Q4 2025 Holdings
Filed 2026-02-13 | 43 holdings | $1.0B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Range RES Corp(RRC) | COM | 75281A109 | $70.6M | 2,003,101 | 7.0% |
| Seadrill LTD(SDRL) | COM | G7997W102 | $66.4M | 1,919,681 | 6.6% |
| Canadian NAT RES LTD(CNQ) | COM | 136385101 | $64.4M | 1,902,413 | 6.4% |
| Cameco Corp(CCJ) | COM | 13321L108 | $62.5M | 682,952 | 6.2% |
| Valaris LTD(VAL) | CL A | G9460G101 | $53.5M | 1,062,070 | 5.3% |
| Nutrien LTD(NTR) | COM | 67077M108 | $50.9M | 825,437 | 5.0% |
| Sibanye Stillwater LTD(SBSW) | SPONSORED ADR | 82575P107 | $50.4M | 3,539,680 | 5.0% |
| EQT Corp(EQT) | COM | 26884L109 | $45.3M | 845,710 | 4.5% |
| Centrus Energy Corp(LEU) | CL A | 15643U104 | $41.5M | 171,114 | 4.1% |
| Antero Resources Corp(AR) | COM | 03674X106 | $40.8M | 1,183,620 | 4.0% |
| Noble Corp PLC(NE) | ORD SHS A | G65431127 | $40.3M | 1,426,054 | 4.0% |
| SLB Limited(SLB) | COM STK | 806857108 | $36.0M | 936,962 | 3.6% |
| Alamos Gold Inc New(AGI) | COM CL A | 011532108 | $30.1M | 780,651 | 3.0% |
| Ivanhoe Electric Inc(IE) | COM | 46578C108 | $28.6M | 1,787,897 | 2.8% |
| Core Natural Resources Inc(CNR) | COM SHS | 218937100 | $26.8M | 302,720 | 2.7% |
| Uranium Energy Corp(UEC) | COM | 916896103 | $21.3M | 1,821,094 | 2.1% |
| Equinox Gold Corp(EQX) | COM | 29446Y502 | $20.6M | 1,464,761 | 2.0% |
| Expand Energy Corporation(EXE) | COM | 165167735 | $18.3M | 165,368 | 1.8% |
| Energy Fuels Inc(UUUU) | COM NEW | 292671708 | $17.9M | 1,229,408 | 1.8% |
| Hudbay Minerals Inc(HBM) | COM | 443628102 | $16.4M | 824,951 | 1.6% |
| Alpha Metallurgical Resour I(AMR) | COM | 020764106 | $15.8M | 78,895 | 1.6% |
| Comstock RES Inc(CRK) | COM | 205768302 | $14.8M | 639,289 | 1.5% |
| Matador RES Co(MTDR) | COM | 576485205 | $14.6M | 344,138 | 1.4% |
| Nexgen Energy LTD(NXE) | COM | 65340P106 | $14.0M | 1,518,939 | 1.4% |
| Oceaneering Intl Inc(OII) | COM | 675232102 | $13.7M | 568,734 | 1.4% |
| Skeena RES LTD New(SKE) | COM | 83056P715 | $13.4M | 562,975 | 1.3% |
| Diamondback Energy Inc(FANG) | COM | 25278X109 | $12.8M | 85,243 | 1.3% |
| Freeport-Mcmoran Inc(FCX) | CL B | 35671D857 | $12.1M | 237,584 | 1.2% |
| Mosaic Co New(MOS) | COM | 61945C103 | $10.9M | 451,046 | 1.1% |
| Denison Mines Corp(DNN) | COM | 248356107 | $10.5M | 3,952,752 | 1.0% |
| Orla MNG LTD New(ORLA) | COM | 68634K106 | $10.5M | 777,949 | 1.0% |
| PAN Amern Silver Corp(PAAS) | COM | 697900108 | $9.1M | 175,080 | 0.9% |
| Novagold RES Inc(NG) | COM NEW | 66987E206 | $7.5M | 799,826 | 0.7% |
| Permian Resources Corp(PR) | CLASS A COM | 71424F105 | $7.2M | 449,235 | 0.7% |
| Civitas Resources Inc(CIVI) | COM NEW | 17888H103 | $7.0M | 256,605 | 0.7% |
| Borr Drilling LTD(BORR) | SHS | G1466R173 | $6.5M | 1,623,163 | 0.6% |
| Trilogy Metals Inc New(TMQ) | COM | 89621C105 | $6.1M | 1,408,204 | 0.6% |
| Intrepid Potash Inc(IPI) | COM | 46121Y201 | $6.1M | 219,316 | 0.6% |
| Ur-Energy Inc(URG) | COM | 91688R108 | $4.8M | 3,467,921 | 0.5% |
| Caledonia MNG Corp PLC(CMCL) | SHS NEW | G1757E113 | $4.3M | 165,304 | 0.4% |
| Encore Energy Corp(EU) | COM NEW | 29259W700 | $3.0M | 1,227,255 | 0.3% |
| Triple Flag Precious Metal(TFPM) | COM | 89679M104 | $2.3M | 68,022 | 0.2% |
| Suncor Energy Inc New(SU) | COM | 867224107 | $0 | 727,381 | 0.0% |