Performance vs S&P 500

03
Tracked Q4 2025–Q2 2026 +5.1%
S&P 500 total return (same window) +8.7%
Excess return -3.6%

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: 86.3% · Options excluded: 89.9%

Sector breakdown

04
Energy 3.5%
Materials 0.6%
Utilities 0.4%
Financials 0.4%
Consumer Staples 0.2%
Real Estate 0.0%
Industrials 0.0%
Communication Services 0.0%
Technology 0.0%
Other/Unmapped 94.9%

Full portfolio 65 positions

05
Type Streak 8Q trend
QQQ Invesco QQQ Trust, Series 1 $2,338,659,120 86.17% 3,175,800 Put option $1,030,884,676 Up ×3
TLT iShares 20+ Year Treasury Bond ETF $206,457,380 7.61% 2,389,000 Put option $-4,476,728 Down ×4
EWZ iShares MSCI Brazil ETF $9,276,251 0.34% 268,876 $-936,534 Up ×2
VAL Valaris Limited Common Shares $8,022,300 0.30% 110,500 Call option $-2,811,120
GDX VanEck Gold Miners ETF $8,002,399 0.29% 106,062 $-1,854,670 Down ×6
FRO Frontline Plc Ordinary Shares $6,537,250 0.24% 187,906 $23,116 Up ×2
ECH iShares, Inc. $6,199,584 0.23% 156,160 $245,750 Up ×1
ECNS iShares Trust $5,735,285 0.21% 203,667 $-721,918 Up ×3
PAM Pampa Energia S.A. $5,392,277 0.20% 65,655 $-298,030 Up ×2
YPF YPF Sociedad Anonima Common Stock $5,242,625 0.19% 115,298 $-77,917 Up ×2
BBAR Banco BBVA Argentina S.A. ADS $5,165,489 0.19% 263,410 $1,029,913 Up ×2
BMA Banco Macro S.A. ADR (representing Ten Class B Common Shares) $4,618,317 0.17% 49,879 $895,859 Up ×2
FTI TechnipFMC plc Ordinary Share $4,529,090 0.17% 68,312 $-257,223 Down ×6
CEPU Central Puerto S.A. American Depositary Shares (each represents ten Common Shares) $4,440,327 0.16% 298,810 $-537,649 Up ×2
INSW International Seaways, Inc. Common Stock $4,100,483 0.15% 53,538 $224,711 Up ×2
DHT DHT Holdings, Inc. $3,974,783 0.15% 240,458 $-326,486 Up ×2
TEN Tsakos Energy Navigation Ltd Common Shares $3,932,451 0.14% 111,180 $-448,336 Up ×2
CRESY Cresud S.A.C.I.F. y A. - American Depositary Shares, each representing ten shares of Common Stock $3,794,818 0.14% 338,520 $-379,382 Up ×2
RIG Transocean Ltd (Switzerland) Common Stock $3,737,429 0.14% 764,300 $-1,238,406 Up ×3
SSL Sasol Ltd. American Depositary Shares $3,512,199 0.13% 357,657 $-1,000,738 Up ×1
SBSW D/B/A Sibanye-Stillwater Limited ADS $3,230,162 0.12% 380,466 $-1,427,815 Up ×2
SDRL Seadrill Limited Common Shares $3,113,483 0.11% 82,323 $-593,724 Up ×1
NE Noble Corporation plc A Ordinary Shares $3,040,567 0.11% 81,516 $-975,308 Down ×1
OII Oceaneering International, Inc. Common Stock $3,012,841 0.11% 74,354 $378,631 Up ×2
LXU LSB Industries, Inc. Common Stock $2,884,939 0.11% 266,876 $-911,081 Up ×1
BORR Borr Drilling Limited Common Shares $2,528,381 0.09% 612,198 $-1,017,465 Down ×2
BTU Peabody Energy Corporation Common Stock $2,522,711 0.09% 109,113 $-892,652 Up ×2
TNK Teekay Tankers Ltd. $2,461,014 0.09% 37,937 $-288,625 Up ×3
EQT EQT Corporation Common Stock $2,277,340 0.08% 42,831 $-397,152 Up ×2
WFRD Weatherford International plc - Ordinary shares $2,272,957 0.08% 27,889 $-335,816 Up ×2
CNX CNX Resources Corporation Common Stock $2,266,763 0.08% 66,807 $-260,384 Up ×2
VAL Valaris Limited Common Shares $2,180,538 0.08% 30,034 $-840,441 Down ×1
RRC Range Resources Corporation Common Stock $2,119,438 0.08% 56,989 $-422,266 Up ×2
STNG Scorpio Tankers Inc. Common Shares $2,113,946 0.08% 30,521 $-144,878 Up ×2
AR Antero Resources Corporation Common Stock $2,094,611 0.08% 59,607 $-409,541 Up ×2
IPI Intrepid Potash, Inc Common Stock $1,999,806 0.07% 61,006 $-619,239 Down ×1
ASC Ardmore Shipping Corporation Common Stock $1,902,209 0.07% 135,775 $-126,287 Up ×3
GPRK Geopark Ltd Common Shares $1,872,650 0.07% 205,785 $-44,700 Up ×3
TDW Tidewater Inc. Common Stock $1,839,642 0.07% 27,609 $-448,042 Up ×3
HLX Helix Energy Solutions Group, Inc. Common Stock $1,836,003 0.07% 210,068 $-218,890 Up ×3
XPRO Expro Group Holdings N.V. Common Stock $1,698,104 0.06% 114,969 $-250,250 Up ×3
ICL ICL Group Ltd. Ordinary Shares $1,696,060 0.06% 340,574 $-21,823 Up ×3
SMHI SEACOR Marine Holdings Inc. Common Stock $1,677,352 0.06% 219,261 $167,109 Up ×3
MOS Mosaic Company (The) Common Stock $1,666,076 0.06% 78,625 $-223,567 Up ×3
CRK Comstock Resources, Inc. Common Stock $1,535,997 0.06% 102,948 $-495,659 Up ×1
CNR Core Natural Resources, Inc. Common Stock $1,507,386 0.06% 18,837 $-390,128 Up ×3
EXE Expand Energy Corporation - Common Stock $1,340,307 0.05% 14,697 $-165,805 Up ×1
ECO Okeanis Eco Tankers Corp. Common Stock $1,293,509 0.05% 26,198 $-145,535 Down ×1
TGS Transportadora de Gas del Sur SA TGS Common Stock $1,276,018 0.05% 42,920 $-158,920 Up ×2
BTI British American Tobacco Industries, p.l.c. Common Stock ADR $1,152,471 0.04% 18,660 $104,808 Up ×2
EC Ecopetrol S.A. American Depositary Shares $1,098,266 0.04% 77,125 $8,485 Up ×6
BWLP BW LPG Limited Common Shares $1,032,400 0.04% 59,240 $-8,540 Up ×3
IRS IRSA Inversiones Y Representaciones S.A. Global Depositary Shares (Each representing ten shares of Common Stock) $1,029,812 0.04% 66,697 $-295 Up ×3
SBLK Star Bulk Carriers Corp. - Common Shares $1,004,848 0.04% 40,242 $114,833 Up ×6
PBR Petroleo Brasileiro S.A. Petrobras ADS $958,687 0.04% 59,324 $-238,137 Up ×3
TRMD TORM plc - Class A Common Stock $909,442 0.03% 34,898 $-23,198 Up ×3
HAFN Hafnia Limited Common Shares $830,092 0.03% 127,066 $-126,797 Up ×4
SM SM Energy Company Common Stock $773,951 0.03% 29,653 $-106,883 Up ×1
CALM Cal-Maine Foods, Inc. - Common Stock $727,618 0.03% 9,031 $71,233 Up ×3
SPY SPY $672,093 0.02% 900 Put option $86,787
WB Weibo Corporation - American Depositary Shares $562,638 0.02% 77,498 $-36,762 Up ×3
GEOS Geospace Technologies Corporation - Common Stock $463,666 0.02% 68,488 $-1,651,072 Down ×1
MNDO MIND C.T.I. Ltd. - Ordinary Shares $165,329 0.01% 160,513 $-29,735 Down ×4
DSX Diana Shipping inc. common stock $32,970 0.00% 15,700 Call option $-6,280
BORR Borr Drilling Limited Common Shares $4,130 0.00% 1,000 Call option Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
QQQ $2,338,659,120 86.17% up ×3
ECNS $5,735,285 0.21% up ×3
RIG $3,737,429 0.14% up ×3
TNK $2,461,014 0.09% up ×3
ASC $1,902,209 0.07% up ×3
GPRK $1,872,650 0.07% up ×3
TDW $1,839,642 0.07% up ×3
HLX $1,836,003 0.07% up ×3
XPRO $1,698,104 0.06% up ×3
ICL $1,696,060 0.06% up ×3
SMHI $1,677,352 0.06% up ×3
MOS $1,666,076 0.06% up ×3
CNR $1,507,386 0.06% up ×3
EC $1,098,266 0.04% up ×6
BWLP $1,032,400 0.04% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
BORR $4,130 1,000 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
QQQ Bought more +910K +$1.0B
TLT Trimmed -44K -$4.5M
VAL Price move only +0 -$2.8M
GDX Trimmed -1K -$1.9M
GEOS Trimmed -105K -$1.7M
SBSW Bought more +2K -$1.4M
RIG Bought more +14K -$1.2M
BBAR Bought more +6K +$1.0M
BORR Trimmed -2K -$1.0M
SSL Bought more +9K -$1.0M

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
URNM Sept. 30, 2025 243,703 $11,680,729 -20.7%
GREK March 31, 2026 132,579 $8,738,343 32.8%
KWEB March 31, 2026 219,643 $7,478,869
LOMA June 30, 2026 432,065 $4,791,604 -14.7%
GIFI Dec. 31, 2025 278,076 $1,952,099 No longer tracked
GLD Dec. 31, 2025 2,400 $853,128
IVV June 30, 2026 1,118 $730,289
CIVI March 31, 2026 14,120 $382,524 No longer tracked
STLA Sept. 30, 2025 35,141 $352,464 -51.9%
ENIC June 30, 2026 14,559 $57,363 -4.2%
URG Sept. 30, 2025 31,356 $32,924 No longer tracked