Total Value
$933.96B
Holdings Count
158
Period of Report
Dec 31, 2025
Report Type
HR
| Issuer | CUSIP | Value | Shares |
|---|---|---|---|
| UNITED AIRLINES | 910047109 | $88.57B | 792,076 |
| SOUTHWEST AIR | 844741108 | $87.10B | 2,107,325 |
| AMERICAN AIRLINE | 02376R102 | $85.39B | 5,569,844 |
| DELTA AIR LI | 247361702 | $84.44B | 1,216,731 |
| ALLEGIANT TRAVEL | 01748X102 | $24.28B | 284,685 |
| SUN COUNTRY HOLD | 866683105 | $23.19B | 1,611,228 |
| ALASKA AIR GROUP | 011659109 | $22.93B | 455,934 |
| SKYWEST INC | 830879102 | $22.39B | 223,006 |
| JETBLUE AIRWAYS | 477143101 | $21.52B | 4,728,754 |
| FRONTIER GROUP H | 35909R108 | $19.49B | 4,137,964 |
| ROYAL GOLD INC | 780287108 | $18.59B | 83,633 |
| WHEATON PRECIOUS | 962879102 | $18.31B | 155,776 |
| FRANCO-NEVADA CO | 351858105 | $17.45B | 84,201 |
| BOEING CO/THE | 097023105 | $16.78B | 77,292 |
| BOOKING HOLDINGS | 09857L108 | $16.23B | 3,030 |
| EXPEDIA GROUP IN | 30212P303 | $16.10B | 56,812 |
| TEXTRON INC | 883203101 | $16.03B | 183,921 |
| GENERAL DYNAMICS | 369550108 | $15.75B | 46,780 |
| TRIPADVISOR INC | 896945201 | $15.11B | 1,037,854 |
| SABRE CORP | 78573M104 | $13.84B | 10,173,592 |
| BARRICK MNG CORP | 06849F108 | $13.06B | 300,000 |
| IAMGOLD CORP | 450913108 | $9.48B | 575,000 |
| AMERICAS GOLD AN | 03062D803 | $9.24B | 1,800,000 |
| RYANAIR HLDG-ADR | 783513203 | $8.20B | 113,653 |
| TRIP.COM GRO-ADR | 89677Q107 | $8.19B | 113,885 |
| LATAM AIRLINES G | 51817R205 | $8.19B | 151,613 |
| EMBRAER SA-ADR | 29082A107 | $7.97B | 123,795 |
| ANGLOGOLD ASHANTI PLC | G0378L100 | $7.68B | 90,000 |
| CENTERRA GOLD IN | 152006102 | $7.36B | 511,921 |
| OR ROYALTIES INC | 68390D106 | $7.02B | 198,245 |
| TRIPLE FLAG | 89679M104 | $7.00B | 210,670 |
| METALLA ROYALTY | 59124U605 | $6.85B | 880,510 |
| VOX ROYALTY CORP | 92919F103 | $6.69B | 1,412,000 |
| GOLD FIELDS LTD | 38059T106 | $6.55B | 150,000 |
| CALEDONIA MINING | G1757E113 | $5.61B | 214,334 |
| ALLIED GOLD CORP | 01921D204 | $5.56B | 242,753 |
| GALIANO GOLD INC | 36352H100 | $5.55B | 2,193,071 |
| ARIS MINING CORP | 04040Y109 | $5.52B | 340,000 |
| FORTUNA MINING C | 349942102 | $5.50B | 560,601 |
| DRDGOLD LTD-ADR | 26152H301 | $5.33B | 172,033 |
| HARMONY GOLD-ADR | 413216300 | $5.30B | 266,409 |
| INTEGRA RESOURCE | 45826T509 | $5.30B | 1,321,127 |
| AGNICO EAGLE MINES LTD | 008474108 | $5.09B | 30,000 |
| AURA MINERALS INC | G06973112 | $5.04B | 100,000 |
| COEUR MNG INC | 192108504 | $4.90B | 275,000 |
| VIZSLA SILVER CO | 92859G608 | $4.39B | 800,000 |
| MAKEMYTRIP LTD | V5633W109 | $4.18B | 50,870 |
| COPA HOLDIN-CL A | P31076105 | $4.07B | 33,720 |
| GRUPO AEROPO-ADR | 40051E202 | $4.02B | 12,434 |
| GRUPO AEROPO-ADR | 400501102 | $4.00B | 36,805 |
| SIBANYE STILLWATER LTD | 82575P107 | $3.92B | 275,000 |
| METALLA RTY & STREAMING LTD | 59124U605 | $3.89B | 500,000 |
| PAN AMERN SILVER CORP | 697900108 | $3.81B | 73,555 |
| OR ROYALTIES INC. | 68390D106 | $3.54B | 100,000 |
| CENTERRA GOLD IN | 152006102 | $3.02B | 210,000 |
| KINROSS GOLD CORP | 496902404 | $2.82B | 100,000 |
| EQUINOX GOLD CORP | 29446Y502 | $2.81B | 200,000 |
| ROYAL CARIBBEAN GROUP | V7780T103 | $2.63B | 9,435 |
| TESLA INC | 88160R101 | $2.63B | 5,840 |
| ENDEAVOUR SILVER | 29258Y103 | $2.59B | 275,000 |
| ELEMENTAL ROYALT | 28620K106 | $2.54B | 150,000 |
| HILTON WORLDWIDE HLDGS INC | 43300A203 | $2.15B | 7,500 |
| CARNIVAL CORP | 143658300 | $2.15B | 70,500 |
| FERRARI N V | N3167Y103 | $2.15B | 5,815 |
| GOLDMAN SACHS GROUP INC | 38141G104 | $2.09B | 2,375 |
| SILVERCORP METALS INC | 82835P103 | $2.08B | 250,000 |
| TRIPLE FLAG PRECIOUS METAL | 89679M104 | $1.99B | 60,000 |
| HUDBAY MINERALS INC | 443628102 | $1.89B | 95,000 |
| MCEWEN INC | 58039P305 | $1.86B | 100,000 |
| MARRIOTT INTL INC NEW | 571903202 | $1.80B | 5,800 |
| ELDORADO GOLD CORP NEW | 284902509 | $1.80B | 50,000 |
| EXXON MOBIL CORP | 30231G102 | $1.62B | 13,500 |
| DRDGOLD LIMITED | 26152H301 | $1.55B | 50,000 |
| NUTRIEN LTD | 67077M108 | $1.54B | 25,000 |
| DOLLY VARDEN SIL | 256827783 | $1.53B | 350,000 |
| VIZSLA SILVER CO | 92859G608 | $1.37B | 250,000 |
| ALAMOS GOLD INC NEW | 011532108 | $1.35B | 35,000 |
| NEW GOLD INC CDA | 644535106 | $1.31B | 150,000 |
| COEUR MNG INC | 192108504 | $1.16B | 65,000 |
| UBS GROUP AG | H42097107 | $1.13B | 24,500 |
| VIKING HOLDINGS LTD | G93A5A101 | $1.12B | 15,700 |
| BLACKROCK ETF TRUST II | 092528884 | $1.11B | 22,000 |
| TOTALENERGIES SE | F92124100 | $981.3M | 15,000 |
| LIFE TIME GROUP HOLDINGS INC | 53190C102 | $893.1M | 33,600 |
| OSISKO DEVELOPME | 68828E809 | $847.4M | 250,000 |
| TAPESTRY INC | 876030107 | $830.5M | 6,500 |
| IVANHOE ELECTRIC | 46578C108 | $823.0M | 51,499 |
| SHELL PLC | 780259305 | $808.3M | 11,000 |
| LAS VEGAS SANDS CORP | 517834107 | $794.1M | 12,200 |
| ROYAL GOLD INC | 780287108 | $734.7M | 3,305 |
| PERPETUA RESOURCES CORP | 714266103 | $726.3M | 30,000 |
| VOX ROYALTY CORP | 92919F103 | $711.0M | 150,000 |
| OR ROYALTIES INC. | 68390D106 | $707.8M | 20,000 |
| LAUDER ESTEE COS INC | 518439104 | $680.7M | 6,500 |
| BARRICK MNG CORP | 06849F108 | $653.3M | 15,000 |
| WOODSIDE ENERGY GROUP LTD | 980228308 | $623.6M | 40,000 |
| SEABRIDGE GOLD INC | 811916105 | $591.8M | 20,000 |
| SEABRIDGE GOLD INC | 811916105 | $591.8M | 20,000 |
| CHENIERE ENERGY INC | 16411R208 | $583.2M | 3,000 |
| CATERPILLAR INC | 149123101 | $572.9M | 1,000 |