# KGH Ltd

> Institutional holdings reported to the SEC as of Q4 2024 on Form 13F. CIK 1549641. Source: https://holderbook.com/funds/1549641-kgh-ltd/

- Reported value: $1.9B
- Positions: 26
- Weight of the ten largest: 85.6%
- Filed: 2025-02-14

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 |
|---|---|---|---|---|---|
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $363.5M | 0 | 18.9% | 2 |
| RANGE RES CORP | [RRC](https://holderbook.com/stocks/RRC/) | $223.4M | 6,210,000 | 11.6% | 14 |
| COMSTOCK RES INC | [CRK](https://holderbook.com/stocks/CRK/) | $220.9M | 12,125,000 | 11.5% | 11 |
| EXPAND ENERGY CORPORATION | [EXE](https://holderbook.com/stocks/EXE/) | $201.6M | 0 | 10.5% | 1 |
| UNITED STATES STL CORP NEW | [X](https://holderbook.com/stocks/X/) | $156.4M | 4,600,000 | 8.1% | 15 |
| WARRIOR MET COAL INC | [HCC](https://holderbook.com/stocks/HCC/) | $140.6M | 2,591,350 | 7.3% | 20 |
| NEXTPOWER INC | [NXT](https://holderbook.com/stocks/NXT/) | $96.5M | 2,642,785 | 5.0% | 2 |
| NOBLE CORP PLC | [NE](https://holderbook.com/stocks/NE/) | $95.9M | 3,055,090 | 5.0% | 10 |
| ARCELORMITTAL SA LUXEMBOURG | [MT](https://holderbook.com/stocks/MT/) | $88.4M | 3,822,400 | 4.6% | 8 |
| SUNRUN INC | [RUN](https://holderbook.com/stocks/RUN/) | $60.1M | 0 | 3.1% | 5 |
| CHORD ENERGY CORPORATION | [CHRD](https://holderbook.com/stocks/CHRD/) | $56.8M | 485,998 | 3.0% | 5 |
| VALARIS LTD | [VAL](https://holderbook.com/stocks/VAL/) | $46.1M | 1,042,000 | 2.4% | 4 |
| GRAPHIC PACKAGING HLDG CO | [GPK](https://holderbook.com/stocks/GPK/) | $35.7M | 1,316,000 | 1.9% | 5 |
| OCCIDENTAL PETE CORP | [OXY](https://holderbook.com/stocks/OXY/) | $28.0M | 566,000 | 1.5% | 3 |
| ALCOA CORP | [AA](https://holderbook.com/stocks/AA/) | $27.1M | 717,000 | 1.4% | 1 |
| PLAINS GP HLDGS L P | [PAGP](https://holderbook.com/stocks/PAGP/) | $15.5M | 845,000 | 0.8% | 11 |
| ANTERO RESOURCES CORP | [AR](https://holderbook.com/stocks/AR/) | $14.3M | 407,000 | 0.7% | 18 |
| WEST FRASER TIMBER CO LTD | [WFG](https://holderbook.com/stocks/WFG/) | $13.3M | 154,000 | 0.7% | 9 |
| ABRDN PALLADIUM ETF TRUST | [PALL](https://holderbook.com/stocks/PALL/) | $12.5M | 150,000 | 0.7% | 7 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $9.1M | 198,000 | 0.5% | 2 |
| STEEL DYNAMICS INC | [STLD](https://holderbook.com/stocks/STLD/) | $5.9M | 52,000 | 0.3% | 1 |
| YPF SOCIEDAD ANONIMA | [YPF](https://holderbook.com/stocks/YPF/) | $4.3M | 100,000 | 0.2% | 1 |
| EXPAND ENERGY CORPORATION | [CHKEL](https://holderbook.com/stocks/CHKEL/) | $3.5M | 40,706 | 0.2% | 1 |
| NEXGEN ENERGY LTD | [NXE](https://holderbook.com/stocks/NXE/) | $3.1M | 467,000 | 0.2% | 4 |
| SPROTT ASSET MANAGEMENT LP | [SPPP](https://holderbook.com/stocks/SPPP/) | $622.6K | 70,030 | 0.0% | 7 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $479.2K | 12,500 | 0.0% | 1 |

## 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 2024 | +4.3% | +2.1% | +2.1% | 100% |
| Q3 2024 | -3.6% | +5.4% | -9.0% | 92% |
| Q2 2024 | -1.0% | +4.0% | -5.0% | 100% |
| Q1 2024 | +7.9% | +10.0% | -2.1% | 100% |
| Q4 2023 | +0.6% | +11.2% | -10.6% | 100% |
| Q3 2023 | +16.0% | -3.6% | +19.6% | 100% |
| Q2 2023 | +4.3% | +8.3% | -4.0% | 100% |
| Q1 2023 | -5.2% | +7.0% | -12.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2024 | $1.9B | 26 |
| Q3 2024 | $1.8B | 25 |
| Q2 2024 | $1.7B | 31 |
| Q1 2024 | $1.8B | 36 |
| Q4 2023 | $1.9B | 40 |
| Q3 2023 | $1.9B | 38 |
| Q2 2023 | $1.4B | 38 |
| Q1 2023 | $1.3B | 33 |
| Q4 2022 | $1.3B | 34 |
| Q3 2022 | $1.3B | 35 |
| Q2 2022 | $1.3B | 40 |
| Q1 2022 | $1.3B | 35 |