13F holdings as of 2025-12-31 · vs 2025-09-30 · long US-listed positions only
| # | Holding | Shares | Value | % of 13F | QoQ Δ | |
|---|---|---|---|---|---|---|
| 1 | ARANTERO RESOURCES CORP | NEW | 711K | $24.5M | 11.2% | new |
| 2 | OKEANIS ECO TANKERS COR | NEW | 555K | $18.7M | 8.6% | new |
| 3 | RRCRANGE RES CORP | NEW | 508K | $17.9M | 8.2% | new |
| 4 | TEEKAY TANKERS LTD | NEW | 335K | $17.9M | 8.2% | new |
| 5 | PBRPETROLEO BRASILEIRO S A | NEW | 1.5M | $17.6M | 8.1% | new |
| 6 | VTOLBRISTOW GROUP INC | NEW | 463K | $16.9M | 7.8% | new |
| 7 | SMSM ENERGY COMPANY | NEW | 876K | $16.4M | 7.5% | new |
| 8 | EXEEXPAND ENERGY CORPORATION | NEW | 110K | $12.1M | 5.6% | new |
| 9 | STAR BULK CARRIERS CORP. | NEW | 577K | $11.1M | 5.1% | new |
| 10 | CMB.TECH NV | NEW | 1.1M | $10.3M | 4.7% | new |
| 11 | SLBSLB LIMITED | NEW | 223K | $8.6M | 3.9% | new |
| 12 | PRPERMIAN RESOURCES CORP | NEW | 511K | $7.2M | 3.3% | new |
| 13 | FRONTLINE PLC | NEW | 317K | $7.0M | 3.2% | new |
| 14 | INTERNATIONAL SEAWAYS INC | NEW | 129K | $6.3M | 2.9% | new |
| 15 | BW LPG LTD | NEW | 412K | $5.4M | 2.5% | new |
| 16 | SAFE BULKERS INC | NEW | 1.1M | $5.1M | 2.3% | new |
| 17 | TORM PLC | NEW | 203K | $4.0M | 1.9% | new |
| 18 | PAASPAN AMERN SILVER CORP | NEW | 63K | $3.3M | 1.5% | new |
| 19 | HAFNIA LTD | NEW | 590K | $3.2M | 1.5% | new |
| 20 | SFL CORPORATION LTD | NEW | 332K | $2.6M | 1.2% | new |
| 21 | TSTENARIS S A | NEW | 48K | $1.8M | 0.8% | new |
Source: SEC Form 13F. Values are as-of 2025-12-31 (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).