Investor: Michael DeMichele & Farhad Nanji
Number of Assets: 9
Reporting Period: Q4 - 2025
Holdings at Report: $4,706,614,957
Return Since Report: +$373,559,689
Return Since Report: +7.94%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Bausch Health Companies Inc. (BHC) | Equity | 0% | 6,000,000 | 0.91% | $6.95 | $5.40 | $41,700,000 | $32,370,000 | -$9,330,000 | -22.37% |
| CNX Resources Corp. (CNX) | Equity | 0% | 8,350,000 | 6.68% | $36.77 | $38.54 | $307,029,500 | $321,809,000 | +$14,779,500 | +4.81% |
| Ivanhoe Electric Inc. (IE) | Equity | 0% | 2,553,191 | 0.89% | $15.98 | $11.77 | $40,799,992 | $30,053,611 | -$10,746,381 | -26.34% |
| Occidental Petroleum Corp. (OXY-WS) | Bond | +100% | 5,690,600 | N/A | $19.27 | N/A | $109,640,790 | N/A | N/A | N/A |
| Pennymac Financial Services Inc. (PFSI) | Equity | 0% | 4,531,792 | 13.00% | $131.84 | $87.48 | $597,471,457 | $396,441,164 | -$201,030,293 | -33.65% |
| QXO Inc. (QXO) | Equity | -20.85% | 30,277,326 | 12.71% | $19.29 | $19.57 | $584,049,619 | $592,527,270 | +$8,477,651 | +1.45% |
| Rxo Inc. (RXO) | Equity | 0% | 27,577,666 | 7.58% | $12.64 | $14.64 | $348,581,698 | $403,599,142 | +$55,017,444 | +15.78% |
| Talen Energy Corp. (TLN) | Equity | 0% | 3,000,000 | 24.46% | $374.84 | $319.72 | $1,124,520,000 | $959,160,000 | -$165,360,000 | -14.70% |
| XPO Inc. (XPO) | Equity | 0% | 11,425,369 | 33.78% | $135.91 | $195.58 | $1,552,821,901 | $2,234,573,669 | +$681,751,768 | +43.90% |