13F holdings as of 2026-03-31 · vs 2025-12-31 · long US-listed positions only
| # | Holding | Shares | Value | % of 13F | QoQ Δ | |
|---|---|---|---|---|---|---|
| 1 | SMSM ENERGY COMPANY | ADD | 1.4M | $43.3M | 14.2% | +$26.9M |
| 2 | PBRPETROLEO BRASILEIRO S A | ADD | 1.7M | $35.8M | 11.7% | +$18.2M |
| 3 | MTDRMATADOR RES CO | NEW | 515K | $32.5M | 10.6% | new |
| 4 | VTOLBRISTOW GROUP INC | ADD | 641K | $30.1M | 9.8% | +$13.1M |
| 5 | HAFNIA LTD | ADD | 3.2M | $24.3M | 7.9% | +$21.1M |
| 6 | STAR BULK CARRIERS CORP. | ADD | 951K | $21.8M | 7.1% | +$10.8M |
| 7 | ARANTERO RESOURCES CORP | TRIM | 437K | $18.6M | 6.1% | -$6.0M |
| 8 | OKEANIS ECO TANKERS COR | TRIM | 236K | $12.2M | 4.0% | -$6.4M |
| 9 | SCORPIO TANKERS INC | NEW | 162K | $12.1M | 4.0% | new |
| 10 | SAFE BULKERS INC | ADD | 1.9M | $11.9M | 3.9% | +$6.8M |
| 11 | FRONTLINE PLC | TRIM | 278K | $9.7M | 3.2% | +$2.8M |
| 12 | CMB.TECH NV | TRIM | 701K | $8.9M | 2.9% | -$1.4M |
| 13 | EXEEXPAND ENERGY CORPORATION | TRIM | 79K | $8.7M | 2.8% | -$3.5M |
| 14 | DORIAN LPG LTD | NEW | 197K | $6.7M | 2.2% | new |
| 15 | TSTENARIS S A | ADD | 113K | $6.6M | 2.1% | +$4.7M |
| 16 | SFL CORPORATION LTD | ADD | 606K | $6.5M | 2.1% | +$3.9M |
| 17 | BW LPG LTD | TRIM | 339K | $6.0M | 2.0% | +$598K |
| 18 | PAASPAN AMERN SILVER CORP | ADD | 95K | $5.2M | 1.7% | +$1.9M |
| 19 | TEEKAY TANKERS LTD | TRIM | 69K | $5.1M | 1.7% | -$12.8M |
Source: SEC Form 13F. Values are as-of 2026-03-31 (quarter-end), not live. Percentages are of reported 13F value, not the fund’s full AUM (13F excludes shorts, cash, bonds, most non-US holdings).