与标普500指数的表现对比

03
追踪时间 Q4 2025–Q1 2026 +26.6%
标普500指数同期总回报率 -5.4%
超额回报 +31.9%

近似于基于季度SEC 13F快照构建的买入并持有投资组合。不包括现金、空头头寸、期权/衍生品和非13(f)证券——仅反映已披露的多头股票账簿，而非基金总资产管理规模。SEC文件延迟最多可达45天；这不是一个可实时复制的交易。

可定价覆盖率：100.0% · 已排除期权：0.0%

行业细分

04
Energy 67.7%
Real Estate 6.1%
Utilities 2.2%
Materials 1.3%
Financials 0.3%
Healthcare 0.1%
Industrials 0.0%
Consumer Discretionary 0.0%
Technology 0.0%
其他/未映射 22.4%

完整投资组合 29 持仓

05
类型 连胜 8个季度趋势
TPL Texas Pacific Land Corporation Common Stock $70926788 62.83% 149458 $27777727 下跌 ×1
GBTC Grayscale Bitcoin Trust (BTC) $22139151 19.61% 419620 $-6714101 下跌 ×1
LB LandBridge Company LLC Class A Shares Representing Limited Liability Company Interests $6473852 5.73% 93756 $1875357 下跌 ×1
PBT Permian Basin Royalty Trust Common Stock $5172160 4.58% 240342 $1113261 上涨 ×1
BTC Grayscale Bitcoin Mini Trust (BTC) $3094968 2.74% 103200 $-901968
HE Hawaiian Electric Industries, Inc. Common Stock $2485106 2.20% 167460 $663660 上涨 ×1
MSB Mesabi Trust Common Stock $1421091 1.26% 45114 $-316700
HHH Howard Hughes Holdings Inc. Common Stock $379560 0.34% 6000 $-194784 下跌 ×1
WBI WaterBridge Infrastructure LLC Class A Shares Representing Limited Liability Company Interests $334875 0.30% 12500 $84750
MIAX Miami International Holdings, Inc. Common Stock $280224 0.25% 7200 上涨 ×1
NVO Novo Nordisk A/S Common Stock $68649 0.06% 1868 $-26395
CVEO Civeo Corporation (Canada) Common Shares $31434 0.03% 1188 $4264
SEG Seaport Entertainment Group Inc. Common Stock $26936 0.02% 1254 $2144
CCL Carnival Corporation Common Stock $11775 0.01% 455 上涨 ×1
未知发行人 (CUSIP: V7790T103) $8806 0.01% 32 上涨 ×1
BKKT Bakkt, Inc. Class A Common Stock $8442 0.01% 1147 $-3074
ARLP Alliance Resource Partners, L.P. - Common Units Representing Limited Partnership Interests $8184 0.01% 296 $1308
WPM Wheaton Precious Metals Corp Common Shares (Canada) $5764 0.01% 44 $-161232 下跌 ×1
IBIT iShares Bitcoin Trust ETF $3919 0.00% 102 $-1145
NG CUSIP: 66987E206 $3592 0.00% 400 $-136
TRC Tejon Ranch Co Common Stock $1526 0.00% 81 $249
CRCL Circle Internet Group, Inc. Class A Common Stock $572 0.00% 6 $493 上涨 ×1
SLV iShares Silver Trust $545 0.00% 8 $30
BUR Burford Capital Limited Ordinary Shares $325 0.00% 76 上涨 ×1
TMQ CUSIP: 89621C105 $237 0.00% 66 $-47
FRMI Fermi Inc. - Common Stock $187 0.00% 32 $73 上涨 ×1
PAA Plains All American Pipeline, L.P. - Common Units representing Limited Partner Interests $45 0.00% 2 $9
ET Energy Transfer LP Common Units $39 0.00% 2 $6
CNTN Canton Strategic Holdings, Inc. - Common Stock $7 0.00% 2 上涨 ×1

最大新仓位

09

本季度新开仓位，按规模从大到小排序。

证券价值股份% 占投资组合
MIAX $280224 7200 0.25%
CCL $11775 455 0.01%
未知发行人 (CUSIP: V7790T103) $8806 32 0.01%
BUR $325 76 0.00%
CNTN $7 2 0.00%

季度涨幅榜

10
证券操作股份变动价值变动
TPL 削减 -772 +$27.8M
GBTC 削减 -2K -$6.7M
LB 削减 -110 +$1.9M
PBT 增持 +1K +$1.1M
BTC 仅价格变动 +0 -$902K
HE 增持 +19K +$664K
MSB 仅价格变动 +0 -$317K
HHH 削减 -1K -$195K
WBI 仅价格变动 +0 +$85K
NVO 仅价格变动 +0 -$26K

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

已退出持仓

11

包含公司事件（合并、退市）——并非所有退出都是卖出

已关闭的头寸反映了 13F 报告的变更；对于指数管理人来说，这些通常是机械性的（退市、并购、指数再平衡），而不是主动决策。

证券季度先前持股数先前价值退出后价格
FWONA 2026年3月31日 1129 $100910 6.8%
FNV 2026年3月31日 471 $97629 -3.1%
BATRK 2026年3月31日 117 $4616 21.9%
GLIBA 2026年3月31日 3360 $0 -37.2%