Hosking Partners LLP Diversified Active

CIK: 0001650135 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 4, 2026

Total Value ($000): $2,943,641 (100.0% shares, 0.0% debt)

Holdings (114)

New Positions (3)

CVE CENOVUS ENERGY INC. 0.5%

Value ($000) $15,721 Shares 929,155 Est. Cost $17.37 Unrealized 0.0%

LLYVK Liberty Live Holdings Inc C 0.0%

Value ($000) $656 Shares 7,894 Est. Cost $85.87 Unrealized 0.0%

LLYVA Liberty Live Holdings Inc A 0.0%

Value ($000) $449 Shares 5,505 Est. Cost $83.24 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVE	CENOVUS ENERGY INC.	929,155	$15,721	0.5%	$17.37	0.0%	Common Stocks	15135U109
LLYVK	Liberty Live Holdings Inc C	7,894	$656	0.0%	$85.87	0.0%	Common Stocks	530909308
LLYVA	Liberty Live Holdings Inc A	5,505	$449	0.0%	$83.24	0.0%	Common Stocks	530909100

Increased Positions (28)

GOOG Alphabet Inc. Class C 5.6%

Value ($000) $164,946 (+31.1%) Shares 525,640 (+1.8%) Est. Cost $108.22 Unrealized +164.6%

C Citigroup Inc. 4.8%

Value ($000) $142,682 (+17.2%) Shares 1,222,746 (+1.9%) Est. Cost $46.23 Unrealized +124.2%

FCX Freeport-McMoRan, Inc. 2.7%

Value ($000) $80,321 (+34.1%) Shares 1,581,426 (+3.5%) Est. Cost $23.02 Unrealized +88.1%

HCC Warrior Met Coal, Inc. 2.0%

Value ($000) $58,866 (+42.6%) Shares 667,638 (+2.9%) Est. Cost $48.49 Unrealized +55.0%

DAL Delta Air Lines, Inc. 1.2%

Value ($000) $36,775 (+25.6%) Shares 529,900 (+2.7%) Est. Cost $40.21 Unrealized +55.3%

RPRX Royalty Pharma Plc Class A 0.4%

Value ($000) $12,599 (+109.3%) Shares 326,054 (+91.1%) Est. Cost $37.12 Unrealized +2.7%

SDRL Seadrill Ltd 0.8%

Value ($000) $24,710 (+31.3%) Shares 714,150 (+14.6%) Est. Cost $42.11 Unrealized -26.0%

BRK/B Berkshire Hathaway Inc. Class B 2.7%

Value ($000) $78,454 (+6.8%) Shares 156,081 (+6.8%) Est. Cost $222.59 Unrealized +123.5%

ELV Elevance Health, Inc. 1.7%

Value ($000) $50,671 (+10.1%) Shares 144,548 (+1.5%) Est. Cost $326.85 Unrealized +3.0%

CNR Core Natural Resources Inc 0.2%

Value ($000) $6,168 (+230.2%) Shares 69,689 (+211.5%) Est. Cost $84.81 Unrealized +0.4%

AVGO Broadcom Inc. 1.4%

Value ($000) $42,466 (+10.2%) Shares 122,698 (+5.1%) Est. Cost $156.30 Unrealized +128.4%

AMR Alpha Metallurgical Resources, Inc. 0.5%

Value ($000) $15,853 (+28.8%) Shares 79,313 (+5.7%) Est. Cost $222.90 Unrealized -22.5%

LYB LyondellBasell Industries NV 1.1%

Value ($000) $32,601 (+11.6%) Shares 752,903 (+26.4%) Est. Cost $64.10 Unrealized -30.7%

VAL Valaris Ltd. 0.5%

Value ($000) $15,103 (+25.2%) Shares 299,669 (+21.1%) Est. Cost $55.32 Unrealized -3.0%

GLW Corning Inc 1.3%

Value ($000) $39,449 (+8.0%) Shares 450,536 (+1.2%) Est. Cost $31.79 Unrealized +170.5%

NE Noble Corporation PLC Class A 1.1%

Value ($000) $32,203 (+9.8%) Shares 1,140,328 (+10.0%) Est. Cost $33.69 Unrealized -13.2%

GSM Ferroglobe PLC 1.8%

Value ($000) $52,040 (+5.2%) Shares 11,215,616 (+3.1%) Est. Cost $4.46 Unrealized +3.2%

OXY Occidental Petroleum Corporation 0.8%

Value ($000) $23,741 (-8.7%) Shares 577,368 (+4.9%) Est. Cost $55.32 Unrealized -24.9%

TDW Tidewater Inc 1.1%

Value ($000) $32,871 (+5.4%) Shares 650,785 (+11.3%) Est. Cost $46.73 Unrealized +13.0%

ARLO Arlo Technologies, Inc. 0.3%

Value ($000) $9,004 (-13.4%) Shares 643,626 (+4.9%) Est. Cost $11.62 Unrealized +35.5%

SLG SL Green Realty Corp. 0.5%

Value ($000) $13,310 (-9.1%) Shares 290,166 (+18.5%) Est. Cost $60.55 Unrealized —

RIG Transocean Ltd. 0.2%

Value ($000) $4,670 (+38.8%) Shares 1,130,657 (+4.9%) Est. Cost $5.89 Unrealized -34.1%

TRUP Trupanion Inc 0.6%

Value ($000) $17,413 (-6.6%) Shares 465,950 (+8.1%) Est. Cost $39.29 Unrealized -0.0%

MCHP Microchip Technology Incorporated 0.5%

Value ($000) $15,304 (+5.6%) Shares 240,169 (+6.4%) Est. Cost $59.80 Unrealized +2.6%

IBKR Interactive Brokers Group, Inc. Class A 2.8%

Value ($000) $81,310 (-0.8%) Shares 1,264,348 (+6.1%) Est. Cost $43.53 Unrealized +53.7%

BN Brookfield Corporation 0.2%

Value ($000) $5,131 (-10.9%) Shares 111,808 (+33.2%) Est. Cost $34.43 Unrealized +32.3%

TPL Texas Pacific Land Corporation 0.4%

Value ($000) $10,762 (+4.3%) Shares 37,470 (+239.1%) Est. Cost $282.65 Unrealized +7.9%

PBT Permian Basin Royalty Trust 0.2%

Value ($000) $5,887 (+4.9%) Shares 346,683 (+12.8%) Est. Cost $16.21 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	Alphabet Inc. Class C	525,640 (+1.8%)	$164,946 (+31.1%)	5.6%	$108.22	+164.6%	Common Stocks	02079K107
C	Citigroup Inc.	1,222,746 (+1.9%)	$142,682 (+17.2%)	4.8%	$46.23	+124.2%	Common Stocks	172967424
FCX	Freeport-McMoRan, Inc.	1,581,426 (+3.5%)	$80,321 (+34.1%)	2.7%	$23.02	+88.1%	Common Stocks	35671D857
HCC	Warrior Met Coal, Inc.	667,638 (+2.9%)	$58,866 (+42.6%)	2.0%	$48.49	+55.0%	Common Stocks	93627C101
DAL	Delta Air Lines, Inc.	529,900 (+2.7%)	$36,775 (+25.6%)	1.2%	$40.21	+55.3%	Common Stocks	247361702
RPRX	Royalty Pharma Plc Class A	326,054 (+91.1%)	$12,599 (+109.3%)	0.4%	$37.12	+2.7%	Common Stocks	G7709Q104
SDRL	Seadrill Ltd	714,150 (+14.6%)	$24,710 (+31.3%)	0.8%	$42.11	-26.0%	Common Stocks	G7997W102
BRK/B	Berkshire Hathaway Inc. Class B	156,081 (+6.8%)	$78,454 (+6.8%)	2.7%	$222.59	+123.5%	Common Stocks	084670702
ELV	Elevance Health, Inc.	144,548 (+1.5%)	$50,671 (+10.1%)	1.7%	$326.85	+3.0%	Common Stocks	036752103
CNR	Core Natural Resources Inc	69,689 (+211.5%)	$6,168 (+230.2%)	0.2%	$84.81	+0.4%	Common Stocks	218937100
AVGO	Broadcom Inc.	122,698 (+5.1%)	$42,466 (+10.2%)	1.4%	$156.30	+128.4%	Common Stocks	11135F101
AMR	Alpha Metallurgical Resources, Inc.	79,313 (+5.7%)	$15,853 (+28.8%)	0.5%	$222.90	-22.5%	Common Stocks	020764106
LYB	LyondellBasell Industries NV	752,903 (+26.4%)	$32,601 (+11.6%)	1.1%	$64.10	-30.7%	Common Stocks	N53745100
VAL	Valaris Ltd.	299,669 (+21.1%)	$15,103 (+25.2%)	0.5%	$55.32	-3.0%	Common Stocks	G9460G101
GLW	Corning Inc	450,536 (+1.2%)	$39,449 (+8.0%)	1.3%	$31.79	+170.5%	Common Stocks	219350105
NE	Noble Corporation PLC Class A	1,140,328 (+10.0%)	$32,203 (+9.8%)	1.1%	$33.69	-13.2%	Common Stocks	G65431127
GSM	Ferroglobe PLC	11,215,616 (+3.1%)	$52,040 (+5.2%)	1.8%	$4.46	+3.2%	Common Stocks	G33856108
OXY	Occidental Petroleum Corporation	577,368 (+4.9%)	$23,741 (-8.7%)	0.8%	$55.32	-24.9%	Common Stocks	674599105
TDW	Tidewater Inc	650,785 (+11.3%)	$32,871 (+5.4%)	1.1%	$46.73	+13.0%	Common Stocks	88642R109
ARLO	Arlo Technologies, Inc.	643,626 (+4.9%)	$9,004 (-13.4%)	0.3%	$11.62	+35.5%	Common Stocks	04206A101
SLG	SL Green Realty Corp.	290,166 (+18.5%)	$13,310 (-9.1%)	0.5%	$60.55	—	Common Stocks	78440X887
RIG	Transocean Ltd.	1,130,657 (+4.9%)	$4,670 (+38.8%)	0.2%	$5.89	-34.1%	Common Stocks	H8817H100
TRUP	Trupanion Inc	465,950 (+8.1%)	$17,413 (-6.6%)	0.6%	$39.29	-0.0%	Common Stocks	898202106
MCHP	Microchip Technology Incorporated	240,169 (+6.4%)	$15,304 (+5.6%)	0.5%	$59.80	+2.6%	Common Stocks	595017104
IBKR	Interactive Brokers Group, Inc. Class A	1,264,348 (+6.1%)	$81,310 (-0.8%)	2.8%	$43.53	+53.7%	Common Stocks	45841N107
BN	Brookfield Corporation	111,808 (+33.2%)	$5,131 (-10.9%)	0.2%	$34.43	+32.3%	Common Stocks	11271J107
TPL	Texas Pacific Land Corporation	37,470 (+239.1%)	$10,762 (+4.3%)	0.4%	$282.65	+7.9%	Common Stocks	88262P102
PBT	Permian Basin Royalty Trust	346,683 (+12.8%)	$5,887 (+4.9%)	0.2%	$16.21	—	Common Stocks	714236106

Exited Positions (5)

PNC PNC Financial Services Group, Inc. 0.3%

Value ($000) $7,413 Shares 36,895 Est. Cost $136.86 Unrealized +40.9%

VECO Veeco Instruments Inc. 0.1%

Value ($000) $2,411 Shares 79,233 Est. Cost $21.75 Unrealized +36.3%

INDA iShares MSCI India ETF 0.1%

Value ($000) $2,228 Shares 42,795 Est. Cost $36.00 Unrealized —

— Liberty Media Corp. Series C Liberty Live 0.0%

Value ($000) $766 Shares 7,895 Est. Cost $32.10 Unrealized —

— Liberty Media Corp. Series A Liberty Live 0.0%

Value ($000) $519 Shares 5,506 Est. Cost $31.92 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PNC	PNC Financial Services Group, Inc.	36,895	$7,413	0.3%	$136.86	+40.9%	—	693475105
VECO	Veeco Instruments Inc.	79,233	$2,411	0.1%	$21.75	+36.3%	—	922417100
INDA	iShares MSCI India ETF	42,795	$2,228	0.1%	$36.00	—	—	46429B598
—	Liberty Media Corp. Series C Liberty Live	7,895	$766	0.0%	$32.10	—	—	531229722
—	Liberty Media Corp. Series A Liberty Live	5,506	$519	0.0%	$31.92	—	—	531229748

Decreased Positions (31)

CX Cemex SAB de CV Sponsored ADR 1.9%

Value ($000) $55,054 (+26.1%) Shares 4,791,452 (-1.3%) Est. Cost $5.99 Unrealized —

COST Costco Wholesale Corporation 2.0%

Value ($000) $57,879 (-12.4%) Shares 67,118 (-6.0%) Est. Cost $153.67 Unrealized +489.4%

CPNG Coupang Inc 0.7%

Value ($000) $19,227 (-28.3%) Shares 815,060 (-2.2%) Est. Cost $22.74 Unrealized +25.1%

BTU Peabody Energy Corporation 0.1%

Value ($000) $3,412 (-66.5%) Shares 114,877 (-70.1%) Est. Cost $20.36 Unrealized +44.2%

PM Philip Morris International Inc. 0.3%

Value ($000) $8,847 (-42.6%) Shares 55,156 (-42.0%) Est. Cost $81.81 Unrealized +87.7%

SYF Synchrony Financial 2.1%

Value ($000) $60,859 (+11.8%) Shares 729,462 (-4.8%) Est. Cost $26.29 Unrealized +190.3%

WFC Wells Fargo & Company 1.5%

Value ($000) $43,886 (-12.2%) Shares 470,878 (-21.0%) Est. Cost $33.06 Unrealized +162.0%

LPX Louisiana-Pacific Corporation 0.5%

Value ($000) $14,654 (-27.1%) Shares 181,456 (-19.9%) Est. Cost $47.84 Unrealized +76.6%

RYAAY Ryanair Holdings Plc Sponsored ADR 1.2%

Value ($000) $34,990 (+17.8%) Shares 484,696 (-1.7%) Est. Cost $56.31 Unrealized —

MU Micron Technology, Inc. 3.7%

Value ($000) $108,901 (+4.6%) Shares 381,561 (-38.7%) Est. Cost $59.84 Unrealized +283.3%

JPM JPMorgan Chase & Co. 1.1%

Value ($000) $33,558 (-11.1%) Shares 104,146 (-13.0%) Est. Cost $109.01 Unrealized +184.0%

AXP American Express Company 2.9%

Value ($000) $83,973 (+4.4%) Shares 226,984 (-6.2%) Est. Cost $85.46 Unrealized +317.7%

LOMA Loma Negra Cia Industrial Arge 0.3%

Value ($000) $8,314 (+73.7%) Shares 642,012 (-1.2%) Est. Cost $8.06 Unrealized —

AIG American International Group, Inc. 2.9%

Value ($000) $84,714 (-3.9%) Shares 990,228 (-11.8%) Est. Cost $47.07 Unrealized +69.3%

LRCX Lam Research Corporation 0.8%

Value ($000) $23,706 (+10.5%) Shares 138,487 (-13.5%) Est. Cost $74.98 Unrealized +107.2%

COF Capital One Financial Corp 2.0%

Value ($000) $58,296 (+3.7%) Shares 240,535 (-9.0%) Est. Cost $85.95 Unrealized +158.5%

VIST Vista Energy Sab DE CV Sponsored ADR Class A 0.2%

Value ($000) $5,511 (+39.8%) Shares 113,245 (-1.2%) Est. Cost $47.81 Unrealized —

GLNG Golar LNG Limited 0.5%

Value ($000) $14,902 (-9.0%) Shares 400,472 (-1.2%) Est. Cost $19.42 Unrealized +96.2%

HSHP Himalaya Shipping Ltd 0.6%

Value ($000) $17,239 (+9.2%) Shares 1,894,425 (-1.2%) Est. Cost $5.76 Unrealized +45.9%

BAP Credicorp Ltd. 0.8%

Value ($000) $22,586 (+6.5%) Shares 78,697 (-1.2%) Est. Cost $125.27 Unrealized +111.4%

TIGO Millicom International Cellular 0.7%

Value ($000) $19,660 (+7.4%) Shares 354,623 (-6.0%) Est. Cost $27.55 Unrealized +82.8%

VIPS Vipshop Holdings Ltd Sponsored ADR 0.3%

Value ($000) $9,927 (-11.1%) Shares 561,171 (-1.3%) Est. Cost $13.02 Unrealized —

STX Seagate Technology Holdings PLC 0.9%

Value ($000) $27,030 (+4.8%) Shares 98,152 (-10.2%) Est. Cost $74.49 Unrealized +247.6%

STNG Scorpio Tankers Inc. 0.3%

Value ($000) $9,571 (-10.6%) Shares 188,293 (-1.4%) Est. Cost $20.44 Unrealized —

BAC Bank of America Corp 2.1%

Value ($000) $62,749 (+1.8%) Shares 1,140,892 (-4.5%) Est. Cost $18.97 Unrealized +177.7%

HEPS D-MARKET Elektronik Hizmetler ve Ticaret AS Sponso 0.3%

Value ($000) $9,042 (-9.1%) Shares 3,646,033 (-1.4%) Est. Cost $1.97 Unrealized —

KOF Coca-Cola FEMSA SAB de CV Sponsored ADR Class L 0.3%

Value ($000) $7,704 (+12.6%) Shares 81,341 (-1.2%) Est. Cost $91.29 Unrealized —

NU Nu Holdings Ltd. Class A 0.5%

Value ($000) $14,883 (+1.8%) Shares 889,056 (-2.7%) Est. Cost $13.25 Unrealized +21.3%

TSM Taiwan Semiconductor Manufacturing Co., Ltd. Spons 0.3%

Value ($000) $7,636 (+2.3%) Shares 25,129 (-5.9%) Est. Cost $144.32 Unrealized —

KT KT Corporation Sponsored ADR 0.0%

Value ($000) $633 (-6.2%) Shares 33,382 (-3.6%) Est. Cost $19.50 Unrealized —

CPA Copa Holdings, S.A. Class A 0.3%

Value ($000) $7,893 (+0.3%) Shares 65,442 (-1.2%) Est. Cost $65.84 Unrealized +84.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CX	Cemex SAB de CV Sponsored ADR	4,791,452 (-1.3%)	$55,054 (+26.1%)	1.9%	$5.99	—	Common Stocks	151290889
COST	Costco Wholesale Corporation	67,118 (-6.0%)	$57,879 (-12.4%)	2.0%	$153.67	+489.4%	Common Stocks	22160K105
CPNG	Coupang Inc	815,060 (-2.2%)	$19,227 (-28.3%)	0.7%	$22.74	+25.1%	Common Stocks	22266T109
BTU	Peabody Energy Corporation	114,877 (-70.1%)	$3,412 (-66.5%)	0.1%	$20.36	+44.2%	Common Stocks	704551100
PM	Philip Morris International Inc.	55,156 (-42.0%)	$8,847 (-42.6%)	0.3%	$81.81	+87.7%	Common Stocks	718172109
SYF	Synchrony Financial	729,462 (-4.8%)	$60,859 (+11.8%)	2.1%	$26.29	+190.3%	Common Stocks	87165B103
WFC	Wells Fargo & Company	470,878 (-21.0%)	$43,886 (-12.2%)	1.5%	$33.06	+162.0%	Common Stocks	949746101
LPX	Louisiana-Pacific Corporation	181,456 (-19.9%)	$14,654 (-27.1%)	0.5%	$47.84	+76.6%	Common Stocks	546347105
RYAAY	Ryanair Holdings Plc Sponsored ADR	484,696 (-1.7%)	$34,990 (+17.8%)	1.2%	$56.31	—	Common Stocks	783513203
MU	Micron Technology, Inc.	381,561 (-38.7%)	$108,901 (+4.6%)	3.7%	$59.84	+283.3%	Common Stocks	595112103
JPM	JPMorgan Chase & Co.	104,146 (-13.0%)	$33,558 (-11.1%)	1.1%	$109.01	+184.0%	Common Stocks	46625H100
AXP	American Express Company	226,984 (-6.2%)	$83,973 (+4.4%)	2.9%	$85.46	+317.7%	Common Stocks	025816109
LOMA	Loma Negra Cia Industrial Arge	642,012 (-1.2%)	$8,314 (+73.7%)	0.3%	$8.06	—	Common Stocks	54150E104
AIG	American International Group, Inc.	990,228 (-11.8%)	$84,714 (-3.9%)	2.9%	$47.07	+69.3%	Common Stocks	026874784
LRCX	Lam Research Corporation	138,487 (-13.5%)	$23,706 (+10.5%)	0.8%	$74.98	+107.2%	Common Stocks	512807306
COF	Capital One Financial Corp	240,535 (-9.0%)	$58,296 (+3.7%)	2.0%	$85.95	+158.5%	Common Stocks	14040H105
VIST	Vista Energy Sab DE CV Sponsored ADR Class A	113,245 (-1.2%)	$5,511 (+39.8%)	0.2%	$47.81	—	Common Stocks	92837L109
GLNG	Golar LNG Limited	400,472 (-1.2%)	$14,902 (-9.0%)	0.5%	$19.42	+96.2%	Common Stocks	G9456A100
HSHP	Himalaya Shipping Ltd	1,894,425 (-1.2%)	$17,239 (+9.2%)	0.6%	$5.76	+45.9%	Common Stocks	G4660A103
BAP	Credicorp Ltd.	78,697 (-1.2%)	$22,586 (+6.5%)	0.8%	$125.27	+111.4%	Common Stocks	G2519Y108
TIGO	Millicom International Cellular	354,623 (-6.0%)	$19,660 (+7.4%)	0.7%	$27.55	+82.8%	Common Stocks	L6388F110
VIPS	Vipshop Holdings Ltd Sponsored ADR	561,171 (-1.3%)	$9,927 (-11.1%)	0.3%	$13.02	—	Common Stocks	92763W103
STX	Seagate Technology Holdings PLC	98,152 (-10.2%)	$27,030 (+4.8%)	0.9%	$74.49	+247.6%	Common Stocks	G7997R103
STNG	Scorpio Tankers Inc.	188,293 (-1.4%)	$9,571 (-10.6%)	0.3%	$20.44	—	Common Stocks	Y7542C130
BAC	Bank of America Corp	1,140,892 (-4.5%)	$62,749 (+1.8%)	2.1%	$18.97	+177.7%	Common Stocks	060505104
HEPS	D-MARKET Elektronik Hizmetler ve Ticaret AS Sponso	3,646,033 (-1.4%)	$9,042 (-9.1%)	0.3%	$1.97	—	Common Stocks	23292B104
KOF	Coca-Cola FEMSA SAB de CV Sponsored ADR Class L	81,341 (-1.2%)	$7,704 (+12.6%)	0.3%	$91.29	—	Common Stocks	191241108
NU	Nu Holdings Ltd. Class A	889,056 (-2.7%)	$14,883 (+1.8%)	0.5%	$13.25	+21.3%	Common Stocks	G6683N103
TSM	Taiwan Semiconductor Manufacturing Co., Ltd. Spons	25,129 (-5.9%)	$7,636 (+2.3%)	0.3%	$144.32	—	Common Stocks	874039100
KT	KT Corporation Sponsored ADR	33,382 (-3.6%)	$633 (-6.2%)	0.0%	$19.50	—	Common Stocks	48268K101
CPA	Copa Holdings, S.A. Class A	65,442 (-1.2%)	$7,893 (+0.3%)	0.3%	$65.84	+84.2%	Common Stocks	P31076105

Unchanged Positions (52)

AA Alcoa Corporation 1.0%

Value ($000) $28,385 Shares 534,149 Est. Cost $30.17 Unrealized +35.5%

MPC Marathon Petroleum Corporation 0.9%

Value ($000) $27,546 Shares 169,378 Est. Cost $82.65 Unrealized +125.5%

AAL American Airlines Group Inc. 0.7%

Value ($000) $19,305 Shares 1,259,297 Est. Cost $20.94 Unrealized -35.6%

STLD Steel Dynamics, Inc. 0.9%

Value ($000) $27,715 Shares 163,557 Est. Cost $86.17 Unrealized +83.8%

AMZN Amazon.com, Inc. 3.3%

Value ($000) $97,868 Shares 424,002 Est. Cost $129.41 Unrealized +76.8%

MS Morgan Stanley 1.2%

Value ($000) $33,998 Shares 191,505 Est. Cost $58.85 Unrealized +182.9%

AMAT Applied Materials, Inc. 0.4%

Value ($000) $13,198 Shares 51,357 Est. Cost $138.19 Unrealized +73.3%

CRESY Cresud SA Sponsored ADR 0.3%

Value ($000) $7,847 Shares 621,279 Est. Cost $8.24 Unrealized —

PYPL PayPal Holdings, Inc. 0.4%

Value ($000) $11,639 Shares 199,370 Est. Cost $46.70 Unrealized +38.8%

JEF Jefferies Financial Group Inc. 1.0%

Value ($000) $30,138 Shares 486,332 Est. Cost $23.53 Unrealized +141.0%

LSAK Lesaka Technologies, Inc. 0.4%

Value ($000) $13,038 Shares 2,733,270 Est. Cost $4.96 Unrealized -16.2%

INSW International Seaways, Inc. 1.1%

Value ($000) $33,352 Shares 686,955 Est. Cost $22.44 Unrealized +117.6%

VICI VICI Properties Inc 0.3%

Value ($000) $8,990 Shares 319,686 Est. Cost $26.39 Unrealized +11.0%

CFG Citizens Financial Group, Inc. 0.6%

Value ($000) $16,744 Shares 286,661 Est. Cost $18.49 Unrealized +189.8%

CBRE CBRE Group, Inc. Class A 3.1%

Value ($000) $90,181 Shares 560,864 Est. Cost $44.68 Unrealized +251.9%

KR Kroger Co. 0.5%

Value ($000) $15,157 Shares 242,595 Est. Cost $26.29 Unrealized +148.1%

MGM MGM Resorts International 0.9%

Value ($000) $26,631 Shares 729,815 Est. Cost $23.55 Unrealized +44.1%

BIO Bio-Rad Laboratories, Inc. Class A 0.6%

Value ($000) $16,352 Shares 53,968 Est. Cost $273.08 Unrealized +14.3%

SCHW Charles Schwab Corp 0.9%

Value ($000) $27,344 Shares 273,683 Est. Cost $51.78 Unrealized +82.9%

EPAM EPAM Systems, Inc. 0.1%

Value ($000) $4,099 Shares 20,009 Est. Cost $78.73 Unrealized +126.5%

MAS Masco Corporation 0.3%

Value ($000) $9,161 Shares 144,363 Est. Cost $39.82 Unrealized +62.6%

BLD TopBuild Corp. 0.5%

Value ($000) $14,929 Shares 35,785 Est. Cost $135.59 Unrealized +216.2%

DHT DHT Holdings, Inc. 1.5%

Value ($000) $43,871 Shares 3,593,075 Est. Cost $4.86 Unrealized +152.5%

BKNG Booking Holdings Inc. 2.4%

Value ($000) $70,637 Shares 13,190 Est. Cost $1973.67 Unrealized +160.3%

RLX RLX Technology, Inc. Sponsored ADR Class A 0.2%

Value ($000) $4,556 Shares 1,955,552 Est. Cost $2.11 Unrealized —

KWR Quaker Houghton 0.5%

Value ($000) $15,762 Shares 114,794 Est. Cost $130.01 Unrealized +3.9%

WTW Willis Towers Watson Public Limited Company 0.4%

Value ($000) $10,590 Shares 32,227 Est. Cost $114.79 Unrealized +184.4%

FWONK Liberty Media Corp. Series C Liberty Formula One 0.3%

Value ($000) $8,996 Shares 91,319 Est. Cost $62.30 Unrealized —

CZR Caesars Entertainment Inc 0.1%

Value ($000) $3,262 Shares 139,475 Est. Cost $45.80 Unrealized -50.9%

MBI MBIA Inc. 0.4%

Value ($000) $11,073 Shares 1,546,452 Est. Cost $3.49 Unrealized +107.3%

UNP Union Pacific Corporation 0.5%

Value ($000) $15,833 Shares 68,445 Est. Cost $91.02 Unrealized +149.7%

L Loews Corporation 0.3%

Value ($000) $9,602 Shares 91,178 Est. Cost $44.38 Unrealized +132.6%

COP ConocoPhillips 0.9%

Value ($000) $26,431 Shares 282,352 Est. Cost $71.17 Unrealized +26.5%

CRH CRH Plc 0.4%

Value ($000) $10,326 Shares 82,739 Est. Cost $70.71 Unrealized +68.5%

XOM Exxon Mobil Corporation 0.2%

Value ($000) $5,998 Shares 49,840 Est. Cost $110.09 Unrealized +4.9%

QCOM QUALCOMM Incorporated 0.4%

Value ($000) $11,605 Shares 67,848 Est. Cost $117.58 Unrealized +45.3%

V Visa Inc. Class A 0.4%

Value ($000) $10,844 Shares 30,919 Est. Cost $218.52 Unrealized +55.8%

LBRDK Liberty Broadband Corp. Class C 0.0%

Value ($000) $469 Shares 9,658 Est. Cost $81.23 Unrealized -36.0%

VTS Vitesse Energy, Inc. 0.0%

Value ($000) $661 Shares 34,309 Est. Cost $18.14 Unrealized +17.7%

SIRI Liberty Sirius Xm Holdings Inc 0.0%

Value ($000) $815 Shares 40,777 Est. Cost $31.06 Unrealized -30.8%

MNTK Montauk Renewables, Inc. 0.0%

Value ($000) $662 Shares 396,250 Est. Cost $7.85 Unrealized -75.5%

DIS Walt Disney Company 0.4%

Value ($000) $11,686 Shares 102,717 Est. Cost $123.46 Unrealized -11.3%

CVX Chevron Corporation 0.2%

Value ($000) $5,867 Shares 38,498 Est. Cost $140.68 Unrealized +7.6%

LILAK Liberty Latin America Ltd. Class C 0.0%

Value ($000) $696 Shares 93,335 Est. Cost $15.51 Unrealized -47.0%

THO Thor Industries, Inc. 0.2%

Value ($000) $6,653 Shares 64,796 Est. Cost $75.37 Unrealized +37.0%

CTVA Corteva Inc 0.2%

Value ($000) $5,900 Shares 88,024 Est. Cost $47.09 Unrealized +37.1%

FNKO Funko, Inc. Class A 0.2%

Value ($000) $4,781 Shares 1,406,226 Est. Cost $3.71 Unrealized -15.3%

LILA Liberty Latin America Ltd. Class A 0.0%

Value ($000) $514 Shares 69,508 Est. Cost $18.67 Unrealized -56.5%

DSX Diana Shipping Inc. 0.1%

Value ($000) $3,201 Shares 1,928,255 Est. Cost $2.55 Unrealized -31.8%

FWONA Liberty Media Corp. Series A Liberty Formula One 0.0%

Value ($000) $407 Shares 4,551 Est. Cost $56.54 Unrealized —

FCFS FirstCash Holdings, Inc. 0.3%

Value ($000) $8,921 Shares 55,971 Est. Cost $74.49 Unrealized +110.8%

DSX/WS Diana Shipping Inc Warrant 0.0%

Value ($000) $34 Shares 419,638 Est. Cost $0.28 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AA	Alcoa Corporation	534,149	$28,385	1.0%	$30.17	+35.5%	Common Stocks	013872106
MPC	Marathon Petroleum Corporation	169,378	$27,546	0.9%	$82.65	+125.5%	Common Stocks	56585A102
AAL	American Airlines Group Inc.	1,259,297	$19,305	0.7%	$20.94	-35.6%	Common Stocks	02376R102
STLD	Steel Dynamics, Inc.	163,557	$27,715	0.9%	$86.17	+83.8%	Common Stocks	858119100
AMZN	Amazon.com, Inc.	424,002	$97,868	3.3%	$129.41	+76.8%	Common Stocks	023135106
MS	Morgan Stanley	191,505	$33,998	1.2%	$58.85	+182.9%	Common Stocks	617446448
AMAT	Applied Materials, Inc.	51,357	$13,198	0.4%	$138.19	+73.3%	Common Stocks	038222105
CRESY	Cresud SA Sponsored ADR	621,279	$7,847	0.3%	$8.24	—	Common Stocks	226406106
PYPL	PayPal Holdings, Inc.	199,370	$11,639	0.4%	$46.70	+38.8%	Common Stocks	70450Y103
JEF	Jefferies Financial Group Inc.	486,332	$30,138	1.0%	$23.53	+141.0%	Common Stocks	47233W109
LSAK	Lesaka Technologies, Inc.	2,733,270	$13,038	0.4%	$4.96	-16.2%	Common Stocks	64107N206
INSW	International Seaways, Inc.	686,955	$33,352	1.1%	$22.44	+117.6%	Common Stocks	Y41053102
VICI	VICI Properties Inc	319,686	$8,990	0.3%	$26.39	+11.0%	Common Stocks	925652109
CFG	Citizens Financial Group, Inc.	286,661	$16,744	0.6%	$18.49	+189.8%	Common Stocks	174610105
CBRE	CBRE Group, Inc. Class A	560,864	$90,181	3.1%	$44.68	+251.9%	Common Stocks	12504L109
KR	Kroger Co.	242,595	$15,157	0.5%	$26.29	+148.1%	Common Stocks	501044101
MGM	MGM Resorts International	729,815	$26,631	0.9%	$23.55	+44.1%	Common Stocks	552953101
BIO	Bio-Rad Laboratories, Inc. Class A	53,968	$16,352	0.6%	$273.08	+14.3%	Common Stocks	090572207
SCHW	Charles Schwab Corp	273,683	$27,344	0.9%	$51.78	+82.9%	Common Stocks	808513105
EPAM	EPAM Systems, Inc.	20,009	$4,099	0.1%	$78.73	+126.5%	Common Stocks	29414B104
MAS	Masco Corporation	144,363	$9,161	0.3%	$39.82	+62.6%	Common Stocks	574599106
BLD	TopBuild Corp.	35,785	$14,929	0.5%	$135.59	+216.2%	Common Stocks	89055F103
DHT	DHT Holdings, Inc.	3,593,075	$43,871	1.5%	$4.86	+152.5%	Common Stocks	Y2065G121
BKNG	Booking Holdings Inc.	13,190	$70,637	2.4%	$1973.67	+160.3%	Common Stocks	09857L108
RLX	RLX Technology, Inc. Sponsored ADR Class A	1,955,552	$4,556	0.2%	$2.11	—	Common Stocks	74969N103
KWR	Quaker Houghton	114,794	$15,762	0.5%	$130.01	+3.9%	Common Stocks	747316107
WTW	Willis Towers Watson Public Limited Company	32,227	$10,590	0.4%	$114.79	+184.4%	Common Stocks	G96629103
FWONK	Liberty Media Corp. Series C Liberty Formula One	91,319	$8,996	0.3%	$62.30	—	Common Stocks	531229755
CZR	Caesars Entertainment Inc	139,475	$3,262	0.1%	$45.80	-50.9%	Common Stocks	12769G100
MBI	MBIA Inc.	1,546,452	$11,073	0.4%	$3.49	+107.3%	Common Stocks	55262C100
UNP	Union Pacific Corporation	68,445	$15,833	0.5%	$91.02	+149.7%	Common Stocks	907818108
L	Loews Corporation	91,178	$9,602	0.3%	$44.38	+132.6%	Common Stocks	540424108
COP	ConocoPhillips	282,352	$26,431	0.9%	$71.17	+26.5%	Common Stocks	20825C104
CRH	CRH Plc	82,739	$10,326	0.4%	$70.71	+68.5%	Common Stocks	G25508105
XOM	Exxon Mobil Corporation	49,840	$5,998	0.2%	$110.09	+4.9%	Common Stocks	30231G102
QCOM	QUALCOMM Incorporated	67,848	$11,605	0.4%	$117.58	+45.3%	Common Stocks	747525103
V	Visa Inc. Class A	30,919	$10,844	0.4%	$218.52	+55.8%	Common Stocks	92826C839
LBRDK	Liberty Broadband Corp. Class C	9,658	$469	0.0%	$81.23	-36.0%	Common Stocks	530307305
VTS	Vitesse Energy, Inc.	34,309	$661	0.0%	$18.14	+17.7%	Common Stocks	92852X103
SIRI	Liberty Sirius Xm Holdings Inc	40,777	$815	0.0%	$31.06	-30.8%	Common Stocks	829933100
MNTK	Montauk Renewables, Inc.	396,250	$662	0.0%	$7.85	-75.5%	Common Stocks	61218C103
DIS	Walt Disney Company	102,717	$11,686	0.4%	$123.46	-11.3%	Common Stocks	254687106
CVX	Chevron Corporation	38,498	$5,867	0.2%	$140.68	+7.6%	Common Stocks	166764100
LILAK	Liberty Latin America Ltd. Class C	93,335	$696	0.0%	$15.51	-47.0%	Common Stocks	G9001E128
THO	Thor Industries, Inc.	64,796	$6,653	0.2%	$75.37	+37.0%	Common Stocks	885160101
CTVA	Corteva Inc	88,024	$5,900	0.2%	$47.09	+37.1%	Common Stocks	22052L104
FNKO	Funko, Inc. Class A	1,406,226	$4,781	0.2%	$3.71	-15.3%	Common Stocks	361008105
LILA	Liberty Latin America Ltd. Class A	69,508	$514	0.0%	$18.67	-56.5%	Common Stocks	G9001E102
DSX	Diana Shipping Inc.	1,928,255	$3,201	0.1%	$2.55	-31.8%	Common Stocks	Y2066G104
FWONA	Liberty Media Corp. Series A Liberty Formula One	4,551	$407	0.0%	$56.54	—	Common Stocks	531229771
FCFS	FirstCash Holdings, Inc.	55,971	$8,921	0.3%	$74.49	+110.8%	Common Stocks	33768G107
DSX/WS	Diana Shipping Inc Warrant	419,638	$34	0.0%	$0.28	—	Warrants	Y2066G138