4M | 52,807 | 2.3% |
| Corteva Inc(CTVA) | COM | 22052L104 | $2.7M | 40,000 | 1.8% |
| Pilgrims Pride Corp(PPC) | COM | 72147K108 | $2.5M | 65,000 | 1.7% |
| REX American RES Corp(REX) | COM | 761624105 | $2.3M | 71,172 | 1.6% |
| JBS N.V.(JBS) | CL A SHS | N4732M103 | $2.2M | 152,048 | 1.5% |
| AIR Prods & Chems Inc(APD) | COM | 009158106 | $2.1M | 8,495 | 1.4% |
| MP Materials Corp(MP) | COM CL A | 553368101 | $2.0M | 40,000 | 1.4% |
| Ecolab Inc(ECL) | COM | 278865100 | $2.0M | 7,523 | 1.3% |
| Olin Corp(OLN) | COM PAR $1 | 680665205 | $1.6M | 78,012 | 1.1% |
| Smurfit Westrock PLC(SW) | SHS | G8267P108 | $1.6M | 41,813 | 1.1% |
| Adecoagro S A(AGRO) | COM | L00849106 | $1.6M | 198,317 | 1.1% |
| PPG Inds Inc(PPG) | COM | 693506107 | $1.5M | 15,107 | 1.1% |
| Sunopta Inc(STKL) | COM | 8676EP108 | $1.2M | 325,000 | 0.8% |
| Dupont de Nemours Inc(DD) | COM | 26614N102 | $1.2M | 30,000 | 0.8% |
| Huntsman Corp(HUN) | COM | 447011107 | $850.0K | 85,000 | 0.6% |
| Westlake Corporation(WLK) | COM | 960413102 | $843.2K | 11,404 | 0.6% |
| CF Inds Hldgs Inc(CF) | COM | 125269100 | $773.4K | 10,000 | 0.5% |
| Tronox Holdings PLC(TROX) | SHS | G9087Q102 | $750.6K | 180,000 | 0.5% |
| Orion S.A.(OEC)Call | COM | L72967109 | $721.8K | 136,700 | 0.5% |
| Axalta Coating SYS LTD(AXTA) | COM | G0750C108 | $565.4K | 17,500 | 0.4% |
| Ingredion Inc(INGR) | COM | 457187102 | $551.3K | 5,000 | 0.4% |
| International Flavors&fragra(IFF) | COM | 459506101 | $445.7K | 6,614 | 0.3% |
| Element Solutions Inc(ESI) | COM | 28618M106 | $325.8K | 13,036 | 0.2% |
| Celanese Corp del(CE) | COM | 150870103 | $317.1K | 7,500 | 0.2% |
| CNH Indl N V(CNH) | SHS | N20944109 | $80.0K | 80,000 | 0.1% |