BRIDGEWAY CAPITAL MANAGEMENT, LLC

The single most consequential trade in Bridgeway Capital Management's Q1 2026 13F is not a mega-cap trim — it is a brand-new $30.2 million International Seaways position in a $5.0 billion book where no name exceeds about 1%. That initiation sits alongside three other multi-tens-of-millions openers in energy services — Patterson-UTI ($26.3 million), Kennametal ($24.2 million), and Helmerich & Payne ($22.9 million) — a coordinated energy/industrial cluster that dwarfs the share adds to Oracle, IBM, UnitedHealth, and Tesla (each roughly $4–6 million of share flow). On the way out: Enova International (~$29.1 million prior), LCI Industries, BankUnited, and SiriusPoint. With 1,221 holdings and Nvidia still the largest line at only 1.0%, this remains a deliberately flat, multi-factor-style book — the drama is which mid-cap sleeves the model (or the desk) is rotating into, not whether a single name defines risk.