Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AYASF	AYA GOLD & SILVE	1,125,000	$21.26M	2.0%	$18.90	—	COM	05466C109
FNV	FRANCO-NEVADA CO ⚠	78,532	$16.37M	1.6%	$129.31	—	COM	351858105
PAAS	PAN AMER SILVER ⚠	103,000	$4.613M	0.4%	$39.52	—	COM	697900108
TFPM	TRIPLE FLAG ⚠	112,000	$3.357M	0.3%	$25.63	—	COM	89679M104
ASM	AVINO SILVER ⚠	510,000	$3.226M	0.3%	$6.69	—	COM	053906103
OR	OR ROYALTIES INC. ⚠	82,500	$2.609M	0.3%	$32.16	—	COM SHS	68390D106
CCL	CARNIVAL CORP LTD	52,500	$1.5M	0.1%	$28.57	—	COMMON SHARES	G2004J103
AXP	AMERICAN EXPRESS CO	3,930	$1.329M	0.1%	$338.25	—	COM	025816109
OCANF	OCEANAGOLD CORP	50,000	$1.251M	0.1%	$25.01	—	COM NEW	675222400
INSW	INTERNATIONAL SE	11,130	$852K	0.1%	$76.59	—	COM	Y41053102
BX	BLACKSTONE INC	6,300	$741K	0.1%	$117.67	—	COM	09260D107
SSMR	SUNSHINE SILVER MNG & REFNG	55,000	$727K	0.1%	$13.22	—	COMMON STOCK	867866105
STNG	SCORPIO TANKERS	9,480	$657K	0.1%	$69.26	—	SHS	Y7542C130
AAPL	APPLE INC	2,000	$579K	0.1%	$289.36	—	COM	037833100
SIND	SINDA LTD	35,000	$420K	0.0%	$12.00	—	COMMON STOCK	G81569108
ESEA	EUROSEAS LTD	5,000	$332K	0.0%	$66.37	—	SHS	Y23592135
FRVO	FERVO ENERGY CO	10,000	$292K	0.0%	$29.23	—	CL A COM	31556C106

Increased Positions (39)

LUV SOUTHWEST AIR 9.8%

Value $102M (+62.9%) Shares 1,985,637 (+19.0%) Est. Cost $37.83 Unrealized —

ALGT ALLEGIANT TRAVEL 3.9%

Value $40.84M (+68.4%) Shares 347,245 (+16.0%) Est. Cost $86.86 Unrealized —

WPM WHEATON PRECIOUS 1.5%

Value $15.66M (+311.3%) Shares 139,426 (+379.7%) Est. Cost $96.55 Unrealized —

ALK ALASKA AIR GROUP 3.2%

Value $33.39M (+52.2%) Shares 639,713 (+7.2%) Est. Cost $45.69 Unrealized —

JBLU JETBLUE AIRWAYS 3.3%

Value $34.36M (+40.2%) Shares 5,996,231 (+8.2%) Est. Cost $7.98 Unrealized —

SABR SABRE CORP 2.0%

Value $20.66M (+89.1%) Shares 9,885,943 (+31.2%) Est. Cost $2.69 Unrealized —

SKYW SKYWEST INC 3.2%

Value $33.09M (+39.9%) Shares 333,087 (+29.3%) Est. Cost $54.81 Unrealized —

EXPE EXPEDIA GROUP IN 1.8%

Value $18.92M (+46.3%) Shares 73,940 (+32.0%) Est. Cost $182.25 Unrealized —

EXK ENDEAVOUR SILVER 0.8%

Value $8.642M (+213.5%) Shares 1,043,200 (+253.4%) Est. Cost $7.02 Unrealized —

BKNG BOOKING HOLDINGS 1.7%

Value $18.1M (+42.9%) Shares 101,546 (+3275.9%) Est. Cost $248.72 Unrealized —

TRIP TRIPADVISOR INC 1.8%

Value $19.11M (+30.6%) Shares 1,393,974 (+1.5%) Est. Cost $21.69 Unrealized —

GD GENERAL DYNAMICS 1.6%

Value $16.4M (+32.4%) Shares 46,295 (+28.3%) Est. Cost $204.62 Unrealized —

TXT TEXTRON INC 1.6%

Value $16.25M (+32.6%) Shares 177,167 (+26.6%) Est. Cost $72.23 Unrealized —

BA BOEING CO/THE 1.6%

Value $16.22M (+30.2%) Shares 74,907 (+19.7%) Est. Cost $177.34 Unrealized —

RYAAY RYANAIR HLDG-ADR 0.9%

Value $9.049M (+50.2%) Shares 139,753 (+34.1%) Est. Cost $63.97 Unrealized —

USAS AMERICAS GOLD AN 1.2%

Value $12.39M (+31.8%) Shares 2,625,000 (+45.8%) Est. Cost $4.15 Unrealized —

LTM LATAM AIRLINES G 0.9%

Value $9.393M (+39.6%) Shares 161,198 (+18.4%) Est. Cost $48.70 Unrealized —

FSM FORTUNA MINING C 0.6%

Value $6.283M (+64.9%) Shares 743,591 (+93.8%) Est. Cost $8.73 Unrealized —

CPA COPA HOLDIN-CL A 0.4%

Value $4.641M (+43.3%) Shares 29,833 (+4.7%) Est. Cost $84.71 Unrealized —

OMAB GRUPO AEROPO-ADR 0.5%

Value $4.734M (+36.8%) Shares 41,857 (+38.8%) Est. Cost $106.89 Unrealized —

ASR GRUPO AEROPO-ADR 0.4%

Value $4.485M (+33.6%) Shares 14,624 (+46.4%) Est. Cost $297.16 Unrealized —

HSLV HIGHLANDER SILVE 0.1%

Value $1.523M (+243.6%) Shares 325,000 (+16.1%) Est. Cost $2.01 Unrealized —

VIK VIKING HOLDINGS LTD 0.2%

Value $1.982M (+118.7%) Shares 18,935 (+53.5%) Est. Cost $78.05 Unrealized —

TCOM TRIP.COM GRO-ADR 0.7%

Value $6.983M (+13.7%) Shares 175,270 (+42.1%) Est. Cost $38.59 Unrealized —

NEM NEWMONT CORP 0.4%

Value $4.646M (+16.5%) Shares 49,739 (+35.1%) Est. Cost $111.70 Unrealized —

WDS WOODSIDE ENERGY GROUP LTD 0.2%

Value $2.415M (+34.8%) Shares 125,000 (+66.7%) Est. Cost $19.40 Unrealized —

BMM BLUE MOON METALS 0.1%

Value $1.267M (+95.4%) Shares 200,000 (+100.0%) Est. Cost $5.20 Unrealized —

DHT DHT HOLDINGS INC 0.1%

Value $897K (+136.3%) Shares 54,236 (+161.2%) Est. Cost $15.68 Unrealized —

B BARRICK MNG CORP 0.6%

Value $6.244M (+7.1%) Shares 170,000 (+19.0%) Est. Cost $34.04 Unrealized —

HMY HARMONY GOLD-ADR 0.6%

Value $6.52M (+6.6%) Shares 428,647 (+7.7%) Est. Cost $11.24 Unrealized —

ARIS ARIS MINING CORP 0.6%

Value $5.953M (-5.8%) Shares 400,000 (+17.6%) Est. Cost $8.17 Unrealized —

EL LAUDER ESTEE COS INC 0.1%

Value $1.247M (+33.7%) Shares 15,800 (+21.5%) Est. Cost $96.49 Unrealized —

TOL TOLL BROTHERS INC 0.1%

Value $1.038M (+40.8%) Shares 6,300 (+16.7%) Est. Cost $152.07 Unrealized —

IE IVANHOE ELECTRIC 0.0%

Value $495K (+58.0%) Shares 51,499 (+94.3%) Est. Cost $10.25 Unrealized —

LVS LAS VEGAS SANDS CORP 0.1%

Value $818K (+24.4%) Shares 17,700 (+45.1%) Est. Cost $56.53 Unrealized —

MGM MGM RESORTS INTERNATIONAL 0.0%

Value $244K (+163.5%) Shares 5,100 (+104.0%) Est. Cost $41.58 Unrealized —

PZG PARAMOUNT GOLD NEV CORP 0.0%

Value $228K (-19.2%) Shares 200,000 (+17.6%) Est. Cost $1.08 Unrealized —

FDX FEDEX CORP 0.0%

Value $507K (-4.2%) Shares 1,618 (+9.0%) Est. Cost $254.27 Unrealized —

ZTO ZTO EXPRESS -ADR 0.1%

Value $544K (-3.3%) Shares 24,296 (+8.8%) Est. Cost $22.26 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LUV	SOUTHWEST AIR	1,985,637 (+19.0%)	$102M (+62.9%)	9.8%	$37.83	—	COM	844741108
ALGT	ALLEGIANT TRAVEL	347,245 (+16.0%)	$40.84M (+68.4%)	3.9%	$86.86	—	COM	01748X102
WPM	WHEATON PRECIOUS	139,426 (+379.7%)	$15.66M (+311.3%)	1.5%	$96.55	—	COM	962879102
ALK	ALASKA AIR GROUP	639,713 (+7.2%)	$33.39M (+52.2%)	3.2%	$45.69	—	COM	011659109
JBLU	JETBLUE AIRWAYS	5,996,231 (+8.2%)	$34.36M (+40.2%)	3.3%	$7.98	—	COM	477143101
SABR	SABRE CORP	9,885,943 (+31.2%)	$20.66M (+89.1%)	2.0%	$2.69	—	COM	78573M104
SKYW	SKYWEST INC	333,087 (+29.3%)	$33.09M (+39.9%)	3.2%	$54.81	—	COM	830879102
EXPE	EXPEDIA GROUP IN	73,940 (+32.0%)	$18.92M (+46.3%)	1.8%	$182.25	—	COM NEW	30212P303
EXK	ENDEAVOUR SILVER	1,043,200 (+253.4%)	$8.642M (+213.5%)	0.8%	$7.02	—	COM	29258Y103
BKNG	BOOKING HOLDINGS	101,546 (+3275.9%)	$18.1M (+42.9%)	1.7%	$248.72	—	COM	09857L108
TRIP	TRIPADVISOR INC	1,393,974 (+1.5%)	$19.11M (+30.6%)	1.8%	$21.69	—	COM	896945201
GD	GENERAL DYNAMICS	46,295 (+28.3%)	$16.4M (+32.4%)	1.6%	$204.62	—	COM	369550108
TXT	TEXTRON INC	177,167 (+26.6%)	$16.25M (+32.6%)	1.6%	$72.23	—	COM	883203101
BA	BOEING CO/THE	74,907 (+19.7%)	$16.22M (+30.2%)	1.6%	$177.34	—	COM	097023105
RYAAY	RYANAIR HLDG-ADR	139,753 (+34.1%)	$9.049M (+50.2%)	0.9%	$63.97	—	SPONSORED ADR	783513203
USAS	AMERICAS GOLD AN	2,625,000 (+45.8%)	$12.39M (+31.8%)	1.2%	$4.15	—	COM NEW	03062D803
LTM	LATAM AIRLINES G	161,198 (+18.4%)	$9.393M (+39.6%)	0.9%	$48.70	—	SPONSORED ADR	51817R205
FSM	FORTUNA MINING C	743,591 (+93.8%)	$6.283M (+64.9%)	0.6%	$8.73	—	COM NEW	349942102
CPA	COPA HOLDIN-CL A	29,833 (+4.7%)	$4.641M (+43.3%)	0.4%	$84.71	—	CL A	P31076105
OMAB	GRUPO AEROPO-ADR	41,857 (+38.8%)	$4.734M (+36.8%)	0.5%	$106.89	—	SPON ADR	400501102
ASR	GRUPO AEROPO-ADR	14,624 (+46.4%)	$4.485M (+33.6%)	0.4%	$297.16	—	SPON ADR SER B	40051E202
HSLV	HIGHLANDER SILVE	325,000 (+16.1%)	$1.523M (+243.6%)	0.1%	$2.01	—	COM	43087N204
VIK	VIKING HOLDINGS LTD	18,935 (+53.5%)	$1.982M (+118.7%)	0.2%	$78.05	—	ORD SHS	G93A5A101
TCOM	TRIP.COM GRO-ADR	175,270 (+42.1%)	$6.983M (+13.7%)	0.7%	$38.59	—	ADS	89677Q107
NEM	NEWMONT CORP	49,739 (+35.1%)	$4.646M (+16.5%)	0.4%	$111.70	—	COM	651639106
WDS	WOODSIDE ENERGY GROUP LTD	125,000 (+66.7%)	$2.415M (+34.8%)	0.2%	$19.40	—	SPONSORED ADR	980228308
BMM	BLUE MOON METALS	200,000 (+100.0%)	$1.267M (+95.4%)	0.1%	$5.20	—	COM	09570Q509
DHT	DHT HOLDINGS INC	54,236 (+161.2%)	$897K (+136.3%)	0.1%	$15.68	—	SHS NEW	Y2065G121
B	BARRICK MNG CORP	170,000 (+19.0%)	$6.244M (+7.1%)	0.6%	$34.04	—	COM SHS	06849F108
HMY	HARMONY GOLD-ADR	428,647 (+7.7%)	$6.52M (+6.6%)	0.6%	$11.24	—	SPONSORED ADR	413216300
ARIS	ARIS MINING CORP	400,000 (+17.6%)	$5.953M (-5.8%)	0.6%	$8.17	—	COM	04040Y109
EL	LAUDER ESTEE COS INC	15,800 (+21.5%)	$1.247M (+33.7%)	0.1%	$96.49	—	CL A	518439104
TOL	TOLL BROTHERS INC	6,300 (+16.7%)	$1.038M (+40.8%)	0.1%	$152.07	—	COM	889478103
IE	IVANHOE ELECTRIC	51,499 (+94.3%)	$495K (+58.0%)	0.0%	$10.25	—	COM	46578C108
LVS	LAS VEGAS SANDS CORP	17,700 (+45.1%)	$818K (+24.4%)	0.1%	$56.53	—	COM	517834107
MGM	MGM RESORTS INTERNATIONAL	5,100 (+104.0%)	$244K (+163.5%)	0.0%	$41.58	—	COM	552953101
PZG	PARAMOUNT GOLD NEV CORP	200,000 (+17.6%)	$228K (-19.2%)	0.0%	$1.08	—	COM	69924M109
FDX	FEDEX CORP	1,618 (+9.0%)	$507K (-4.2%)	0.0%	$254.27	—	COM	31428X106
ZTO	ZTO EXPRESS -ADR	24,296 (+8.8%)	$544K (-3.3%)	0.1%	$22.26	—	SPONSORED ADS A	98980A105

Exited Positions (20)

DRD DRDGOLD LIMITED 0.7%

Value $7.212M Shares 245,545 Est. Cost $16.75 Unrealized —

KGC KINROSS GOLD 0.6%

Value $5.962M Shares 195,363 Est. Cost $22.74 Unrealized —

ORLA ORLA MINING LTD 0.4%

Value $3.966M Shares 246,374 Est. Cost $16.53 Unrealized —

ELE ELEMENTAL ROYALT 0.3%

Value $2.827M Shares 150,000 Est. Cost $15.55 Unrealized —

CCL CARNIVAL CORP 0.1%

Value $1.359M Shares 52,500 Est. Cost $19.32 Unrealized —

SA SEABRIDGE GOLD INC 0.1%

Value $1.134M Shares 40,000 Est. Cost $13.43 Unrealized —

AG FIRST MAJESTIC SILVER CORP 0.1%

Value $1.074M Shares 50,000 Est. Cost $22.52 Unrealized —

EXE EXPAND ENERGY CORPORATION 0.1%

Value $823K Shares 7,500 Est. Cost $105.80 Unrealized —

EQT EQT CORP 0.1%

Value $764K Shares 12,000 Est. Cost $55.27 Unrealized —

CTRA COTERRA ENERGY INC 0.1%

Value $703K Shares 20,000 Est. Cost $28.33 Unrealized —

BG BUNGE GLOBAL SA 0.0%

Value $509K Shares 4,000 Est. Cost $91.86 Unrealized —

TRMD TORM PLC-A 0.0%

Value $396K Shares 14,192 Est. Cost $24.17 Unrealized —

MATX MATSON INC 0.0%

Value $384K Shares 2,343 Est. Cost $107.05 Unrealized —

CNR CORE NATURAL RESOURCES INC 0.0%

Value $325K Shares 3,100 Est. Cost $92.80 Unrealized —

HYMC HYCROFT MINING HOLDING CORP 0.0%

Value $317K Shares 9,000 Est. Cost $11.07 Unrealized —

BTU PEABODY ENGR CORP 0.0%

Value $283K Shares 8,600 Est. Cost $34.75 Unrealized —

SLI STANDARD LITHIUM LTD 0.0%

Value $256K Shares 75,000 Est. Cost $1.84 Unrealized —

FURY FURY GOLD MINES 0.0%

Value $214K Shares 350,000 Est. Cost $0.72 Unrealized —

EU ENCORE ENERGY CO 0.0%

Value $90,661 Shares 50,000 Est. Cost $2.33 Unrealized —

AA ALCOA CORP 0.0%

Value $66,330 Shares 1,000 Est. Cost $61.09 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DRD	DRDGOLD LIMITED	245,545	$7.212M	0.7%	$16.75	—	—	26152H301
KGC	KINROSS GOLD	195,363	$5.962M	0.6%	$22.74	—	—	496902404
ORLA	ORLA MINING LTD	246,374	$3.966M	0.4%	$16.53	—	—	68634K106
ELE	ELEMENTAL ROYALT	150,000	$2.827M	0.3%	$15.55	—	—	28620K106
CCL	CARNIVAL CORP	52,500	$1.359M	0.1%	$19.32	—	—	143658300
SA	SEABRIDGE GOLD INC	40,000	$1.134M	0.1%	$13.43	—	—	811916105
AG	FIRST MAJESTIC SILVER CORP	50,000	$1.074M	0.1%	$22.52	—	—	32076V103
EXE	EXPAND ENERGY CORPORATION	7,500	$823K	0.1%	$105.80	—	—	165167735
EQT	EQT CORP	12,000	$764K	0.1%	$55.27	—	—	26884L109
CTRA	COTERRA ENERGY INC	20,000	$703K	0.1%	$28.33	—	—	127097103
BG	BUNGE GLOBAL SA	4,000	$509K	0.0%	$91.86	—	—	H11356104
TRMD	TORM PLC-A	14,192	$396K	0.0%	$24.17	—	—	G89479102
MATX	MATSON INC	2,343	$384K	0.0%	$107.05	—	—	57686G105
CNR	CORE NATURAL RESOURCES INC	3,100	$325K	0.0%	$92.80	—	—	218937100
HYMC	HYCROFT MINING HOLDING CORP	9,000	$317K	0.0%	$11.07	—	—	44862P208
BTU	PEABODY ENGR CORP	8,600	$283K	0.0%	$34.75	—	—	704551100
SLI	STANDARD LITHIUM LTD	75,000	$256K	0.0%	$1.84	—	—	853606101
FURY	FURY GOLD MINES	350,000	$214K	0.0%	$0.72	—	—	36117T100
EU	ENCORE ENERGY CO	50,000	$90,661	0.0%	$2.33	—	—	29259W700
AA	ALCOA CORP	1,000	$66,330	0.0%	$61.09	—	—	013872106

Decreased Positions (38)

AAL AMERICAN AIRLINE 10.4%

Value $108M (+56.9%) Shares 6,001,172 (-6.7%) Est. Cost $14.78 Unrealized —

DAL DELTA AIR LI 9.7%

Value $101M (+29.3%) Shares 1,075,013 (-8.3%) Est. Cost $34.35 Unrealized —

RGLD ROYAL GOLD INC 0.0%

Value $251K (-98.8%) Shares 1,255 (-98.5%) Est. Cost $196.34 Unrealized —

FNV FRANCO NEV CORP ⚠ 0.0%

Value $436K (-97.9%) Shares 2,090 (-97.5%) Est. Cost $129.31 Unrealized —

ULCC FRONTIER GROUP H 3.7%

Value $38.87M (+62.4%) Shares 4,914,655 (-27.5%) Est. Cost $5.11 Unrealized —

GFI GOLD FIELDS LTD 0.1%

Value $840K (-94.2%) Shares 25,000 (-92.1%) Est. Cost $39.47 Unrealized —

AU ANGLOGOLD ASHANTI PLC 0.1%

Value $809K (-93.6%) Shares 10,000 (-92.3%) Est. Cost $61.11 Unrealized —

CDE COEUR MNG INC 0.7%

Value $7.169M (-54.0%) Shares 439,303 (-47.1%) Est. Cost $15.11 Unrealized —

AEM AGNICO EAGLE MINES LTD 0.4%

Value $4.654M (-61.2%) Shares 30,000 (-49.3%) Est. Cost $137.69 Unrealized —

AGI ALAMOS GOLD INC NEW 0.3%

Value $3.034M (-66.0%) Shares 100,000 (-50.3%) Est. Cost $37.03 Unrealized —

AUGO AURA MINERALS INC 0.3%

Value $3.147M (-61.4%) Shares 50,000 (-50.0%) Est. Cost $28.59 Unrealized —

OR OR ROYALTIES INC ⚠ 1.5%

Value $15.76M (-22.5%) Shares 498,223 (-6.8%) Est. Cost $32.16 Unrealized —

SCZM SANTACRUZ SILVER 0.2%

Value $2.266M (-66.7%) Shares 350,000 (-55.2%) Est. Cost $8.70 Unrealized —

IAG IAMGOLD CORP 1.3%

Value $13.92M (-23.9%) Shares 878,486 (-9.6%) Est. Cost $12.14 Unrealized —

SVM SILVERCORP METALS INC 0.2%

Value $2.525M (-61.9%) Shares 250,000 (-59.5%) Est. Cost $8.10 Unrealized —

CGAU CENTERRA GOLD IN 0.5%

Value $4.747M (-39.2%) Shares 300,000 (-31.6%) Est. Cost $12.52 Unrealized —

EMBJ EMBRAER SA-ADR 0.5%

Value $4.72M (-29.6%) Shares 73,982 (-34.5%) Est. Cost $40.50 Unrealized —

XOM EXXON MOBIL CORP 0.1%

Value $1.162M (-60.9%) Shares 8,500 (-51.4%) Est. Cost $115.86 Unrealized —

NTR NUTRIEN LTD 0.2%

Value $1.574M (-30.5%) Shares 25,000 (-16.7%) Est. Cost $54.60 Unrealized —

HAFN HAFNIA LTD 0.0%

Value $333K (-58.4%) Shares 50,084 (-52.4%) Est. Cost $6.21 Unrealized —

MTA METALLA RTY & STREAMING LTD 0.4%

Value $4.25M (+10.8%) Shares 558,500 (-3.5%) Est. Cost $5.80 Unrealized —

DAC DANAOS CORP 0.0%

Value $343K (-52.5%) Shares 2,804 (-56.3%) Est. Cost $99.40 Unrealized —

VLO VALERO ENERGY CORP 0.0%

Value $391K (-47.3%) Shares 1,500 (-50.0%) Est. Cost $167.47 Unrealized —

BWLP BW LPG LTD 0.1%

Value $591K (-32.8%) Shares 33,953 (-31.7%) Est. Cost $14.49 Unrealized —

CCJ CAMECO CORP 0.0%

Value $255K (-53.1%) Shares 2,500 (-50.0%) Est. Cost $64.67 Unrealized —

ITRG INTEGRA RES CORP 0.1%

Value $795K (-25.9%) Shares 350,000 (-10.9%) Est. Cost $3.18 Unrealized —

BKR BAKER HUGHES COMPANY 0.0%

Value $278K (-46.5%) Shares 5,000 (-41.2%) Est. Cost $41.90 Unrealized —

AMZN AMAZON COM INC 0.2%

Value $1.788M (-9.7%) Shares 7,500 (-21.1%) Est. Cost $226.83 Unrealized —

LTH LIFE TIME GROUP HOLDINGS INC 0.1%

Value $1.291M (+16.6%) Shares 31,600 (-23.1%) Est. Cost $29.45 Unrealized —

TK TEEKAY CORP LTD 0.1%

Value $610K (-20.5%) Shares 61,009 (-2.9%) Est. Cost $10.43 Unrealized —

TSLA TESLA INC 0.3%

Value $2.713M (+2.8%) Shares 6,450 (-9.2%) Est. Cost $369.57 Unrealized —

TNK TEEKAY TANK-CL A 0.0%

Value $326K (-17.3%) Shares 5,030 (-6.6%) Est. Cost $58.64 Unrealized —

MMYT MAKEMYTRIP LTD 0.5%

Value $5.296M (+0.9%) Shares 99,379 (-29.4%) Est. Cost $59.55 Unrealized —

UBS UBS GROUP AG 0.1%

Value $1.105M (+1.8%) Shares 22,300 (-19.8%) Est. Cost $41.02 Unrealized —

UPS UNITED PARCEL-B 0.1%

Value $541K (+2.7%) Shares 5,034 (-6.0%) Est. Cost $114.46 Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 0.1%

Value $1.305M (+1.0%) Shares 3,950 (-7.1%) Est. Cost $239.08 Unrealized —

EXPD EXPEDITORS INTL 0.1%

Value $536K (+1.4%) Shares 3,286 (-10.9%) Est. Cost $129.68 Unrealized —

MAR MARRIOTT INTL INC NEW 0.1%

Value $945K (-0.4%) Shares 2,550 (-12.1%) Est. Cost $285.32 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAL	AMERICAN AIRLINE	6,001,172 (-6.7%)	$108M (+56.9%)	10.4%	$14.78	—	COM	02376R102
DAL	DELTA AIR LI	1,075,013 (-8.3%)	$101M (+29.3%)	9.7%	$34.35	—	COM NEW	247361702
RGLD	ROYAL GOLD INC	1,255 (-98.5%)	$251K (-98.8%)	0.0%	$196.34	—	COM	780287108
FNV	FRANCO NEV CORP ⚠	2,090 (-97.5%)	$436K (-97.9%)	0.0%	$129.31	—	COM	351858105
ULCC	FRONTIER GROUP H	4,914,655 (-27.5%)	$38.87M (+62.4%)	3.7%	$5.11	—	COM	35909R108
GFI	GOLD FIELDS LTD	25,000 (-92.1%)	$840K (-94.2%)	0.1%	$39.47	—	SPONSORED ADR	38059T106
AU	ANGLOGOLD ASHANTI PLC	10,000 (-92.3%)	$809K (-93.6%)	0.1%	$61.11	—	COM SHS	G0378L100
CDE	COEUR MNG INC	439,303 (-47.1%)	$7.169M (-54.0%)	0.7%	$15.11	—	COM NEW	192108504
AEM	AGNICO EAGLE MINES LTD	30,000 (-49.3%)	$4.654M (-61.2%)	0.4%	$137.69	—	COM	008474108
AGI	ALAMOS GOLD INC NEW	100,000 (-50.3%)	$3.034M (-66.0%)	0.3%	$37.03	—	COM CL A	011532108
AUGO	AURA MINERALS INC	50,000 (-50.0%)	$3.147M (-61.4%)	0.3%	$28.59	—	SHS NEW	G06973112
OR	OR ROYALTIES INC ⚠	498,223 (-6.8%)	$15.76M (-22.5%)	1.5%	$32.16	—	COM SHS	68390D106
SCZM	SANTACRUZ SILVER	350,000 (-55.2%)	$2.266M (-66.7%)	0.2%	$8.70	—	COM NEW SHS	80280U205
IAG	IAMGOLD CORP	878,486 (-9.6%)	$13.92M (-23.9%)	1.3%	$12.14	—	COM	450913108
SVM	SILVERCORP METALS INC	250,000 (-59.5%)	$2.525M (-61.9%)	0.2%	$8.10	—	COM	82835P103
CGAU	CENTERRA GOLD IN	300,000 (-31.6%)	$4.747M (-39.2%)	0.5%	$12.52	—	COM	152006102
EMBJ	EMBRAER SA-ADR	73,982 (-34.5%)	$4.72M (-29.6%)	0.5%	$40.50	—	SPONSORED ADS	29082A107
XOM	EXXON MOBIL CORP	8,500 (-51.4%)	$1.162M (-60.9%)	0.1%	$115.86	—	COM	30231G102
NTR	NUTRIEN LTD	25,000 (-16.7%)	$1.574M (-30.5%)	0.2%	$54.60	—	COM	67077M108
HAFN	HAFNIA LTD	50,084 (-52.4%)	$333K (-58.4%)	0.0%	$6.21	—	SHS	Y2990R101
MTA	METALLA RTY & STREAMING LTD	558,500 (-3.5%)	$4.25M (+10.8%)	0.4%	$5.80	—	COM NEW	59124U605
DAC	DANAOS CORP	2,804 (-56.3%)	$343K (-52.5%)	0.0%	$99.40	—	SHS	Y1968P121
VLO	VALERO ENERGY CORP	1,500 (-50.0%)	$391K (-47.3%)	0.0%	$167.47	—	COM	91913Y100
BWLP	BW LPG LTD	33,953 (-31.7%)	$591K (-32.8%)	0.1%	$14.49	—	COM	Y10230103
CCJ	CAMECO CORP	2,500 (-50.0%)	$255K (-53.1%)	0.0%	$64.67	—	COM	13321L108
ITRG	INTEGRA RES CORP	350,000 (-10.9%)	$795K (-25.9%)	0.1%	$3.18	—	COM	45826T509
BKR	BAKER HUGHES COMPANY	5,000 (-41.2%)	$278K (-46.5%)	0.0%	$41.90	—	CL A	05722G100
AMZN	AMAZON COM INC	7,500 (-21.1%)	$1.788M (-9.7%)	0.2%	$226.83	—	COM	023135106
LTH	LIFE TIME GROUP HOLDINGS INC	31,600 (-23.1%)	$1.291M (+16.6%)	0.1%	$29.45	—	COMMON STOCK	53190C102
TK	TEEKAY CORP LTD	61,009 (-2.9%)	$610K (-20.5%)	0.1%	$10.43	—	SHS	G8726T105
TSLA	TESLA INC	6,450 (-9.2%)	$2.713M (+2.8%)	0.3%	$369.57	—	COM	88160R101
TNK	TEEKAY TANK-CL A	5,030 (-6.6%)	$326K (-17.3%)	0.0%	$58.64	—	CL A	G8726X106
MMYT	MAKEMYTRIP LTD	99,379 (-29.4%)	$5.296M (+0.9%)	0.5%	$59.55	—	SHS	V5633W109
UBS	UBS GROUP AG	22,300 (-19.8%)	$1.105M (+1.8%)	0.1%	$41.02	—	SHS	H42097107
UPS	UNITED PARCEL-B	5,034 (-6.0%)	$541K (+2.7%)	0.1%	$114.46	—	CL B	911312106
HLT	HILTON WORLDWIDE HLDGS INC	3,950 (-7.1%)	$1.305M (+1.0%)	0.1%	$239.08	—	COM	43300A203
EXPD	EXPEDITORS INTL	3,286 (-10.9%)	$536K (+1.4%)	0.1%	$129.68	—	COM	302130109
MAR	MARRIOTT INTL INC NEW	2,550 (-12.1%)	$945K (-0.4%)	0.1%	$285.32	—	CL A	571903202

Unchanged Positions (38)

UAL UNITED AIRLINES 10.2%

Value $106M Shares 780,724 Est. Cost $42.34 Unrealized —

SBSW SIBANYE STILLWATER LTD 0.2%

Value $2.335M Shares 275,000 Est. Cost $7.22 Unrealized —

VOXR VOX ROYALTY CORP 0.8%

Value $7.861M Shares 1,662,000 Est. Cost $2.47 Unrealized —

PAAS PAN AMERN SILVER CORP ⚠ 0.3%

Value $3.295M Shares 73,555 Est. Cost $39.52 Unrealized —

RCL ROYAL CARIBBEAN GROUP 0.3%

Value $2.709M Shares 8,530 Est. Cost $187.96 Unrealized —

CAT CATERPILLAR INC 0.1%

Value $1.065M Shares 1,000 Est. Cost $555.50 Unrealized —

TTE TOTALENERGIES SE 0.2%

Value $1.711M Shares 22,000 Est. Cost $65.87 Unrealized —

TFPM TRIPLE FLAG PRECIOUS METAL ⚠ 0.2%

Value $1.798M Shares 60,000 Est. Cost $25.63 Unrealized —

SHEL SHELL PLC 0.1%

Value $1.396M Shares 18,000 Est. Cost $79.99 Unrealized —

LNG CHENIERE ENERGY INC 0.1%

Value $1.482M Shares 6,200 Est. Cost $162.24 Unrealized —

RACE FERRARI N V 0.3%

Value $2.95M Shares 7,925 Est. Cost $416.07 Unrealized —

HL HECLA MINING COMPANY 0.1%

Value $1.157M Shares 75,000 Est. Cost $24.08 Unrealized —

MUX MCEWEN INC 0.2%

Value $1.817M Shares 100,000 Est. Cost $18.60 Unrealized —

PPTA PERPETUA RESOURCES CORP 0.1%

Value $623K Shares 30,000 Est. Cost $10.12 Unrealized —

ODV OSISKO DEVELOPMENT CORP 0.1%

Value $607K Shares 250,000 Est. Cost $1.70 Unrealized —

CNL COLLECTIVE MININ 0.0%

Value $430K Shares 35,000 Est. Cost $2.97 Unrealized —

SSRM SSR MINING IN 0.3%

Value $3.111M Shares 110,000 Est. Cost $25.47 Unrealized —

MAKO MAKO MINING CORP 0.1%

Value $734K Shares 100,000 Est. Cost $6.45 Unrealized —

REAL THE REALREAL INC 0.0%

Value $377K Shares 32,000 Est. Cost $14.23 Unrealized —

RRC RANGE RES CORP 0.0%

Value $390K Shares 10,500 Est. Cost $23.37 Unrealized —

AR ANTERO RESOURCES CORP 0.0%

Value $351K Shares 10,000 Est. Cost $32.26 Unrealized —

BP BP PLC 0.0%

Value $259K Shares 7,000 Est. Cost $35.07 Unrealized —

EFXT ENERFLEX LTD 0.0%

Value $417K Shares 17,000 Est. Cost $13.30 Unrealized —

HAL HALLIBURTON CO 0.0%

Value $340K Shares 10,000 Est. Cost $26.08 Unrealized —

VMET VERSAMET ROYALTI 0.2%

Value $2.146M Shares 250,000 Est. Cost $8.78 Unrealized —

MWH SOLV ENERGY INC 0.0%

Value $409K Shares 12,000 Est. Cost $30.03 Unrealized —

WTTR SELECT WATER SOLUTIONS INC 0.0%

Value $200K Shares 10,000 Est. Cost $7.59 Unrealized —

VZLA VIZSLA SILVER CO 0.3%

Value $3.443M Shares 1,050,000 Est. Cost $1.62 Unrealized —

CME CME GROUP INC 0.0%

Value $102K Shares 461 Est. Cost $219.66 Unrealized —

SLB SCHLUMBERGER LTD 0.0%

Value $209K Shares 4,500 Est. Cost $15.47 Unrealized —

TPR TAPESTRY INC 0.1%

Value $592K Shares 4,045 Est. Cost $74.95 Unrealized —

XPL SOLITARIO RESOURCES CORP 0.0%

Value $233K Shares 310,000 Est. Cost $0.79 Unrealized —

CHIQ GLOBAL X FDS 0.0%

Value $71,145 Shares 4,500 Est. Cost $21.27 Unrealized —

AEP AMERICAN ELEC PWR CO INC 0.0%

Value $274K Shares 2,000 Est. Cost $117.70 Unrealized —

STZ CONSTELLATION BRANDS INC 0.0%

Value $139K Shares 1,000 Est. Cost $155.99 Unrealized —

GSL GLOBAL SHIP-CL A 0.1%

Value $706K Shares 18,766 Est. Cost $32.82 Unrealized —

MLCO MELCO RESORTS AND ENTMNT LTD 0.0%

Value $63,240 Shares 12,000 Est. Cost $5.68 Unrealized —

ASM AVINO SILVER & GOLD MINES LT ⚠ 0.1%

Value $634K Shares 100,000 Est. Cost $6.69 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UAL	UNITED AIRLINES	780,724	$106M	10.2%	$42.34	—	COM	910047109
SBSW	SIBANYE STILLWATER LTD	275,000	$2.335M	0.2%	$7.22	—	SPONSORED ADR	82575P107
VOXR	VOX ROYALTY CORP	1,662,000	$7.861M	0.8%	$2.47	—	COM	92919F103
PAAS	PAN AMERN SILVER CORP ⚠	73,555	$3.295M	0.3%	$39.52	—	COM	697900108
RCL	ROYAL CARIBBEAN GROUP	8,530	$2.709M	0.3%	$187.96	—	COM	V7780T103
CAT	CATERPILLAR INC	1,000	$1.065M	0.1%	$555.50	—	COM	149123101
TTE	TOTALENERGIES SE	22,000	$1.711M	0.2%	$65.87	—	ACT	F92124100
TFPM	TRIPLE FLAG PRECIOUS METAL ⚠	60,000	$1.798M	0.2%	$25.63	—	COM	89679M104
SHEL	SHELL PLC	18,000	$1.396M	0.1%	$79.99	—	SPON ADS	780259305
LNG	CHENIERE ENERGY INC	6,200	$1.482M	0.1%	$162.24	—	COM NEW	16411R208
RACE	FERRARI N V	7,925	$2.95M	0.3%	$416.07	—	COM	N3167Y103
HL	HECLA MINING COMPANY	75,000	$1.157M	0.1%	$24.08	—	COM	422704106
MUX	MCEWEN INC	100,000	$1.817M	0.2%	$18.60	—	COM NEW	58039P305
PPTA	PERPETUA RESOURCES CORP	30,000	$623K	0.1%	$10.12	—	COM	714266103
ODV	OSISKO DEVELOPMENT CORP	250,000	$607K	0.1%	$1.70	—	COM NEW	68828E809
CNL	COLLECTIVE MININ	35,000	$430K	0.0%	$2.97	—	COM	19425C100
SSRM	SSR MINING IN	110,000	$3.111M	0.3%	$25.47	—	COM	784730103
MAKO	MAKO MINING CORP	100,000	$734K	0.1%	$6.45	—	COM NEW	56089A400
REAL	THE REALREAL INC	32,000	$377K	0.0%	$14.23	—	COM	88339P101
RRC	RANGE RES CORP	10,500	$390K	0.0%	$23.37	—	COM	75281A109
AR	ANTERO RESOURCES CORP	10,000	$351K	0.0%	$32.26	—	COM	03674X106
BP	BP PLC	7,000	$259K	0.0%	$35.07	—	SPONSORED ADR	055622104
EFXT	ENERFLEX LTD	17,000	$417K	0.0%	$13.30	—	COM	29269R105
HAL	HALLIBURTON CO	10,000	$340K	0.0%	$26.08	—	COM	406216101
VMET	VERSAMET ROYALTI	250,000	$2.146M	0.2%	$8.78	—	COM NEW	92528V200
MWH	SOLV ENERGY INC	12,000	$409K	0.0%	$30.03	—	COM SHS CL A	78475V103
WTTR	SELECT WATER SOLUTIONS INC	10,000	$200K	0.0%	$7.59	—	CL A COM	81617J301
VZLA	VIZSLA SILVER CO	1,050,000	$3.443M	0.3%	$1.62	—	COM NEW	92859G608
CME	CME GROUP INC	461	$102K	0.0%	$219.66	—	COM	12572Q105
SLB	SCHLUMBERGER LTD	4,500	$209K	0.0%	$15.47	—	COM STK	806857108
TPR	TAPESTRY INC	4,045	$592K	0.1%	$74.95	—	COM	876030107
XPL	SOLITARIO RESOURCES CORP	310,000	$233K	0.0%	$0.79	—	COM	8342EP107
CHIQ	GLOBAL X FDS	4,500	$71,145	0.0%	$21.27	—	MSCI CHINA CNSMR	37950E408
AEP	AMERICAN ELEC PWR CO INC	2,000	$274K	0.0%	$117.70	—	COM	025537101
STZ	CONSTELLATION BRANDS INC	1,000	$139K	0.0%	$155.99	—	CL A	21036P108
GSL	GLOBAL SHIP-CL A	18,766	$706K	0.1%	$32.82	—	COM CL A	Y27183600
MLCO	MELCO RESORTS AND ENTMNT LTD	12,000	$63,240	0.0%	$5.68	—	ADR	585464100
ASM	AVINO SILVER & GOLD MINES LT ⚠	100,000	$634K	0.1%	$6.69	—	COM	053906103