KGH Ltd

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), KGH Ltd reported 22 stock positions worth $1.3 billion. Its top holding was Range Resources (RRC) at 17.3% of the portfolio, followed by Comstock Resources (CRK, 17.1%) and United States Steel (X, 12.1%). Compared with Q3 2024, it opened 4 new positions, sold out of 5, added to 6 and reduced 3. The biggest buy was a new position in Alcoa (AA) and the biggest sale Antero Resources (AR, shares −86%).

Most Recent 13F
Q4 2024
Location
NASSAU, C5
CIK
0001549641
Portfolio Value
$1.3B (Q4 2024)
SEC Filing
0001085146-25-001549 ↗ filed Feb 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.7B Q1 2024 Q2 2024: $1.6B Q2 2024 Q3 2024: $1.4B Q3 2024 Q4 2024: $1.3B $1.3B Q4 2024

Holdings 22 stocks · $1.3B
RRC Range Resources Corp. 17.25% 6,210,000 $223.4M No change
CRK Comstock Resources Inc. 17.06% 12,125,000 $220.9M No change
X United States Steel Corp. 12.07% 4,600,000 $156.4M Add +5.2%
HCC Warrior Met Coal Inc. 10.85% 2,591,350 $140.6M No change
NXT Nextpower Inc. filed as NEXTRACKER INC 7.45% 2,642,785 $96.5M Add +25.2%
NE Noble Corp. PLC 7.41% 3,055,090 $95.9M No change
MT Arcelormittal-NY Registered 6.83% 3,822,400 $88.4M No change
CHRD Chord Energy Corp. 4.39% 485,998 $56.8M No change
VAL Valaris Ltd. 3.56% 1,042,000 $46.1M Add +15.5%
GPK Graphic Packaging Holding Co. 2.76% 1,316,000 $35.7M Add +22.9%
OXY Occidental Petroleum Corp. 2.16% 566,000 $28.0M Add +190.3%
AA Alcoa Corp. 2.09% 717,000 $27.1M New
PAGP Plains GP Holdings LP 1.20% 845,000 $15.5M Add +43.2%
AR Antero Resources Corp. 1.10% 407,000 $14.3M Reduce -86.2%
WFG West Fraser Timber Co. Ltd. 1.03% 154,000 $13.3M Reduce -49.8%
PALL Abrdn Physical Palladium SHS 0.97% 150,000 $12.5M No change
EQT Eqt Corp. 0.70% 198,000 $9.1M Reduce -86.3%
STLD Steel Dynamics Inc. 0.46% 52,000 $5.9M New
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 0.33% 100,000 $4.3M New
NXE Nexgen Energy Ltd. 0.24% 467,000 $3.1M No change
SPPP Sprott Physical Platinum And 0.05% 70,030 $623K No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.04% 12,500 $479K New

Options reported separately and not counted above: TSLA puts ($363.5M), EXE calls ($201.6M), RUN puts ($60.1M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $3.5M (not counted above)
SecurityClassShares / PrincipalValueChange
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 40,706$3.5MNew

Total filed on the 13F, all lines: $1.3B.

Portfolio Sells Q3 2024 → Q4 2024
AR Antero Resources Corp. Reduce -86.2% 1.10% −4.89
EQT Eqt Corp. Reduce -86.3% 0.70% −3.03
BTU Peabody Energy Corp. Sold out 0.00% −2.25
CTRA Coterra Energy Inc. Sold out 0.00% −2.21
MUR Murphy Oil Corp. Sold out 0.00% −1.89
PR Permian Resources Corp. Class A Sold out 0.00% −1.65
WFG West Fraser Timber Co. Ltd. Reduce -49.8% 1.03% −1.09
SU Suncor Energy Inc. Sold out 0.00% −0.89

Portfolio Buys Q3 2024 → Q4 2024
AA Alcoa Corp. New 2.09% +2.09
NXT Nextpower Inc. Add +25.2% 7.45% +1.85
OXY Occidental Petroleum Corp. Add +190.3% 2.16% +1.45
X United States Steel Corp. Add +5.2% 12.07% +1.14
GPK Graphic Packaging Holding Co. Add +22.9% 2.76% +0.52
STLD Steel Dynamics Inc. New 0.46% +0.46
PAGP Plains GP Holdings LP Add +43.2% 1.20% +0.43
YPF YPF S.A.-Sponsored ADR New 0.33% +0.33
SLB SLB Ltd. New 0.04% +0.04
VAL Valaris Ltd. Add +15.5% 3.56% −0.00

Options Activity Q3 2024 → Q4 2024
TSLA Tesla Inc. put Reduce -10.0% 900,000 $363.5M
EXE Expand Energy Corp. call New 2,025,000 $201.6M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 New 40,706 $3.5M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2024 22$1.3BRRC, CRK, X, HCC, NXT
Q3 2024 23$1.4BRRC, HCC, X, CRK, NE
Q2 2024Amended 29$1.6BRRC, X, HCC, DO, CRK
Q1 2024 33$1.7BRRC, HCC, SWN, AR, DO