#	Holding	Value	% Port.	Δ Shares	Change (QoQ)
1	American Airline	$108441178	10.43%	—	NEW BUY
2	United Airlines	$106170657	10.21%	—	NEW BUY
3	Southwest Air	$102101455	9.82%	—	NEW BUY
4	Delta Air Li	$100685718	9.68%	—	NEW BUY
5	Allegiant Travel	$40836012	3.93%	—	NEW BUY
6	Frontier Group H	$38874921	3.74%	—	NEW BUY
7	Jetblue Airways	$34358404	3.30%	—	NEW BUY
8	Alaska Air Group	$33393019	3.21%	—	NEW BUY
9	Skywest Inc	$33085532	3.18%	—	NEW BUY
10	Aya Gold & Silve	$21261962	2.05%	—	NEW BUY
11	Sabre Corp	$20661621	1.99%	—	NEW BUY
12	Tripadvisor Inc	$19111384	1.84%	—	NEW BUY
13	Expedia Group In	$18919767	1.82%	—	NEW BUY
14	Or Royalties Inc	$18368268	1.77%	—	NEW BUY
15	Booking Holdings	$18099559	1.74%	—	NEW BUY
16	Franco Nev Corp	$16804850	1.62%	—	NEW BUY
17	General Dynamics	$16399541	1.58%	—	NEW BUY
18	Textron Inc	$16251529	1.56%	—	NEW BUY
19	Boeing Co/The	$16215118	1.56%	—	NEW BUY
20	Wheaton Precious	$15660328	1.51%	—	NEW BUY
21	Iamgold Corp	$13915218	1.34%	—	NEW BUY
22	Americas Gold An	$12393576	1.19%	—	NEW BUY
23	Latam Airlines G	$9393007	0.90%	—	NEW BUY
24	Ryanair Hldg-Adr	$9049007	0.87%	—	NEW BUY
25	Endeavour Silver	$8642362	0.83%	—	NEW BUY
26	Pan Amer Silver	$7907898	0.76%	—	NEW BUY
27	Vox Royalty Corp	$7861260	0.76%	—	NEW BUY
28	Coeur Mng Inc	$7169425	0.69%	—	NEW BUY
29	Trip.Com Gro-Adr	$6982757	0.67%	—	NEW BUY
30	Harmony Gold-Adr	$6519721	0.63%	—	NEW BUY
31	Fortuna Mining C	$6283344	0.60%	—	NEW BUY
32	Barrick Mng Corp	$6244100	0.60%	—	NEW BUY
33	Aris Mining Corp	$5952716	0.57%	—	NEW BUY
34	Makemytrip Ltd	$5295907	0.51%	—	NEW BUY
35	Triple Flag	$5154840	0.50%	—	NEW BUY
36	Centerra Gold In	$4747397	0.46%	—	NEW BUY
37	Grupo Aeropo-Adr	$4733608	0.46%	—	NEW BUY
38	Embraer Sa-Adr	$4720052	0.45%	—	NEW BUY
39	Agnico Eagle Mines Ltd	$4653900	0.45%	—	NEW BUY
40	Newmont Corp	$4645623	0.45%	—	NEW BUY
41	Copa Holdin-Cl A	$4641120	0.45%	—	NEW BUY
42	Grupo Aeropo-Adr	$4485181	0.43%	—	NEW BUY
43	Metalla Rty & Streaming Ltd	$4250185	0.41%	—	NEW BUY
44	Avino Silver	$3860077	0.37%	—	NEW BUY
45	Vizsla Silver Co	$3442865	0.33%	—	NEW BUY
46	Aura Minerals Inc	$3147500	0.30%	—	NEW BUY
47	Ssr Mining In	$3110800	0.30%	—	NEW BUY
48	Alamos Gold Inc New	$3034000	0.29%	—	NEW BUY
49	Ferrari N V	$2950398	0.28%	—	NEW BUY
50	Tesla Inc	$2712870	0.26%	—	NEW BUY
51	Royal Caribbean Group	$2708531	0.26%	—	NEW BUY
52	Silvercorp Metals Inc	$2525000	0.24%	—	NEW BUY
53	Woodside Energy Group Ltd	$2415000	0.23%	—	NEW BUY
54	Sibanye Stillwater Ltd	$2334750	0.22%	—	NEW BUY
55	Santacruz Silver	$2265691	0.22%	—	NEW BUY
56	Versamet Royalti	$2146074	0.21%	—	NEW BUY
57	Viking Holdings Ltd	$1981926	0.19%	—	NEW BUY
58	Mcewen Inc	$1816775	0.17%	—	NEW BUY
59	Amazon Com Inc	$1787550	0.17%	—	NEW BUY
60	Totalenergies Se	$1710720	0.16%	—	NEW BUY
61	Nutrien Ltd	$1573750	0.15%	—	NEW BUY
62	Highlander Silve	$1523009	0.15%	—	NEW BUY
63	Carnival Corp Ltd	$1499925	0.14%	—	NEW BUY
64	Cheniere Energy Inc	$1481862	0.14%	—	NEW BUY
65	Shell Plc	$1395720	0.13%	—	NEW BUY
66	American Express Co	$1329323	0.13%	—	NEW BUY
67	Hilton Worldwide Hldgs Inc	$1305317	0.13%	—	NEW BUY
68	Life Time Group Holdings Inc	$1290544	0.12%	—	NEW BUY
69	Blue Moon Metals	$1266536	0.12%	—	NEW BUY
70	Oceanagold Corp	$1250704	0.12%	—	NEW BUY
71	Lauder Estee Cos Inc	$1247410	0.12%	—	NEW BUY
72	Exxon Mobil Corp	$1162120	0.11%	—	NEW BUY
73	Hecla Mining Company	$1157250	0.11%	—	NEW BUY
74	Ubs Group Ag	$1105188	0.11%	—	NEW BUY
75	Caterpillar Inc	$1064900	0.10%	—	NEW BUY
76	Toll Brothers Inc	$1037925	0.10%	—	NEW BUY
77	Marriott Intl Inc New	$945005	0.09%	—	NEW BUY
78	Dht Holdings Inc	$896521	0.09%	—	NEW BUY
79	International Se	$852447	0.08%	—	NEW BUY
80	Gold Fields Ltd	$839750	0.08%	—	NEW BUY
81	Las Vegas Sands Corp	$817563	0.08%	—	NEW BUY
82	Anglogold Ashanti Plc	$808900	0.08%	—	NEW BUY
83	Integra Res Corp	$794500	0.08%	—	NEW BUY
84	Blackstone Inc	$741321	0.07%	—	NEW BUY
85	Mako Mining Corp	$733887	0.07%	—	NEW BUY
86	Sunshine Silver Mng & Refng	$727100	0.07%	—	NEW BUY
87	Global Ship-Cl A	$705602	0.07%	—	NEW BUY
88	Scorpio Tankers	$656585	0.06%	—	NEW BUY
89	Perpetua Resources Corp	$622800	0.06%	—	NEW BUY
90	Teekay Corp Ltd	$610090	0.06%	—	NEW BUY
91	Osisko Development Corp	$606882	0.06%	—	NEW BUY
92	Tapestry Inc	$592107	0.06%	—	NEW BUY
93	Bw Lpg Ltd	$590874	0.06%	—	NEW BUY
94	Apple Inc	$578720	0.06%	—	NEW BUY
95	Zto Express -Adr	$543744	0.05%	—	NEW BUY
96	United Parcel-B	$541155	0.05%	—	NEW BUY
97	Expeditors Intl	$535552	0.05%	—	NEW BUY
98	Fedex Corp	$506644	0.05%	—	NEW BUY
99	Ivanhoe Electric	$494905	0.05%	—	NEW BUY
100	Collective Minin	$429742	0.04%	—	NEW BUY
101	Sinda Ltd	$420000	0.04%	—	NEW BUY
102	Enerflex Ltd	$416670	0.04%	—	NEW BUY
103	Solv Energy Inc	$408600	0.04%	—	NEW BUY
104	Valero Energy Corp	$390660	0.04%	—	NEW BUY
105	Range Res Corp	$390495	0.04%	—	NEW BUY
106	The Realreal Inc	$377280	0.04%	—	NEW BUY
107	Antero Resources Corp	$351400	0.03%	—	NEW BUY
108	Danaos Corp	$343125	0.03%	—	NEW BUY
109	Halliburton Co	$339500	0.03%	—	NEW BUY
110	Hafnia Ltd	$332558	0.03%	—	NEW BUY
111	Euroseas Ltd	$331850	0.03%	—	NEW BUY
112	Teekay Tank-Cl A	$326296	0.03%	—	NEW BUY
113	Fervo Energy Co	$292300	0.03%	—	NEW BUY
114	Baker Hughes Company	$277500	0.03%	—	NEW BUY
115	American Elec Pwr Co Inc	$273620	0.03%	—	NEW BUY
116	Bp Plc	$258650	0.02%	—	NEW BUY
117	Cameco Corp	$254650	0.02%	—	NEW BUY
118	Royal Gold Inc	$250511	0.02%	—	NEW BUY
119	Mgm Resorts International	$243831	0.02%	—	NEW BUY
120	Solitario Resources Corp	$233244	0.02%	—	NEW BUY
121	Paramount Gold Nev Corp	$228000	0.02%	—	NEW BUY
122	Schlumberger Ltd	$209205	0.02%	—	NEW BUY
123	Select Water Solutions Inc	$199800	0.02%	—	NEW BUY
124	Constellation Brands Inc	$139090	0.01%	—	NEW BUY
125	Cme Group Inc	$101803	0.01%	—	NEW BUY
126	Global X Fds	$71145	0.01%	—	NEW BUY
127	Melco Resorts And Entmnt Ltd	$63240	0.01%	—	NEW BUY

Holdings disclosed quarterly to the SEC on Form 13-F and may be up to 45 days old. Values as reported. For research only — not investment advice.