Key Holdings
The portfolio is dominated by a massive concentration in precious metals, specifically silver, which constitutes the core of the fund's strategy.
- iShares Silver Trust (SLV): This is the standout position, comprising two distinct entries that together account for approximately 37.68% of the total portfolio value ($222.91M + $200.83M). The manager aggressively increased these positions during the quarter, adding nearly $411 million in combined value.
- Tesla Inc (TSLA): Tesla is the third-largest holding, representing roughly 9.95% of the portfolio ($111.85M). This appears to be a new or significantly rebuilt position, as it is listed among the top new positions.
- Wolfspeed Inc (WOLF): A controversial semiconductor play, Wolfspeed accounts for 7.94% ($89.33M) of the portfolio. The fund also holds a smaller, separate position, bringing total exposure to roughly 9.23%.
- SPDR Gold Trust (GLD): Gold serves as the second major commodity position, with a total allocation of approximately 11.09% across three tranches ($67.54M + $35.74M + $21.33M).
- Cryptocurrency Exposure: The fund maintains exposure to digital assets through the iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust, totaling roughly 1.57% of the portfolio.
Sector Allocation
The reported sector allocation reveals an unusual classification structure, with 88.2% of the portfolio labeled as "Unknown." This anomaly likely stems from the reporting classification of the large Silver and Gold ETF positions, which may be categorized as "ETF" or "Unknown" rather than "Commodities" in certain data breakdowns. Excluding the unknown category, the portfolio is distributed as follows:
- ETFs: 4.0% ($45.27M) – Excluding the massive precious metal positions, this includes S&P 500 and sector-specific ETFs.
- Technology: 1.6% ($18.17M) – Including positions in Coreweave, Palantir, and Alibaba.
- Consumer Cyclical: 1.4% ($15.73M) – Primarily driven by JD.com.
- Financial Services: 0.7% ($7.76M) – Including Coinbase and SoFi.