Performance vs S&P 500

03
Tracked Q4 2025–Q2 2026 +43.1%
S&P 500 total return (same window) +8.7%
Excess return +34.5%

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: 97.7% · Options excluded: 42.9%

Sector breakdown

04
Energy 26.4%
Real Estate 12.8%
Industrials 12.4%
Materials 7.2%
Technology 4.9%
Financials 3.4%
Consumer Discretionary 3.3%
Utilities 2.7%
Communication Services 2.0%
Consumer products 1.4%
Other/Unmapped 23.5%

Full portfolio 69 positions

05
Type Streak 8Q trend
QQQ Invesco QQQ Trust, Series 1 $58,912,000 22.63% 80,000 Put option $41,596,600 Up ×1
SBLK Star Bulk Carriers Corp. - Common Shares $12,876,979 4.95% 515,698 $2,993,401 Up ×2
CNR Core Natural Resources, Inc. Common Stock $10,304,816 3.96% 128,778 $2,556,472 Up ×2
DHT DHT Holdings, Inc. $8,957,128 3.44% 541,871 $7,578,949 Up ×1
WULF TeraWulf Inc. - Common Stock $8,027,278 3.08% 324,991 $-1,882,698 Down ×1
TRMD TORM plc - Class A Common Stock $6,850,549 2.63% 262,876 $-62,011 Up ×2
TDW Tidewater Inc. Common Stock $6,562,389 2.52% 98,490 $1,957,113 Up ×1
HCC Warrior Met Coal, Inc. Common Stock $6,453,113 2.48% 79,511 $1,244,817 Up ×1
VNO Vornado Realty Trust Common Stock $6,142,276 2.36% 156,292 $2,436,310 Up ×2
GTX Garrett Motion Inc. - Common Stock $5,931,322 2.28% 163,713 $2,626,871 Down ×2
FCNCA First Citizens BancShares, Inc. - Class A Common Stock $5,886,555 2.26% 2,829 $1,176,790 Up ×2
DEI Douglas Emmett, Inc. Common Stock $5,866,169 2.25% 497,133 $1,756,317 Up ×1
JBGS JBG SMITH Properties Common Shares $5,598,351 2.15% 381,619 $-1,003,514 Down ×1
TLN Talen Energy Corporation - Common Stock $5,591,367 2.15% 14,551 $1,357,100 Up ×2
COMP Compass, Inc. Class A Common Stock $5,219,314 2.00% 423,302 $3,232,610 Up ×1
ECO Okeanis Eco Tankers Corp. Common Stock $4,826,255 1.85% 96,294 $2,132,186 Up ×2
NMM Navios Maritime Partners LP Common Units Representing Limited Partner Interests $4,736,242 1.82% 67,593 $843,861 Up ×1
ALX Alexander's, Inc. Common Stock $4,682,040 1.80% 16,991 $940,396 Up ×2
CMBT CMB.TECH NV Ordinary Shares $4,352,415 1.67% 311,109 $2,573,901 Up ×1
SHW Sherwin-Williams Company (The) Common Stock $4,336,022 1.67% 12,593 $1,343,367 Up ×2
BORR Borr Drilling Limited Common Shares $3,811,635 1.46% 922,914 Up ×1
NXRT NexPoint Residential Trust, Inc. Common Stock $3,668,856 1.41% 131,406 $278,706 Down ×2
RIG Transocean Ltd (Switzerland) Common Stock $3,619,920 1.39% 740,270 $1,370,673 Up ×2
SATS EchoStar Corporation - Common stock $3,588,939 1.38% 35,359 $3,009,911 Up ×1
EXP Eagle Materials Inc Common Stock $3,383,775 1.30% 15,039 $1,121,931 Up ×2
ASC Ardmore Shipping Corporation Common Stock $3,308,069 1.27% 236,122 $-1,257,125 Down ×2
CENX Century Aluminum Company - Common Stock $3,290,451 1.26% 71,516 $631,911 Up ×1
HSHP Himalaya Shipping Ltd. Common Shares $2,901,284 1.11% 217,162 $719,658 Up ×1
TNK Teekay Tankers Ltd. $2,879,644 1.11% 44,391 $1,151,712 Up ×2
FRO Frontline Plc Ordinary Shares $2,820,808 1.08% 81,081 $754,063 Up ×1
LEN Lennar Corporation Class A Common Stock $2,452,279 0.94% 27,100 $802,319 Up ×1
INSW International Seaways, Inc. Common Stock $2,446,208 0.94% 31,939 $653,579 Up ×1
FBIN Fortune Brands Innovations, Inc. Common Stock $2,443,050 0.94% 44,500 $568,593 Down ×1
NVGS Navigator Holdings Ltd. Ordinary Shares (Marshall Islands) $1,854,523 0.71% 99,545 $888,023 Up ×1
BWA BorgWarner Inc. Common Stock $1,845,920 0.71% 27,800 Call option $337,492
STNG Scorpio Tankers Inc. Common Shares $1,712,523 0.66% 24,726 $-253,499 Down ×2
METC Ramaco Resources, Inc. - Class A Common Stock $1,616,243 0.62% 122,165 $-202,858 Up ×1
HPP Hudson Pacific Properties, Inc. Common Stock $1,552,205 0.60% 102,186 $849,358 Down ×1
MLM Martin Marietta Materials, Inc. Common Stock $1,528,832 0.59% 2,651 $651,110 Up ×2
SATS EchoStar Corporation - Common stock $1,522,500 0.58% 15,000 Call option Up ×1
GLD SPDR Gold Shares $1,518,094 0.58% 4,121 $-255,131
HUT Hut 8 Corp. - Common Stock $1,510,482 0.58% 13,084 $706,304 Down ×2
CORZ Core Scientific, Inc. - Common Stock $1,508,377 0.58% 58,944 $-1,041,944 Down ×2
GLXY Galaxy Digital Inc. - Class A common stock $1,485,710 0.57% 54,342 Up ×1
HAFN Hafnia Limited Common Shares $1,422,288 0.55% 214,200 Call option $-856,952 Down ×1
VAL Valaris Limited Common Shares $1,384,845 0.53% 19,075 $-289,188 Up ×1
VST Vistra Corp. Common Stock $1,355,017 0.52% 8,542 Up ×1
AMR Alpha Metallurgical Resources, Inc. Common Stock $1,289,336 0.50% 7,817 $657,720 Up ×1
BTU Peabody Energy Corporation Common Stock $1,230,261 0.47% 53,212 $758,681 Up ×1
KKR KKR & Co. Inc. Common Stock $1,194,884 0.46% 13,019 $249,626 Up ×2
CIFR Cipher Mining Inc. - Common Stock $1,169,018 0.45% 47,715 $-1,480,915 Down ×1
NVR NVR, Inc. Common Stock $1,103,771 0.42% 162 Up ×1
SHIP Seanergy Maritime Holdings Corp. - Common Stock $1,055,665 0.41% 78,605 $544,958 Up ×1
GNK Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) $946,918 0.36% 38,213 $-992,901 Down ×2
BLDR Builders FirstSource, Inc. Common Stock $928,087 0.36% 10,372 $-699,742 Down ×1
QXO QXO, Inc. Common Stock $917,430 0.35% 53,092 $165,876 Up ×1
Unknown issuer (CUSIP: 67623C307) $865,164 0.33% 50,892 Up ×1
MT Arcelor Mittal NY Registry Shares NEW $733,961 0.28% 12,188 $64,043 Down ×2
FRMI Fermi Inc. - Common Stock $659,199 0.25% 71,965 Up ×1
OC Owens Corning Inc Common Stock New $570,666 0.22% 3,590 $182,156
WLK Westlake Corporation Common Stock $540,346 0.21% 7,402 $96,196 Up ×1
NBIS Nebius Group N.V. - Class A Ordinary Shares $406,246 0.16% 1,471 $-2,017,380 Down ×2
WH Wyndham Hotels & Resorts, Inc. Common Stock $391,324 0.15% 4,647 $13,848
CLF Cleveland-Cliffs Inc. Common Stock $371,966 0.14% 39,613 $37,236
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $355,277 0.14% 710 $15,045
LEN-B (filed as LENB) Lennar Corporation Class B $329,735 0.13% 3,717 $17,061
HAFN Hafnia Limited Common Shares $257,366 0.10% 38,760 $-998,496 Down ×2
TEN Tsakos Energy Navigation Ltd Common Shares $253,178 0.10% 7,158 $28,611 Up ×1
CLSK CleanSpark, Inc. - Common Stock $237,834 0.09% 16,346 $-1,926,906 Down ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
BORR $3,811,635 922,914 1.46%
SATS $1,522,500 15,000 0.58%
GLXY $1,485,710 54,342 0.57%
VST $1,355,017 8,542 0.52%
NVR $1,103,771 162 0.42%
Unknown issuer (CUSIP: 67623C307) $865,164 50,892 0.33%
FRMI $659,199 71,965 0.25%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
QQQ Bought more +50K +$41.6M
COMP Bought more +152K +$3.2M
SBLK Bought more +85K +$3.0M
GTX Trimmed -18K +$2.6M
CMBT Bought more +171K +$2.6M
CNR Bought more +55K +$2.6M
VNO Bought more +14K +$2.4M
ECO Bought more +43K +$2.1M
TDW Bought more +43K +$2.0M
WULF Trimmed -362K -$1.9M

4 positions 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
SPY June 30, 2026 130,000 $84,544,200 No longer tracked
HYG June 30, 2026 250,000 $19,890,000
NLOP March 31, 2026 68,027 $1,754,416 -15.3%
NUE March 31, 2026 10,000 $1,631,100 42.2%
SEG June 30, 2026 32,300 $693,804 -15.9%
DAC March 31, 2026 7,119 $670,468 46.6%
CE June 30, 2026 9,300 $611,661 -3.9%
AL March 31, 2026 9,078 $583,080 No longer tracked
FNV March 31, 2026 2,400 $497,472 -3.1%
OLN June 30, 2026 16,309 $484,867 -19.8%
VALE March 31, 2026 25,800 $336,174 -13.5%
CZR June 30, 2026 12,653 $334,419 -1.8%
WFG June 30, 2026 4,676 $305,296 -1.8%
CDRE March 31, 2026 6,076 $248,144 -18.5%
GSL March 31, 2026 6,515 $228,286 23.0%
TROX March 31, 2026 19,830 $82,691 -59.8%