Merewether Investment Management, LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WMB	WILLIAMS COS INC	2,341,000	$140,718	3.2%	$60.06	0.0%	COM	969457100
BP	BP PLC	3,008,100	$104,471	2.4%	$34.73	—	SPONSORED ADR	055622104
PRIM	PRIMORIS SVCS CORP	781,700	$97,040	2.2%	$130.57	0.0%	COM	74164F103
FCX	FREEPORT-MCMORAN INC	1,909,400	$96,978	2.2%	$43.31	0.0%	CL B	35671D857
Q	QNITY ELECTRONICS INC	878,048	$71,693	1.6%	$84.91	0.0%	COMMON STOCK	74743L100
CTRA	COTERRA ENERGY INC	2,073,500	$54,575	1.3%	$25.10	0.0%	COM	127097103
GM	GENERAL MTRS CO	633,300	$51,500	1.2%	$70.40	0.0%	COM	37045V100
CLF	CLEVELAND-CLIFFS INC NEW	3,096,600	$41,123	0.9%	$12.63	0.0%	COM	185899101
CTRI	CENTURI HOLDINGS INC	1,344,000	$33,936	0.8%	$22.36	0.0%	COM SHS	155923105
NUE	NUCOR CORP	203,900	$33,258	0.8%	$149.77	0.0%	COM	670346105
CGAU	CENTERRA GOLD INC	2,253,100	$32,439	0.7%	$12.52	0.0%	COM	152006102
ST	SENSATA TECHNOLOGIES HLDG PL	904,600	$30,114	0.7%	$31.98	0.0%	SHS	G8060N102
CNR	CORE NATURAL RESOURCES INC	339,400	$30,040	0.7%	$85.17	0.0%	COM SHS	218937100
PARR	PAR PAC HOLDINGS INC	734,400	$25,807	0.6%	$39.74	0.0%	COM NEW	69888T207
AR	ANTERO RESOURCES CORP	727,700	$25,077	0.6%	$33.87	0.0%	COM	03674X106
WULF	TERAWULF INC	2,164,500	$24,870	0.6%	$13.40	0.0%	COM	88080T104
WHD	CACTUS INC	504,900	$23,064	0.5%	$41.80	0.0%	CL A	127203107
LECO	LINCOLN ELEC HLDGS INC	94,800	$22,718	0.5%	$236.85	0.0%	COM	533900106
TGB	TASEKO MINES LTD	3,672,900	$20,789	0.5%	$4.70	0.0%	COM	876511106
JHX	JAMES HARDIE INDS PLC	876,600	$18,189	0.4%	$20.06	0.0%	ORD SHS	G4253H101
HUT	HUT 8 CORP	393,600	$18,082	0.4%	$44.08	0.0%	COM	44812J104
SLI	STANDARD LITHIUM LTD	4,037,000	$18,045	0.4%	$4.24	0.0%	COM	853606101
LBRT	LIBERTY ENERGY INC	951,092	$17,557	0.4%	$16.71	0.0%	COM CL A	53115L104
EGO	ELDORADO GOLD CORP NEW	393,700	$14,142	0.3%	$29.93	0.0%	COM	284902509
KEX	KIRBY CORP	122,300	$13,475	0.3%	$101.65	0.0%	COM	497266106
TBN	TAMBORAN RES CORP	70,000	$1,906	0.0%	$25.43	0.0%	COM	87507T101

Increased Positions (18)

OVV OVINTIV INC 3.3%

Value ($000) $141,582 (+100.7%) Shares 3,612,697 (+106.8%) Est. Cost $40.24 Unrealized -3.7%

LNG CHENIERE ENERGY INC 1.6%

Value ($000) $67,764 (+577.0%) Shares 348,600 (+718.3%) Est. Cost $213.05 Unrealized -1.4%

VST VISTRA CORP 1.5%

Value ($000) $64,100 (+248.0%) Shares 397,322 (+322.6%) Est. Cost $155.22 Unrealized +17.2%

AA ALCOA CORP 1.1%

Value ($000) $46,880 (+3701.0%) Shares 882,200 (+2252.5%) Est. Cost $40.46 Unrealized +1.0%

FIX COMFORT SYS USA INC 1.0%

Value ($000) $43,257 (+1157.4%) Shares 46,349 (+1011.8%) Est. Cost $879.09 Unrealized +5.0%

NRG NRG ENERGY INC 2.8%

Value ($000) $121,918 (+41.8%) Shares 765,626 (+44.3%) Est. Cost $158.34 Unrealized +4.4%

DAR DARLING INGREDIENTS INC 0.7%

Value ($000) $31,612 (+4867.7%) Shares 878,114 (+4159.8%) Est. Cost $33.88 Unrealized -0.1%

ATO ATMOS ENERGY CORP 0.9%

Value ($000) $39,936 (+220.7%) Shares 238,236 (+226.6%) Est. Cost $162.17 Unrealized +6.2%

BG BUNGE GLOBAL SA 2.3%

Value ($000) $100,901 (+34.7%) Shares 1,132,700 (+22.9%) Est. Cost $81.57 Unrealized +12.6%

BKV BKV CORP 1.0%

Value ($000) $45,509 (+124.5%) Shares 1,676,217 (+91.2%) Est. Cost $21.60 Unrealized +16.3%

FANG DIAMONDBACK ENERGY INC 2.2%

Value ($000) $96,249 (+32.2%) Shares 640,250 (+25.8%) Est. Cost $141.10 Unrealized +4.2%

XEL XCEL ENERGY INC 3.7%

Value ($000) $160,107 (+12.5%) Shares 2,167,710 (+22.9%) Est. Cost $71.10 Unrealized +10.1%

CNP CENTERPOINT ENERGY INC 2.6%

Value ($000) $111,071 (+14.8%) Shares 2,897,000 (+16.2%) Est. Cost $35.56 Unrealized +9.3%

SLB SLB LIMITED 0.8%

Value ($000) $32,903 (+76.2%) Shares 857,300 (+57.8%) Est. Cost $34.80 Unrealized +3.6%

DTM DT MIDSTREAM INC 2.9%

Value ($000) $124,778 (+10.3%) Shares 1,042,600 (+4.2%) Est. Cost $102.23 Unrealized +11.8%

WLK WESTLAKE CORPORATION 0.7%

Value ($000) $28,696 (+38.7%) Shares 388,100 (+44.6%) Est. Cost $78.77 Unrealized -10.1%

GNRC GENERAC HLDGS INC 0.6%

Value ($000) $25,767 (+35.3%) Shares 188,946 (+66.0%) Est. Cost $137.65 Unrealized +17.2%

XOM EXXON MOBIL CORP 1.9%

Value ($000) $84,418 (+7.9%) Shares 701,493 (+1.1%) Est. Cost $105.15 Unrealized +9.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OVV	OVINTIV INC	3,612,697 (+106.8%)	$141,582 (+100.7%)	3.3%	$40.24	-3.7%	COM	69047Q102
LNG	CHENIERE ENERGY INC	348,600 (+718.3%)	$67,764 (+577.0%)	1.6%	$213.05	-1.4%	COM NEW	16411R208
VST	VISTRA CORP	397,322 (+322.6%)	$64,100 (+248.0%)	1.5%	$155.22	+17.2%	COM	92840M102
AA	ALCOA CORP	882,200 (+2252.5%)	$46,880 (+3701.0%)	1.1%	$40.46	+1.0%	COM	013872106
FIX	COMFORT SYS USA INC	46,349 (+1011.8%)	$43,257 (+1157.4%)	1.0%	$879.09	+5.0%	COM	199908104
NRG	NRG ENERGY INC	765,626 (+44.3%)	$121,918 (+41.8%)	2.8%	$158.34	+4.4%	COM NEW	629377508
DAR	DARLING INGREDIENTS INC	878,114 (+4159.8%)	$31,612 (+4867.7%)	0.7%	$33.88	-0.1%	COM	237266101
ATO	ATMOS ENERGY CORP	238,236 (+226.6%)	$39,936 (+220.7%)	0.9%	$162.17	+6.2%	COM	049560105
BG	BUNGE GLOBAL SA	1,132,700 (+22.9%)	$100,901 (+34.7%)	2.3%	$81.57	+12.6%	COM SHS	H11356104
BKV	BKV CORP	1,676,217 (+91.2%)	$45,509 (+124.5%)	1.0%	$21.60	+16.3%	COM	05603J108
FANG	DIAMONDBACK ENERGY INC	640,250 (+25.8%)	$96,249 (+32.2%)	2.2%	$141.10	+4.2%	COM	25278X109
XEL	XCEL ENERGY INC	2,167,710 (+22.9%)	$160,107 (+12.5%)	3.7%	$71.10	+10.1%	COM	98389B100
CNP	CENTERPOINT ENERGY INC	2,897,000 (+16.2%)	$111,071 (+14.8%)	2.6%	$35.56	+9.3%	COM	15189T107
SLB	SLB LIMITED	857,300 (+57.8%)	$32,903 (+76.2%)	0.8%	$34.80	+3.6%	COM STK	806857108
DTM	DT MIDSTREAM INC	1,042,600 (+4.2%)	$124,778 (+10.3%)	2.9%	$102.23	+11.8%	COMMON STOCK	23345M107
WLK	WESTLAKE CORPORATION	388,100 (+44.6%)	$28,696 (+38.7%)	0.7%	$78.77	-10.1%	COM	960413102
GNRC	GENERAC HLDGS INC	188,946 (+66.0%)	$25,767 (+35.3%)	0.6%	$137.65	+17.2%	COM	368736104
XOM	EXXON MOBIL CORP	701,493 (+1.1%)	$84,418 (+7.9%)	1.9%	$105.15	+9.8%	COM	30231G102

Exited Positions (19)

NI NISOURCE INC 2.9%

Value ($000) $127,068 Shares 2,934,594 Est. Cost $36.78 Unrealized +15.9%

BKR BAKER HUGHES COMPANY 2.4%

Value ($000) $105,520 Shares 2,165,846 Est. Cost $43.83 Unrealized +8.0%

KMI KINDER MORGAN INC DEL 1.8%

Value ($000) $78,300 Shares 2,765,800 Est. Cost $26.76 Unrealized +0.5%

RIOT RIOT PLATFORMS INC 1.1%

Value ($000) $47,765 Shares 2,510,000 Est. Cost $8.82 Unrealized +93.9%

CVX CHEVRON CORP NEW 0.9%

Value ($000) $37,270 Shares 240,000 Est. Cost $152.28 Unrealized -0.6%

DINO HF SINCLAIR CORP 0.8%

Value ($000) $35,717 Shares 682,400 Est. Cost $46.72 Unrealized +9.8%

CMC COMMERCIAL METALS CO 0.6%

Value ($000) $26,847 Shares 468,700 Est. Cost $54.97 Unrealized +13.5%

ECG EVERUS CONSTR GROUP 0.6%

Value ($000) $24,842 Shares 289,700 Est. Cost $74.30 Unrealized +20.4%

COPX GLOBAL X FDS 0.5%

Value ($000) $22,698 Shares 379,500 Est. Cost $59.81 Unrealized —

MOS MOSAIC CO NEW 0.5%

Value ($000) $22,015 Shares 634,800 Est. Cost $31.40 Unrealized -14.8%

METC RAMACO RES INC 0.4%

Value ($000) $18,633 Shares 561,400 Est. Cost $23.24 Unrealized +13.0%

BTU PEABODY ENERGY CORP 0.3%

Value ($000) $15,151 Shares 571,300 Est. Cost $17.75 Unrealized +65.4%

FRO FRONTLINE PLC 0.3%

Value ($000) $14,278 Shares 626,500 Est. Cost $18.50 Unrealized +26.3%

CDE COEUR MNG INC 0.3%

Value ($000) $13,612 Shares 725,600 Est. Cost $12.24 Unrealized +42.1%

BTDR BITDEER TECHNOLOGIES GROUP 0.2%

Value ($000) $10,283 Shares 601,700 Est. Cost $14.04 Unrealized +14.8%

HCC WARRIOR MET COAL INC 0.2%

Value ($000) $6,909 Shares 108,569 Est. Cost $62.17 Unrealized +20.9%

CNQ CANADIAN NAT RES LTD 0.1%

Value ($000) $5,384 Shares 168,463 Est. Cost $30.68 Unrealized +5.7%

SOC SABLE OFFSHORE CORP 0.1%

Value ($000) $2,423 Shares 138,800 Est. Cost $23.26 Unrealized -59.4%

ITRI ITRON INC 0.0%

Value ($000) $632 Shares 5,075 Est. Cost $112.37 Unrealized -3.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NI	NISOURCE INC	2,934,594	$127,068	2.9%	$36.78	+15.9%	—	65473P105
BKR	BAKER HUGHES COMPANY	2,165,846	$105,520	2.4%	$43.83	+8.0%	—	05722G100
KMI	KINDER MORGAN INC DEL	2,765,800	$78,300	1.8%	$26.76	+0.5%	—	49456B101
RIOT	RIOT PLATFORMS INC	2,510,000	$47,765	1.1%	$8.82	+93.9%	—	767292105
CVX	CHEVRON CORP NEW	240,000	$37,270	0.9%	$152.28	-0.6%	—	166764100
DINO	HF SINCLAIR CORP	682,400	$35,717	0.8%	$46.72	+9.8%	—	403949100
CMC	COMMERCIAL METALS CO	468,700	$26,847	0.6%	$54.97	+13.5%	—	201723103
ECG	EVERUS CONSTR GROUP	289,700	$24,842	0.6%	$74.30	+20.4%	—	300426103
COPX	GLOBAL X FDS	379,500	$22,698	0.5%	$59.81	—	—	37954Y830
MOS	MOSAIC CO NEW	634,800	$22,015	0.5%	$31.40	-14.8%	—	61945C103
METC	RAMACO RES INC	561,400	$18,633	0.4%	$23.24	+13.0%	—	75134P600
BTU	PEABODY ENERGY CORP	571,300	$15,151	0.3%	$17.75	+65.4%	—	704551100
FRO	FRONTLINE PLC	626,500	$14,278	0.3%	$18.50	+26.3%	—	M46528101
CDE	COEUR MNG INC	725,600	$13,612	0.3%	$12.24	+42.1%	—	192108504
BTDR	BITDEER TECHNOLOGIES GROUP	601,700	$10,283	0.2%	$14.04	+14.8%	—	G11448100
HCC	WARRIOR MET COAL INC	108,569	$6,909	0.2%	$62.17	+20.9%	—	93627C101
CNQ	CANADIAN NAT RES LTD	168,463	$5,384	0.1%	$30.68	+5.7%	—	136385101
SOC	SABLE OFFSHORE CORP	138,800	$2,423	0.1%	$23.26	-59.4%	—	78574H104
ITRI	ITRON INC	5,075	$632	0.0%	$112.37	-3.1%	—	465741106

Decreased Positions (30)

EQT EQT CORP 1.0%

Value ($000) $45,307 (-69.6%) Shares 845,286 (-69.1%) Est. Cost $46.17 Unrealized +21.6%

TLN TALEN ENERGY CORP 0.2%

Value ($000) $8,962 (-91.3%) Shares 23,908 (-90.1%) Est. Cost $186.25 Unrealized +108.7%

CVE CENOVUS ENERGY INC 0.8%

Value ($000) $35,136 (-71.0%) Shares 2,076,591 (-70.9%) Est. Cost $14.99 Unrealized +15.9%

MTZ MASTEC INC 2.8%

Value ($000) $123,714 (-33.0%) Shares 569,140 (-34.4%) Est. Cost $152.72 Unrealized +37.4%

VLO VALERO ENERGY CORP 1.3%

Value ($000) $58,463 (-45.9%) Shares 359,131 (-43.4%) Est. Cost $130.18 Unrealized +29.7%

DD DUPONT DE NEMOURS INC 1.2%

Value ($000) $50,121 (-49.7%) Shares 1,246,796 (-2.6%) Est. Cost $31.14 Unrealized +20.0%

HUBB HUBBELL INC 1.1%

Value ($000) $45,708 (-46.4%) Shares 102,920 (-48.0%) Est. Cost $377.12 Unrealized +15.9%

SRE SEMPRA 3.1%

Value ($000) $136,596 (-22.1%) Shares 1,547,132 (-20.6%) Est. Cost $74.20 Unrealized +22.0%

CMI CUMMINS INC 1.2%

Value ($000) $54,138 (-40.6%) Shares 106,060 (-50.9%) Est. Cost $380.68 Unrealized +22.5%

ETR ENTERGY CORP NEW 3.8%

Value ($000) $166,087 (-17.0%) Shares 1,796,900 (-16.3%) Est. Cost $77.55 Unrealized +21.9%

NVT NVENT ELECTRIC PLC 3.1%

Value ($000) $136,188 (-18.8%) Shares 1,335,574 (-21.4%) Est. Cost $70.45 Unrealized +47.1%

B BARRICK MNG CORP 1.3%

Value ($000) $57,965 (-33.2%) Shares 1,331,000 (-49.7%) Est. Cost $23.02 Unrealized +62.6%

PR PERMIAN RESOURCES CORP 2.0%

Value ($000) $87,872 (-22.3%) Shares 6,263,137 (-29.1%) Est. Cost $14.04 Unrealized -4.4%

STNG SCORPIO TANKERS INC 0.4%

Value ($000) $16,462 (-57.2%) Shares 323,861 (-52.8%) Est. Cost $56.05 Unrealized —

STLD STEEL DYNAMICS INC 0.2%

Value ($000) $9,049 (-65.8%) Shares 53,400 (-71.9%) Est. Cost $130.39 Unrealized +21.5%

EXE EXPAND ENERGY CORPORATION 3.4%

Value ($000) $146,677 (-9.0%) Shares 1,329,075 (-12.4%) Est. Cost $96.17 Unrealized +15.1%

VNOM VIPER ENERGY INC 0.3%

Value ($000) $12,288 (-53.9%) Shares 318,082 (-54.4%) Est. Cost $38.10 Unrealized -0.6%

SHEL SHELL PLC 0.9%

Value ($000) $39,637 (-26.2%) Shares 539,421 (-28.2%) Est. Cost $65.39 Unrealized —

NXT NEXTPOWER INC 0.2%

Value ($000) $7,751 (-62.7%) Shares 88,975 (-68.3%) Est. Cost $56.52 Unrealized +60.4%

GTX GARRETT MOTION INC 0.7%

Value ($000) $29,389 (-27.6%) Shares 1,686,100 (-43.4%) Est. Cost $12.66 Unrealized +25.7%

IAG IAMGOLD CORP 1.3%

Value ($000) $55,007 (+23.9%) Shares 3,335,790 (-2.8%) Est. Cost $6.05 Unrealized +132.7%

AYI ACUITY INC 1.0%

Value ($000) $41,765 (-17.6%) Shares 116,000 (-21.1%) Est. Cost $318.45 Unrealized +13.4%

ARMN ARIS MNG CORP 0.6%

Value ($000) $27,488 (+46.6%) Shares 1,694,800 (-11.4%) Est. Cost $7.97 Unrealized +54.2%

LGN LEGENCE CORP 1.1%

Value ($000) $48,826 (+21.3%) Shares 1,134,422 (-13.2%) Est. Cost $31.48 Unrealized +25.6%

SU SUNCOR ENERGY INC NEW 3.3%

Value ($000) $145,481 (-5.5%) Shares 3,277,504 (-11.0%) Est. Cost $37.85 Unrealized +11.7%

VC VISTEON CORP 0.0%

Value ($000) $495 (-94.2%) Shares 5,200 (-92.6%) Est. Cost $117.24 Unrealized -9.8%

FSLR FIRST SOLAR INC 2.0%

Value ($000) $84,926 (-8.5%) Shares 325,100 (-22.7%) Est. Cost $180.41 Unrealized +39.8%

FTI TECHNIPFMC PLC 1.5%

Value ($000) $67,336 (+10.5%) Shares 1,511,128 (-2.1%) Est. Cost $32.77 Unrealized +28.8%

TRGP TARGA RES CORP 3.2%

Value ($000) $138,297 (+3.4%) Shares 749,577 (-6.1%) Est. Cost $108.19 Unrealized +55.4%

DNN DENISON MINES CORP 0.4%

Value ($000) $15,703 (-16.3%) Shares 5,903,300 (-13.4%) Est. Cost $2.21 Unrealized +23.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQT	EQT CORP	845,286 (-69.1%)	$45,307 (-69.6%)	1.0%	$46.17	+21.6%	COM	26884L109
TLN	TALEN ENERGY CORP	23,908 (-90.1%)	$8,962 (-91.3%)	0.2%	$186.25	+108.7%	COM	87422Q109
CVE	CENOVUS ENERGY INC	2,076,591 (-70.9%)	$35,136 (-71.0%)	0.8%	$14.99	+15.9%	COM	15135U109
MTZ	MASTEC INC	569,140 (-34.4%)	$123,714 (-33.0%)	2.8%	$152.72	+37.4%	COM	576323109
VLO	VALERO ENERGY CORP	359,131 (-43.4%)	$58,463 (-45.9%)	1.3%	$130.18	+29.7%	COM	91913Y100
DD	DUPONT DE NEMOURS INC	1,246,796 (-2.6%)	$50,121 (-49.7%)	1.2%	$31.14	+20.0%	COM	26614N102
HUBB	HUBBELL INC	102,920 (-48.0%)	$45,708 (-46.4%)	1.1%	$377.12	+15.9%	COM	443510607
SRE	SEMPRA	1,547,132 (-20.6%)	$136,596 (-22.1%)	3.1%	$74.20	+22.0%	COM	816851109
CMI	CUMMINS INC	106,060 (-50.9%)	$54,138 (-40.6%)	1.2%	$380.68	+22.5%	COM	231021106
ETR	ENTERGY CORP NEW	1,796,900 (-16.3%)	$166,087 (-17.0%)	3.8%	$77.55	+21.9%	COM	29364G103
NVT	NVENT ELECTRIC PLC	1,335,574 (-21.4%)	$136,188 (-18.8%)	3.1%	$70.45	+47.1%	SHS	G6700G107
B	BARRICK MNG CORP	1,331,000 (-49.7%)	$57,965 (-33.2%)	1.3%	$23.02	+62.6%	COM SHS	06849F108
PR	PERMIAN RESOURCES CORP	6,263,137 (-29.1%)	$87,872 (-22.3%)	2.0%	$14.04	-4.4%	CLASS A COM	71424F105
STNG	SCORPIO TANKERS INC	323,861 (-52.8%)	$16,462 (-57.2%)	0.4%	$56.05	—	SHS	Y7542C130
STLD	STEEL DYNAMICS INC	53,400 (-71.9%)	$9,049 (-65.8%)	0.2%	$130.39	+21.5%	COM	858119100
EXE	EXPAND ENERGY CORPORATION	1,329,075 (-12.4%)	$146,677 (-9.0%)	3.4%	$96.17	+15.1%	COM	165167735
VNOM	VIPER ENERGY INC	318,082 (-54.4%)	$12,288 (-53.9%)	0.3%	$38.10	-0.6%	CL A	64361Q101
SHEL	SHELL PLC	539,421 (-28.2%)	$39,637 (-26.2%)	0.9%	$65.39	—	SPON ADS	780259305
NXT	NEXTPOWER INC	88,975 (-68.3%)	$7,751 (-62.7%)	0.2%	$56.52	+60.4%	CLASS A COM	65290E101
GTX	GARRETT MOTION INC	1,686,100 (-43.4%)	$29,389 (-27.6%)	0.7%	$12.66	+25.7%	COM	366505105
IAG	IAMGOLD CORP	3,335,790 (-2.8%)	$55,007 (+23.9%)	1.3%	$6.05	+132.7%	COM	450913108
AYI	ACUITY INC	116,000 (-21.1%)	$41,765 (-17.6%)	1.0%	$318.45	+13.4%	COM	00508Y102
ARMN	ARIS MNG CORP	1,694,800 (-11.4%)	$27,488 (+46.6%)	0.6%	$7.97	+54.2%	COM	04040Y109
LGN	LEGENCE CORP	1,134,422 (-13.2%)	$48,826 (+21.3%)	1.1%	$31.48	+25.6%	CL A	52476L109
SU	SUNCOR ENERGY INC NEW	3,277,504 (-11.0%)	$145,481 (-5.5%)	3.3%	$37.85	+11.7%	COM	867224107
VC	VISTEON CORP	5,200 (-92.6%)	$495 (-94.2%)	0.0%	$117.24	-9.8%	COM NEW	92839U206
FSLR	FIRST SOLAR INC	325,100 (-22.7%)	$84,926 (-8.5%)	2.0%	$180.41	+39.8%	COM	336433107
FTI	TECHNIPFMC PLC	1,511,128 (-2.1%)	$67,336 (+10.5%)	1.5%	$32.77	+28.8%	COM	G87110105
TRGP	TARGA RES CORP	749,577 (-6.1%)	$138,297 (+3.4%)	3.2%	$108.19	+55.4%	COM	87612G101
DNN	DENISON MINES CORP	5,903,300 (-13.4%)	$15,703 (-16.3%)	0.4%	$2.21	+23.0%	COM	248356107

Unchanged Positions (3)

WBI WATERBRIDGE INFRASTRUCTURE L 0.4%

Value ($000) $17,417 Shares 870,400 Est. Cost $23.45 Unrealized -1.0%

CCJ CAMECO CORP 0.2%

Value ($000) $8,129 Shares 88,854 Est. Cost $44.57 Unrealized +101.8%

ALV AUTOLIV INC 0.0%

Value ($000) $760 Shares 6,400 Est. Cost $93.18 Unrealized +28.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WBI	WATERBRIDGE INFRASTRUCTURE L	870,400	$17,417	0.4%	$23.45	-1.0%	CL A SHS REPSTG	940923105
CCJ	CAMECO CORP	88,854	$8,129	0.2%	$44.57	+101.8%	COM	13321L108
ALV	AUTOLIV INC	6,400	$760	0.0%	$93.18	+28.2%	COM	052800109