Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +26.3%
S&P 500 total return (same window) +37.0%
Excess return -10.7%

Annualized: +20.6% · 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: 96.6% · Options excluded: 1.5%

Sector breakdown

04
Energy 86.1%
Materials 5.7%
Utilities 5.7%
Industrials 0.7%
Other/Unmapped 1.8%

Full portfolio 36 positions

05
Type Streak 8Q trend
AR Antero Resources Corporation Common Stock $304,658,845 15.84% 8,669,859 $-47,842,957 Up ×1
CRC California Resources Corporation Common Stock $258,554,814 13.44% 4,890,388 $-56,118,821 Up ×6
PTEN Patterson-UTI Energy, Inc. - Common Stock $133,603,921 6.95% 14,553,804 $-43,028,148 Down ×1
CHRD Chord Energy Corporation - Common Stock $125,331,207 6.52% 1,096,511 $-58,304,216 Down ×1
HAL Halliburton Company Common Stock $111,458,122 5.80% 3,283,008 $14,874,901 Up ×1
PUMP ProPetro Holding Corp. Common Stock $110,613,684 5.75% 7,713,646 $6,259,159 Up ×3
CENX Century Aluminum Company - Common Stock $104,262,571 5.42% 2,266,085 $-53,452,073 Down ×2
TDW Tidewater Inc. Common Stock $93,614,084 4.87% 1,404,984 $58,229,573 Up ×1
OXY Occidental Petroleum Corporation Common Stock $89,159,949 4.64% 1,835,700 $49,438,384 Up ×1
TALO Talos Energy, Inc. Common Stock $89,027,334 4.63% 6,895,998 $-36,255,257 Down ×4
OKE ONEOK, Inc. Common Stock $88,759,220 4.62% 1,020,925 $-3,090,127 Up ×6
OVV Ovintiv Inc. (DE) $51,472,220 2.68% 977,630 $-4,441,932 Up ×2
LNG Cheniere Energy, Inc. Common Stock $51,328,115 2.67% 214,753 $-12,550,234 Down ×1
BTU Peabody Energy Corporation Common Stock $36,392,128 1.89% 1,574,054 $-10,422,935 Up ×1
NE Noble Corporation plc A Ordinary Shares $29,578,191 1.54% 792,981 $-151,056,919 Down ×2
PCG Pacific Gas & Electric Co. Common Stock $28,472,005 1.48% 1,692,747 $-14,505,919 Down ×1
KRSPU CUSIP: G7553X122 $27,457,195 1.43% 2,563,697 $247,345 Down ×2
LNT Alliant Energy Corporation - Common Stock $20,897,433 1.09% 273,921 $-569,571 Down ×2
VG Venture Global, Inc. Class A common stock $18,459,272 0.96% 1,658,515 $1,438,472 Up ×1
CRK Comstock Resources, Inc. Common Stock $17,260,471 0.90% 1,156,868 Up ×1
ETR Entergy Corporation Common Stock $16,850,307 0.88% 146,703 Up ×1
NJR NewJersey Resources Corporation Common Stock $16,227,671 0.84% 289,573 $-2,987,299 Down ×1
GPRE Green Plains, Inc. - Common Stock $15,708,871 0.82% 1,021,383 $1,695,478 Up ×1
XEL Xcel Energy Inc. - Common Stock $13,150,811 0.68% 163,771 $-11,282,947 Down ×1
RUN Sunrun Inc. - Common Stock $11,451,153 0.60% 855,841 Up ×1
SWX Southwest Gas Holdings, Inc. Common Stock (DE) $10,414,845 0.54% 117,443 $-766,491 Down ×3
GLNG Golar LNG Limited - Common Shares $10,217,649 0.53% 205,009 $-1,514,481 Down ×1
TRP TC Energy Corporation Common Stock $9,994,941 0.52% 150,776 $-370,617 Down ×3
ASTL Algoma Steel Group Inc. - Common Shares $5,052,403 0.26% 1,247,507 $-343,041 Down ×1
PBF PBF Energy Inc. Class A Common Stock $4,552,000 0.24% 100,000 Up ×1
NEXT NextDecade Corporation - Common Stock $4,058,254 0.21% 538,230 $-470,116 Down ×1
Unknown issuer (CUSIP: 27005A105) $3,558,525 0.19% 167,460 Up ×1
Unknown issuer (CUSIP: 98386P102) $3,302,009 0.17% 179,848 Up ×1
HNRG Hallador Energy Company - Common Stock $3,189,222 0.17% 183,394 $796,567 Up ×1
CNR Core Natural Resources, Inc. Common Stock $2,773,893 0.14% 34,665 $-1,267,009 Down ×1
NPWR NET Power Inc. Class A Common Stock $2,338,184 0.12% 1,400,110 $-8,253 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
CRC $258,554,814 13.44% up ×6
PUMP $110,613,684 5.75% up ×3
OKE $88,759,220 4.62% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CRK $17,260,471 1,156,868 0.90%
ETR $16,850,307 146,703 0.88%
RUN $11,451,153 855,841 0.60%
PBF $4,552,000 100,000 0.24%
Unknown issuer (CUSIP: 27005A105) $3,558,525 167,460 0.19%
Unknown issuer (CUSIP: 98386P102) $3,302,009 179,848 0.17%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CHRD Trimmed -195K -$58.3M
TDW Bought more +981K +$58.2M
CRC Bought more +344K -$56.1M
CENX Trimmed -421K -$53.5M
OXY Bought more +1.2M +$49.4M
AR Bought more +364K -$47.8M
PTEN Trimmed -1.8M -$43.0M
TALO Trimmed -1.1M -$36.3M
HAL Bought more +806K +$14.9M
PCG Trimmed -753K -$14.5M

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 2,726,585 $159,014,437 -6.1%
TS Sept. 30, 2025 3,086,075 $115,419,205 63.4%
CIVI Sept. 30, 2025 3,624,971 $99,759,202 No longer tracked
DVN Sept. 30, 2025 1,751,276 $55,708,090 36.9%
WFRD Dec. 31, 2025 729,338 $49,908,599 5.2%
CCJ Sept. 30, 2025 582,535 $43,241,573 4.3%
VAL Dec. 31, 2025 880,215 $42,928,086 65.7%
EXE March 31, 2026 325,425 $35,913,903 -21.3%
FANG June 30, 2026 180,344 $35,670,240 4.7%
PR Sept. 30, 2025 2,085,228 $28,400,805 73.7%
RRC March 31, 2026 689,987 $24,328,942 -14.4%
LBRT Sept. 30, 2025 2,060,407 $23,653,472 58.8%
FLR Dec. 31, 2025 532,896 $22,418,935 27.7%
CTRA Sept. 30, 2025 858,828 $21,797,055 No longer tracked
ANDE June 30, 2026 258,746 $18,572,788 -2.2%
LBRT March 31, 2026 1,002,402 $18,504,341 -32.0%
GNRC Dec. 31, 2025 108,061 $18,089,411 57.8%
DTM Sept. 30, 2025 160,591 $17,650,557 8.0%
SGML June 30, 2025 1,637,428 $17,029,251 112.4%
TMC Dec. 31, 2025 2,532,895 $16,134,541 -38.9%
LNT June 30, 2025 240,154 $15,453,910 6.3%
EQT June 30, 2026 242,527 $15,434,418 -3.9%
GDX June 30, 2026 165,000 $15,142,050 15.9%
CHDN March 31, 2026 126,789 $14,426,052 -13.6%
RRC Sept. 30, 2025 309,000 $12,567,030 2.7%
MUSA June 30, 2026 24,929 $12,314,178 -5.0%
VG Sept. 30, 2025 789,208 $12,295,861 -5.2%
KMI Sept. 30, 2025 412,300 $12,121,620 11.0%
SDRL Dec. 31, 2025 390,894 $11,808,908 32.3%
CMS March 31, 2026 156,508 $10,944,604 -17.5%
EE March 31, 2026 388,200 $10,889,010 2.1%
VST June 30, 2026 70,900 $10,658,397 -8.7%
GNRC June 30, 2026 54,000 $10,547,820 -26.5%
NXT June 30, 2025 250,000 $10,535,000 52.6%
TLN March 31, 2026 28,000 $10,495,520 4.0%
PR March 31, 2026 734,314 $10,302,425 4.3%
UGI June 30, 2026 268,804 $9,789,842 6.5%
FCX Sept. 30, 2025 220,000 $9,537,000 85.1%
VST June 30, 2025 80,000 $9,395,200 -25.2%
FRO June 30, 2025 613,404 $9,109,049 227.5%
NRG June 30, 2025 90,048 $8,595,982 -39.7%
NFG June 30, 2025 105,070 $8,320,493 -9.9%
BTE June 30, 2025 3,520,550 $7,850,826 161.5%
SR Dec. 31, 2025 95,562 $7,790,214 -6.4%
APA Dec. 31, 2025 300,000 $7,284,000 79.3%
KGS Sept. 30, 2025 181,237 $6,210,992 44.9%
D March 31, 2026 100,000 $5,859,000 -1.3%
KMI March 31, 2026 199,989 $5,497,698 -6.3%
CMP June 30, 2026 235,198 $5,491,873 -27.2%
MDU Dec. 31, 2025 300,483 $5,351,602 -4.3%
TLN June 30, 2025 25,000 $4,991,750 14.1%
DHT June 30, 2025 460,000 $4,830,000 120.4%
HOND Dec. 31, 2025 257,900 $4,232,139 No longer tracked
WTRG Dec. 31, 2025 99,143 $3,955,806 0.8%
RIG Dec. 31, 2025 1,000,000 $3,120,000 33.4%
STNG June 30, 2025 75,621 $2,841,837 120.8%
AA March 31, 2026 53,465 $2,841,130 -34.4%
HLX Sept. 30, 2025 363,347 $2,267,285 No longer tracked
XOP Sept. 30, 2025 17,951 $2,258,236