~~13–14% since 1977
Portfolio value
$20.1B
Positions
30
Top 5 concentration
70%
New buys this quarter
7
| Stock | Move | % of portfolio | Value |
|---|---|---|---|
| $TFPM.TO TRIPLE FLAG PRECIOUS METAL | Held | 23% | $4.6B |
| $PSX PHILLIPS 66 | Held | 17.5% | $3.5B |
| $SU SUNCOR ENERGY INC NEW | Held | 17.3% | $3.5B |
| $XLI SELECT SECTOR SPDR TR | Held | 6% | $1.2B |
| $LUV SOUTHWEST AIRLS CO | Trimmed | 5.7% | $1.1B |
| $XLP SELECT SECTOR SPDR TR | Trimmed | 3.7% | $749M |
| $HPE HEWLETT PACKARD ENTERPRISE C | Added | 3.3% | $653M |
| $UNIT UNITI GROUP LLC | Held | 2.8% | $554M |
| $PINS PINTEREST INC | Held | 2.6% | $514M |
| $XLY SELECT SECTOR SPDR TR | New buy | 2.3% | $469M |
| $HYG ISHARES TR | Added | 2% | $398M |
| $GDX VANECK ETF TRUST | Trimmed | 1.7% | $335M |
| $DLR DIGITAL RLTY TR INC | Added | 1.3% | $270M |
| $ETSY ETSY INC | Held | 1.2% | $250M |
| $NCLH NORWEGIAN CRUISE LINE HLDGS | New buy | 1.2% | $247M |
| $QQQ INVESCO QQQ TR | Trimmed | 1.1% | $231M |
| $SDRL SEADRILL LTD | Held | 1.1% | $215M |
| $IWD ISHARES TR | Trimmed | 1.1% | $214M |
| $PEP PEPSICO INC | Held | 1% | $198M |
| $EQIX EQUINIX INC | Held | 0.7% | $147M |
| $IWM ISHARES TR | New buy | 0.6% | $124M |
| $OR OR ROYALTIES INC. | Held | 0.6% | $118M |
| $RIG TRANSOCEAN LTD | New buy | 0.5% | $104M |
| $CCI CROWN CASTLE INC | Held | 0.5% | $100M |
| $XME SPDR SERIES TRUST | Held | 0.5% | $97M |
| $FTV FORTIVE CORP | New buy | 0.2% | $41M |
| $EMR EMERSON ELEC CO | New buy | 0.1% | $26M |
| $GLIBK GCI LIBERTY INC | Held | 0.1% | $25M |
| $HDB HDFC BANK LTD | Added | 0.1% | $20M |
| $WPM WHEATON PRECIOUS METALS CORP | New buy | 0.1% | $13M |
Notable sell-outs this quarter: $FSK, $BILL, $IGV, $NVDA, $ST, $XLE, $XOP
Source: SEC 13F via FMP · Mar 2026 report · 45-day filing delay. Long equity positions only. Not financial advice.