Investor: Michael DeMichele & Farhad Nanji
Number of Assets: 9
Reporting Period: Q3 - 2025
Holdings at Report: $4,951,756,395
Return Since Report: +$206,931,150
Return Since Report: +4.18%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| QXO Inc. (QXO) | Equity | -18.46% | 38,250,850 | 15.17% | $19.06 | $21.33 | $729,061,201 | $815,890,631 | +$86,829,430 | +11.91% |
| Pennymac Financial Services Inc. (PFSI) | Equity | 0% | 4,531,792 | 11.68% | $123.88 | $130.23 | $561,398,393 | $590,175,272 | +$28,776,879 | +5.13% |
| XPO Inc. (XPO) | Equity | 0% | 11,425,369 | 30.73% | $129.27 | $149.56 | $1,476,957,451 | $1,708,778,188 | +$231,820,737 | +15.70% |
| Rxo Inc. (RXO) | Equity | 0% | 27,577,666 | 8.82% | $15.38 | $15.28 | $424,144,503 | $421,386,736 | -$2,757,767 | -0.65% |
| CNX Resources Corp. (CNX) | Equity | 0% | 8,350,000 | 5.58% | $32.12 | $38.46 | $268,202,000 | $321,141,000 | +$52,939,000 | +19.74% |
| Bausch Health Companies Inc. (BHC) | Equity | 0% | 6,000,000 | 0.81% | $6.45 | $7.03 | $38,700,000 | $42,180,000 | +$3,480,000 | +8.99% |
| Talen Energy Corp. (TLN) | Equity | 0% | 3,000,000 | 26.55% | $425.38 | $358.70 | $1,276,140,000 | $1,076,085,000 | -$200,055,000 | -15.68% |
| Ivanhoe Electric Inc. (IE) | Equity | 0% | 2,553,191 | 0.67% | $12.55 | $14.86 | $32,042,547 | $37,940,418 | +$5,897,871 | +18.41% |
| Occidental Petroleum Corp. (OXY-WS) | Bond | +100% | 5,690,600 | N/A | $25.50 | N/A | $145,110,300 | N/A | N/A | N/A |