# Cambrian Capital Limited Partnership

> Institutional holdings reported to the SEC as of Q4 2019 on Form 13F. CIK 1387814. Source: https://holderbook.com/funds/1387814-cambrian-capital-limited-partnership/

- Reported value: $51.0M
- Positions: 25
- Weight of the ten largest: 60.4%
- Filed: 2020-02-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $4.7M | 50,484 | 9.2% | 5 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $3.5M | 106,900 | 6.8% | 5 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $3.2M | 31,000 | 6.3% | 5 |
| CALIFORNIA RES CORP | [CRCQQ](https://holderbook.com/stocks/CRCQQ/) | $3.1M | 343,200 | 6.1% | 5 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $3.0M | 101,450 | 5.9% | 5 |
| PIONEER NAT RES CO | [PXD](https://holderbook.com/stocks/PXD/) | $3.0M | 19,524 | 5.8% | 5 |
| TEXAS PAC LD TR | [TPL](https://holderbook.com/stocks/TPL/) | $2.8M | 3,550 | 5.4% | 5 |
| ANTERO RESOURCES CORP | [AR](https://holderbook.com/stocks/AR/) | $2.7M | 940,100 | 5.2% | 4 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $2.6M | 43,600 | 5.1% | 5 |
| CONTINENTAL RES INC | [CLR](https://holderbook.com/stocks/CLR/) | $2.4M | 68,550 | 4.6% | 5 |
| ANTERO MIDSTREAM CORP | [AM](https://holderbook.com/stocks/AM/) | $2.2M | 292,800 | 4.4% | 2 |
| DENBURY RES INC DEL | - | $2.1M | 3,301,000 | 4.2% | 3 |
| NEXGEN ENERGY LTD | [NXE](https://holderbook.com/stocks/NXE/) | $1.9M | 1,513,000 | 3.8% | 5 |
| COTERRA ENERGY INC | [CTRA](https://holderbook.com/stocks/CTRA/) | $1.9M | 108,822 | 3.7% | 5 |
| VERMILION ENERGY INC | [VET](https://holderbook.com/stocks/VET/) | $1.8M | 110,800 | 3.6% | 2 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $1.7M | 0 | 3.3% | 1 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $1.7M | 67,601 | 3.2% | 5 |
| CRESCENT PT ENERGY CORP | [CPG](https://holderbook.com/stocks/CPG/) | $1.3M | 281,200 | 2.5% | 5 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $1.1M | 27,400 | 2.2% | 5 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $1.1M | 17,580 | 2.1% | 5 |
| CONCHO RES INC | [CXO](https://holderbook.com/stocks/CXO/) | $926.0K | 10,579 | 1.8% | 5 |
| NATIONAL ENERGY SERVICES REU | [NESR](https://holderbook.com/stocks/NESR/) | $912.0K | 100,000 | 1.8% | 3 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $849.0K | 204,650 | 1.7% | 5 |
| BRIGHAM MINERALS INC | [MNRL](https://holderbook.com/stocks/MNRL/) | $414.0K | 19,300 | 0.8% | 2 |
| ALAMOS GOLD INC | [AGI](https://holderbook.com/stocks/AGI/) | $382.0K | 63,500 | 0.7% | 5 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2019 | +9.7% | +8.5% | +1.3% | 93% |
| Q3 2019 | -20.0% | +1.3% | -21.3% | 93% |
| Q2 2019 | -4.7% | +3.7% | -8.5% | 100% |
| Q1 2019 | +12.9% | +13.0% | -0.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2019 | $51.0M | 25 |
| Q3 2019 | $51.4M | 28 |
| Q2 2019 | $69.9M | 29 |
| Q1 2019 | $70.0M | 33 |
| Q4 2018 | $62.6M | 34 |