Q4 2025 Holdings
Filed 2026-05-15 | 36 holdings | $384.7M | 13F-HR/A | View on SEC ↗ · Holdings Table ↗
Amended (2026-05-19) | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Spdr S&P 500 ETF TR(SPY)PutA | TR UNIT | 78462F103 | $204.6M | 300,000 | 53.2% |
| Ramaco RES Inc(METC) | COM CL A | 75134P600 | $30.1M | 1,674,547 | 7.8% |
| Ramaco RES Inc(METC)CallA | COM CL A | 75134P600 | $18.6M | 1,031,000 | 4.8% |
| Sigma Lithium Corporation(SGML) | COM | 826599102 | $16.6M | 1,258,077 | 4.3% |
| Sigma Lithium Corporation(SGML)CallA | COM | 826599102 | $12.9M | 980,000 | 3.4% |
| HUT 8 Corp(HUT) | COM | 44812J104 | $8.9M | 193,464 | 2.3% |
| Core Natural Resources Inc(CNR) | COM SHS | 218937100 | $7.9M | 89,187 | 2.1% |
| Ingevity Corp(NGVT) | COM | 45688C107 | $7.0M | 118,889 | 1.8% |
| Methanex Corp(MEOH) | COM | 59151K108 | $6.6M | 165,116 | 1.7% |
| Qnity Electronics Inc(Q) | COMMON STOCK | 74743L100 | $6.1M | 75,231 | 1.6% |
| Mosaic Co New(MOS) | COM | 61945C103 | $5.6M | 233,021 | 1.5% |
| Dupont de Nemours Inc(DD) | COM | 26614N102 | $5.5M | 137,885 | 1.4% |
| T1 Energy Inc(TE) | COM NEW | 35834F104 | $4.5M | 674,080 | 1.2% |
| Freeport-Mcmoran Inc(FCX) | CL B | 35671D857 | $4.5M | 88,618 | 1.2% |
| Niocorp Devs LTD(NB) | COM NEW | 654484609 | $4.5M | 840,000 | 1.2% |
| Solstice Advanced Matls Inc(SOLS) | COM SHS | 83443Q103 | $4.0M | 83,207 | 1.1% |
| Sylvamo Corp(SLVM) | COMMON STOCK | 871332102 | $4.0M | 82,157 | 1.0% |
| Vital Farms Inc(VITL) | COM | 92847W103 | $3.5M | 109,948 | 0.9% |
| Flowserve Corp(FLS) | COM | 34354P105 | $3.5M | 50,149 | 0.9% |
| Sunrun Inc(RUN) | COM | 86771W105 | $3.3M | 181,153 | 0.9% |
| Boeing Co(BA) | COM | 097023105 | $3.3M | 15,008 | 0.8% |
| Fedex Corp(FDX) | COM | 31428X106 | $2.7M | 9,500 | 0.7% |
| USA Rare Earth Inc(USAR) | COM | 91733P107 | $2.2M | 183,000 | 0.6% |
| Perpetua Resources Corp(PPTA) | COM | 714266103 | $2.2M | 89,369 | 0.6% |
| Hallador Energy Company(HNRG) | COM | 40609P105 | $2.1M | 111,095 | 0.5% |
| Energy Fuels Inc(UUUU) | COM NEW | 292671708 | $2.0M | 140,000 | 0.5% |
| ATI Inc(ATI) | COM | 01741R102 | $1.7M | 15,000 | 0.4% |
| Arcelormittal SA Luxembourg(MT) | NY REGISTRY SH | 03938L203 | $1.4M | 30,099 | 0.4% |
| Knight-Swift Transn Hldgs in(KNX) | CL A | 499049104 | $1.0M | 20,000 | 0.3% |
| United States Antimony Corp(UAMY) | COM | 911549103 | $903.6K | 180,000 | 0.2% |
| First Solar Inc(FSLR) | COM | 336433107 | $681.5K | 2,609 | 0.2% |
| Darling Ingredients Inc(DAR) | COM | 237266101 | $666.3K | 18,508 | 0.2% |
| Almonty Inds Inc(ALM) | COM NEW | 020398707 | $616.7K | 70,000 | 0.2% |
| Werner Enterprises Inc(WERN) | COM | 950755108 | $510.2K | 17,000 | 0.1% |
| Idaho Strategic Resources(IDR) | COM NEW | 645827205 | $403.0K | 10,000 | 0.1% |
| Ur-Energy Inc(URG) | COM | 91688R108 | $27.9K | 20,069 | 0.0% |