Hedge fund · CIK 0001791786
Quarter end
2025-12-31
Reported value
$37.18B
Positions disclosed
55
As of 2025-12-31 (SEC Form 13F-HR)
| # | Issuer | CUSIP | Shares | Value | % of port |
|---|---|---|---|---|---|
| 1 | TRIPLE FLAG PRECIOUS METAL | 89679M104 | 133,815,727 | $4.45B | 11.96% |
| 2 | TRIPLE FLAG PRECIOUS METAL | 89679M104 | 133,815,727 | $4.45B | 11.96% |
| 3 | PHILLIPS 66 | 718546104 | 19,251,000 | $2.48B | 6.68% |
| 4 | PHILLIPS 66 | 718546104 | 19,251,000 | $2.48B | 6.68% |
| 5 | SUNCOR ENERGY INC NEW | 867224107 | 52,670,800 | $2.34B | 6.28% |
| 6 | SUNCOR ENERGY INC NEW | 867224107 | 52,670,800 | $2.34B | 6.28% |
| 7 | SOUTHWEST AIRLS CO | 844741108 | 51,128,500 | $2.11B | 5.68% |
| 8 | SOUTHWEST AIRLS CO | 844741108 | 51,128,500 | $2.11B | 5.68% |
| 9 | SELECT SECTOR SPDR TR(STATE STREET CON)PUT | 81369Y308 | 20,000,000 | $1.55B | 4.18% |
| 10 | VANECK ETF TRUST(GOLD MINERS ETF)PUT | 92189F106 | 14,000,000 | $1.2B | 3.23% |
| 11 | SELECT SECTOR SPDR TR(STATE STREET IND)PUT | 81369Y704 | 7,500,000 | $1.16B | 3.13% |
| 12 | INVESCO QQQ TR(UNIT SER 1)PUT | 46090E103 | 1,500,000 | $921.5M | 2.48% |
| 13 | PINTEREST INC(CL A) | 72352L106 | 28,000,000 | $724.9M | 1.95% |
| 14 | PINTEREST INC(CL A) | 72352L106 | 28,000,000 | $724.9M | 1.95% |
| 15 | SELECT SECTOR SPDR TR(STATE STREET ENE)PUT | 81369Y506 | 16,000,000 | $715.4M | 1.92% |
| 16 | INVESCO QQQ TR(UNIT SER 1)CALL | 46090E103 | 1,000,000 | $614.3M | 1.65% |
| 17 | ISHARES TR(RUS 1000 VAL ETF)PUT | 464287598 | 2,800,000 | $589M | 1.58% |
| 18 | NVIDIA CORPORATIONPUT | 67066G104 | 3,000,000 | $559.5M | 1.50% |
| 19 | HEWLETT PACKARD ENTERPRISE C | 42824C109 | 18,630,978 | $447.5M | 1.20% |
| 20 | HEWLETT PACKARD ENTERPRISE C | 42824C109 | 18,630,978 | $447.5M | 1.20% |
| 21 | UNITI GROUP LLC(COM SHS) | 912932100 | 59,012,219 | $413.7M | 1.11% |
| 22 | UNITI GROUP LLC(COM SHS) | 912932100 | 59,012,219 | $413.7M | 1.11% |
| 23 | ISHARES TR(IBOXX HI YD ETF) | 464288513 | 3,800,000 | $306.4M | 0.82% |
| 24 | ISHARES TR(IBOXX HI YD ETF) | 464288513 | 3,800,000 | $306.4M | 0.82% |
| 25 | SPDR SERIES TRUST(STATE STREET SPD)PUT | 78468R556 | 2,398,400 | $302.8M | 0.81% |
| 26 | ETSY INC | 29786A106 | 5,000,000 | $277.2M | 0.75% |
| 27 | ETSY INC | 29786A106 | 5,000,000 | $277.2M | 0.75% |
| 28 | PEPSICO INC | 713448108 | 1,275,000 | $183M | 0.49% |
| 29 | PEPSICO INC | 713448108 | 1,275,000 | $183M | 0.49% |
| 30 | BILL HOLDINGS INC | 090043100 | 3,000,000 | $163.6M | 0.44% |
| 31 | BILL HOLDINGS INC | 090043100 | 3,000,000 | $163.6M | 0.44% |
| 32 | SEADRILL LTD | G7997W102 | 4,558,758 | $157.7M | 0.42% |
| 33 | SEADRILL LTD | G7997W102 | 4,558,758 | $157.7M | 0.42% |
| 34 | DIGITAL RLTY TR INCPUT | 253868103 | 1,000,000 | $154.7M | 0.42% |
| 35 | EQUINIX INC | 29444U700 | 150,000 | $114.9M | 0.31% |
| 36 | EQUINIX INC | 29444U700 | 150,000 | $114.9M | 0.31% |
| 37 | OR ROYALTIES INC.(COM SHS) | 68390D106 | 3,111,000 | $110.1M | 0.30% |
| 38 | OR ROYALTIES INC.(COM SHS) | 68390D106 | 3,111,000 | $110.1M | 0.30% |
| 39 | CROWN CASTLE INC | 22822V101 | 1,225,000 | $108.9M | 0.29% |
| 40 | CROWN CASTLE INC | 22822V101 | 1,225,000 | $108.9M | 0.29% |
| 41 | SENSATA TECHNOLOGIES HLDG PL(SHS) | G8060N102 | 3,250,000 | $108.2M | 0.29% |
| 42 | SENSATA TECHNOLOGIES HLDG PL(SHS) | G8060N102 | 3,250,000 | $108.2M | 0.29% |
| 43 | ISHARES TR(EXPANDED TECH)CALL | 464287515 | 1,000,000 | $105.7M | 0.28% |
| 44 | SPDR SERIES TRUST(STATE STREET SPD)PUT | 78464A755 | 900,000 | $93.2M | 0.25% |
| 45 | WAYFAIR INC(NOTE 3.500%11/1) | 94419LAR2 | 15,000,000 | $34.3M | 0.09% |
| 46 | WAYFAIR INC(NOTE 3.500%11/1) | 94419LAR2 | 15,000,000 | $34.3M | 0.09% |
| 47 | ISHARES TR(EXPANDED TECH)PUT | 464287515 | 300,000 | $31.7M | 0.09% |
| 48 | GCI LIBERTY INC(COM SER C) | 36164V800 | 659,928 | $24.6M | 0.07% |
| 49 | GCI LIBERTY INC(COM SER C) | 36164V800 | 659,928 | $24.6M | 0.07% |
| 50 | STRATEGY INC(NOTE 0.625% 3/1) | 594972AJ0 | 16,000,000 | $22.7M | 0.06% |
| 51 | STRATEGY INC(NOTE 0.625% 3/1) | 594972AJ0 | 16,000,000 | $22.7M | 0.06% |
| 52 | HDFC BANK LTD(SPONSORED ADS) | 40415F101 | 216,756 | $7.9M | 0.02% |
| 53 | HDFC BANK LTD(SPONSORED ADS) | 40415F101 | 216,756 | $7.9M | 0.02% |
| 54 | FS KKR CAP CORP | 302635206 | 264,850 | $3.9M | 0.01% |
| 55 | FS KKR CAP CORP | 302635206 | 264,850 | $3.9M | 0.01% |