Portfolio concentration
As of March 31, 2026 · N-PORT
Holdings
48
Top-10 weight
48.82%
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.
28
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.
343.8
Holdings
As of March 31, 2026 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | WHEATON PRECIOUS METALS CORP | — | 733,028 | $96.03M | 6.52% |
| 2 | TEXAS PACIFIC LAND CORP | — | 175,848 | $83.45M | 5.66% |
| 3 | Landbridge Company, LLC | LB US | 1,199,578 | $82.83M | 5.62% |
| 4 | FRANCO-NEVADA CORP | — | 311,357 | $76.92M | 5.22% |
| 5 | VIPER ENERGY INC A | — | 1,512,307 | $71.06M | 4.82% |
| 6 | PRAIRIESKY ROYALTY LTD | — | 3,039,262 | $70.13M | 4.76% |
| 7 | WATERBRIDGE IN-A | — | 2,398,768 | $64.26M | 4.36% |
| 8 | CAMECO CORP | — | 565,914 | $61.46M | 4.17% |
| 9 | OR ROYALTIES INC | — | 1,531,975 | $58.25M | 3.95% |
| 10 | US BANK MMDA - USBGFS 7 | USBGFS7 | 56,053,754 | $56.05M | 3.80% |
| 11 | INTERCONTINENTAL EXCHANGE INC | — | 321,434 | $50.56M | 3.43% |
| 12 | CHENIERE ENERGY INC | — | 169,166 | $48.00M | 3.26% |
| 13 | HAWAIIAN ELECTRIC INDS INC | — | 3,230,429 | $47.94M | 3.25% |
| 14 | SINGAPORE EXCH | — | 2,858,940 | $43.26M | 2.94% |
| 15 | CME GROUP INC CL A | — | 139,556 | $41.22M | 2.80% |
| 16 | DEUTSCHE BOERSE | — | 132,354 | $38.29M | 2.60% |
| 17 | BUNGE GLOBAL SA | — | 295,718 | $37.62M | 2.55% |
| 18 | Permian Basin Royalty Trust | PBT | 1,701,245 | $36.61M | 2.49% |
| 19 | MIAMI INTERNATIONAL HOLDINGS INC | — | 910,258 | $35.43M | 2.40% |
| 20 | TOPAZ ENERGY COR | — | 1,464,900 | $32.46M | 2.20% |
| 21 | GLENCORE PLC | — | 4,177,006 | $31.15M | 2.11% |
| 22 | TMX GROUP LTD | — | 864,460 | $30.56M | 2.07% |
| 23 | MARSH & MCLENNAN | — | 145,160 | $25.18M | 1.71% |
| 24 | SPROTT INC | — | 172,679 | $24.68M | 1.67% |
| 25 | ASX LTD | — | 572,062 | $20.49M | 1.39% |
| 26 | JAPAN EXCHANGE G | — | 1,591,667 | $18.07M | 1.23% |
| 27 | ST JOE COMPANY | — | 273,596 | $17.18M | 1.17% |
| 28 | ROYALTY PHARMA PLC | — | 326,338 | $15.65M | 1.06% |
| 29 | DETERRA ROYALTIE | — | 5,431,158 | $14.95M | 1.02% |
| 30 | ALTIUS MINERALS CORP COMMON STOCK | ALS CN | 402,934 | $14.13M | 0.96% |
| 31 | DIGITALBRIDGE GROUP INC | — | 893,405 | $13.78M | 0.94% |
| 32 | BROOKFIELD CORP CL A | — | 334,015 | $13.52M | 0.92% |
| 33 | TRIPLE FLAG | — | 369,048 | $12.81M | 0.87% |
| 34 | WILMAR INTERNATI | — | 4,238,888 | $12.65M | 0.86% |
| 35 | MESABI TRUST | MSB | 393,971 | $12.41M | 0.84% |
| 36 | TEJON RANCH CO | — | 654,511 | $12.33M | 0.84% |
| 37 | RB GLOBAL INC | — | 76,399 | $7.32M | 0.50% |
| 38 | Sabine Royalty Trust | SBR | 85,201 | $6.42M | 0.44% |
| 39 | CLARKSON PLC COMMON STOCK | CKN | 105,493 | $6.41M | 0.44% |
| 40 | San Juan Basin Royalty Trust | SJT | 1,283,345 | $6.17M | 0.42% |
| 41 | LONDON STOCK EXCHANGE GRP | LSEG LN | 51,672 | $6.04M | 0.41% |
| 42 | LABRADOR IRON OR | — | 276,178 | $5.80M | 0.39% |
| 43 | DORCHESTER MINERALS LP PARTNERSHIP SHARES | DMLP | 172,004 | $4.66M | 0.32% |
| 44 | Evolve Royalties Ltd | EVR | 1,781,250 | $3.75M | 0.25% |
| 45 | Metalla Royalty & Streaming, Ltd. | MTA CN | 390,000 | $2.59M | 0.18% |
| 46 | IG PORT INC | 3791 | 315,000 | $2.45M | 0.17% |
| 47 | TOEI ANIMATION | — | 148,799 | $2.43M | 0.16% |
| 48 | FERMI INC | — | 63,422 | $370.38K | 0.03% |
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