13F holdings as of 2025-12-31 · vs 2025-09-30 · long US-listed positions only
| # | Holding | Shares | Value | % of 13F | QoQ Δ | |
|---|---|---|---|---|---|---|
| 1 | SIISPROTT INC | 550K | $53.9M | 26.1% | +$8.1M | |
| 2 | JOEST JOE CO | 660K | $39.2M | 19.0% | +$6.5M | |
| 3 | MAREX GROUP PLC | ADD | 500K | $19.2M | 9.3% | +$5.7M |
| 4 | XP INC | 1.0M | $16.4M | 7.9% | -$2.4M | |
| 5 | MPCMARATHON PETE CORP | ADD | 85K | $13.8M | 6.7% | +$332K |
| 6 | JBS N.V. | NEW | 750K | $10.8M | 5.2% | new |
| 7 | VLOVALERO ENERGY CORP | 65K | $10.6M | 5.1% | -$486K | |
| 8 | RENATUS TACTICAL ACQUIS | ADD | 985K | $10.5M | 5.1% | +$473K |
| 9 | LRNSTRIDE INC | NEW | 130K | $8.4M | 4.1% | new |
| 10 | SNWVSANUWAVE HEALTH INC | ADD | 265K | $7.9M | 3.8% | +$7.3M |
| 11 | PBFPBF ENERGY INC | 250K | $6.8M | 3.3% | -$763K | |
| 12 | NWAX/UNEW AMER ACQUISITION I CORP | NEW | 360K | $3.7M | 1.8% | new |
| 13 | DOLE PLC | TRIM | 174K | $2.6M | 1.3% | -$4.1M |
| 14 | TEXAS VENTURES ACQUISITION I | NEW | 195K | $2.1M | 1.0% | new |
| 15 | HSAIHESAI GROUP | NEW | 11K | $257K | 0.1% | new |
| 16 | VALARIS LTD | TRIM | 135K | $238K | 0.1% | -$1.1M |
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).