Portfolio concentration
As of March 31, 2026 · N-PORT
Holdings
33
Top-10 weight
57.29%
Effective holdings
?
The number of equal-weight positions that would produce this portfolio's concentration (1 ÷ Herfindahl index). A 500-stock fund dominated by a few mega-caps might have only ~100 effective holdings.
17
Crowding
?
The value-weighted average number of funds that also own this fund's positions. High = consensus/crowded picks; low = holdings few other funds own.
447.9
Holdings
As of March 31, 2026 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORP | — | 199,500 | $94.67M | 18.09% |
| 2 | WHEATON PRECIOUS METALS CORP | — | 225,000 | $29.48M | 5.63% |
| 3 | Federated Government Obligations Tax-Managed Fund Institutional Shares | — | 26,319,772 | $26.32M | 5.03% |
| 4 | Landbridge Company, LLC | LB US | 379,895 | $26.23M | 5.01% |
| 5 | FRANCO-NEVADA CORP | — | 100,000 | $24.70M | 4.72% |
| 6 | HINGHAM INST SVG | — | 81,087 | $23.18M | 4.43% |
| 7 | WATERBRIDGE IN-A | — | 833,556 | $22.33M | 4.27% |
| 8 | TD SYNNEX CORP | — | 119,500 | $20.16M | 3.85% |
| 9 | Permian Basin Royalty Trust | PBT | 830,219 | $17.87M | 3.41% |
| 10 | VERISIGN INC | — | 70,500 | $17.51M | 3.35% |
| 11 | EXPAND ENERGY CORP | — | 145,500 | $15.97M | 3.05% |
| 12 | ST JOE COMPANY | — | 233,800 | $14.68M | 2.81% |
| 13 | ROPER TECHNOLOGIES INC | — | 39,000 | $13.80M | 2.64% |
| 14 | ARMSTRONG WORLD INDUSTRIES INC | — | 78,000 | $12.85M | 2.46% |
| 15 | XPEL INC | — | 279,455 | $12.37M | 2.36% |
| 16 | MIRION TECHNOLOGIES INC-A | — | 665,000 | $12.36M | 2.36% |
| 17 | CFD_EQS GSILGB2X BJXBP41 | ALC SW | 161,000 | $12.13M | 2.32% |
| 18 | INTERCONTINENTAL EXCHANGE INC | — | 77,000 | $12.11M | 2.31% |
| 19 | BROWN & BROWN | — | 180,400 | $11.76M | 2.25% |
| 20 | WINMARK CORP | — | 26,600 | $11.37M | 2.17% |
| 21 | ALLEGION PLC | — | 76,000 | $11.04M | 2.11% |
| 22 | SLB LTD | — | 200,000 | $10.28M | 1.96% |
| 23 | SMITH (AO) CORP | — | 146,600 | $9.67M | 1.85% |
| 24 | BUILDERS FIRSTSOURCE | — | 105,000 | $8.64M | 1.65% |
| 25 | HEICO CORP CL A | — | 40,000 | $8.44M | 1.61% |
| 26 | DISTRIBUTION SOLUTIONS GROUP INC | — | 312,532 | $8.20M | 1.57% |
| 27 | POOL CORP | — | 38,000 | $7.69M | 1.47% |
| 28 | CSW INDUSTRI INC | — | 26,000 | $6.78M | 1.29% |
| 29 | MONEY MARKET FUND | TOIXX | 6,463,946 | $6.46M | 1.24% |
| 30 | WATSCO INC | — | 17,400 | $6.33M | 1.21% |
| 31 | YETI HOLDINGS INC | — | 138,000 | $5.05M | 0.96% |
| 32 | JACK HENRY | — | 25,000 | $3.95M | 0.75% |
| 33 | CHEMED CORP | — | 9,290 | $3.51M | 0.67% |
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