Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +26.1%
S&P 500 total return (same window) +37.0%
Excess return -10.9%

Annualized: +20.4% · S&P 500: +28.7%

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: 95.2% · Options excluded: 0.9%

Sector breakdown

04
Energy 49.1%
Utilities 14.7%
Industrials 10.1%
Materials 8.3%
Consumer Staples 6.2%
Financials 3.0%
Technology 1.2%
Consumer Discretionary 0.3%
Consumer products 0.2%
Communication Services 0.2%
Retail 0.1%
Real Estate 0.0%
Other/Unmapped 6.6%

Full portfolio 118 positions

05
Type Streak 8Q trend
SGU Star Group L.P. Common Stock $43,667,646 9.31% 3,400,907 $1,904,508
DVN Devon Energy Corporation Common Stock $38,734,897 8.26% 937,437 $17,078,024 Up ×3
OVV Ovintiv Inc. (DE) $30,278,799 6.46% 575,287 $3,424,056 Up ×1
HDSN Hudson Technologies, Inc. - Common Stock $25,324,243 5.40% 4,411,889 $2,980,243 Up ×1
TNK Teekay Tankers Ltd. $20,878,020 4.45% 321,844 $7,279,946 Up ×2
LNG Cheniere Energy, Inc. Common Stock $17,925,750 3.82% 75,000 $-4,227,109 Down ×1
DAR Darling Ingredients Inc. Common Stock $17,205,300 3.67% 315,000 $16,586,800 Up ×1
VG Venture Global, Inc. Class A common stock $16,695,000 3.56% 1,500,000 $-10,715,123 Down ×1
NRG NRG Energy, Inc. Common Stock $15,686,844 3.34% 107,400 $8,964,404 Up ×1
CNR Core Natural Resources, Inc. Common Stock $14,561,800 3.10% 181,977 $3,583,059 Up ×1
L Loews Corporation Common Stock $14,140,721 3.02% 124,907 $4,228,311 Up ×3
MEOH Methanex Corporation - Common Stock $12,177,093 2.60% 263,859 $-615,612 Up ×1
SPY SPY $10,275,555 2.19% 13,760 $1,587,012 Up ×1
PDS Precision Drilling Corporation Common Stock $9,974,359 2.13% 130,000 $1,858,050 Up ×1
ASC Ardmore Shipping Corporation Common Stock $9,427,315 2.01% 672,899 $1,573,565 Up ×1
CVE Cenovus Energy Inc Common Stock $8,925,202 1.90% 360,000 $-11,969,996 Down ×1
BTE Baytex Energy Corp Common Shares $8,617,568 1.84% 2,150,000 $4,147,732 Up ×1
LPG Dorian LPG Ltd. Common Stock $7,404,106 1.58% 212,884 Up ×1
SHMD SCHMID Group N.V. - Class A Ordinary Shares $7,383,750 1.57% 1,342,500 $886,875 Up ×3
GLP Global Partners LP Common Units representing Limited Partner Interests $6,744,135 1.44% 144,755 $-11,853,751 Down ×2
JBS JBS N.V. Class A Common Shares $6,517,500 1.39% 550,000
EE Excelerate Energy, Inc. Class A Common Stock $5,671,679 1.21% 149,294
BG Bunge Limited Common Shares $5,277,478 1.13% 49,447 $3,115,078 Up ×1
ET Energy Transfer LP Common Units $4,971,200 1.06% 260,000 $2,076,200 Up ×1
IAG Iamgold Corporation Ordinary Shares $4,923,425 1.05% 311,000 $-5,829,352 Down ×1
NVGS Navigator Holdings Ltd. Ordinary Shares (Marshall Islands) $4,654,333 0.99% 249,830 $-13,340 Up ×1
DK Delek US Holdings, Inc. Common Stock $4,318,952 0.92% 85,002 Up ×1
SDRL Seadrill Limited Common Shares $4,210,009 0.90% 111,317 $-672,141 Up ×1
RFAMU RF Acquisition Corp III - Units $3,800,000 0.81% 380,000 $0
VST Vistra Corp. Common Stock $3,489,860 0.74% 22,000 $-493,885 Down ×1
SSRM SSR Mining Inc. - Common Stock $3,252,200 0.69% 115,000 $1,488,200 Up ×1
KGC Kinross Gold Corporation Common Stock $2,979,091 0.64% 126,000 $-2,853,931 Down ×1
WES Western Midstream Partners, LP Common Units Representing Limited Partner Interests $2,888,160 0.62% 66,000 Up ×1
TLN Talen Energy Corporation - Common Stock $2,881,950 0.61% 7,500 $487,725
BMM Blue Moon Metals Inc. - Common Shares $2,662,722 0.57% 420,000 $-56,692
OCANF CUSIP: 675222400 $2,604,396 0.56% 104,000 Up ×1
NEWP CUSIP: 64782A107 $2,596,220 0.55% 643,210 $1,211,109 Up ×1
KEX Kirby Corporation Common Stock $2,583,430 0.55% 19,000 $1,520,390 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $2,491,005 0.53% 5,216 Up ×1
KRSPU CUSIP: G7553X122 $2,400,000 0.51% 240,000 $0
KNOP KNOT Offshore Partners LP Common Units representing Limited Partner Interests $2,384,362 0.51% 238,914 $2,017,652 Up ×1
BP BP p.l.c. Common Stock $2,320,460 0.49% 62,800 Up ×1
B Barrick Mining Corporation Common Shares $2,203,800 0.47% 60,000 $-2,119,940 Down ×2
FNV Franco-Nevada Corporation $2,084,400 0.44% 10,000 Up ×1
TAC TransAlta Corporation Ordinary Shares $2,073,119 0.44% 150,000 $758,757 Up ×1
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $1,938,500 0.41% 25,000 $-526,000 Down ×1
MT Arcelor Mittal NY Registry Shares NEW $1,901,507 0.41% 31,576 $460,361 Up ×2
HBM Hudbay Minerals Inc. Ordinary Shares (Canada) $1,870,975 0.40% 79,263 $1,452,305 Up ×1
CDE Coeur Mining, Inc. Common Stock $1,795,200 0.38% 110,000 $-363,350 Down ×1
TEN Tsakos Energy Navigation Ltd Common Shares $1,697,760 0.36% 48,000 $980 Up ×1
MU Micron Technology, Inc. - Common Stock $1,619,469 0.35% 1,403 Up ×1
GPRE Green Plains, Inc. - Common Stock $1,598,597 0.34% 103,940 $1,220,247 Up ×1
SBLK Star Bulk Carriers Corp. - Common Shares $1,498,200 0.32% 60,000 Put option Up ×1
DCH Dauch Corporation Common Stock $1,478,880 0.32% 272,856 $530,080 Up ×1
EQX CUSIP: 29446Y502 $1,306,455 0.28% 134,200 $-1,638,721 Down ×1
CF CF Industries Holdings, Inc. Common Stock $1,299,120 0.28% 12,000 $325,320 Up ×1
GDX VanEck Gold Miners ETF $1,180,250 0.25% 2,450 Put option $251,000 Down ×1
FF FutureFuel Corp. Common shares $1,175,200 0.25% 260,000 $174,200
RSP Invesco Exchange-Traded Fund Trust $1,063,850 0.23% 5,000 $8,290 Down ×1
CSTM Constellium SE Ordinary Shares (France) $1,042,149 0.22% 32,700 Up ×1
MAS Masco Corporation Common Stock $1,017,125 0.22% 12,500 Up ×1
RTX RTX Corporation Common Stock $948,650 0.20% 5,000 Up ×1
HEI Heico Corporation Common Stock $890,475 0.19% 2,500 Up ×1
XOP SPDR SERIES TRUST $857,040 0.18% 5,000
CDZI Cadiz, Inc. - Common Stock $836,000 0.18% 200,000 $-146,000
TOL Toll Brothers, Inc. Common Stock $823,750 0.18% 5,000 Up ×1
ITW Illinois Tool Works Inc. Common Stock $811,410 0.17% 3,000 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $796,406 0.17% 2,254 $624,290 Up ×1
AMAT Applied Materials, Inc. - Common Stock $773,610 0.16% 1,070 Up ×1
Unknown issuer (CUSIP: G0344N123) $750,000 0.16% 75,000 Up ×1
TT Trane Technologies plc $736,740 0.16% 1,500 Up ×1
CARR Carrier Global Corporation Common Stock $733,500 0.16% 10,000 Up ×1
KGS Kodiak Gas Services, Inc. Common Stock $721,248 0.15% 9,600 $371,328 Up ×1
AMRC Ameresco, Inc. Class A Common Stock $690,000 0.15% 25,000 Up ×1
NXE Nexgen Energy Ltd. Common Shares $654,887 0.14% 69,743 $-154,132
SLSR CUSIP: 83419D201 $641,208 0.14% 76,300 $339,135 Up ×1
PPG PPG Industries, Inc. Common Stock $606,450 0.13% 5,000 Up ×1
AMZN Amazon.com, Inc. - Common Stock $577,975 0.12% 2,425 Up ×1
WPM Wheaton Precious Metals Corp Common Shares (Canada) $561,600 0.12% 5,000 Up ×1
PUMP ProPetro Holding Corp. Common Stock $554,958 0.12% 38,700
CGAU Centerra Gold Inc. Common Shares $554,487 0.12% 35,000 $-1,572,925 Down ×1
AEM Agnico Eagle Mines Limited Common Stock $542,955 0.12% 3,500 $-370,455 Down ×1
CAT Caterpillar, Inc. Common Stock $532,450 0.11% 500 $-176,010 Down ×1
WCN Waste Connections, Inc. Common Shares $500,070 0.11% 3,000 Up ×1
CENX Century Aluminum Company - Common Stock $465,000 0.10% 1,000 Call option Up ×1
FRO Frontline Plc Ordinary Shares $465,000 0.10% 3,000 Put option Up ×1
CENX Century Aluminum Company - Common Stock $460,100 0.10% 10,000 $-2,474,400 Down ×3
MATX Matson, Inc. Common Stock $459,360 0.10% 5,220 Put option $-490,590 Down ×1
JBHT J.B. Hunt Transport Services, Inc. - Common Stock $434,145 0.09% 1,500 Up ×1
FBIN Fortune Brands Innovations, Inc. Common Stock $411,750 0.09% 7,500 Up ×1
KNX Knight-Swift Transportation Holdings Inc. $389,350 0.08% 5,000 Up ×1
DC CUSIP: 46655E100 $383,400 0.08% 90,000 $-641,760 Down ×1
JHX James Hardie Industries plc. Ordinary Shares $334,072 0.07% 12,642 Up ×1
ODFL Old Dominion Freight Line, Inc. - Common Stock $324,900 0.07% 1,500 $61,110 Up ×1
AWI Armstrong World Industries Inc Common Stock $320,840 0.07% 2,000 Up ×1
CLH Clean Harbors, Inc. Common Stock $298,750 0.06% 1,000 Up ×1
WLK Westlake Corporation Common Stock $292,000 0.06% 4,000 $-210,326 Down ×1
KEYS Keysight Technologies Inc. Common Stock $274,455 0.06% 784 Up ×1
SOXX iShares Trust $256,304 0.05% 400 Up ×1
WMS Advanced Drainage Systems, Inc. Common Stock $235,440 0.05% 1,500 $-38,820 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
DVN $38,734,897 8.26% up ×3
L $14,140,721 3.02% up ×3
SHMD $7,383,750 1.57% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
LPG $7,404,106 212,884 1.58%
JBS $6,517,500 550,000 1.39%
EE $5,671,679 149,294 1.21%
DK $4,318,952 85,002 0.92%
WES $2,888,160 66,000 0.62%
OCANF $2,604,396 104,000 0.56%
TSM $2,491,005 5,216 0.53%
BP $2,320,460 62,800 0.49%
FNV $2,084,400 10,000 0.44%
MU $1,619,469 1,403 0.35%
SBLK $1,498,200 60,000 0.32%
CSTM $1,042,149 32,700 0.22%
MAS $1,017,125 12,500 0.22%
RTX $948,650 5,000 0.20%
HEI $890,475 2,500 0.19%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
DVN Bought more +507K +$17.1M
CVE Trimmed -430K -$12.0M
GLP Trimmed -297K -$11.9M
VG Trimmed -239K -$10.7M
NRG Bought more +61K +$9.0M
TNK Bought more +136K +$7.3M
IAG Trimmed -260K -$5.8M
L Bought more +32K +$4.2M
LNG Trimmed -3K -$4.2M
BTE Bought more +1.1M +$4.1M

1 position hidden — reported move looks larger than the position itself (data completeness check)

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
EQT Sept. 30, 2025 236,757 $13,807,668 -6.1%
FRO Sept. 30, 2025 721,100 $11,833,251 135.8%
HAL Dec. 31, 2025 472,000 $11,611,200 16.0%
OC June 30, 2026 98,691 $10,680,340 -26.1%
NE June 30, 2025 425,000 $10,072,500 60.3%
USO Dec. 31, 2025 125,000 $9,218,750 108.2%
HCC Sept. 30, 2025 189,698 $8,693,859 45.0%
CTRA Sept. 30, 2025 324,549 $8,237,053 No longer tracked
CHRD June 30, 2026 56,031 $7,966,488 21.7%
SDRL Sept. 30, 2025 300,300 $7,882,875 51.6%
VRN June 30, 2025 1,125,000 $7,445,219 No longer tracked
PR June 30, 2026 342,072 $7,292,975 20.7%
CCJ Sept. 30, 2025 96,268 $7,145,973 4.3%
UNP June 30, 2025 28,904 $6,828,280 20.4%
OVV Sept. 30, 2025 163,609 $6,225,322 50.9%
DAR Dec. 31, 2025 199,448 $6,156,959 74.2%
DAC March 31, 2026 63,187 $5,950,952 47.2%
TECK Sept. 30, 2025 146,574 $5,918,658 54.6%
NEE March 31, 2026 72,000 $5,780,160 -17.9%
JBS March 31, 2026 400,000 $5,768,000 -33.8%
DBRG Dec. 31, 2025 492,701 $5,764,601 No longer tracked
PBA Sept. 30, 2025 150,000 $5,635,401 14.0%
EE March 31, 2026 195,663 $5,488,347 2.1%
MEOH Dec. 31, 2025 134,470 $5,346,527 52.7%
ZIM June 30, 2026 200,000 $5,270,000 11.3%
OI Dec. 31, 2025 404,346 $5,244,367 -62.3%
CSX June 30, 2025 176,631 $5,198,250 45.4%
XEL Dec. 31, 2025 63,000 $5,080,950 -3.2%
LAFAU March 31, 2026 500,000 $5,000,000 1.2%
LAFA June 30, 2026 497,563 $4,960,703 1.2%
SWX March 31, 2026 61,200 $4,897,224 -4.7%
NVDA Dec. 31, 2025 25,500 $4,757,790 28.1%
HAFN June 30, 2025 1,100,000 $4,541,780 106.0%
UGI March 31, 2026 119,300 $4,465,399 1.0%
FANG June 30, 2026 21,524 $4,257,232 4.7%
ALB March 31, 2026 25,949 $4,250,019 -41.9%
X June 30, 2025 94,617 $3,998,514 No longer tracked
SBSW June 30, 2026 316,750 $3,902,360 18.0%
EQT March 31, 2026 63,915 $3,425,844 -19.7%
AEE June 30, 2025 38,350 $3,418,519 3.8%
CTRA June 30, 2026 94,000 $3,303,160 No longer tracked
EXE June 30, 2026 28,959 $3,179,119 -5.2%
VNOM June 30, 2026 67,599 $3,176,477 -3.6%
AA June 30, 2026 47,500 $3,150,675 -16.6%
GNRC Dec. 31, 2025 18,000 $3,013,200 57.8%
NGD Dec. 31, 2025 408,532 $2,929,518 No longer tracked
HAFN Dec. 31, 2025 441,100 $2,644,908 92.9%
PCG June 30, 2025 150,000 $2,577,000 -11.4%
NEM Dec. 31, 2025 29,051 $2,449,289 16.0%
KRSP March 31, 2026 240,000 $2,400,000 2.3%
AGX June 30, 2025 18,000 $2,361,060 75.9%
CNH March 31, 2026 250,000 $2,305,000 20.9%
EXK Dec. 31, 2025 275,298 $2,155,632 -8.5%
ADM June 30, 2026 28,000 $2,035,320 7.9%
XLB June 30, 2026 40,400 $2,018,788 No longer tracked
MPLX June 30, 2026 30,000 $1,712,100 1.8%
SPY June 30, 2025 3,000 $1,678,170 No longer tracked
EVRG Dec. 31, 2025 22,000 $1,672,440 9.1%
ADM Sept. 30, 2025 30,000 $1,607,000 38.0%
FLNG June 30, 2025 61,825 $1,421,356 42.9%
STNG June 30, 2026 18,600 $1,388,676 24.8%
ECVT June 30, 2026 96,726 $1,243,896 -16.7%
DOW June 30, 2026 27,200 $1,132,880 4.2%
BWXT Dec. 31, 2025 6,000 $1,106,220 -21.7%
FCX Dec. 31, 2025 28,000 $1,098,160 42.9%
EWZ June 30, 2026 27,334 $1,049,352
BWLP June 30, 2025 91,340 $990,926 119.3%
HLX Sept. 30, 2025 150,000 $936,000 No longer tracked
OUNZ March 31, 2026 2,000 $930,000
CALM June 30, 2025 10,000 $909,000 -34.8%
ASPN Sept. 30, 2025 150,000 $888,000 -18.2%
GPRK March 31, 2026 115,574 $856,403 18.7%
AA Dec. 31, 2025 25,000 $822,250 -18.2%
PAAS June 30, 2026 15,000 $819,450 1.2%
SFD June 30, 2025 40,000 $815,600 -20.4%
SHMDW June 30, 2026 542,021 $813,032 -42.8%
META Dec. 31, 2025 1,100 $807,818 12.4%
NI Sept. 30, 2025 20,000 $806,800 -8.7%
GLD June 30, 2026 1,800 $774,522
COP June 30, 2026 5,850 $772,200 23.5%
EMR June 30, 2026 5,800 $759,916 13.4%
GGB June 30, 2026 210,000 $758,100 28.0%
ETN June 30, 2026 2,100 $751,107 1.5%
DE June 30, 2026 1,300 $732,290 7.5%
ARLP March 31, 2026 28,887 $671,045 -10.3%
AU March 31, 2026 7,500 $639,600 -3.0%
CORZ Sept. 30, 2025 36,000 $614,520 -7.5%
DCH Dec. 31, 2025 101,622 $610,748 -11.9%
CDE June 30, 2025 97,500 $577,200 92.4%
NRG Dec. 31, 2025 3,500 $566,825 -39.2%
SPY Dec. 31, 2025 850 $566,253 No longer tracked
DTM Dec. 31, 2025 5,000 $565,300 2.0%
TAC Dec. 31, 2025 40,000 $546,244 -1.3%
LNT Dec. 31, 2025 8,000 $539,280 -1.1%
CSX June 30, 2026 12,500 $513,125 -0.2%
MTZ Sept. 30, 2025 3,000 $511,290 3.1%
PCAR June 30, 2026 4,400 $508,200 -9.0%
METC Sept. 30, 2025 38,351 $503,932 -75.9%
RSG June 30, 2026 2,300 $503,746 -0.1%
KBH June 30, 2026 9,600 $496,800 -28.0%
APD June 30, 2026 1,710 $496,738 -4.7%
HUBB June 30, 2026 1,000 $490,740 -8.1%
WWD June 30, 2026 1,360 $486,771 -21.7%
NFGC June 30, 2026 250,000 $485,071 No longer tracked
WM June 30, 2026 2,100 $482,559 -7.3%
OGE Dec. 31, 2025 10,000 $462,700 5.3%
SHMDW Dec. 31, 2025 2,269,373 $453,874
OGE June 30, 2026 9,266 $444,397 -7.6%
XOP Dec. 31, 2025 3,000 $396,600
VALE March 31, 2026 30,000 $390,900 -11.1%
MTDR June 30, 2026 6,000 $379,080 6.5%
VST Dec. 31, 2025 1,850 $362,452 -10.2%
EOG March 31, 2026 3,350 $351,784 -0.3%
TRGP March 31, 2026 1,900 $350,550 14.6%
GPOR March 31, 2026 1,500 $311,985 -25.4%
GFR June 30, 2025 49,800 $292,326 34.3%
IEX June 30, 2026 1,400 $265,370 3.7%
GLW June 30, 2026 1,900 $258,343 -37.6%
FANG Dec. 31, 2025 1,800 $257,580 22.5%
MTZ June 30, 2026 800 $257,392 -47.3%
BKV Dec. 31, 2025 11,000 $254,430 -19.7%
FTAI June 30, 2026 1,000 $245,000 -39.1%
GM June 30, 2026 3,200 $238,400 4.1%
LITE June 30, 2026 330 $231,911 27.2%
GDX Dec. 31, 2025 2,500 $226,250 1.9%
SLI March 31, 2026 50,000 $223,500 No longer tracked
SHLS Dec. 31, 2025 30,000 $222,300 -4.1%
COPX June 30, 2026 2,500 $212,500
KEX Dec. 31, 2025 2,500 $208,625 26.9%
NI June 30, 2026 3,500 $163,310 -16.8%
PUMP Sept. 30, 2025 22,500 $134,325 83.0%
BRLSW Dec. 31, 2025 1,152,000 $115,200
TGB March 31, 2026 11,500 $65,090 No longer tracked
SLSR Dec. 31, 2025 10,000 $63,790 No longer tracked
SCAGW Dec. 31, 2025 1,067,486 $53,374
NAK March 31, 2026 20,000 $39,346 No longer tracked
CIEN June 30, 2026 100 $38,823 -20.6%
GCLWW Dec. 31, 2025 325,564 $22,789 -49.3%
ABVEW Sept. 30, 2025 310,000 $15,500 No longer tracked
SLXNW Dec. 31, 2025 182,355 $7,294
OUSTZ Dec. 31, 2025 98,616 $5,088 No longer tracked
MLECW Dec. 31, 2025 412,400 $4,124
GCLWW June 30, 2026 325,564 $0 -30.6%
SCAGW June 30, 2026 1,395,348 $0 -79.7%