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 | % | Share Price | Est. Cost/Share | Unrealized @ Report Date | Class | CUSIP |
|---|---|---|---|---|---|---|---|---|---|
| UAL | UNITED AIRLINES | 792,076 | $88.57M | 9.5% | $111.82 | $42.34 | +164.1% | COM | 910047109 |
| LUV | SOUTHWEST AIR | 2,107,325 | $87.1M | 9.3% | $41.33 | $35.24 | +17.3% | COM | 844741108 |
| AAL | AMERICAN AIRLINE | 5,569,844 | $85.39M | 9.1% | $15.33 | $14.81 | +3.5% | COM | 02376R102 |
| DAL | DELTA AIR LI | 1,216,731 | $84.44M | 9.0% | $69.40 | $34.35 | +102.0% | COM NEW | 247361702 |
| ALGT | ALLEGIANT TRAVEL | 284,685 | $24.28M | 2.6% | $85.27 | $81.15 | +5.1% | COM | 01748X102 |
| SNCY | SUN COUNTRY HOLD | 1,611,228 | $23.19M | 2.5% | $14.39 * | $16.76 | -23.7% | COM | 866683105 |
| ALK | ALASKA AIR GROUP | 455,934 | $22.93M | 2.5% | $50.30 | $42.97 | +17.1% | COM | 011659109 |
| SKYW | SKYWEST INC | 223,006 | $22.39M | 2.4% | $100.41 | $32.42 | +209.7% | COM | 830879102 |
| JBLU | JETBLUE AIRWAYS | 4,728,754 | $21.52M | 2.3% | $4.55 | $8.64 | -47.3% | COM | 477143101 |
| ULCC | FRONTIER GROUP H | 4,137,964 | $19.49M | 2.1% | $4.71 | $5.06 | -7.0% | COM | 35909R108 |
| RGLD | ROYAL GOLD INC | 86,938 | $19.33M | 2.1% | $222.29 | $196.34 | +13.2% | COM | 780287108 |
| WPM | WHEATON PRECIOUS | 158,776 | $18.66M | 2.0% | $117.52 | $36.65 | +220.6% | COM | 962879102 |
| FNV | FRANCO NEV CORP | 89,311 | $18.51M | 2.0% | $207.28 | $129.31 | +60.3% | COM | 351858105 |
| BA | BOEING CO/THE | 77,292 | $16.78M | 1.8% | $217.12 | $169.64 | +28.0% | COM | 097023105 |
| BKNG | BOOKING HOLDINGS | 3,030 | $16.23M | 1.7% | $5355.33 | $2557.66 | +109.4% | COM | 09857L108 |
| EXPE | EXPEDIA GROUP IN | 56,812 | $16.1M | 1.7% | $283.31 | $158.71 | +78.5% | COM NEW | 30212P303 |
| TXT | TEXTRON INC | 183,921 | $16.03M | 1.7% | $87.17 | $67.05 | +30.0% | COM | 883203101 |
| GD | GENERAL DYNAMICS | 46,780 | $15.75M | 1.7% | $336.66 | $162.35 | +107.4% | COM | 369550108 |
| TRIP | TRIPADVISOR INC | 1,037,854 | $15.11M | 1.6% | $14.56 | $24.76 | -41.2% | COM | 896945201 |
| SABR | SABRE CORP | 10,173,592 | $13.84M | 1.5% | $1.36 | $2.88 | -52.7% | COM | 78573M104 |
| B | BARRICK MNG CORP | 315,000 | $13.72M | 1.5% | $43.55 | $33.53 | +29.9% | COM SHS | 06849F108 |
| OR | OR ROYALTIES INC | 343,245 | $12.15M | 1.3% | $35.39 | $26.81 | +32.0% | COM SHS | 68390D106 |
| MTA | METALLA ROYALTY | 1,432,510 | $11.14M | 1.2% | $7.78 | $5.80 | +34.2% | COM NEW | 59124U605 |
| CGAU | CENTERRA GOLD IN | 721,921 | $10.38M | 1.1% | $14.38 | $12.52 | +14.8% | COM | 152006102 |
| IAG | IAMGOLD CORP | 575,000 | $9.482M | 1.0% | $16.49 | $6.87 | +139.9% | COM | 450913108 |
| TFPM | TRIPLE FLAG | 279,270 | $9.277M | 1.0% | $33.22 | $17.54 | +89.4% | COM | 89679M104 |
| USAS | AMERICAS GOLD AN | 1,800,000 | $9.237M | 1.0% | $5.13 | $3.89 | +31.3% | COM NEW | 03062D803 |
| RYAAY | RYANAIR HLDG-ADR | 113,653 | $8.205M | 0.9% | $72.19 | $42.94 | +68.1% | SPONSORED ADR | 783513203 |
| TCOM | TRIP.COM GRO-ADR | 113,885 | $8.189M | 0.9% | $71.91 | $35.79 | +100.9% | ADS | 89677Q107 |
| LTM | LATAM AIRLINES G | 151,613 | $8.189M | 0.9% | $54.01 | $40.61 | +33.0% | SPONSORED ADR | 51817R205 |
| EMBJ | EMBRAER SA-ADR | 123,795 | $7.969M | 0.9% | $64.37 | $34.14 | +88.6% | SPONSORED ADS | 29082A107 |
| AU | ANGLOGOLD ASHANTI PLC | 90,000 | $7.675M | 0.8% | $85.28 | $42.00 | +103.0% | COM SHS | G0378L100 |
| VOXR | VOX ROYALTY CORP | 1,562,000 | $7.404M | 0.8% | $4.74 | $2.30 | +106.3% | COM | 92919F103 |
| DRD | DRDGOLD LIMITED | 222,033 | $6.885M | 0.7% | $31.01 | $13.96 | +122.1% | SPON ADR REPSTG | 26152H301 |
| GFI | GOLD FIELDS LTD | 150,000 | $6.549M | 0.7% | $43.66 | $26.29 | +66.1% | SPONSORED ADR | 38059T106 |
| CDE | COEUR MNG INC | 355,000 | $6.33M | 0.7% | $17.83 | $5.46 | +226.7% | COM NEW | 192108504 |
| VZLA | VIZSLA SILVER CO | 1,050,000 | $5.756M | 0.6% | $5.48 | $1.62 | +237.0% | COM NEW | 92859G608 |
| CMCL | CALEDONIA MINING | 217,334 | $5.688M | 0.6% | $26.17 | $27.56 | -5.1% | SHS NEW | G1757E113 |
| AAUC | ALLIED GOLD CORP | 242,753 | $5.565M | 0.6% | $22.92 | $19.26 | +18.8% | COM NEW | 01921D204 |
| ITRG | INTEGRA RES CORP | 1,386,127 | $5.558M | 0.6% | $4.01 | $3.18 | +26.1% | COM | 45826T509 |
| GAU | GALIANO GOLD INC | 2,193,071 | $5.548M | 0.6% | $2.53 | $2.47 | +2.3% | COM | 36352H100 |
| ARIS | ARIS MINING CORP | 340,000 | $5.517M | 0.6% | $16.23 | $6.98 | +132.5% | COM | 04040Y109 |
| FSM | FORTUNA MINING C | 560,601 | $5.499M | 0.6% | $9.81 | $9.00 | +9.0% | COM NEW | 349942102 |
| HMY | HARMONY GOLD-ADR | 266,409 | $5.302M | 0.6% | $19.90 | $9.58 | +107.6% | SPONSORED ADR | 413216300 |
| AEM | AGNICO EAGLE MINES LTD | 30,000 | $5.086M | 0.5% | $169.53 | $71.33 | +137.7% | COM | 008474108 |
| AUGO | AURA MINERALS INC | 100,000 | $5.042M | 0.5% | $50.41 | $28.59 | +76.3% | SHS NEW | G06973112 |
| MMYT | MAKEMYTRIP LTD | 50,870 | $4.177M | 0.4% | $82.12 | $48.91 | +67.9% | SHS | V5633W109 |
| CPA | COPA HOLDIN-CL A | 33,720 | $4.067M | 0.4% | $120.61 | $81.41 | +48.1% | CL A | P31076105 |
| ASR | GRUPO AEROPO-ADR | 12,434 | $4.021M | 0.4% | $323.40 | $246.49 | +31.2% | SPON ADR SER B | 40051E202 |
| OMAB | GRUPO AEROPO-ADR | 36,805 | $4.003M | 0.4% | $108.77 | $106.87 | +1.8% | SPON ADR | 400501102 |
| SBSW | SIBANYE STILLWATER LTD | 275,000 | $3.919M | 0.4% | $14.25 | $5.47 | +160.7% | SPONSORED ADR | 82575P107 |
| PAAS | PAN AMERN SILVER CORP | 73,555 | $3.811M | 0.4% | $51.81 | $32.15 | +61.1% | COM | 697900108 |
| EXK | ENDEAVOUR SILVER | 345,000 | $3.247M | 0.3% | $9.41 | $3.82 | +146.0% | COM | 29258Y103 |
| KGC | KINROSS GOLD CORP | 100,000 | $2.816M | 0.3% | $28.16 | $12.20 | +130.7% | COM | 496902404 |
| EQX | EQUINOX GOLD CORP | 200,000 | $2.808M | 0.3% | $14.04 | $12.62 | +11.3% | COM | 29446Y502 |
| RCL | ROYAL CARIBBEAN GROUP | 9,435 | $2.632M | 0.3% | $278.92 | $187.96 | +48.4% | COM | V7780T103 |
| TSLA | TESLA INC | 5,840 | $2.626M | 0.3% | $449.72 | $357.40 | +25.8% | COM | 88160R101 |
| ELE | ELEMENTAL ROYALT | 150,000 | $2.54M | 0.3% | $16.93 | $15.55 | +9.1% | COM NEW | 28620K106 |
| HLT | HILTON WORLDWIDE HLDGS INC | 7,500 | $2.154M | 0.2% | $287.25 | $239.08 | +20.1% | COM | 43300A203 |
| CCL | CARNIVAL CORP | 70,500 | $2.153M | 0.2% | $30.54 | $19.32 | +58.1% | UNIT 99/99/9999 | 143658300 |
| RACE | FERRARI N V | 5,815 | $2.149M | 0.2% | $369.56 | $437.66 | -15.6% | COM | N3167Y103 |
| GS | GOLDMAN SACHS GROUP INC | 2,375 | $2.088M | 0.2% | $879.00 | $488.81 | +79.8% | COM | 38141G104 |
| SVM | SILVERCORP METALS INC | 250,000 | $2.085M | 0.2% | $8.34 | $3.92 | +112.9% | COM | 82835P103 |
| HBM | HUDBAY MINERALS INC | 95,000 | $1.886M | 0.2% | $19.85 | $8.32 | +138.7% | COM | 443628102 |
| MUX | MCEWEN INC | 100,000 | $1.857M | 0.2% | $18.57 | $18.60 | -0.5% | COM NEW | 58039P305 |
| MAR | MARRIOTT INTL INC NEW | 5,800 | $1.799M | 0.2% | $310.24 | $285.32 | +8.7% | CL A | 571903202 |
| EGO | ELDORADO GOLD CORP NEW | 50,000 | $1.796M | 0.2% | $35.92 | $29.93 | +20.0% | COM | 284902509 |
| XOM | EXXON MOBIL CORP | 13,500 | $1.625M | 0.2% | $120.34 | $109.08 | +10.3% | COM | 30231G102 |
| NTR | NUTRIEN LTD | 25,000 | $1.543M | 0.2% | $61.72 | $51.89 | +18.9% | COM | 67077M108 |
| DVS | DOLLY VARDEN SIL | 350,000 | $1.531M | 0.2% | $4.37 | $2.92 | +50.1% | COM NO PAR | 256827783 |
| NGD | NEW GOLD INC CDA | 170,000 | $1.481M | 0.2% | $8.71 * | $4.18 | +80.3% | COM | 644535106 |
| AGI | ALAMOS GOLD INC NEW | 35,000 | $1.35M | 0.1% | $38.58 | $10.92 | +253.2% | COM CL A | 011532108 |
| SA | SEABRIDGE GOLD INC | 40,000 | $1.184M | 0.1% | $29.59 | $13.43 | +120.4% | COM | 811916105 |
| UBS | UBS GROUP AG | 24,500 | $1.135M | 0.1% | $46.31 | $40.40 | +14.6% | SHS | H42097107 |
| VIK | VIKING HOLDINGS LTD | 15,700 | $1.121M | 0.1% | $71.41 | $63.81 | +11.9% | ORD SHS | G93A5A101 |
| CALI | BLACKROCK ETF TRUST II | 22,000 | $1.11M | 0.1% | $50.46 | $50.53 | -0.1% | ISHARES SHORT-TE | 092528884 |
| TTE | TOTALENERGIES SE | 15,000 | $981K | 0.1% | $65.42 | $63.23 | +3.5% | ACT | F92124100 |
| PPTA | PERPETUA RESOURCES CORP | 37,000 | $896K | 0.1% | $24.21 | $10.12 | +139.1% | COM | 714266103 |
| LTH | LIFE TIME GROUP HOLDINGS INC | 33,600 | $893K | 0.1% | $26.58 | $29.66 | -10.4% | COMMON STOCK | 53190C102 |
| ODV | OSISKO DEVELOPME | 250,000 | $847K | 0.1% | $3.39 * | $1.70 | +104.9% | COM NEW | 68828E809 |
| TPR | TAPESTRY INC | 6,500 | $831K | 0.1% | $127.77 | $74.95 | +70.5% | COM | 876030107 |
| IE | IVANHOE ELECTRIC | 51,499 | $823K | 0.1% | $15.98 | $10.86 | +47.1% | COM | 46578C108 |
| SHEL | SHELL PLC | 11,000 | $808K | 0.1% | $73.48 | $67.18 | +9.4% | SPON ADS | 780259305 |
| LVS | LAS VEGAS SANDS CORP | 12,200 | $794K | 0.1% | $65.09 | $61.19 | +6.4% | COM | 517834107 |
| EL | LAUDER ESTEE COS INC | 6,500 | $681K | 0.1% | $104.72 | $88.65 | +18.1% | CL A | 518439104 |
| WDS | WOODSIDE ENERGY GROUP LTD | 40,000 | $624K | 0.1% | $15.59 | $15.91 | -2.0% | SPONSORED ADR | 980228308 |
| LNG | CHENIERE ENERGY INC | 3,000 | $583K | 0.1% | $194.39 | $111.54 | +74.3% | COM NEW | 16411R208 |
| CAT | CATERPILLAR INC | 1,000 | $573K | 0.1% | $572.87 | $555.50 | +3.1% | COM | 149123101 |
| TGB | TASEKO MINES | 100,000 | $566K | 0.1% | $5.66 | $4.70 | +20.3% | COM | 876511106 |
| CNL | COLLECTIVE MININ | 35,000 | $510K | 0.1% | $14.58 | $2.97 | +391.3% | COM | 19425C100 |
| J | JACOBS SOLUTIONS INC | 3,500 | $464K | 0.0% | $132.46 | $146.41 | -9.5% | COM | 46982L108 |
| CCJ | CAMECO CORP | 5,000 | $457K | 0.0% | $91.49 | $64.67 | +41.5% | COM | 13321L108 |
| SIG | SIGNET JEWELERS LIMITED | 5,500 | $456K | 0.0% | $82.88 | $94.99 | -12.7% | SHS | G81276100 |
| MATX | MATSON INC | 3,587 | $443K | 0.0% | $123.55 | $107.05 | +15.2% | COM | 57686G105 |
| FSLR | FIRST SOLAR INC | 1,500 | $392K | 0.0% | $261.23 | $252.20 | +3.6% | COM | 336433107 |
| BKR | BAKER HUGHES COMPANY | 8,500 | $387K | 0.0% | $45.54 | $41.90 | +8.7% | CL A | 05722G100 |
| RRC | RANGE RES CORP | 10,500 | $370K | 0.0% | $35.26 | $23.37 | +50.9% | COM | 75281A109 |
| BG | BUNGE GLOBAL SA | 4,000 | $356K | 0.0% | $89.08 | $91.86 | -3.0% | COM SHS | H11356104 |
| FDX | FEDEX CORP | 1,188 | $343K | 0.0% | $288.86 | $226.52 | +27.5% | COM | 31428X106 |
| SLI | STANDARD LITHIUM LTD | 75,000 | $335K | 0.0% | $4.47 | $1.84 | +143.2% | COM | 853606101 |
| UPS | UNITED PARCEL-B | 3,373 | $335K | 0.0% | $99.19 | $117.16 | -15.3% | CL B | 911312106 |
| EXPD | EXPEDITORS INTL | 2,213 | $330K | 0.0% | $149.01 | $111.59 | +33.5% | COM | 302130109 |
| ZTO | ZTO EXPRESS -ADR | 14,992 | $313K | 0.0% | $20.89 | $21.15 | -1.2% | SPONSORED ADS A | 98980A105 |
| HAL | HALLIBURTON CO | 10,000 | $283K | 0.0% | $28.26 | $26.08 | +8.4% | COM | 406216101 |
| EFXT | ENERFLEX LTD | 17,000 | $262K | 0.0% | $15.43 | $13.30 | +16.1% | COM | 29269R105 |
| STLD | STEEL DYNAMICS INC | 1,500 | $254K | 0.0% | $169.45 | $124.96 | +35.6% | COM | 858119100 |
| BP | BP PLC | 7,000 | $243K | 0.0% | $34.73 | $36.11 | -3.8% | SPONSORED ADR | 055622104 |
| TECK | TECK RESOURCES LTD | 5,000 | $239K | 0.0% | $47.89 | $47.62 | +0.6% | CL B | 878742204 |
| HYMC | HYCROFT MINING HOLDING CORP | 10,000 | $238K | 0.0% | $23.77 | $11.07 | +114.8% | CL A NEW | 44862P208 |
| AEP | AMERICAN ELEC PWR CO INC | 2,000 | $231K | 0.0% | $115.31 | $117.70 | -2.0% | COM | 025537101 |
| BWLP | BW LPG LTD | 17,049 | $223K | 0.0% | $13.08 | $12.78 | +2.5% | COM | Y10230103 |
| XPL | SOLITARIO RESOURCES CORP | 310,000 | $216K | 0.0% | $0.70 | $0.79 | -11.0% | COM | 8342EP107 |
| PZG | PARAMOUNT GOLD NEV CORP | 170,000 | $214K | 0.0% | $1.26 | $1.07 | +17.8% | COM | 69924M109 |
| BHP | BHP GROUP LTD | 3,500 | $211K | 0.0% | $60.37 | $59.85 | +0.9% | SPONSORED ADS | 088606108 |
| GSL | GLOBAL SHIP-CL A | 5,834 | $204K | 0.0% | $35.04 | $23.39 | +49.8% | COM CL A | Y27183600 |
| DAC | DANAOS CORP | 2,169 | $204K | 0.0% | $94.18 | $92.12 | +2.2% | SHS | Y1968P121 |
| ELBM | ELECTRA BATTERY | 250,000 | $202K | 0.0% | $0.81 | $1.33 | -39.8% | COM | 28474P706 |
| ES | EVERSOURCE ENERGY | 3,000 | $202K | 0.0% | $67.33 | $69.55 | -3.2% | COM | 30040W108 |
| TNK | TEEKAY TANK-CL A | 3,768 | $201K | 0.0% | $53.42 | $56.15 | -4.9% | CL A | G8726X106 |
| TDW | TIDEWATER INC | 3,519 | $178K | 0.0% | $50.51 | $52.82 | -4.4% | COM | 88642R109 |
| SLB | SCHLUMBERGER LTD | 4,500 | $173K | 0.0% | $38.38 | $15.47 | +148.0% | COM STK | 806857108 |
| AR | ANTERO RESOURCES CORP | 5,000 | $172K | 0.0% | $34.46 | $30.73 | +12.1% | COM | 03674X106 |
| VLO | VALERO ENERGY CORP | 1,000 | $163K | 0.0% | $162.79 | $122.29 | +33.1% | COM | 91913Y100 |
| CME | CME GROUP INC | 461 | $126K | 0.0% | $273.08 | $219.66 | +24.3% | COM | 12572Q105 |
| EU | ENCORE ENERGY CO | 50,000 | $119K | 0.0% | $2.38 * | $2.33 | +6.3% | COM NEW | 29259W700 |
| WTTR | SELECT WATER SOLUTIONS INC | 10,000 | $105K | 0.0% | $10.52 | $7.59 | — | CL A COM | 81617J301 |
| CHIQ | GLOBAL X FDS | 4,500 | $95,693 | 0.0% | $21.27 | $22.56 | -5.7% | MSCI CHINA CNSMR | 37950E408 |
| — | AURELION INC | 300,000 | $74,940 | 0.0% | $0.25 | $0.25 | — | USD CL A ORD SHS | G7244A119 |
| BIRK | BIRKENSTOCK HOLDING PLC | 1,500 | $61,350 | 0.0% | $40.90 | $51.40 | -20.4% | COM SHS | M2029K104 |