Performance vs S&P 500

03
Tracked Q4 2025–Q2 2026 +26.2%
S&P 500 total return (same window) +8.7%
Excess return +17.6%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Energy 83.2%
Industrials 14.3%
Materials 2.5%

Full portfolio 16 positions

05
Type Streak 8Q trend
SM SM Energy Company Common Stock $39,059,616 14.04% 1,496,537 $-4,266,927 Up ×2
AR Antero Resources Corporation Common Stock $34,357,327 12.35% 977,727 $15,797,169 Up ×1
VTOL Bristow Group, Inc. Common Stock $28,758,761 10.34% 696,001 $-1,316,532 Up ×2
PBR Petroleo Brasileiro S.A. Petrobras ADS $27,116,480 9.75% 1,678,000 $-8,706,320 Down ×1
MTDR Matador Resources Company Common Stock $25,671,546 9.23% 515,700 $-6,847,200 Up ×1
SBLK Star Bulk Carriers Corp. - Common Shares $25,075,099 9.02% 1,004,209 $3,225,897 Up ×2
TNK Teekay Tankers Ltd. $20,252,025 7.28% 312,194 $15,186,053 Up ×1
HAFN Hafnia Limited Common Shares $14,594,635 5.25% 2,234,107 $-9,733,507 Down ×1
SB Safe Bulkers, Inc Common Stock ($0.001 par value) $14,592,872 5.25% 2,312,658 $2,696,916 Up ×2
CMBT CMB.TECH NV Ordinary Shares $12,060,373 4.34% 862,071 $3,196,050 Up ×1
EXE Expand Energy Corporation - Common Stock $8,739,650 3.14% 95,840 $67,030 Up ×1
LPG Dorian LPG Ltd. Common Stock $7,839,621 2.82% 225,406 $1,117,850 Up ×1
PAAS Pan American Silver Corp. Common Stock $6,933,492 2.49% 154,800 $1,770,957 Up ×2
ECO Okeanis Eco Tankers Corp. Common Stock $5,521,734 1.99% 111,836 $-6,727,498 Down ×2
PR Permian Resources Corporation Class A Common Stock $4,641,161 1.67% 252,100
ASC Ardmore Shipping Corporation Common Stock $2,914,865 1.05% 208,056 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
PR $4,641,161 252,100 1.67%
ASC $2,914,865 208,056 1.05%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AR Bought more +540K +$15.8M
TNK Bought more +243K +$15.2M
HAFN Trimmed -929K -$9.7M
PBR Trimmed -48K -$8.7M
MTDR Bought more +1K -$6.8M
ECO Trimmed -125K -$6.7M
SM Bought more +107K -$4.3M
SBLK Bought more +53K +$3.2M
CMBT Bought more +161K +$3.2M
SB Bought more +433K +$2.7M

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
RRC March 31, 2026 508,430 $17,927,242 0.8%
STNG June 30, 2026 162,005 $12,095,293 24.1%
FRO June 30, 2026 278,079 $9,747,950 52.2%
SLB March 31, 2026 223,400 $8,574,092 3.2%
PR March 31, 2026 511,400 $7,174,942 19.6%
TS June 30, 2026 112,700 $6,556,886 4.9%
SFL June 30, 2026 605,682 $6,535,309 24.1%
INSW March 31, 2026 128,900 $6,258,095 52.0%
BWLP June 30, 2026 339,027 $5,985,935 46.7%
TRMD March 31, 2026 202,849 $4,047,921 43.0%