Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +18.6%
S&P 500 total return (same window) +37.0%
Excess return -18.4%

Annualized: +14.6% · 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: 95.0% · Options excluded: 18.1%

Sector breakdown

04
Energy 48.1%
Materials 10.4%
Financials 5.8%
Technology 5.3%
Industrials 4.3%
Utilities 2.1%
Communication Services 2.0%
Healthcare 1.0%
Real Estate 0.5%
Consumer Discretionary 0.3%
Retail 0.3%
Consumer Staples 0.2%
Other/Unmapped 19.6%

Full portfolio 165 positions

05
Type Streak 8Q trend
SU Suncor Energy Inc. Common Stock $130,814,724 9.98% 2,436,936 $-157,053 Up ×5
CVE Cenovus Energy Inc Common Stock $126,531,000 9.65% 5,100,000 $7,481,163 Up ×1
Unknown issuer (CUSIP: 464287952) $112,764,000 8.60% 1,200,000 Put option
DVN Devon Energy Corporation Common Stock $70,244,000 5.36% 1,700,000
FANG Diamondback Energy, Inc. - Common Stock $69,889,776 5.33% 397,598
BTE Baytex Energy Corp Common Shares $68,000,000 5.19% 17,000,000
Unknown issuer (CUSIP: 464287902) $43,628,000 3.33% 400,000 Call option Up ×1
CCJ Cameco Corporation Common Stock $35,967,479 2.74% 353,107 $4,545,520 Up ×4
RIG Transocean Ltd (Switzerland) Common Stock $34,230,000 2.61% 7,000,000 $-12,180,000
Unknown issuer (CUSIP: 78462F953) $32,111,110 2.45% 43,000 Put option $-517,751,360 Down ×1
SPY SPY $30,692,247 2.34% 41,100 $776,607 Down ×6
TD Toronto Dominion Bank (The) Common Stock $29,902,866 2.28% 246,256 $13,729,444 Up ×3
RY Royal Bank Of Canada Common Stock $29,767,874 2.27% 143,827 $13,392,988 Up ×4
SHOP Shopify Inc. - Class A Subordinate Voting Shares $29,027,068 2.21% 254,222 $8,122,665 Up ×3
CNI Canadian National Railway Company Common Stock $27,933,162 2.13% 234,260 $6,728,628 Up ×3
ENB Enbridge Inc Common Stock $27,518,405 2.10% 507,626 $7,227,708 Up ×4
KGC Kinross Gold Corporation Common Stock $25,216,051 1.92% 1,067,572 $1,601,476 Up ×3
B Barrick Mining Corporation Common Shares $17,031,995 1.30% 463,708 $3,078,470 Up ×2
CNQ Canadian Natural Resources Limited Common Stock $14,844,377 1.13% 375,807 $3,340,832 Up ×3
HYMC Hycroft Mining Holding Corporation - Class A Common Stock $14,704,677 1.12% 628,405 $-7,753,205 Down ×2
BCE BCE, Inc. Common Stock $14,522,713 1.11% 675,161 $2,193,251 Up ×3
WPM Wheaton Precious Metals Corp Common Shares (Canada) $11,294,562 0.86% 100,557 $-3,977,929 Down ×2
VZLA CUSIP: 92859G608 $11,253,000 0.86% 3,410,000 $0
CDE Coeur Mining, Inc. Common Stock $10,677,246 0.81% 654,243 $-1,602,895
VNOM Viper Energy, Inc. - Class A Common Stock $10,600,000 0.81% 250,000 $1,202,000 Up ×1
AEM Agnico Eagle Mines Limited Common Stock $9,284,531 0.71% 59,850 $-4,659,180 Down ×3
Unknown issuer (CUSIP: 867866105) $9,254,000 0.71% 700,000 Up ×1
AGI Alamos Gold Inc. Class A Common Shares $9,055,458 0.69% 298,466 $-4,205,386
CP Canadian Pacific Kansas City Limited Common Shares $7,784,983 0.59% 89,844 $2,883,914 Up ×2
TRP TC Energy Corporation Common Stock $7,393,987 0.56% 111,540 $2,133,646 Up ×1
PAAS Pan American Silver Corp. Common Stock $7,224,896 0.55% 161,306 $-1,587,251
CM Canadian Imperial Bank of Commerce Common Stock $6,709,790 0.51% 58,346 $2,892,407 Up ×2
PR Permian Resources Corporation Class A Common Stock $6,443,500 0.49% 350,000
IAG Iamgold Corporation Ordinary Shares $6,429,329 0.49% 405,892 $-1,454,369 Down ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $6,245,660 0.48% 13,078 $3,181,805 Up ×3
SOBO South Bow Corporation Common Shares $6,167,000 0.47% 175,000 $-2,163,000 Down ×1
AU AngloGold Ashanti PLC Ordinary Shares $6,030,350 0.46% 74,550 $-1,224,528 Up ×2
CTGO CUSIP: 21077F100 $5,714,385 0.44% 361,899 $-1,071,221
FTS Fortis Inc. Common Shares $5,600,585 0.43% 97,861 $2,420,778 Up ×1
HL Hecla Mining Company Common Stock $5,533,198 0.42% 358,600 $-1,147,520
GOOGL Alphabet Inc. - Class A Common Stock $5,319,810 0.41% 14,886 $3,176,625 Up ×2
CHRD Chord Energy Corporation - Common Stock $5,143,500 0.39% 45,000
FCX Freeport-McMoRan, Inc. Common Stock $5,066,607 0.39% 80,563 $2,121,318 Up ×2
NVDA NVIDIA Corporation - Common Stock $5,038,666 0.38% 25,182 $1,798,488 Up ×1
EXE Expand Energy Corporation - Common Stock $4,559,500 0.35% 50,000
CNL Collective Mining Ltd. - Common Stock $3,744,997 0.29% 305,714 $-2,702,024 Down ×2
BVN Buenaventura Mining Company Inc. $3,674,899 0.28% 125,466 $-846,896
LLY Eli Lilly and Company Common Stock $3,370,398 0.26% 2,810 $2,650,218 Up ×2
NXE Nexgen Energy Ltd. Common Shares $3,333,450 0.25% 355,000 $-784,550
EQIX Equinix, Inc. - Common Stock $3,320,012 0.25% 3,185 $1,480,102 Up ×1
CLS Celestica, Inc. Common Stock $2,879,731 0.22% 7,894 $1,626,537 Up ×3
Unknown issuer (CUSIP: 84615Q103) $2,871,473 0.22% 16,806 Up ×1
GH Guardant Health, Inc. - Common Stock $2,853,271 0.22% 19,018 $1,653,015 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $2,839,007 0.22% 8,035 $763,575 Up ×1
LIN Linde plc - Ordinary Shares $2,756,090 0.21% 5,311 $2,512,176 Up ×1
BROS Dutch Bros Inc. Class A Common Stock $2,706,591 0.21% 37,691 Up ×1
NTRA Natera, Inc. - Common Stock $2,589,090 0.20% 9,538 $1,020,768 Up ×3
SMFG Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) $2,521,386 0.19% 106,929 $1,782,262 Up ×2
BIP Brookfield Infrastructure Partners LP Limited Partnership Units $2,452,168 0.19% 149,888 $-602,537 Up ×1
CRWD CrowdStrike Holdings, Inc. - Class A Common Stock $2,412,286 0.18% 3,161 Up ×1
UNP Union Pacific Corporation Common Stock $2,347,088 0.18% 8,629 $253,520
DDOG Datadog, Inc. - Class A Common Stock $2,334,388 0.18% 8,966 Up ×1
FROG JFrog Ltd. - Ordinary shares $2,261,731 0.17% 24,887 Up ×1
PLTR Palantir Technologies Inc. - Class A Common Stock $2,242,281 0.17% 19,219 Up ×1
AMZN Amazon.com, Inc. - Common Stock $2,233,961 0.17% 9,373 $486,159 Up ×1
SPHR Sphere Entertainment Co. Class A Common Stock $2,219,629 0.17% 12,828 $1,496,445 Up ×2
MNST Monster Beverage Corporation - Common Stock $2,212,106 0.17% 23,014 Up ×1
ORLA CUSIP: 68634K106 $2,178,275 0.17% 222,500 $-1,410,650
TRGP Targa Resources, Inc. Common Stock $2,159,868 0.16% 8,055 $140,238
CSX CSX Corporation - Common Stock $2,078,582 0.16% 43,732 $283,383
INTC Intel Corporation - Common Stock $2,070,713 0.16% 14,830 Up ×1
LRCX Lam Research Corporation - Common Stock $2,048,784 0.16% 4,728
GLW Corning Incorporated Common Stock $2,034,245 0.16% 7,964 $-411,991 Down ×1
WMB Williams Companies, Inc. (The) Common Stock $2,023,312 0.15% 27,217 $42,459
AMT American Tower Corporation (REIT) Common Stock $1,862,899 0.14% 11,389 $528,510 Up ×1
NEM Newmont Corporation $1,861,462 0.14% 19,930 $-295,961
TSLA Tesla, Inc. - Common Stock $1,848,116 0.14% 4,394 Up ×1
NOG Northern Oil and Gas, Inc. Common Stock $1,815,000 0.14% 100,000
GEV GE Vernova Inc. Common Stock $1,812,809 0.14% 1,543 $240,716 Down ×1
AAPL Apple Inc. - Common Stock $1,801,845 0.14% 6,227 $338,999 Up ×1
NI NiSource Inc Common Stock $1,793,586 0.14% 37,720 $33,571
EW Edwards Lifesciences Corporation Common Stock $1,787,761 0.14% 19,763 Up ×1
AVGO Broadcom Inc. - Common Stock $1,718,763 0.13% 4,550 $101,573 Down ×1
NEE NextEra Energy, Inc. Common Stock $1,709,233 0.13% 19,474 $-99,512
DOCN DigitalOcean Holdings, Inc. Common Stock $1,707,858 0.13% 10,876 $142,630 Down ×1
STRL Sterling Infrastructure, Inc. - Common Stock $1,696,347 0.13% 2,021 Up ×1
TLN Talen Energy Corporation - Common Stock $1,694,202 0.13% 4,409
MTZ MasTec, Inc. Common Stock $1,679,634 0.13% 4,037 $-1,323,487 Down ×1
ETR Entergy Corporation Common Stock $1,667,308 0.13% 14,516 $36,290
ARGX argenx SE - American Depositary Shares $1,639,370 0.13% 1,767
LNT Alliant Energy Corporation - Common Stock $1,593,088 0.12% 20,882 $94,596
AEP American Electric Power Company, Inc. - Common Stock $1,591,921 0.12% 11,636 $66,674
MSFT Microsoft Corporation - Common Stock $1,587,573 0.12% 4,256 $-152,596 Down ×3
CNP CenterPoint Energy, Inc (Holding Co) Common Stock $1,567,296 0.12% 35,588 $31,318
AEE Ameren Corporation Common Stock $1,548,196 0.12% 13,696 $42,732
PWR Quanta Services, Inc. Common Stock $1,541,606 0.12% 2,141 $110,860 Down ×3
EVRG Evergy, Inc. - Common Stock $1,528,428 0.12% 17,684 $79,755
XEL Xcel Energy Inc. - Common Stock $1,520,802 0.12% 18,939 Up ×1
DLR Digital Realty Trust, Inc. Common Stock $1,509,729 0.12% 8,407 $-5,296
WEC WEC Energy Group, Inc. Common Stock $1,502,013 0.11% 12,863 $12,863

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
SU $130,814,724 9.98% up ×5
CCJ $35,967,479 2.74% up ×4
TD $29,902,866 2.28% up ×3
RY $29,767,874 2.27% up ×4
SHOP $29,027,068 2.21% up ×3
CNI $27,933,162 2.13% up ×3
ENB $27,518,405 2.10% up ×4
KGC $25,216,051 1.92% up ×3
CNQ $14,844,377 1.13% up ×3
BCE $14,522,713 1.11% up ×3
TSM $6,245,660 0.48% up ×3
CLS $2,879,731 0.22% up ×3
NTRA $2,589,090 0.20% up ×3
AER $1,379,225 0.11% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 464287952) $112,764,000 1,200,000 8.60%
DVN $70,244,000 1,700,000 5.36%
FANG $69,889,776 397,598 5.33%
BTE $68,000,000 17,000,000 5.19%
Unknown issuer (CUSIP: 464287902) $43,628,000 400,000 3.33%
Unknown issuer (CUSIP: 867866105) $9,254,000 700,000 0.71%
PR $6,443,500 350,000 0.49%
CHRD $5,143,500 45,000 0.39%
EXE $4,559,500 50,000 0.35%
Unknown issuer (CUSIP: 84615Q103) $2,871,473 16,806 0.22%
BROS $2,706,591 37,691 0.21%
CRWD $2,412,286 3,161 0.18%
DDOG $2,334,388 8,966 0.18%
FROG $2,261,731 24,887 0.17%
PLTR $2,242,281 19,219 0.17%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TD Bought more +73K +$13.7M
RY Bought more +43K +$13.4M
RIG Price move only +0 -$12.2M
SHOP Bought more +78K +$8.1M
HYMC Trimmed -10K -$7.8M
CVE Bought more +600K +$7.5M
ENB Bought more +133K +$7.2M
CNI Bought more +28K +$6.7M
AEM Trimmed -9K -$4.7M
CCJ Bought more +64K +$4.5M

2 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
EXE March 31, 2026 800,000 $88,288,000 -22.1%
AR March 31, 2026 2,500,000 $86,150,000 -19.7%
RRC Dec. 31, 2025 2,000,000 $75,280,000 8.4%
VRN June 30, 2025 8,697,546 $57,577,755 No longer tracked
GPOR March 31, 2026 200,000 $41,598,000 -27.0%
RIG Dec. 31, 2025 6,000,000 $18,720,000 25.2%
GFR June 30, 2025 2,000,000 $11,740,000 30.0%
ALG Sept. 30, 2025 330,000 $8,764,800 -15.7%
BTE June 30, 2025 2,800,000 $6,244,000 158.7%
CIVI June 30, 2025 170,000 $5,931,300 No longer tracked
FRO June 30, 2026 150,000 $5,229,000 51.6%
PR March 31, 2026 350,000 $4,910,500 3.8%
CHRD March 31, 2026 50,000 $4,635,000 -3.6%
NOG Sept. 30, 2025 150,000 $4,252,500 -3.9%
EXK March 31, 2026 434,783 $4,086,960 -7.6%
SLV March 31, 2026 60,299 $3,884,462 -19.7%
VNOM (filed as VNOMXXXX) Sept. 30, 2025 100,000 $3,813,000 6.3%
MFC March 31, 2026 103,597 $3,758,499 24.7%
DVN June 30, 2025 100,000 $3,740,000 49.8%
PTEN March 31, 2026 500,000 $3,055,000 3.5%
FANG March 31, 2026 20,000 $3,006,600 -6.6%
SLF Dec. 31, 2025 48,580 $2,916,257 25.9%
TU Dec. 31, 2025 183,906 $2,900,198 -39.0%
FBTC March 31, 2026 30,800 $2,347,884
WCN Sept. 30, 2025 11,970 $2,235,038 -12.5%
SBAC Sept. 30, 2025 8,489 $1,993,557 -18.0%
TLN Sept. 30, 2025 6,649 $1,933,330 -24.6%
NSC Dec. 31, 2025 5,865 $1,761,905 9.9%
PPL Dec. 31, 2025 47,235 $1,755,253 -6.3%
DUK Dec. 31, 2025 13,248 $1,639,440 -2.6%
CEG March 31, 2026 4,613 $1,629,635 -7.8%
WTRG Dec. 31, 2025 38,999 $1,556,060 2.7%
DLR Dec. 31, 2025 8,860 $1,531,717 15.4%
ACM Dec. 31, 2025 11,437 $1,492,185 -37.4%
HUT Dec. 31, 2025 42,798 $1,489,798 95.1%
LNG Dec. 31, 2025 6,291 $1,478,259 38.9%
FSLY June 30, 2026 50,668 $1,472,412 40.6%
EQT June 30, 2026 22,844 $1,453,792 -5.6%
CMS Sept. 30, 2025 20,748 $1,437,421 -13.0%
CBOE June 30, 2026 5,110 $1,436,268
SO June 30, 2025 15,557 $1,430,466 -8.8%
ET Sept. 30, 2025 78,832 $1,429,224 19.3%
TLN March 31, 2026 3,764 $1,410,898 0.5%
PL June 30, 2026 50,427 $1,409,435 -47.2%
DY March 31, 2026 4,029 $1,361,399 -19.2%
PEG June 30, 2025 16,527 $1,360,172 -19.1%
RBLX Dec. 31, 2025 9,356 $1,295,993 -45.6%
NSC June 30, 2025 5,285 $1,251,752 24.0%
NRG June 30, 2026 8,528 $1,246,282 -34.8%
VST March 31, 2026 7,504 $1,210,620 -6.9%
MPWR June 30, 2026 1,099 $1,201,592 4.2%
PYPL Dec. 31, 2025 16,658 $1,117,085 -9.6%
RDDT March 31, 2026 4,546 $1,044,989 9.8%
ABBV June 30, 2025 4,983 $1,044,038 41.6%
V Sept. 30, 2025 2,777 $985,974 5.6%
ALB June 30, 2026 5,316 $954,381 -22.5%
NEM Dec. 31, 2025 11,000 $927,410 15.7%
LLY June 30, 2025 1,089 $899,416 46.6%
FER June 30, 2026 13,737 $893,592 -21.8%
TKO June 30, 2026 4,409 $889,075 -12.8%
BSX Sept. 30, 2025 7,502 $805,790 -56.4%
HWM June 30, 2025 5,912 $766,964 24.3%
XYZ June 30, 2025 13,695 $744,049 9.4%
ETN Sept. 30, 2025 2,082 $743,253 16.5%
KRMN June 30, 2026 9,148 $732,297 -31.6%
C June 30, 2025 10,145 $720,194 51.0%
GEMI Dec. 31, 2025 30,000 $718,800 -52.9%
CELH June 30, 2026 20,240 $718,115 -8.6%
DELL Sept. 30, 2025 5,777 $708,260 296.8%
HD June 30, 2025 1,896 $694,865 -22.9%
TMUS Sept. 30, 2025 2,853 $679,756 -31.6%
BAC June 30, 2025 16,017 $668,389 13.6%
ORCL Dec. 31, 2025 2,318 $651,914 -27.0%
CTRE June 30, 2026 17,660 $647,239 -10.0%
NU March 31, 2026 37,733 $631,650 -6.5%
LRCX March 31, 2026 3,418 $585,093 62.6%
DG March 31, 2026 4,348 $577,284 0.2%
ISRG March 31, 2026 995 $563,528 -15.0%
CRCL Dec. 31, 2025 4,250 $563,465 2.5%
HDB March 31, 2026 15,219 $556,102 -10.2%
APP March 31, 2026 820 $552,532 -32.6%
WFC March 31, 2026 5,879 $547,923 1.1%
BAC March 31, 2026 9,848 $541,640 10.3%
BLK Dec. 31, 2025 448 $522,310 -1.0%
MCD June 30, 2026 1,670 $519,019 -14.2%
V March 31, 2026 1,426 $500,112 19.3%
SAP Dec. 31, 2025 1,825 $487,658 -14.1%
IQV March 31, 2026 2,155 $485,759 51.4%
HD Dec. 31, 2025 1,193 $483,392 -17.8%
TCEHY March 31, 2026 6,031 $461,673 No longer tracked
ONON March 31, 2026 9,928 $461,453 -9.3%
ARGX March 31, 2026 519 $436,453 25.9%
TMO June 30, 2026 878 $431,563 30.6%
CRH March 31, 2026 3,190 $398,112 -22.1%
MAG Sept. 30, 2025 18,000 $380,340 No longer tracked
EQX Sept. 30, 2025 47,945 $376,848 No longer tracked
ILMN March 31, 2026 2,850 $373,806 121.5%
HD June 30, 2026 1,017 $334,481 -19.8%
MDB March 31, 2026 708 $297,141 46.2%
SCHW March 31, 2026 2,643 $264,062 2.9%
CME June 30, 2026 864 $255,182 19.2%
DIS Dec. 31, 2025 2,166 $248,007 -10.2%
GRAB Dec. 31, 2025 35,870 $215,937 -38.3%
MA March 31, 2026 337 $192,387 10.5%
ZG Dec. 31, 2025 2,556 $190,269 -58.8%
ABBV March 31, 2026 797 $182,107 20.8%
RDNT Dec. 31, 2025 2,134 $162,632 -2.0%
WAY Dec. 31, 2025 4,252 $161,236 -24.2%
MPWR Dec. 31, 2025 162 $149,144 58.8%
BE Dec. 31, 2025 1,624 $137,342 232.8%
NBIS Dec. 31, 2025 1,048 $117,659 190.1%
MELI Dec. 31, 2025 48 $112,173 -15.8%
ALAB Dec. 31, 2025 561 $109,844 110.6%
CPNG Dec. 31, 2025 3,399 $109,448 -41.6%
CTVA Dec. 31, 2025 1,176 $79,533 -82.2%
SPOT Dec. 31, 2025 109 $76,082 -18.6%
EQNR June 30, 2026 187 $7,891 35.5%
AZN June 30, 2026 23 $4,536 -17.3%
FN June 30, 2026 8 $4,172 -17.5%
BABA March 31, 2026 27 $3,958 -15.6%
CCEP March 31, 2026 39 $3,537 11.5%
FUTU March 31, 2026 21 $3,448 -25.3%
SQM June 30, 2026 42 $3,399 -12.9%
NWG March 31, 2026 172 $3,010 18.6%
GLBE March 31, 2026 53 $2,083 27.4%
GMAB March 31, 2026 67 $2,064 29.5%
CAMT June 30, 2026 13 $1,971 1.3%
TEAM March 31, 2026 10 $1,621 175.3%
VALE June 30, 2026 99 $1,575 -8.5%
JMIA March 31, 2026 113 $1,411 0.3%