Segra Capital Management, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Segra Capital Management, LLC reported 9 stock positions worth $204.1 million . Its top holding was Nexgen Energy (NXE) at 30.2% of the portfolio, followed by Denison Mines (DNN, 19.2% ) and BWX Technologies (BWXT, 11.4% ). Compared with Q4 2024, it opened 2 new positions, added to 6 and reduced 1. The biggest buy was a new position in Vistra (VST) and the biggest sale Cameco (CCJ, shares −37% ).
Location PALM BEACH, FL
CIK 0001607512
Portfolio Value $204.1M (Q1 2025) Holdings 9 stocks · $204.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 NXE Nexgen Energy Ltd. 13,738,355 $61.7M Add +28.2% DNN Denison Mines Corp. 30,098,810 $39.1M Add +43.0% BWXT BWX Technologies Inc. 236,370 $23.3M Add +89.5% URG Ur-Energy Inc. 29,051,342 $19.5M Add +14.9% UEC Uranium Energy Corp. 3,551,490 $17.0M Add +203.8% CCJ Cameco Corp. 345,777 $14.2M Reduce -37.1% VST Vistra Corp. 118,819 $14.0M New GEV GE Vernova Inc. 32,201 $9.8M New EU Encore Energy Corp. 3,993,528 $5.5M Add +98.6%
Options reported separately and not counted above: CAMECO CORP calls ($49.4M), VISTRA CORP calls ($23.5M), CONSTELLATION ENERGY CORP calls ($20.2M), GLOBAL X FDS calls ($11.5M), NEXGEN ENERGY LTD calls ($4.5M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ CCJ Cameco Corp. Reduce -37.1% 6.97% −7.54
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ VST Vistra Corp. New 6.84% +6.84 GEV GE Vernova Inc. New 4.82% +4.82 UEC Uranium Energy Corp. Add +203.8% 8.32% +4.30 BWXT BWX Technologies Inc. Add +89.5% 11.43% +4.28 DNN Denison Mines Corp. Add +43.0% 19.18% −0.31 EU Encore Energy Corp. Add +98.6% 2.68% −0.85 URG Ur-Energy Inc. Add +14.9% 9.54% −5.41 NXE Nexgen Energy Ltd. Add +28.2% 30.23% −6.13
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ CAMECO CORP call Add +140.4% 1,200,000 $49.4M VISTRA CORP call New 200,000 $23.5M CONSTELLATION ENERGY CORP call New 100,000 $20.2M GLOBAL X FDS call Reduce -67.0% 500,000 $11.5M NEXGEN ENERGY LTD call Add +122.2% 1,000,000 $4.5M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 7 $435.0M XE, VST, AMTM, CEG, NRG Q1 2026 6 $128.4M AMTM, CEG, VST, GEV, NKLR Q4 2025 5 $46.8M NKLR, AMTM, VST, NXE, URG Q3 2025 4 $86.5M URG, NXE, AMTM, VST Q2 2025 8 $310.0M NXE, DNN, CCJ, BWXT, URG Q1 2025 9 $204.1M NXE, DNN, BWXT, URG, UEC Q4 2024 7 $194.5M NXE, DNN, URG, CCJ, BWXT Q3 2024 8 $256.4M NXE, CCJ, DNN, URG, UEC Q2 2024 4 $109.1M NXE, URG, DNN, BWXT Q1 2024 4 $130.8M NXE, DNN, URG, CCJ