Stock	Shares	Value	Weight	Price Trend	Avg Buy	Est. P&L	Held	Conviction
TFPM TRIPLE FLAG PRECIOUS METAL C	133.8M	$4.4B	19.7%	—	$11.89	+180.99%	14 qtrs	Unchanged 0
PSX Phillips 66	19.3M	$2.5B	11.0%	—	$116.89	+10.84%	11 qtrs	Unchanged 0
SU SUNCOR ENERGY INC NEW	52.7M	$2.3B	10.3%	—	$33.79	+31.70%	16 qtrs	Unchanged 0
LUV Southwest Airlines Co	51.1M	$2.1B	9.4%	—	$28.65	+44.07%	7 qtrs	Unchanged 0
PINS Pinterest Inc	28M	$724.9M	3.2%	—	$23.13	+12.54%	15 qtrs	Unchanged 0
HPE Hewlett Packard Enterprise Co	18.6M	$447.5M	2.0%	—	$18.20	+32.25%	3 qtrs	Unchanged 0
UNIT Uniti Group Inc	59M	$413.7M	1.8%	—	$6.04	+14.57%	2 qtrs	Unchanged 0
HYG iShares iBoxx $ High Yield Corporate Bond ETF	3.8M	$306.4M	1.4%	—	$77.30	+3.89%	3 qtrs	Unchanged 0
ETSY Etsy Inc	5M	$277.2M	1.2%	—	$67.86	-18.43%	9 qtrs	Unchanged 0
PEP PepsiCo Inc	1.3M	$183M	0.8%	—	$138.81	+3.85%	2 qtrs	Unchanged 0
BILL BILL Holdings Inc	3M	$163.6M	0.7%	—	$54.53	+1.12%	2 qtrs	Unchanged 0
SDRL SEADRILL LTD	4.6M	$157.7M	0.7%	—	$39.66	-12.93%	11 qtrs	Increased 53
EQIX Equinix Inc	150,000	$114.9M	0.5%	—	$789.08	-2.45%	4 qtrs	Unchanged 0
OR OR ROYALTIES INC.	3.1M	$110.1M	0.5%	—	$28.27	+27.24%	3 qtrs	Increased 49
CCI Crown Castle Inc	1.2M	$108.9M	0.5%	—	$103.24	-13.70%	9 qtrs	Unchanged 0
ST Sensata Technologies Holding PLC	3.3M	$108.2M	0.5%	—	$36.40	-9.56%	7 qtrs	Unchanged 0
GLIBK GCI LIBERTY INC	659,928	$24.6M	0.1%	—	$36.15	+0.96%	2 qtrs	Increased 46
HDB HDFC BANK LTD	216,756	$7.9M	0.0%	—	$36.44	0.00%	1 qtr	New 39
FSK FS KKR CAP CORP	264,850	$3.9M	0.0%	—	$14.76	0.00%	1 qtr	New 38

Accumulation Streaks

Positions with 2+ consecutive quarters of increases — persistent directional conviction.

No active accumulation streaks detected for this filer.

Streaks require 2+ consecutive quarters of increased positions in the most recent period.

Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer