Location: San Antonio, TX
CIK: 0000754811 · Show all filings
Period: Q4 2025 (← Previous) (Next →)
Filing Date: Jan 28, 2026
Total Value: $934M (100.0% shares, 0.0% debt)
| Ticker | Issuer | Shares | Value | % | Est. Cost | Unrealized | Class | CUSIP |
|---|---|---|---|---|---|---|---|---|
| UAL | UNITED AIRLINES | 792,076 | $88.57M | 9.5% | $42.34 | +138.7% | COM | 910047109 |
| LUV | SOUTHWEST AIR | 2,107,325 | $87.1M | 9.3% | $35.24 | -1.3% | COM | 844741108 |
| AAL | AMERICAN AIRLINE | 5,569,844 | $85.39M | 9.1% | $14.81 | -8.9% | COM | 02376R102 |
| DAL | DELTA AIR LI | 1,216,731 | $84.44M | 9.0% | $34.35 | +81.8% | COM NEW | 247361702 |
| ALGT | ALLEGIANT TRAVEL | 284,685 | $24.28M | 2.6% | $81.15 | -11.9% | COM | 01748X102 |
| SNCY | SUN COUNTRY HOLD | 1,611,228 | $23.19M | 2.5% | $16.76 | -23.7% | COM | 866683105 |
| ALK | ALASKA AIR GROUP | 455,934 | $22.93M | 2.5% | $42.97 | +7.6% | COM | 011659109 |
| SKYW | SKYWEST INC | 223,006 | $22.39M | 2.4% | $32.42 | +208.8% | COM | 830879102 |
| JBLU | JETBLUE AIRWAYS | 4,728,754 | $21.52M | 2.3% | $8.64 | -47.2% | COM | 477143101 |
| ULCC | FRONTIER GROUP H | 4,137,964 | $19.49M | 2.1% | $5.06 | -12.5% | COM | 35909R108 |
| RGLD | ROYAL GOLD INC | 86,938 | $19.33M | 2.1% | $196.34 | +1.0% | COM | 780287108 |
| WPM | WHEATON PRECIOUS | 158,776 | $18.66M | 2.0% | $36.65 | +192.1% | COM | 962879102 |
| FNV | FRANCO NEV CORP | 89,311 | $18.51M | 2.0% | $129.31 | +56.8% | COM | 351858105 |
| BA | BOEING CO/THE | 77,292 | $16.78M | 1.8% | $169.64 | +21.2% | COM | 097023105 |
| BKNG | BOOKING HOLDINGS | 3,030 | $16.23M | 1.7% | $2557.66 | +100.9% | COM | 09857L108 |
| EXPE | EXPEDIA GROUP IN | 56,812 | $16.1M | 1.7% | $158.71 | +55.6% | COM NEW | 30212P303 |
| TXT | TEXTRON INC | 183,921 | $16.03M | 1.7% | $67.05 | +24.8% | COM | 883203101 |
| GD | GENERAL DYNAMICS | 46,780 | $15.75M | 1.7% | $162.35 | +110.0% | COM | 369550108 |
| TRIP | TRIPADVISOR INC | 1,037,854 | $15.11M | 1.6% | $24.76 | -38.5% | COM | 896945201 |
| SABR | SABRE CORP | 10,173,592 | $13.84M | 1.5% | $2.88 | -40.1% | COM | 78573M104 |
| B | BARRICK MNG CORP | 315,000 | $13.72M | 1.5% | $33.53 | +11.6% | COM SHS | 06849F108 |
| OR | OR ROYALTIES INC | 343,245 | $12.15M | 1.3% | $26.81 | +30.7% | COM SHS | 68390D106 |
| MTA | METALLA ROYALTY | 1,432,510 | $11.14M | 1.2% | $5.80 | +24.0% | COM NEW | 59124U605 |
| CGAU | CENTERRA GOLD IN | 721,921 | $10.38M | 1.1% | $12.52 | 0.0% | COM | 152006102 |
| IAG | IAMGOLD CORP | 575,000 | $9.482M | 1.0% | $6.87 | +105.0% | COM | 450913108 |
| TFPM | TRIPLE FLAG | 279,270 | $9.277M | 1.0% | $17.54 | +78.4% | COM | 89679M104 |
| USAS | AMERICAS GOLD AN | 1,800,000 | $9.237M | 1.0% | $3.89 | +15.6% | COM NEW | 03062D803 |
| RYAAY | RYANAIR HLDG-ADR | 113,653 | $8.205M | 0.9% | $63.70 | — | SPONSORED ADR | 783513203 |
| TCOM | TRIP.COM GRO-ADR | 113,885 | $8.189M | 0.9% | $37.09 | — | ADS | 89677Q107 |
| LTM | LATAM AIRLINES G | 151,613 | $8.189M | 0.9% | $46.94 | — | SPONSORED ADR | 51817R205 |
| EMBJ | EMBRAER SA-ADR | 123,795 | $7.969M | 0.9% | $40.50 | — | SPONSORED ADS | 29082A107 |
| AU | ANGLOGOLD ASHANTI PLC | 90,000 | $7.675M | 0.8% | $42.00 | +84.5% | COM SHS | G0378L100 |
| VOXR | VOX ROYALTY CORP | 1,562,000 | $7.404M | 0.8% | $2.30 | +96.8% | COM | 92919F103 |
| DRD | DRDGOLD LIMITED | 222,033 | $6.885M | 0.7% | $15.42 | — | SPON ADR REPSTG | 26152H301 |
| GFI | GOLD FIELDS LTD | 150,000 | $6.549M | 0.7% | $32.89 | — | SPONSORED ADR | 38059T106 |
| CDE | COEUR MNG INC | 355,000 | $6.33M | 0.7% | $5.46 | +218.6% | COM NEW | 192108504 |
| VZLA | VIZSLA SILVER CO | 1,050,000 | $5.756M | 0.6% | $1.62 | +189.3% | COM NEW | 92859G608 |
| CMCL | CALEDONIA MINING | 217,334 | $5.688M | 0.6% | $27.56 | +6.7% | SHS NEW | G1757E113 |
| AAUC | ALLIED GOLD CORP | 242,753 | $5.565M | 0.6% | $19.26 | 0.0% | COM NEW | 01921D204 |
| ITRG | INTEGRA RES CORP | 1,386,127 | $5.558M | 0.6% | $3.18 | +6.0% | COM | 45826T509 |
| GAU | GALIANO GOLD INC | 2,193,071 | $5.548M | 0.6% | $2.47 | 0.0% | COM | 36352H100 |
| ARIS | ARIS MINING CORP | 340,000 | $5.517M | 0.6% | $6.98 | +76.1% | COM | 04040Y109 |
| FSM | FORTUNA MINING C | 560,601 | $5.499M | 0.6% | $9.00 | 0.0% | COM NEW | 349942102 |
| HMY | HARMONY GOLD-ADR | 266,409 | $5.302M | 0.6% | $8.74 | — | SPONSORED ADR | 413216300 |
| AEM | AGNICO EAGLE MINES LTD | 30,000 | $5.086M | 0.5% | $71.33 | +135.3% | COM | 008474108 |
| AUGO | AURA MINERALS INC | 100,000 | $5.042M | 0.5% | $28.59 | +37.4% | SHS NEW | G06973112 |
| MMYT | MAKEMYTRIP LTD | 50,870 | $4.177M | 0.4% | $48.91 | +67.7% | SHS | V5633W109 |
| CPA | COPA HOLDIN-CL A | 33,720 | $4.067M | 0.4% | $81.41 | +48.9% | CL A | P31076105 |
| ASR | GRUPO AEROPO-ADR | 12,434 | $4.021M | 0.4% | $292.73 | — | SPON ADR SER B | 40051E202 |
| OMAB | GRUPO AEROPO-ADR | 36,805 | $4.003M | 0.4% | $104.48 | — | SPON ADR | 400501102 |
| SBSW | SIBANYE STILLWATER LTD | 275,000 | $3.919M | 0.4% | $7.22 | — | SPONSORED ADR | 82575P107 |
| PAAS | PAN AMERN SILVER CORP | 73,555 | $3.811M | 0.4% | $32.15 | +30.2% | COM | 697900108 |
| EXK | ENDEAVOUR SILVER | 345,000 | $3.247M | 0.3% | $3.82 | +122.0% | COM | 29258Y103 |
| KGC | KINROSS GOLD CORP | 100,000 | $2.816M | 0.3% | $12.20 | +112.9% | COM | 496902404 |
| EQX | EQUINOX GOLD CORP | 200,000 | $2.808M | 0.3% | $12.62 | 0.0% | COM | 29446Y502 |
| RCL | ROYAL CARIBBEAN GROUP | 9,435 | $2.632M | 0.3% | $187.96 | +49.8% | COM | V7780T103 |
| TSLA | TESLA INC | 5,840 | $2.626M | 0.3% | $357.40 | +24.0% | COM | 88160R101 |
| ELE | ELEMENTAL ROYALT | 150,000 | $2.54M | 0.3% | $15.55 | 0.0% | COM NEW | 28620K106 |
| HLT | HILTON WORLDWIDE HLDGS INC | 7,500 | $2.154M | 0.2% | $239.08 | +13.9% | COM | 43300A203 |
| CCL | CARNIVAL CORP | 70,500 | $2.153M | 0.2% | $19.32 | +44.3% | UNIT 99/99/9999 | 143658300 |
| RACE | FERRARI N V | 5,815 | $2.149M | 0.2% | $437.66 | -8.6% | COM | N3167Y103 |
| GS | GOLDMAN SACHS GROUP INC | 2,375 | $2.088M | 0.2% | $488.81 | +66.4% | COM | 38141G104 |
| SVM | SILVERCORP METALS INC | 250,000 | $2.085M | 0.2% | $3.92 | +85.5% | COM | 82835P103 |
| HBM | HUDBAY MINERALS INC | 95,000 | $1.886M | 0.2% | $8.32 | +103.3% | COM | 443628102 |
| MUX | MCEWEN INC | 100,000 | $1.857M | 0.2% | $18.60 | 0.0% | COM NEW | 58039P305 |
| MAR | MARRIOTT INTL INC NEW | 5,800 | $1.799M | 0.2% | $285.32 | 0.0% | CL A | 571903202 |
| EGO | ELDORADO GOLD CORP NEW | 50,000 | $1.796M | 0.2% | $29.93 | 0.0% | COM | 284902509 |
| XOM | EXXON MOBIL CORP | 13,500 | $1.625M | 0.2% | $109.08 | +5.9% | COM | 30231G102 |
| NTR | NUTRIEN LTD | 25,000 | $1.543M | 0.2% | $51.89 | +13.4% | COM | 67077M108 |
| DVS | DOLLY VARDEN SIL | 350,000 | $1.531M | 0.2% | $2.92 | +50.1% | COM NO PAR | 256827783 |
| NGD | NEW GOLD INC CDA | 170,000 | $1.481M | 0.2% | $4.18 | +80.3% | COM | 644535106 |
| AGI | ALAMOS GOLD INC NEW | 35,000 | $1.35M | 0.1% | $10.92 | +219.0% | COM CL A | 011532108 |
| SA | SEABRIDGE GOLD INC | 40,000 | $1.184M | 0.1% | $13.43 | +95.8% | COM | 811916105 |
| UBS | UBS GROUP AG | 24,500 | $1.135M | 0.1% | $40.40 | 0.0% | SHS | H42097107 |
| VIK | VIKING HOLDINGS LTD | 15,700 | $1.121M | 0.1% | $63.81 | 0.0% | ORD SHS | G93A5A101 |
| CALI | BLACKROCK ETF TRUST II | 22,000 | $1.11M | 0.1% | $50.47 | — | ISHARES SHORT-TE | 092528884 |
| TTE | TOTALENERGIES SE | 15,000 | $981K | 0.1% | $63.23 | 0.0% | ACT | F92124100 |
| PPTA | PERPETUA RESOURCES CORP | 37,000 | $896K | 0.1% | $10.12 | +143.0% | COM | 714266103 |
| LTH | LIFE TIME GROUP HOLDINGS INC | 33,600 | $893K | 0.1% | $29.66 | -12.2% | COMMON STOCK | 53190C102 |
| ODV | OSISKO DEVELOPME | 250,000 | $847K | 0.1% | $1.70 | +101.7% | COM NEW | 68828E809 |
| TPR | TAPESTRY INC | 6,500 | $831K | 0.1% | $74.95 | +52.1% | COM | 876030107 |
| IE | IVANHOE ELECTRIC | 51,499 | $823K | 0.1% | $10.86 | +31.8% | COM | 46578C108 |
| SHEL | SHELL PLC | 11,000 | $808K | 0.1% | $71.71 | — | SPON ADS | 780259305 |
| LVS | LAS VEGAS SANDS CORP | 12,200 | $794K | 0.1% | $61.19 | 0.0% | COM | 517834107 |
| EL | LAUDER ESTEE COS INC | 6,500 | $681K | 0.1% | $88.65 | +9.2% | CL A | 518439104 |
| WDS | WOODSIDE ENERGY GROUP LTD | 40,000 | $624K | 0.1% | $15.59 | — | SPONSORED ADR | 980228308 |
| LNG | CHENIERE ENERGY INC | 3,000 | $583K | 0.1% | $111.54 | +88.3% | COM NEW | 16411R208 |
| CAT | CATERPILLAR INC | 1,000 | $573K | 0.1% | $555.50 | 0.0% | COM | 149123101 |
| TGB | TASEKO MINES | 100,000 | $566K | 0.1% | $4.70 | 0.0% | COM | 876511106 |
| CNL | COLLECTIVE MININ | 35,000 | $510K | 0.1% | $2.97 | +309.5% | COM | 19425C100 |
| J | JACOBS SOLUTIONS INC | 3,500 | $464K | 0.0% | $146.41 | 0.0% | COM | 46982L108 |
| CCJ | CAMECO CORP | 5,000 | $457K | 0.0% | $64.67 | +39.1% | COM | 13321L108 |
| SIG | SIGNET JEWELERS LIMITED | 5,500 | $456K | 0.0% | $94.99 | 0.0% | SHS | G81276100 |
| MATX | MATSON INC | 3,587 | $443K | 0.0% | $107.05 | 0.0% | COM | 57686G105 |
| FSLR | FIRST SOLAR INC | 1,500 | $392K | 0.0% | $252.20 | 0.0% | COM | 336433107 |
| BKR | BAKER HUGHES COMPANY | 8,500 | $387K | 0.0% | $41.90 | +13.0% | CL A | 05722G100 |
| RRC | RANGE RES CORP | 10,500 | $370K | 0.0% | $23.37 | +59.4% | COM | 75281A109 |
| BG | BUNGE GLOBAL SA | 4,000 | $356K | 0.0% | $91.86 | 0.0% | COM SHS | H11356104 |
| FDX | FEDEX CORP | 1,188 | $343K | 0.0% | $226.52 | +15.5% | COM | 31428X106 |
| SLI | STANDARD LITHIUM LTD | 75,000 | $335K | 0.0% | $1.84 | +130.4% | COM | 853606101 |
| UPS | UNITED PARCEL-B | 3,373 | $335K | 0.0% | $117.16 | -20.8% | CL B | 911312106 |
| EXPD | EXPEDITORS INTL | 2,213 | $330K | 0.0% | $111.59 | +21.5% | COM | 302130109 |
| ZTO | ZTO EXPRESS -ADR | 14,992 | $313K | 0.0% | $20.82 | — | SPONSORED ADS A | 98980A105 |
| HAL | HALLIBURTON CO | 10,000 | $283K | 0.0% | $26.08 | +0.8% | COM | 406216101 |
| EFXT | ENERFLEX LTD | 17,000 | $262K | 0.0% | $13.30 | 0.0% | COM | 29269R105 |
| STLD | STEEL DYNAMICS INC | 1,500 | $254K | 0.0% | $124.96 | +26.7% | COM | 858119100 |
| BP | BP PLC | 7,000 | $243K | 0.0% | $35.07 | — | SPONSORED ADR | 055622104 |
| TECK | TECK RESOURCES LTD | 5,000 | $239K | 0.0% | $47.62 | -9.0% | CL B | 878742204 |
| HYMC | HYCROFT MINING HOLDING CORP | 10,000 | $238K | 0.0% | $11.07 | 0.0% | CL A NEW | 44862P208 |
| AEP | AMERICAN ELEC PWR CO INC | 2,000 | $231K | 0.0% | $117.70 | 0.0% | COM | 025537101 |
| BWLP | BW LPG LTD | 17,049 | $223K | 0.0% | $12.78 | 0.0% | COM | Y10230103 |
| XPL | SOLITARIO RESOURCES CORP | 310,000 | $216K | 0.0% | $0.79 | -16.0% | COM | 8342EP107 |
| PZG | PARAMOUNT GOLD NEV CORP | 170,000 | $214K | 0.0% | $1.07 | +8.2% | COM | 69924M109 |
| BHP | BHP GROUP LTD | 3,500 | $211K | 0.0% | $57.69 | — | SPONSORED ADS | 088606108 |
| GSL | GLOBAL SHIP-CL A | 5,834 | $204K | 0.0% | $23.39 | +38.9% | COM CL A | Y27183600 |
| DAC | DANAOS CORP | 2,169 | $204K | 0.0% | $92.12 | 0.0% | SHS | Y1968P121 |
| ELBM | ELECTRA BATTERY | 250,000 | $202K | 0.0% | $1.33 | 0.0% | COM | 28474P706 |
| ES | EVERSOURCE ENERGY | 3,000 | $202K | 0.0% | $69.55 | 0.0% | COM | 30040W108 |
| TNK | TEEKAY TANK-CL A | 3,768 | $201K | 0.0% | $56.15 | 0.0% | CL A | G8726X106 |
| TDW | TIDEWATER INC | 3,519 | $178K | 0.0% | $52.82 | 0.0% | COM | 88642R109 |
| SLB | SCHLUMBERGER LTD | 4,500 | $173K | 0.0% | $15.47 | +133.0% | COM STK | 806857108 |
| AR | ANTERO RESOURCES CORP | 5,000 | $172K | 0.0% | $30.73 | +10.2% | COM | 03674X106 |
| VLO | VALERO ENERGY CORP | 1,000 | $163K | 0.0% | $122.29 | +38.1% | COM | 91913Y100 |
| CME | CME GROUP INC | 461 | $126K | 0.0% | $219.66 | +23.3% | COM | 12572Q105 |
| EU | ENCORE ENERGY CO | 50,000 | $119K | 0.0% | $2.33 | +22.5% | COM NEW | 29259W700 |
| WTTR | SELECT WATER SOLUTIONS INC | 10,000 | $105K | 0.0% | $7.59 | — | CL A COM | 81617J301 |
| CHIQ | GLOBAL X FDS | 4,500 | $95,693 | 0.0% | $21.27 | — | MSCI CHINA CNSMR | 37950E408 |
| — | AURELION INC | 300,000 | $74,940 | 0.0% | $0.25 | — | USD CL A ORD SHS | G7244A119 |
| BIRK | BIRKENSTOCK HOLDING PLC | 1,500 | $61,350 | 0.0% | $51.40 | -17.6% | COM SHS | M2029K104 |