Location: San Antonio, TX
CIK: 0000754811 · Show all filings
Period: Q3 2025 (← Previous) (Next →)
Filing Date: Oct 21, 2025
Total Value: $886M (100.0% shares, 0.0% debt)
| Ticker | Issuer | Shares | Value | % | Share Price | Est. Cost/Share | Unrealized @ Report Date | Class | CUSIP |
|---|---|---|---|---|---|---|---|---|---|
| LUV | SOUTHWEST AIR | 2,663,281 | $84.99M | 9.6% | $31.91 | $35.24 | -9.8% | COM | 844741108 |
| DAL | DELTA AIR LI | 1,361,033 | $77.24M | 8.7% | $56.75 | $34.35 | +64.7% | COM NEW | 247361702 |
| UAL | UNITED AIRLINES | 780,183 | $75.29M | 8.5% | $96.50 | $41.45 | +132.8% | COM | 910047109 |
| AAL | AMERICAN AIRLINE | 6,485,318 | $72.89M | 8.2% | $11.24 | $14.81 | -24.1% | COM | 02376R102 |
| OR | OR ROYALTIES INC | 931,076 | $37.31M | 4.2% | $40.07 | $26.81 | +49.5% | COM SHS | 68390D106 |
| ALGT | ALLEGIANT TRAVEL | 380,678 | $23.13M | 2.6% | $60.77 | $81.15 | -25.1% | COM | 01748X102 |
| JBLU | JETBLUE AIRWAYS | 4,509,132 | $22.18M | 2.5% | $4.92 | $8.84 | -44.3% | COM | 477143101 |
| SNCY | SUN COUNTRY HOLD | 1,828,219 | $21.59M | 2.4% | $11.81 * | $16.76 | -26.2% | COM | 866683105 |
| SKYW | SKYWEST INC | 214,412 | $21.57M | 2.4% | $100.62 | $29.71 | +238.7% | COM | 830879102 |
| ULCC | FRONTIER GROUP H | 4,563,345 | $20.15M | 2.3% | $4.41 | $5.06 | -12.8% | COM | 35909R108 |
| ALK | ALASKA AIR GROUP | 371,365 | $18.49M | 2.1% | $49.78 | $42.23 | +17.9% | COM | 011659109 |
| FNV | FRANCO NEV CORP | 82,537 | $18.4M | 2.1% | $222.91 | $123.28 | +80.8% | COM | 351858105 |
| WPM | WHEATON PRECIOUS | 148,489 | $16.61M | 1.9% | $111.84 | $31.77 | +252.0% | COM | 962879102 |
| GD | GENERAL DYNAMICS | 47,429 | $16.17M | 1.8% | $341.00 | $162.35 | +109.1% | COM | 369550108 |
| TXT | TEXTRON INC | 190,046 | $16.06M | 1.8% | $84.49 | $67.05 | +26.0% | COM | 883203101 |
| SABR | SABRE CORP | 8,696,449 | $15.91M | 1.8% | $1.83 | $3.07 | -40.4% | COM | 78573M104 |
| EXPE | EXPEDIA GROUP IN | 70,627 | $15.1M | 1.7% | $213.75 | $158.71 | +34.5% | COM NEW | 30212P303 |
| BKNG | BOOKING HOLDINGS | 2,783 | $15.03M | 1.7% | $5399.27 | $2328.66 | +131.4% | COM | 09857L108 |
| BA | BOEING CO/THE | 66,274 | $14.3M | 1.6% | $215.83 | $163.65 | +31.9% | COM | 097023105 |
| TRIP | TRIPADVISOR INC | 872,869 | $14.19M | 1.6% | $16.26 | $26.56 | -38.8% | COM | 896945201 |
| GFI | GOLD FIELDS LTD | 276,638 | $11.61M | 1.3% | $41.96 | $26.29 | +59.6% | SPONSORED ADR | 38059T106 |
| AU | ANGLOGOLD ASHANT | 163,864 | $11.52M | 1.3% | $70.33 | $42.00 | +65.7% | COM SHS | G0378L100 |
| KGC | KINROSS GOLD | 417,334 | $10.37M | 1.2% | $24.85 | $12.20 | +103.6% | COM | 496902404 |
| BTG | B2GOLD CORP | 2,078,516 | $10.29M | 1.2% | $4.95 | $3.67 | +34.8% | COM | 11777Q209 |
| SSRM | SSR MINING IN | 415,642 | $10.15M | 1.1% | $24.42 | $16.92 | +44.3% | COM | 784730103 |
| SVM | SILVERCORP METAL | 1,562,671 | $9.876M | 1.1% | $6.32 | $3.92 | +61.4% | COM | 82835P103 |
| CDE | COEUR MNG INC | 479,000 | $8.986M | 1.0% | $18.76 | $5.46 | +243.7% | COM NEW | 192108504 |
| AGI | ALAMOS GOLD INC NEW | 250,000 | $8.715M | 1.0% | $34.86 | $10.92 | +219.1% | COM CL A | 011532108 |
| EMBJ | EMBRAER SA-ADR | 132,788 | $8.027M | 0.9% | $60.45 | $34.14 | +77.1% | SPONSORED ADS | 29082A107 |
| RYAAY | RYANAIR HLDG-ADR | 130,647 | $7.868M | 0.9% | $60.22 | $42.94 | +40.3% | SPONSORED ADR | 783513203 |
| TCOM | TRIP.COM GRO-ADR | 104,516 | $7.86M | 0.9% | $75.20 | $32.59 | +130.8% | ADS | 89677Q107 |
| HL | HECLA MNG CO | 600,000 | $7.26M | 0.8% | $12.10 | $5.87 | +106.1% | COM | 422704106 |
| NGD | NEW GOLD INC | 998,054 | $7.166M | 0.8% | $7.18 * | $4.18 | +29.5% | COM | 644535106 |
| VOXR | VOX ROYALTY CORP | 1,562,000 | $6.717M | 0.8% | $4.30 | $2.30 | +86.6% | COM | 92919F103 |
| IAG | IAMGOLD CORP | 500,000 | $6.465M | 0.7% | $12.93 | $5.79 | +123.3% | COM | 450913108 |
| TFPM | TRIPLE FLAG | 213,665 | $6.252M | 0.7% | $29.26 | $13.32 | +119.7% | COM | 89679M104 |
| SBSW | SIBANYE STILLWATER LTD | 544,332 | $6.118M | 0.7% | $11.24 | $5.47 | +105.6% | SPONSORED ADR | 82575P107 |
| ORLA | ORLA MINING LTD | 552,301 | $5.965M | 0.7% | $10.80 | $10.51 | +2.7% | COM | 68634K106 |
| DRD | DRDGOLD LTD-ADR | 209,055 | $5.77M | 0.7% | $27.60 | $13.06 | +111.4% | SPON ADR REPSTG | 26152H301 |
| HMY | HARMONY GOLD-ADR | 306,797 | $5.568M | 0.6% | $18.15 | $9.58 | +89.4% | SPONSORED ADR | 413216300 |
| MTA | METALLA ROYALTY | 814,587 | $5.173M | 0.6% | $6.35 | $4.74 | +34.0% | COM NEW | 59124U605 |
| AEM | AGNICO EAGLE MINES LTD | 30,000 | $5.057M | 0.6% | $168.56 | $71.33 | +135.8% | COM | 008474108 |
| VZLA | VIZSLA SILVER CO | 1,050,000 | $4.531M | 0.5% | $4.32 | $1.62 | +166.2% | COM NEW | 92859G608 |
| CPA | COPA HOLDIN-CL A | 33,364 | $3.964M | 0.4% | $118.82 | $80.99 | +44.8% | CL A | P31076105 |
| RACE | FERRARI N V | 8,165 | $3.962M | 0.4% | $485.22 | $437.66 | +10.9% | COM | N3167Y103 |
| AUGO | AURA MINERALS INC | 100,000 | $3.721M | 0.4% | $37.21 | $28.59 | +30.2% | SHS NEW | G06973112 |
| ASR | GRUPO AEROPO-ADR | 11,315 | $3.658M | 0.4% | $323.33 | $240.30 | +34.6% | SPON ADR SER B | 40051E202 |
| CMCL | CALEDONIA MINING | 100,754 | $3.648M | 0.4% | $36.21 | $25.44 | +42.4% | SHS NEW | G1757E113 |
| MMYT | MAKEMYTRIP LTD | 38,882 | $3.639M | 0.4% | $93.60 | $38.70 | +141.8% | SHS | V5633W109 |
| LTM | LATAM AIRLINES G | 80,184 | $3.628M | 0.4% | $45.25 | $34.61 | +30.7% | SPONSORED ADR | 51817R205 |
| EXK | ENDEAVOUR SILVER | 452,500 | $3.542M | 0.4% | $7.83 | $3.82 | +105.2% | COM | 29258Y103 |
| OMAB | GRUPO AEROPO-ADR | 32,234 | $3.348M | 0.4% | $103.87 | $107.20 | -3.1% | SPON ADR | 400501102 |
| B | BARRICK MNG CORP | 100,000 | $3.277M | 0.4% | $32.77 | $25.15 | +29.7% | COM SHS | 06849F108 |
| ARIS | ARIS MINING CORP | 300,000 | $2.938M | 0.3% | $9.79 | $6.27 | +56.3% | COM | 04040Y109 |
| PAAS | PAN AMERN SILVER CORP | 73,555 | $2.849M | 0.3% | $38.73 | $32.15 | +20.5% | COM | 697900108 |
| EMX | EMX ROYALTY CORP | 500,000 | $2.556M | 0.3% | $5.11 | $1.27 | — | COM | 26873J107 |
| RCL | ROYAL CARIBBEAN GROUP | 7,835 | $2.535M | 0.3% | $323.58 | $168.84 | +91.0% | COM | V7780T103 |
| USAS | AMERICAS GOLD AN | 580,000 | $2.161M | 0.2% | $3.73 | $2.61 | +42.3% | COM NEW | 03062D803 |
| B | BARRICK GOLD CORP | 1,165 | $1.828M | 0.2% | $1569.00 * | $25.15 | +29.7% | Call | 06849F108 |
| DVS | DOLLY VARDEN SIL | 350,000 | $1.757M | 0.2% | $5.02 * | $2.92 | +31.8% | COM NO PAR | 256827783 |
| CCL | CARNIVAL CORP | 59,500 | $1.72M | 0.2% | $28.91 | $17.74 | +63.0% | UNIT 99/99/9999 | 143658300 |
| NEM | NEWMONT CORP | 20,000 | $1.686M | 0.2% | $84.31 | $52.90 | +58.9% | COM | 651639106 |
| GS | GOLDMAN SACHS GROUP INC | 2,075 | $1.652M | 0.2% | $796.35 | $441.89 | +79.3% | COM | 38141G104 |
| NTR | NUTRIEN LTD | 25,000 | $1.468M | 0.2% | $58.71 | $51.89 | +13.1% | COM | 67077M108 |
| HBM | HUDBAY MINERALS INC | 95,000 | $1.44M | 0.2% | $15.16 | $8.32 | +82.3% | COM | 443628102 |
| LNG | CHENIERE ENERGY INC | 6,000 | $1.41M | 0.2% | $234.98 | $111.54 | +110.7% | COM NEW | 16411R208 |
| NEM | NEWMONT CORP | 335 | $1.377M | 0.2% | $4110.00 * | $52.90 | +58.9% | Call | 651639106 |
| TSLA | TESLA INC | 2,840 | $1.263M | 0.1% | $444.72 | $266.68 | +66.8% | COM | 88160R101 |
| XOM | EXXON MOBIL CORP | 10,500 | $1.184M | 0.1% | $112.75 | $107.25 | +4.2% | COM | 30231G102 |
| NTRS | NORTHERN TR CORP | 8,550 | $1.151M | 0.1% | $134.60 | $91.89 | +45.6% | COM | 665859104 |
| HLT | HILTON WORLDWIDE HLDGS INC | 4,400 | $1.142M | 0.1% | $259.44 | $215.74 | +20.2% | COM | 43300A203 |
| PPTA | PERPETUA RESOURCES CORP | 50,000 | $1.012M | 0.1% | $20.23 | $10.12 | +99.8% | COM | 714266103 |
| SA | SEABRIDGE GOLD INC | 40,000 | $966K | 0.1% | $24.15 | $13.43 | +79.8% | COM | 811916105 |
| NCLH | NORWEGIAN CRUISE LINE HLDG L | 39,000 | $961K | 0.1% | $24.63 | $24.32 | +1.3% | SHS | G66721104 |
| LTH | LIFE TIME GROUP HOLDINGS INC | 33,600 | $927K | 0.1% | $27.60 | $29.66 | -7.0% | COMMON STOCK | 53190C102 |
| — | TOTALENERGIES SE | 15,000 | $895K | 0.1% | $59.69 | $62.80 | — | SPONSORED ADS | 89151E109 |
| ODV | OSISKO DEVELOPME | 250,000 | $854K | 0.1% | $3.42 | $1.70 | +99.0% | COM NEW | 68828E809 |
| SHEL | SHELL PLC | 11,000 | $787K | 0.1% | $71.53 | $67.18 | +6.5% | SPON ADS | 780259305 |
| TPR | TAPESTRY INC | 6,500 | $736K | 0.1% | $113.22 | $74.95 | +50.5% | COM | 876030107 |
| EL | LAUDER ESTEE COS INC | 7,500 | $661K | 0.1% | $88.12 | $88.65 | -1.0% | CL A | 518439104 |
| TOL | TOLL BROTHERS INC | 4,350 | $601K | 0.1% | $138.14 | $120.06 | +15.1% | COM | 889478103 |
| FCX | FREEPORT-MCMORAN INC | 15,000 | $588K | 0.1% | $39.22 | $37.70 | +3.7% | CL B | 35671D857 |
| LULU | LULULEMON ATHLETICA INC | 3,200 | $569K | 0.1% | $177.93 | $275.46 | -35.4% | COM | 550021109 |
| CNL | COLLECTIVE MININ | 35,000 | $508K | 0.1% | $14.51 | $2.97 | +386.5% | COM | 19425C100 |
| IE | IVANHOE ELECTRIC | 40,000 | $502K | 0.1% | $12.55 | $9.87 | +27.2% | COM | 46578C108 |
| ZIM | ZIM INTEGRATED S | 35,525 | $481K | 0.1% | $13.55 | $18.42 | -26.4% | SHS | M9T951109 |
| GEV | GE VERNOVA INC | 750 | $461K | 0.1% | $614.90 | $415.97 | +47.8% | COM | 36828A101 |
| RGLD | ROYAL GOLD INC | 2,280 | $457K | 0.1% | $200.58 | $120.83 | +66.0% | COM | 780287108 |
| ITRG | INTEGRA RES CORP | 150,000 | $443K | 0.0% | $2.95 | $1.60 | +84.0% | COM | 45826T509 |
| BP | BP PLC | 12,000 | $414K | 0.0% | $34.46 | $36.11 | -4.6% | SPONSORED ADR | 055622104 |
| CTVA | CORTEVA INC | 6,000 | $406K | 0.0% | $67.63 | $61.25 | +10.1% | COM | 22052L104 |
| RRC | RANGE RES CORP | 10,500 | $395K | 0.0% | $37.64 | $23.37 | +61.1% | COM | 75281A109 |
| LIN | LINDE PLC | 800 | $380K | 0.0% | $475.00 | $352.90 | +34.1% | SHS | G54950103 |
| ONON | ON HLDG AG | 8,650 | $366K | 0.0% | $42.35 | $50.25 | -15.7% | NAMEN AKT A | H5919C104 |
| TK | TEEKAY CORP LTD | 44,216 | $362K | 0.0% | $8.18 | $7.77 | +5.3% | SHS | G8726T105 |
| ARLP | ALLIANCE RESOURCE PARTNERS L | 14,000 | $354K | 0.0% | $25.29 | $27.28 | — | UT LTD PART | 01877R108 |
| DVN | DEVON ENERGY CORP NEW | 10,000 | $351K | 0.0% | $35.06 | $34.59 | +0.7% | COM | 25179M103 |
| IP | INTERNATIONAL PAPER CO | 7,500 | $348K | 0.0% | $46.40 | $52.74 | -13.1% | COM | 460146103 |
| BIRK | BIRKENSTOCK HOLDING PLC | 7,500 | $339K | 0.0% | $45.25 | $51.40 | -12.0% | COM SHS | M2029K104 |
| AR | ANTERO RESOURCES CORP | 10,000 | $336K | 0.0% | $33.56 | $30.73 | +9.2% | COM | 03674X106 |
| WY | WEYERHAEUSER CO MTN BE | 13,000 | $322K | 0.0% | $24.79 | $28.86 | -14.9% | COM NEW | 962166104 |
| ICL | ICL GROUP LTD | 49,300 | $307K | 0.0% | $6.22 | $6.53 | -4.7% | SHS | M53213100 |
| FDX | FEDEX CORP | 1,248 | $294K | 0.0% | $235.81 | $226.52 | +3.6% | COM | 31428X106 |
| EXPD | EXPEDITORS INTL | 2,344 | $287K | 0.0% | $122.59 | $111.59 | +9.3% | COM | 302130109 |
| ZTO | ZTO EXPRESS -ADR | 14,764 | $283K | 0.0% | $19.20 | $21.17 | -9.3% | SPONSORED ADS A | 98980A105 |
| UPS | UNITED PARCEL-B | 3,372 | $282K | 0.0% | $83.53 | $117.16 | -29.9% | CL B | 911312106 |
| RIVN | RIVIAN AUTOMOTIVE INC | 19,000 | $279K | 0.0% | $14.68 | $13.40 | +9.5% | COM CL A | 76954A103 |
| TSLA | TESLA INC | 60 | $269K | 0.0% | $4475.83 * | $266.68 | +66.8% | Call | 88160R101 |
| SLI | STANDARD LITHIUM LTD | 75,000 | $253K | 0.0% | $3.37 | $1.84 | +83.4% | COM | 853606101 |
| STZ | CONSTELLATION BRANDS INC | 1,800 | $242K | 0.0% | $134.67 | $229.20 | -41.7% | CL A | 21036P108 |
| TECK | TECK RESOURCES LTD | 5,000 | $219K | 0.0% | $43.89 | $47.62 | -7.8% | CL B | 878742204 |
| XPL | SOLITARIO RESOURCES CORP | 310,000 | $216K | 0.0% | $0.70 | $0.79 | -11.0% | COM | 8342EP107 |
| — | CANGO INC | 50,000 | $212K | 0.0% | $4.24 | $4.24 | — | ADS | 137586103 |
| CCJ | CAMECO CORP | 2,500 | $210K | 0.0% | $83.86 | $39.41 | +112.4% | COM | 13321L108 |
| STLD | STEEL DYNAMICS INC | 1,500 | $209K | 0.0% | $139.43 | $124.96 | +11.3% | COM | 858119100 |
| PZG | PARAMOUNT GOLD NEV CORP | 170,000 | $209K | 0.0% | $1.23 | $1.07 | +15.0% | COM | 69924M109 |
| BHP | BHP GROUP LTD | 3,500 | $195K | 0.0% | $55.75 | $59.85 | -6.8% | SPONSORED ADS | 088606108 |
| PR | PERMIAN RESOURCES CORP | 15,000 | $192K | 0.0% | $12.80 | $13.69 | -6.5% | CLASS A COM | 71424F105 |
| STNG | SCORPIO TANKERS | 3,347 | $188K | 0.0% | $56.05 | $57.66 | — | SHS | Y7542C130 |
| HAFN | HAFNIA LTD | 31,161 | $187K | 0.0% | $5.99 | $5.42 | +10.4% | SHS | Y2990R101 |
| PPL | PPL CORP | 5,000 | $186K | 0.0% | $37.16 | $34.05 | +8.3% | COM | 69351T106 |
| GSL | GLOBAL SHIP-CL A | 5,906 | $181K | 0.0% | $30.70 | $23.39 | +31.2% | COM CL A | Y27183600 |
| BKR | BAKER HUGHES COMPANY | 3,500 | $171K | 0.0% | $48.72 | $34.13 | +42.1% | CL A | 05722G100 |
| VLO | VALERO ENERGY CORP | 1,000 | $170K | 0.0% | $170.26 | $122.29 | +38.4% | COM | 91913Y100 |
| EU | ENCORE ENERGY CO | 50,000 | $161K | 0.0% | $3.22 | $2.33 | +37.6% | COM NEW | 29259W700 |
| VFC | VF CORP | 11,000 | $159K | 0.0% | $14.43 | $20.37 | -29.1% | COM | 918204108 |
| SLB | SCHLUMBERGER LTD | 4,500 | $155K | 0.0% | $34.37 | $15.47 | +120.4% | COM STK | 806857108 |
| MGM | MGM RESORTS INTERNATIONAL | 4,000 | $139K | 0.0% | $34.66 | $33.13 | +4.6% | COM | 552953101 |
| CME | CME GROUP INC | 461 | $125K | 0.0% | $270.19 | $219.66 | +22.4% | COM | 12572Q105 |
| PPIH | PERMA-PIPE INTL HLDGS INC | 5,000 | $117K | 0.0% | $23.43 | $23.56 | -0.6% | COM | 714167103 |
| BCC | BOISE CASCADE CO DEL | 1,500 | $116K | 0.0% | $77.32 | $112.24 | -31.3% | COM | 09739D100 |
| WTTR | SELECT WATER SOLUTIONS INC | 10,000 | $107K | 0.0% | $10.69 | $7.59 | — | CL A COM | 81617J301 |
| ALB | ALBEMARLE CORP | 1,000 | $81,080 | 0.0% | $81.08 | $97.25 | -16.9% | COM | 012653101 |
| HAL | HALLIBURTON CO | 3,000 | $73,800 | 0.0% | $24.60 | $25.59 | -4.5% | COM | 406216101 |
| SGML | SIGMA LITHIUM CORPORATION | 10,000 | $64,100 | 0.0% | $6.41 | $17.53 | -63.4% | COM | 826599102 |
| CALI | BLACKROCK ETF TRUST II | 1,126 | $57,054 | 0.0% | $50.67 | $50.52 | +0.3% | ISHARES SHORT-TE | 092528884 |