Portfolio concentration
As of February 28, 2026 · N-PORT
Holdings
262
Top-10 weight
44.32%
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.
31
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.
363.2
Holdings
As of February 28, 2026 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | BHP GROUP LTD | — | 6,172,223 | $250.44M | 12.15% |
| 2 | RIO TINTO PLC | — | 1,371,694 | $135.89M | 6.59% |
| 3 | FREEPORT MCMORAN INC | — | 1,744,798 | $118.79M | 5.76% |
| 4 | GLENCORE PLC | — | 12,215,961 | $88.27M | 4.28% |
| 5 | VALE SA | — | 4,412,719 | $76.15M | 3.69% |
| 6 | ANGLO AMER PLC | — | 1,360,048 | $67.86M | 3.29% |
| 7 | RIO TINTO LTD | — | 451,077 | $53.62M | 2.60% |
| 8 | NUCOR CORP | — | 278,879 | $49.33M | 2.39% |
| 9 | GRUPO MEXICO-B | — | 3,777,248 | $48.04M | 2.33% |
| 10 | VALTERRA PLATINU | — | 322,844 | $37.91M | 1.84% |
| 11 | ARCELORMITTAL | — | 570,668 | $37.38M | 1.81% |
| 12 | STEEL DYNAMICS INC | — | 169,937 | $32.82M | 1.59% |
| 13 | TECK RESOURCES-B | — | 554,386 | $32.56M | 1.58% |
| 14 | SAUDI ARABIAN MI | — | 1,656,485 | $30.93M | 1.50% |
| 15 | FORTESCUE METALS | — | 2,053,349 | $30.84M | 1.50% |
| 16 | ANTOFAGASTA PLC | — | 479,842 | $27.57M | 1.34% |
| 17 | BOLIDEN AB | — | 346,202 | $27.44M | 1.33% |
| 18 | LUNDIN MINING CORP | — | 833,489 | $26.56M | 1.29% |
| 19 | BlackRock Cash Funds: Institutional, SL Agency Shares | BISXX | 25,848,860 | $25.86M | 1.25% |
| 20 | FIRST QUANTUM | — | 862,967 | $25.84M | 1.25% |
| 21 | POSCO HOLDINGS I | — | 88,376 | $25.36M | 1.23% |
| 22 | IMPALA PLATINUM | — | 1,100,506 | $24.45M | 1.19% |
| 23 | SUMITOMO MET MIN | — | 298,500 | $24.24M | 1.18% |
| 24 | Southern Copper Corporation COM USD0.01 | SCCO US | 110,434 | $24.11M | 1.17% |
| 25 | NIPPON STEEL COR | — | 5,871,125 | $23.85M | 1.16% |
| 26 | TATA STEEL LTD | — | 9,056,269 | $21.17M | 1.03% |
| 27 | RELIANCE STEEL and ALUMINUM CO | — | 63,713 | $20.11M | 0.98% |
| 28 | ALCOA CORP | — | 315,108 | $19.56M | 0.95% |
| 29 | SOUTH32 LTD-DI | — | 5,476,462 | $17.94M | 0.87% |
| 30 | Nippon Mining Holdings, Inc | — | 675,500 | $17.93M | 0.87% |
| 31 | HINDALCO INDS | — | 1,641,029 | $16.70M | 0.81% |
| 32 | MITSUI MINING & | — | 69,700 | $16.38M | 0.79% |
| 33 | KGHM | — | 170,505 | $16.08M | 0.78% |
| 34 | NORSK HYDRO ASA | — | 1,687,684 | $15.66M | 0.76% |
| 35 | CHINA HONGQIAO | — | 3,461,000 | $15.61M | 0.76% |
| 36 | SIBANYE STILLWAT | — | 3,444,901 | $15.30M | 0.74% |
| 37 | LYNAS RARE EARTH | — | 1,102,362 | $14.61M | 0.71% |
| 38 | PLS GROUP LTD | — | 3,898,803 | $14.35M | 0.70% |
| 39 | CMOC-H | — | 4,509,000 | $13.87M | 0.67% |
| 40 | HUDBAY MINERALS | — | 481,201 | $13.63M | 0.66% |
| 41 | VEDANTA LTD | — | 1,665,645 | $13.17M | 0.64% |
| 42 | NORTHAM PLATINUM HOLDINGS LTD | — | 438,100 | $11.99M | 0.58% |
| 43 | IVANHOE MINES LTD | — | 950,020 | $10.86M | 0.53% |
| 44 | BLUESCOPE STEEL | — | 533,776 | $10.63M | 0.52% |
| 45 | JSW STEEL LTD | — | 744,039 | $10.36M | 0.50% |
| 46 | CAPSTONE COPPER | — | 998,661 | $10.33M | 0.50% |
| 47 | MP MATERIALS CORP | — | 172,381 | $10.15M | 0.49% |
| 48 | COMMERCIAL METALS CO | — | 136,017 | $9.97M | 0.48% |
| 49 | JFE HOLDINGS INC | — | 696,800 | $9.81M | 0.48% |
| 50 | CHINA STEEL CORP | — | 14,240,612 | $9.42M | 0.46% |
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