Securities ▲▼ | Shares | Value ($K) | |||||
|---|---|---|---|---|---|---|---|
Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | Q3 2025 ▲▼ | Q4 2025 ▲▼ | Weight (%) ▲▼ | Change ▲▼ | |
| ROYAL GOLD INC(RGLD) | 2,280 | 86,938 | +84,658 | 457 | 19,325 | 2.07% | +18,868 |
| UNITED AIRLINES(UAL) | 780,183 | 792,076 | +11,893 | 75,288 | 88,570 | 9.48% | +13,282 |
| AMERICAN AIRLINE(AAL) | 6,485,318 | 5,569,844 | -915,474 | 72,895 | 85,386 | 9.14% | +12,491 |
| BARRICK MNG CORP(B) | 100,000 | 315,000 | +215,000 | 3,277 | 13,718 | 1.47% | +10,441 |
| CENTERRA GOLD IN(CGAU) | 0 | 721,921 | +721,921 | 0 | 10,381 | 1.11% | +10,381 |
| DELTA AIR LI(DAL) | 1,361,033 | 1,216,731 | -144,302 | 77,239 | 84,441 | 9.04% | +7,203 |
| AMERICAS GOLD AN(USAS) | 580,000 | 1,800,000 | +1,220,000 | 2,161 | 9,237 | 0.99% | +7,075 |
| METALLA ROYALTY(MTA) | 814,587 | 1,432,510 | +617,923 | 5,173 | 11,145 | 1.19% | +5,972 |
| ALLIED GOLD CORP(AAUC) | 0 | 242,753 | +242,753 | 0 | 5,565 | 0.60% | +5,565 |
| GALIANO GOLD INC(GAU) | 0 | 2,193,071 | +2,193,071 | 0 | 5,548 | 0.59% | +5,548 |
| FORTUNA MINING C(FSM) | 0 | 560,601 | +560,601 | 0 | 5,499 | 0.59% | +5,499 |
| INTEGRA RES CORP(ITRG) | 150,000 | 1,386,127 | +1,236,127 | 443 | 5,558 | 0.60% | +5,116 |
| LATAM AIRLINES G(LTM) | 80,184 | 151,613 | +71,429 | 3,628 | 8,189 | 0.88% | +4,560 |
| ALASKA AIR GROUP | 371,365 | 455,934 | +84,569 | 18,487 | 22,933 | 2.46% | +4,447 |
| TRIPLE FLAG(TFPM) | 213,665 | 279,270 | +65,605 | 6,252 | 9,277 | 0.99% | +3,026 |
| IAMGOLD CORP(IAG) | 500,000 | 575,000 | +75,000 | 6,465 | 9,482 | 1.02% | +3,017 |
| EQUINOX GOLD CORP(EQX) | 0 | 200,000 | +200,000 | 0 | 2,808 | 0.30% | +2,808 |
| ARIS MINING CORP(ARIS) | 300,000 | 340,000 | +40,000 | 2,938 | 5,517 | 0.59% | +2,579 |
| ELEMENTAL ROYALT(ELE) | 0 | 150,000 | +150,000 | 0 | 2,540 | 0.27% | +2,540 |
| BOEING CO/THE(BA) | 66,274 | 77,292 | +11,018 | 14,304 | 16,782 | 1.80% | +2,478 |
| SOUTHWEST AIR(LUV) | 2,663,281 | 2,107,325 | -555,956 | 84,985 | 87,096 | 9.33% | +2,110 |
| WHEATON PRECIOUS(WPM) | 148,489 | 158,776 | +10,287 | 16,607 | 18,659 | 2.00% | +2,052 |
| CALEDONIA MINING SHS NEW | 100,754 | 217,334 | +116,580 | 3,648 | 5,688 | 0.61% | +2,039 |
| MCEWEN INC(MUX) | 0 | 100,000 | +100,000 | 0 | 1,857 | 0.20% | +1,857 |
| MARRIOTT INTL INC NEW(MAR) | 0 | 5,800 | +5,800 | 0 | 1,799 | 0.19% | +1,799 |
| ELDORADO GOLD CORP NEW(EGO) | 0 | 50,000 | +50,000 | 0 | 1,796 | 0.19% | +1,796 |
| SUN COUNTRY HOLD | 1,828,219 | 1,611,228 | -216,991 | 21,591 | 23,186 | 2.48% | +1,594 |
| TESLA INC(TSLA) | 2,840 | 5,840 | +3,000 | 1,263 | 2,626 | 0.28% | +1,363 |
| AURA MINERALS INC(AUGO) | 100,000 | 100,000 | 0 | 3,721 | 5,042 | 0.54% | +1,321 |
| VIZSLA SILVER CO(VZLA) | 1,050,000 | 1,050,000 | 0 | 4,531 | 5,756 | 0.62% | +1,224 |
| BOOKING HOLDINGS(BKNG) | 2,783 | 3,030 | +247 | 15,026 | 16,227 | 1.74% | +1,200 |
| ALLEGIANT TRAVEL(ALGT) | 380,678 | 284,685 | -95,993 | 23,134 | 24,275 | 2.60% | +1,141 |
| UBS GROUP AG(UBS) | 0 | 24,500 | +24,500 | 0 | 1,135 | 0.12% | +1,135 |
| VIKING HOLDINGS LTD(VIK) | 0 | 15,700 | +15,700 | 0 | 1,121 | 0.12% | +1,121 |
| DRDGOLD LIMITED(DRD) | 209,055 | 222,033 | +12,978 | 5,770 | 6,885 | 0.74% | +1,115 |
| BLACKROCK ETF TRUST II | 1,126 | 22,000 | +20,874 | 57 | 1,110 | 0.12% | +1,053 |
| HILTON WORLDWIDE HLDGS INC(HLT) | 4,400 | 7,500 | +3,100 | 1,142 | 2,154 | 0.23% | +1,013 |
| EXPEDIA GROUP IN(EXPE) | 70,627 | 56,812 | -13,815 | 15,097 | 16,095 | 1.72% | +999 |
| TOTALENERGIES SE(TTE) | 0 | 15,000 | +15,000 | 0 | 981 | 0.11% | +981 |
| PAN AMERN SILVER CORP(PAAS) | 73,555 | 73,555 | 0 | 2,849 | 3,811 | 0.41% | +962 |
| TRIPADVISOR INC(TRIP) | 872,869 | 1,037,854 | +164,985 | 14,193 | 15,111 | 1.62% | +918 |
| SKYWEST INC(SKYW) | 214,412 | 223,006 | +8,594 | 21,574 | 22,392 | 2.40% | +818 |
| LAS VEGAS SANDS CORP(LVS) | 0 | 12,200 | +12,200 | 0 | 794 | 0.09% | +794 |
| VOX ROYALTY CORP(VOXR) | 1,562,000 | 1,562,000 | 0 | 6,717 | 7,404 | 0.79% | +687 |
| GRUPO AEROPO-ADR(OMAB) | 32,234 | 36,805 | +4,571 | 3,348 | 4,003 | 0.43% | +655 |
| WOODSIDE ENERGY GROUP LTD(WDS) | 0 | 40,000 | +40,000 | 0 | 624 | 0.07% | +624 |
| CATERPILLAR INC(CAT) | 0 | 1,000 | +1,000 | 0 | 573 | 0.06% | +573 |
| TASEKO MINES(TGB) | 0 | 100,000 | +100,000 | 0 | 566 | 0.06% | +566 |
| MAKEMYTRIP LTD SHS | 38,882 | 50,870 | +11,988 | 3,639 | 4,177 | 0.45% | +538 |
| JACOBS SOLUTIONS INC(J) | 0 | 3,500 | +3,500 | 0 | 464 | 0.05% | +464 |
| SIGNET JEWELERS LIMITED SHS | 0 | 5,500 | +5,500 | 0 | 456 | 0.05% | +456 |
| HUDBAY MINERALS INC(HBM) | 95,000 | 95,000 | 0 | 1,440 | 1,886 | 0.20% | +446 |
| MATSON INC(MATX) | 0 | 3,587 | +3,587 | 0 | 443 | 0.05% | +443 |
| EXXON MOBIL CORP | 10,500 | 13,500 | +3,000 | 1,184 | 1,625 | 0.17% | +441 |
| GOLDMAN SACHS GROUP INC(GS) | 2,075 | 2,375 | +300 | 1,652 | 2,088 | 0.22% | +435 |
| CARNIVAL CORP | 59,500 | 70,500 | +11,000 | 1,720 | 2,153 | 0.23% | +433 |
| FIRST SOLAR INC(FSLR) | 0 | 1,500 | +1,500 | 0 | 392 | 0.04% | +392 |
| GRUPO AEROPO-ADR | 11,315 | 12,434 | +1,119 | 3,658 | 4,021 | 0.43% | +363 |
| BUNGE GLOBAL SA(BG) | 0 | 4,000 | +4,000 | 0 | 356 | 0.04% | +356 |
| RYANAIR HLDG-ADR(RYAAY) | 130,647 | 113,653 | -16,994 | 7,868 | 8,205 | 0.88% | +337 |
| TRIP.COM GRO-ADR(TCOM) | 104,516 | 113,885 | +9,369 | 7,860 | 8,189 | 0.88% | +330 |
| IVANHOE ELECTRIC(IE) | 40,000 | 51,499 | +11,499 | 502 | 823 | 0.09% | +321 |
| ENERFLEX LTD(EFXT) | 0 | 17,000 | +17,000 | 0 | 262 | 0.03% | +262 |
| CAMECO CORP(CCJ) | 2,500 | 5,000 | +2,500 | 210 | 457 | 0.05% | +248 |
| HYCROFT MINING HOLDING CORP(HYMC) | 0 | 10,000 | +10,000 | 0 | 238 | 0.03% | +238 |
| AMERICAN ELEC PWR CO INC | 0 | 2,000 | +2,000 | 0 | 231 | 0.02% | +231 |
| BW LPG LTD(BWLP) | 0 | 17,049 | +17,049 | 0 | 223 | 0.02% | +223 |
| SEABRIDGE GOLD INC(SA) | 40,000 | 40,000 | 0 | 966 | 1,184 | 0.13% | +218 |
| BAKER HUGHES COMPANY(BKR) | 3,500 | 8,500 | +5,000 | 171 | 387 | 0.04% | +217 |
| HALLIBURTON CO(HAL) | 3,000 | 10,000 | +7,000 | 74 | 283 | 0.03% | +209 |
| DANAOS CORP(DAC) | 0 | 2,169 | +2,169 | 0 | 204 | 0.02% | +204 |
| ELECTRA BATTERY(ELBM) | 0 | 250,000 | +250,000 | 0 | 202 | 0.02% | +202 |
| EVERSOURCE ENERGY(ES) | 0 | 3,000 | +3,000 | 0 | 202 | 0.02% | +202 |
| TEEKAY TANK-CL A(TNK) | 0 | 3,768 | +3,768 | 0 | 201 | 0.02% | +201 |
| TIDEWATER INC(TDW) | 0 | 3,519 | +3,519 | 0 | 178 | 0.02% | +178 |
| FRANCO NEV CORP(FNV) | 82,537 | 89,311 | +6,774 | 18,398 | 18,512 | 1.98% | +114 |
| COPA HOLDIN-CL A(CPA) | 33,364 | 33,720 | +356 | 3,964 | 4,067 | 0.44% | +103 |
| ROYAL CARIBBEAN GROUP COM | 7,835 | 9,435 | +1,600 | 2,535 | 2,632 | 0.28% | +96 |
| TAPESTRY INC(TPR) | 6,500 | 6,500 | 0 | 736 | 831 | 0.09% | +95 |
| STANDARD LITHIUM LTD(SLI) | 75,000 | 75,000 | 0 | 253 | 335 | 0.04% | +83 |
| NUTRIEN LTD(NTR) | 25,000 | 25,000 | 0 | 1,468 | 1,543 | 0.17% | +75 |
| AURELION INC | 0 | 300,000 | +300,000 | 0 | 75 | 0.01% | +75 |
| UNITED PARCEL-B(UPS) | 3,372 | 3,373 | +1 | 282 | 335 | 0.04% | +53 |
| FEDEX CORP(FDX) | 1,248 | 1,188 | -60 | 294 | 343 | 0.04% | +49 |
| STEEL DYNAMICS INC(STLD) | 1,500 | 1,500 | 0 | 209 | 254 | 0.03% | +45 |
| EXPEDITORS INTL(EXPD) | 2,344 | 2,213 | -131 | 287 | 330 | 0.04% | +42 |
| ZTO EXPRESS -ADR(ZTO) | 14,764 | 14,992 | +228 | 283 | 313 | 0.03% | +30 |
| AGNICO EAGLE MINES LTD(AEM) | 30,000 | 30,000 | 0 | 5,057 | 5,086 | 0.54% | +29 |
| GLOBAL SHIP-CL A COM CL A | 5,906 | 5,834 | -72 | 181 | 204 | 0.02% | +23 |
| SHELL PLC(SHEL) | 11,000 | 11,000 | 0 | 787 | 808 | 0.09% | +21 |
| TECK RESOURCES LTD(TECK) | 5,000 | 5,000 | 0 | 219 | 239 | 0.03% | +20 |
| LAUDER ESTEE COS INC(EL) | 7,500 | 6,500 | -1,000 | 661 | 681 | 0.07% | +20 |
| SCHLUMBERGER LTD(SLB) | 4,500 | 4,500 | 0 | 155 | 173 | 0.02% | +18 |
| BHP GROUP LTD | 3,500 | 3,500 | 0 | 195 | 211 | 0.02% | +16 |
| PARAMOUNT GOLD NEV CORP(PZG) | 170,000 | 170,000 | 0 | 209 | 214 | 0.02% | +5 |
| COLLECTIVE MININ(CNL) | 35,000 | 35,000 | 0 | 508 | 510 | 0.05% | +2 |
| CME GROUP INC(CME) | 461 | 461 | 0 | 125 | 126 | 0.01% | +1 |
| SOLITARIO RESOURCES CORP(XPL) | 310,000 | 310,000 | 0 | 216 | 216 | 0.02% | -0 |
| SELECT WATER SOLUTIONS INC(WTTR) | 10,000 | 10,000 | 0 | 107 | 105 | 0.01% | -2 |
| OSISKO DEVELOPME | 250,000 | 250,000 | 0 | 854 | 847 | 0.09% | -7 |