Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FCX	FREEPORT-MCMORAN INC	144,200	$6.251M	5.0%	$37.70	0.0%	CL B	35671D857
DTE	DTE ENERGY CO	47,000	$6.226M	4.9%	$131.30	0.0%	COM	233331107
WEC	WEC ENERGY GROUP INC	53,680	$5.593M	4.4%	$104.25	0.0%	COM	92939U106
SRE	SEMPRA	66,200	$5.016M	4.0%	$72.59	0.0%	COM	816851109
BHP	BHP GROUP LTD	91,545	$4.402M	3.5%	$48.09	—	SPONSORED ADS	088606108
PNW	PINNACLE WEST CAP CORP	41,663	$3.728M	3.0%	$89.32	0.0%	COM	723484101
FE	FIRSTENERGY CORP	83,290	$3.353M	2.7%	$40.27	0.0%	COM	337932107
AAON	AAON INC	43,820	$3.232M	2.6%	$87.39	0.0%	COM PAR $0.004	000360206
BTU	PEABODY ENERGY CORP	210,000	$2.818M	2.2%	$15.86	-17.5%	CALL	704551100
AEE	AMEREN CORP	26,286	$2.525M	2.0%	$95.15	0.0%	COM	023608102

Increased Positions (6)

SGML SIGMA LITHIUM CORPORATION 3.6%

Value $4.549M (-50.4%) Shares 1,010,921 (+14.5%) Est. Cost $15.40 Unrealized -57.1%

ARRY ARRAY TECHNOLOGIES INC 4.7%

Value $5.934M (+180.0%) Shares 1,005,802 (+131.1%) Est. Cost $6.23 Unrealized -2.5%

GNRC GENERAC HLDGS INC 8.7%

Value $11.01M (+48.9%) Shares 76,909 (+31.7%) Est. Cost $138.30 Unrealized -11.8%

CNP CENTERPOINT ENERGY INC 4.1%

Value $5.227M (+164.7%) Shares 142,268 (+161.0%) Est. Cost $35.11 Unrealized +4.0%

ETR ENTERGY CORP NEW 4.9%

Value $6.186M (+29.2%) Shares 74,427 (+32.9%) Est. Cost $72.76 Unrealized +11.7%

PRIM PRIMORIS SVCS CORP 1.6%

Value $1.959M (+91.5%) Shares 25,141 (+41.1%) Est. Cost $70.99 Unrealized -4.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SGML	SIGMA LITHIUM CORPORATION	1,010,921 (+14.5%)	$4.549M (-50.4%)	3.6%	$15.40	-57.1%	COM	826599102
ARRY	ARRAY TECHNOLOGIES INC	1,005,802 (+131.1%)	$5.934M (+180.0%)	4.7%	$6.23	-2.5%	COM SHS	04271T100
GNRC	GENERAC HLDGS INC	76,909 (+31.7%)	$11.01M (+48.9%)	8.7%	$138.30	-11.8%	COM	368736104
CNP	CENTERPOINT ENERGY INC	142,268 (+161.0%)	$5.227M (+164.7%)	4.1%	$35.11	+4.0%	COM	15189T107
ETR	ENTERGY CORP NEW	74,427 (+32.9%)	$6.186M (+29.2%)	4.9%	$72.76	+11.7%	COM	29364G103
PRIM	PRIMORIS SVCS CORP	25,141 (+41.1%)	$1.959M (+91.5%)	1.6%	$70.99	-4.5%	COM	74164F103

Exited Positions (9)

D DOMINION ENERGY INC 7.4%

Value $9.274M Shares 165,402 Est. Cost $52.73 Unrealized +0.8%

PEG PUBLIC SVC ENTERPRISE GRP IN 5.0%

Value $6.252M Shares 75,960 Est. Cost $80.99 Unrealized -2.6%

EXC EXELON CORP 4.5%

Value $5.636M Shares 122,300 Est. Cost $37.18 Unrealized +17.2%

BTU PEABODY ENERGY CORP 3.8%

Value $4.736M Shares 349,500 Est. Cost $15.86 Unrealized -17.5%

MOD MODINE MFG CO 3.6%

Value $4.478M Shares 58,350 Est. Cost $98.54 Unrealized -9.4%

GEV GE VERNOVA INC 2.6%

Value $3.297M Shares 10,800 Est. Cost $348.14 Unrealized +19.5%

EME EMCOR GROUP INC 2.0%

Value $2.485M Shares 6,724 Est. Cost $421.66 Unrealized +4.6%

LAC LITHIUM AMERS CORP NEW 1.5%

Value $1.843M Shares 680,100 Est. Cost $3.31 Unrealized -16.3%

OGE OGE ENERGY CORP 0.2%

Value $230K Shares 5,007 Est. Cost $43.52 Unrealized +1.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
D	DOMINION ENERGY INC	165,402	$9.274M	7.4%	$52.73	+0.8%	—	25746U109
PEG	PUBLIC SVC ENTERPRISE GRP IN	75,960	$6.252M	5.0%	$80.99	-2.6%	—	744573106
EXC	EXELON CORP	122,300	$5.636M	4.5%	$37.18	+17.2%	—	30161N101
BTU	PEABODY ENERGY CORP	349,500	$4.736M	3.8%	$15.86	-17.5%	—	704551100
MOD	MODINE MFG CO	58,350	$4.478M	3.6%	$98.54	-9.4%	—	607828100
GEV	GE VERNOVA INC	10,800	$3.297M	2.6%	$348.14	+19.5%	—	36828A101
EME	EMCOR GROUP INC	6,724	$2.485M	2.0%	$421.66	+4.6%	—	29084Q100
LAC	LITHIUM AMERS CORP NEW	680,100	$1.843M	1.5%	$3.31	-16.3%	—	53681J103
OGE	OGE ENERGY CORP	5,007	$230K	0.2%	$43.52	+1.9%	—	670837103

Decreased Positions (10)

ERO ERO COPPER CORP 2.2%

Value $2.719M (-68.9%) Shares 160,900 (-77.7%) Est. Cost $17.20 Unrealized -21.5%

FLR FLUOR CORP NEW 2.1%

Value $2.664M (-61.1%) Shares 51,952 (-72.8%) Est. Cost $51.39 Unrealized -22.4%

NEE NEXTERA ENERGY INC 1.8%

Value $2.321M (-61.9%) Shares 33,432 (-61.1%) Est. Cost $62.50 Unrealized +9.0%

FSLR FIRST SOLAR INC 1.7%

Value $2.135M (-52.1%) Shares 12,900 (-63.4%) Est. Cost $206.32 Unrealized -28.4%

HBM HUDBAY MINERALS INC 8.8%

Value $11.05M (-14.4%) Shares 1,041,116 (-38.7%) Est. Cost $7.66 Unrealized +8.8%

VST VISTRA CORP 4.7%

Value $5.891M (+33.8%) Shares 30,394 (-18.9%) Est. Cost $125.24 Unrealized +17.7%

EVRG EVERGY INC 3.2%

Value $3.987M (-26.6%) Shares 57,835 (-26.6%) Est. Cost $63.12 Unrealized +3.9%

MTZ MASTEC INC 3.1%

Value $3.873M (+8.0%) Shares 22,723 (-26.1%) Est. Cost $81.17 Unrealized +77.5%

ATKR ATKORE INC 3.9%

Value $4.916M (-1.9%) Shares 69,678 (-16.6%) Est. Cost $81.01 Unrealized -21.4%

NRG NRG ENERGY INC 0.9%

Value $1.192M (-3.2%) Shares 7,423 (-42.5%) Est. Cost $91.23 Unrealized +43.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ERO	ERO COPPER CORP	160,900 (-77.7%)	$2.719M (-68.9%)	2.2%	$17.20	-21.5%	COM	296006109
FLR	FLUOR CORP NEW	51,952 (-72.8%)	$2.664M (-61.1%)	2.1%	$51.39	-22.4%	COM	343412102
NEE	NEXTERA ENERGY INC	33,432 (-61.1%)	$2.321M (-61.9%)	1.8%	$62.50	+9.0%	COM	65339F101
FSLR	FIRST SOLAR INC	12,900 (-63.4%)	$2.135M (-52.1%)	1.7%	$206.32	-28.4%	COM	336433107
HBM	HUDBAY MINERALS INC	1,041,116 (-38.7%)	$11.05M (-14.4%)	8.8%	$7.66	+8.8%	COM	443628102
VST	VISTRA CORP	30,394 (-18.9%)	$5.891M (+33.8%)	4.7%	$125.24	+17.7%	COM	92840M102
EVRG	EVERGY INC	57,835 (-26.6%)	$3.987M (-26.6%)	3.2%	$63.12	+3.9%	COM	30034W106
MTZ	MASTEC INC	22,723 (-26.1%)	$3.873M (+8.0%)	3.1%	$81.17	+77.5%	COM	576323109
ATKR	ATKORE INC	69,678 (-16.6%)	$4.916M (-1.9%)	3.9%	$81.01	-21.4%	COM	047649108
NRG	NRG ENERGY INC	7,423 (-42.5%)	$1.192M (-3.2%)	0.9%	$91.23	+43.6%	COM NEW	629377508

Unchanged Positions (1)

XEL XCEL ENERGY INC 5.7%

Value $7.225M Shares 106,100 Est. Cost $64.50 Unrealized +5.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XEL	XCEL ENERGY INC	106,100	$7.225M	5.7%	$64.50	+5.1%	COM	98389B100