Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CHRW	C H ROBINSON WORLDWIDE IN	84,500	$15.91M	7.3%	—	—	COM NEW	12541W209
EQNR	EQUINOR ASA	416,464	$13.08M	6.0%	—	—	SPONSORED ADR	29446M102
CNI	CANADIAN NATL RY CO	78,063	$9.308M	4.3%	—	—	COM	136375102
VC	VISTEON CORP	86,002	$8.532M	3.9%	—	—	COM NEW	92839U206
ALSN	ALLISON TRANSMISSION HLDGS I	73,200	$8.253M	3.8%	—	—	COM	01973R101
CPA	COPA HOLDINGS SA	44,800	$6.97M	3.2%	—	—	CL A	P31076105
NXT	NEXTPOWER INC	51,201	$6.1M	2.8%	—	—	CLASS A COM	65290E101
IMO	IMPERIAL OIL LTD	53,900	$6.038M	2.8%	—	—	COM NEW	453038408
ETN	EATON CORP PLC	13,560	$5.778M	2.7%	—	—	SHS	G29183103
SU	SUNCOR ENERGY INC NEW	107,100	$5.749M	2.6%	—	—	COM	867224107
UNP	UNION PAC CORP	18,600	$5.059M	2.3%	—	—	COM	907818108
HWM	HOWMET AEROSPACE INC	18,300	$4.92M	2.3%	—	—	COM	443201108
Q	QNITY ELECTRONICS INC	29,700	$4.85M	2.2%	—	—	COMMON STOCK	74743L100
VGNT	VERSIGENT PLC	113,228	$4.757M	2.2%	—	—	ORDINARY SHARES	G9600F104
CP	CANADIAN PACIFIC KANSAS CITY	53,000	$4.592M	2.1%	—	—	COM	13646K108
WLK	WESTLAKE CORPORATION	58,800	$4.292M	2.0%	—	—	COM	960413102
JBHT	HUNT J B TRANS SVCS INC	13,900	$4.023M	1.8%	—	—	COM	445658107
HUN	HUNTSMAN CORP	307,800	$3.269M	1.5%	—	—	COM	447011107
PAAS	PAN AMERN SILVER CORP	72,700	$3.256M	1.5%	—	—	COM	697900108
CLF	CLEVELAND-CLIFFS INC NEW	314,643	$2.954M	1.4%	—	—	COM	185899101
CMI	CUMMINS INC	4,040	$2.881M	1.3%	—	—	COM	231021106
LBRT	LIBERTY ENERGY INC	108,200	$2.834M	1.3%	—	—	COM CL A	53115L104
BWA	BORGWARNER INC	42,100	$2.795M	1.3%	—	—	COM	099724106
CSX	CSX CORP	55,986	$2.661M	1.2%	—	—	COM	126408103
DTM	DT MIDSTREAM INC	16,000	$2.348M	1.1%	—	—	COMMON STOCK	23345M107
FCX	FREEPORT MCMORAN INC	35,900	$2.258M	1.0%	—	—	CL B	35671D857
HAL	HALLIBURTON CO	66,400	$2.254M	1.0%	—	—	COM	406216101
FDXF	FEDEX FGHT HLDG CO INC	14,800	$2.235M	1.0%	—	—	COMMON STOCK	314352105
BG	BUNGE GLOBAL SA	20,900	$2.231M	1.0%	—	—	COM SHS	H11356104
WMB	WILLIAMS COS INC	30,000	$2.23M	1.0%	—	—	COM	969457100
SAIA	SAIA INC	5,120	$2.156M	1.0%	—	—	COM	78709Y105
OXY	OCCIDENTAL PETE CORP	43,800	$2.127M	1.0%	—	—	COM	674599105
PHIN	PHINIA INC	21,945	$1.808M	0.8%	—	—	COMMON STOCK	71880K101
LGN	LEGENCE CORP	20,200	$1.722M	0.8%	—	—	CL A	52476L109
APD	AIR PRODUCTS AND CHEMICALS I	5,720	$1.677M	0.8%	—	—	COM	009158106
FSLR	FIRST SOLAR INC	7,000	$1.652M	0.8%	—	—	COM	336433107
AA	ALCOA CORP	31,200	$1.627M	0.7%	—	—	COM	013872106
MTZ	MASTEC INC	3,720	$1.548M	0.7%	—	—	COM	576323109
MGA	MAGNA INTL INC	21,000	$1.379M	0.6%	—	—	COM	559222401
AESI	ATLAS ENERGY SOLUTIONS INC	81,700	$1.357M	0.6%	—	—	COM NEW	642045108
GEV	GE VERNOVA INC	1,000	$1.175M	0.5%	—	—	COM	36828A101
ESI	ELEMENT SOLUTIONS INC	24,200	$1.156M	0.5%	—	—	COM	28618M106
JHX	JAMES HARDIE INDS PLC	43,700	$1.144M	0.5%	—	—	ORD SHS	G4253H101
PWR	QUANTA SVCS INC	1,560	$1.123M	0.5%	—	—	COM	74762E102
EME	EMCOR GROUP INC	1,320	$1.095M	0.5%	—	—	COM	29084Q100
HCC	WARRIOR MET COAL INC	12,600	$1.023M	0.5%	—	—	COM	93627C101
SBSW	SIBANYE STILLWATER LTD	115,863	$984K	0.5%	—	—	SPONSORED ADR	82575P107
APTV	APTIV PLC	10,200	$626K	0.3%	—	—	COM SHS	G3265R107
SW	SMURFIT WESTROCK PLC	12,100	$560K	0.3%	—	—	SHS	G8267P108

Increased Positions (2)

BKR BAKER HUGHES COMPANY 2.6%

Value $5.561M (+8.1%) Shares 100,200 (+18.9%) Est. Cost — Unrealized —

CNR CORE NATURAL RESOURCES INC 0.3%

Value $646K (+30.3%) Shares 8,073 (+70.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BKR	BAKER HUGHES COMPANY	100,200 (+18.9%)	$5.561M (+8.1%)	2.6%	—	—	CL A	05722G100
CNR	CORE NATURAL RESOURCES INC	8,073 (+70.5%)	$646K (+30.3%)	0.3%	—	—	COM SHS	218937100

Exited Positions (27)

CNQ CANADIAN NAT RES LTD MED TER 20.4%

Value $44.51M Shares 913,300 Est. Cost — Unrealized —

SHEL SHELL PLC 16.4%

Value $35.65M Shares 383,300 Est. Cost — Unrealized —

LSTR LANDSTAR SYS INC 13.5%

Value $29.42M Shares 183,500 Est. Cost — Unrealized —

CC CHEMOURS CO 7.5%

Value $16.23M Shares 736,800 Est. Cost — Unrealized —

EOG EOG RES INC 4.5%

Value $9.816M Shares 67,900 Est. Cost — Unrealized —

FLR FLUOR CORP 4.2%

Value $9.209M Shares 197,400 Est. Cost — Unrealized —

CARR CARRIER GLOBAL CORPORATION 4.2%

Value $9.201M Shares 163,400 Est. Cost — Unrealized —

ALK ALASKA AIR GROUP INC 2.8%

Value $5.991M Shares 162,900 Est. Cost — Unrealized —

NESR NATIONAL ENERGY SERVICES REU 2.2%

Value $4.741M Shares 220,800 Est. Cost — Unrealized —

E ENI SPA 2.1%

Value $4.636M Shares 81,900 Est. Cost — Unrealized —

FDX FEDEX CORP 2.0%

Value $4.274M Shares 12,000 Est. Cost — Unrealized —

IP INTERNATIONAL PAPER CO 2.0%

Value $4.27M Shares 119,600 Est. Cost — Unrealized —

AGCO AGCO CORP 1.9%

Value $4.229M Shares 36,500 Est. Cost — Unrealized —

AXTA AXALTA COATING SYS LTD 1.9%

Value $4.213M Shares 152,100 Est. Cost — Unrealized —

DE DEERE & CO 1.9%

Value $4.123M Shares 7,320 Est. Cost — Unrealized —

B BARRICK MNG CORP 1.7%

Value $3.74M Shares 91,700 Est. Cost — Unrealized —

TSLA TESLA INC 1.7%

Value $3.717M Shares 10,000 Est. Cost — Unrealized —

LUV SOUTHWEST AIRLS CO 1.7%

Value $3.626M Shares 96,500 Est. Cost — Unrealized —

HESM HESS MIDSTREAM LP 1.6%

Value $3.436M Shares 88,400 Est. Cost — Unrealized —

KNX KNIGHT-SWIFT TRANSN HLDGS IN 1.5%

Value $3.219M Shares 55,900 Est. Cost — Unrealized —

EMR EMERSON ELEC CO 1.5%

Value $3.21M Shares 24,500 Est. Cost — Unrealized —

SLB SLB LIMITED 1.4%

Value $3.14M Shares 61,100 Est. Cost — Unrealized —

CF CF INDUSTRIES HOLD 1.3%

Value $2.908M Shares 22,400 Est. Cost — Unrealized —

JCI JOHNSON CONTROLS INTERNATION 1.0%

Value $2.134M Shares 16,300 Est. Cost — Unrealized —

ATMU ATMUS FILTRATION TECHNOLOGIE 0.9%

Value $2.038M Shares 35,900 Est. Cost — Unrealized —

CRH CRH PLC 0.8%

Value $1.779M Shares 16,926 Est. Cost — Unrealized —

XPO XPO INC 0.5%

Value $1.109M Shares 5,700 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNQ	CANADIAN NAT RES LTD MED TER	913,300	$44.51M	20.4%	—	—	—	136385101
SHEL	SHELL PLC	383,300	$35.65M	16.4%	—	—	—	780259305
LSTR	LANDSTAR SYS INC	183,500	$29.42M	13.5%	—	—	—	515098101
CC	CHEMOURS CO	736,800	$16.23M	7.5%	—	—	—	163851108
EOG	EOG RES INC	67,900	$9.816M	4.5%	—	—	—	26875P101
FLR	FLUOR CORP	197,400	$9.209M	4.2%	—	—	—	343412102
CARR	CARRIER GLOBAL CORPORATION	163,400	$9.201M	4.2%	—	—	—	14448C104
ALK	ALASKA AIR GROUP INC	162,900	$5.991M	2.8%	—	—	—	011659109
NESR	NATIONAL ENERGY SERVICES REU	220,800	$4.741M	2.2%	—	—	—	G6375R107
E	ENI SPA	81,900	$4.636M	2.1%	—	—	—	26874R108
FDX	FEDEX CORP	12,000	$4.274M	2.0%	—	—	—	31428X106
IP	INTERNATIONAL PAPER CO	119,600	$4.27M	2.0%	—	—	—	460146103
AGCO	AGCO CORP	36,500	$4.229M	1.9%	—	—	—	001084102
AXTA	AXALTA COATING SYS LTD	152,100	$4.213M	1.9%	—	—	—	G0750C108
DE	DEERE & CO	7,320	$4.123M	1.9%	—	—	—	244199105
B	BARRICK MNG CORP	91,700	$3.74M	1.7%	—	—	—	06849F108
TSLA	TESLA INC	10,000	$3.717M	1.7%	—	—	—	88160R101
LUV	SOUTHWEST AIRLS CO	96,500	$3.626M	1.7%	—	—	—	844741108
HESM	HESS MIDSTREAM LP	88,400	$3.436M	1.6%	—	—	—	428103105
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	55,900	$3.219M	1.5%	—	—	—	499049104
EMR	EMERSON ELEC CO	24,500	$3.21M	1.5%	—	—	—	291011104
SLB	SLB LIMITED	61,100	$3.14M	1.4%	—	—	—	806857108
CF	CF INDUSTRIES HOLD	22,400	$2.908M	1.3%	—	—	—	125269100
JCI	JOHNSON CONTROLS INTERNATION	16,300	$2.134M	1.0%	—	—	—	G51502105
ATMU	ATMUS FILTRATION TECHNOLOGIE	35,900	$2.038M	0.9%	—	—	—	04956D107
CRH	CRH PLC	16,926	$1.779M	0.8%	—	—	—	G25508105
XPO	XPO INC	5,700	$1.109M	0.5%	—	—	—	983793100

Decreased Positions (8)

FANG DIAMONDBACK ENERGY INC 1.6%

Value $3.49M (-91.3%) Shares 19,854 (-90.2%) Est. Cost — Unrealized —

TFII TFI INTERNATIONAL INC 3.9%

Value $8.514M (-80.1%) Shares 59,300 (-85.0%) Est. Cost — Unrealized —

ALGT ALLEGIANT TRAVEL CO 2.5%

Value $5.51M (-81.3%) Shares 46,852 (-87.1%) Est. Cost — Unrealized —

CVX CHEVRON CORPORATION 1.9%

Value $4.194M (-78.3%) Shares 25,300 (-72.9%) Est. Cost — Unrealized —

COP CONOCOPHILLIPS 3.2%

Value $6.986M (-65.7%) Shares 67,201 (-56.4%) Est. Cost — Unrealized —

LYB LYONDELLBASELL INDUSTRIES NV 0.5%

Value $1.121M (-78.4%) Shares 21,297 (-67.0%) Est. Cost — Unrealized —

ECL ECOLAB INC 1.2%

Value $2.569M (-19.3%) Shares 9,220 (-22.9%) Est. Cost — Unrealized —

AMR ALPHA METALLURGICAL RESOUR I 0.3%

Value $709K (-30.9%) Shares 4,300 (-14.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FANG	DIAMONDBACK ENERGY INC	19,854 (-90.2%)	$3.49M (-91.3%)	1.6%	—	—	COM	25278X109
TFII	TFI INTERNATIONAL INC	59,300 (-85.0%)	$8.514M (-80.1%)	3.9%	—	—	COM	87241L109
ALGT	ALLEGIANT TRAVEL CO	46,852 (-87.1%)	$5.51M (-81.3%)	2.5%	—	—	COM	01748X102
CVX	CHEVRON CORPORATION	25,300 (-72.9%)	$4.194M (-78.3%)	1.9%	—	—	COM	166764100
COP	CONOCOPHILLIPS	67,201 (-56.4%)	$6.986M (-65.7%)	3.2%	—	—	COM	20825C104
LYB	LYONDELLBASELL INDUSTRIES NV	21,297 (-67.0%)	$1.121M (-78.4%)	0.5%	—	—	SHS - A -	N53745100
ECL	ECOLAB INC	9,220 (-22.9%)	$2.569M (-19.3%)	1.2%	—	—	COM	278865100
AMR	ALPHA METALLURGICAL RESOUR I	4,300 (-14.0%)	$709K (-30.9%)	0.3%	—	—	COM	020764106