Lingotto Investment Management LLP Activity Q4 2017-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
TEVA	Buy	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$345,268,531	+89.4%	33,849,856	+39.8%	18.52%	+57.1%
VAL	Buy	VALARIS LTDcl a	$217,422,505	+72.3%	2,899,740	+44.6%	11.66%	+42.9%
CVNA	Sell	CARVANA COcl a	$194,168,919	+44.5%	4,625,272	-10.8%	10.41%	+19.9%
SLB	Buy	SCHLUMBERGER LTD	$176,278,095	+28.7%	3,023,638	+9.0%	9.45%	+6.8%
SBSW	New	SIBANYE STILLWATER LTDsponsored adr	$105,515,700	–	17,101,410	–	5.66%	–
HMY	Buy	HARMONY GOLD MINING CO LTDsponsored adr	$101,588,252	-2.4%	27,018,152	+9.0%	5.45%	-19.0%
NXE	Buy	NEXGEN ENERGY LTD	$23,406,695	+67.6%	3,914,163	+32.3%	1.26%	+39.1%
CCJ	Sell	CAMECO CORP	$21,531,140	-59.3%	543,167	-67.8%	1.16%	-66.2%
	New	SHARKNINJA INC	$7,788,480	–	168,000	–	0.42%	–
UBS	Buy	UBS GROUP AG	$7,138,845	+62.7%	288,000	+32.7%	0.38%	+34.9%
	New	INDIVIOR PLCord	$5,937,292	–	273,565	–	0.32%	–
KWEB	Buy	KRANESHARES TRcsi chi internet	$5,775,070	+34.9%	211,000	+32.7%	0.31%	+11.9%
DM	Sell	DESKTOP METAL INC	$1,209,138	-44.4%	828,177	-32.6%	0.06%	-53.6%
	New	FATHOM DIGITAL MFG CORPcl a	$287,500	–	50,000	–	0.02%	–
	Exit	FATHOM DIGITAL MANUFACTURING	$0	–	-1,000,000	–	-0.03%	–
ARKF	Exit	ARK FINTECH INNOVATION ETFfintech innova	$0	–	-191,948	–	-0.26%	–
CG	Exit	CARLYLE GROUP INC/THE	$0	–	-222,000	–	-0.46%	–
WFRD	Exit	WEATHERFORD INTL PLC	$0	–	-1,757,643	–	-7.54%	–

Q2 2023

			Value		Shares		↓ Weighting
RRC	New	RANGE RES CORP	$204,716,992	–	6,963,163	–	13.23%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$182,325,855	–	24,213,261	–	11.78%	–
SLB	New	SCHLUMBERGER LTD	$136,974,004	–	2,774,438	–	8.85%	–
CVNA	New	CARVANA COcl a	$134,381,851	–	5,184,485	–	8.68%	–
VAL	New	VALARIS LIMITEDcl a	$126,210,835	–	2,005,575	–	8.16%	–
WFRD	New	WEATHERFORD INTL PLC	$116,742,648	–	1,757,643	–	7.54%	–
GDXJ	New	VANECK ETF TRUSTjunior gold mine	$111,837,356	–	3,136,213	–	7.23%	–
	New	VEON LTDsponsored adr	$108,450,021	–	5,305,774	–	7.01%	–
HMY	New	HARMONY GOLD MINING CO LTDsponsored adr	$104,126,417	–	24,792,004	–	6.73%	–
NG	New	NOVAGOLD RES INC	$62,654,675	–	15,702,926	–	4.05%	–
CCJ	New	CAMECO CORP	$52,906,250	–	1,688,677	–	3.42%	–
NVDA	New	NVIDIA CORP	$21,305,825	–	50,366	–	1.38%	–
NOW	New	SERVICENOW INC	$16,917,545	–	30,104	–	1.09%	–
MSFT	New	MICROSOFT CORP	$16,525,044	–	48,526	–	1.07%	–
MRNA	New	MODERNA INC	$16,171,043	–	133,095	–	1.04%	–
NXE	New	NEXGEN ENERGY LTD	$13,965,361	–	2,958,763	–	0.90%	–
GATO	New	GATOS SILVER INC	$13,038,910	–	3,449,447	–	0.84%	–
MELI	New	MERCADOLIBRE INC	$12,573,344	–	10,614	–	0.81%	–
	New	GINKGO BIOWORKS HOLDINGS INC	$11,739,020	–	6,311,301	–	0.76%	–
ISRG	New	INTUITIVE SURGICAL INC	$11,235,123	–	32,857	–	0.73%	–
VIAC	New	PARAMOUNT GLOBAL	$10,938,270	–	686,000	–	0.71%	–
TSLA	New	TESLA INC	$10,591,476	–	40,461	–	0.68%	–
	New	JOBY AVIATION INC	$9,326,135	–	908,980	–	0.60%	–
CG	New	CARLYLE GROUP INC/THE	$7,092,900	–	222,000	–	0.46%	–
ENPH	New	ENPHASE ENERGY INC	$6,685,467	–	39,918	–	0.43%	–
RXRX	New	RECURSION PHARMACEUTICALS-Acl a	$5,789,825	–	775,077	–	0.37%	–
SE	New	SEA LTD-ADRsponsord ads	$5,629,009	–	96,985	–	0.36%	–
UBS	New	UBS GROUP AG	$4,388,996	–	217,000	–	0.28%	–
KWEB	New	KRANESHARES CSI CHINA INTERNcsi chi internet	$4,281,870	–	159,000	–	0.28%	–
ARKF	New	ARK FINTECH INNOVATION ETFfintech innova	$4,013,633	–	191,948	–	0.26%	–
DM	New	DESKTOP METAL INC-A	$2,173,873	–	1,228,177	–	0.14%	–
SKIL	New	SKILLSOFT CORPcl a	$1,432,648	–	1,155,361	–	0.09%	–
	New	FATHOM DIGITAL MANUFACTURING	$406,000	–	1,000,000	–	0.03%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	FATHOM DIGITAL MFG CORP	$0	–	-1,000,000	–	-0.19%	–
SKIL	Exit	SKILLSOFT CORPcl a	$0	–	-1,155,361	–	-0.20%	–
DM	Exit	DESKTOP METAL INC	$0	–	-1,228,177	–	-0.29%	–
GATO	Exit	GATOS SILVER INC	$0	–	-2,872,657	–	-0.71%	–
VIAC	Exit	PARAMOUNT GLOBAL	$0	–	-686,000	–	-1.21%	–
KWEB	Exit	KRANESHARES TRcsi chi internet	$0	–	-924,315	–	-2.10%	–
VEON	Exit	VEON LTDsponsored adr	$0	–	-120,785,818	–	-3.56%	–
HMY	Exit	HARMONY GOLD MINING CO LTDsponsored adr	$0	–	-26,664,903	–	-5.97%	–
NG	Exit	NOVAGOLD RES INC	$0	–	-14,776,778	–	-6.38%	–
GDXJ	Exit	VANECK ETF TRUSTjunior gold mine	$0	–	-2,432,213	–	-6.60%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$0	–	-11,522,187	–	-8.56%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-2,611,638	–	-8.68%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-2,021,533	–	-9.11%	–
RRC	Exit	RANGE RES CORP	$0	–	-6,190,163	–	-14.40%	–
WFRD	Exit	WEATHERFORD INTL PLC	$0	–	-5,342,279	–	-15.89%	–
CCJ	Exit	CAMECO CORP	$0	–	-6,616,904	–	-16.16%	–

Q3 2022

			Value		Shares		↓ Weighting
CCJ	Sell	CAMECO CORP	$175,414,000	-9.1%	6,616,904	-27.9%	16.16%	-13.4%
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$92,984,000	–	11,522,187	–	8.56%	–
GDXJ	Sell	VANECK ETF TRUSTjunior gold mine	$71,653,000	-13.1%	2,432,213	-5.6%	6.60%	-17.2%
NG	Buy	NOVAGOLD RES INC	$69,303,000	+1.4%	14,776,778	+4.0%	6.38%	-3.4%
HMY	Buy	HARMONY GOLD MINING CO LTDsponsored adr	$64,796,000	-17.7%	26,664,903	+6.0%	5.97%	-21.6%
LBRT	Exit	LIBERTY OILFIELD SVCS INC	$0	–	-3,489,393	–	-4.30%	–

Q2 2022

			Value		Shares		↓ Weighting
CCJ	New	CAMECO CORP	$192,971,000	–	9,180,357	–	18.66%	–
RRC	New	RANGE RES CORP	$153,207,000	–	6,190,163	–	14.81%	–
WFRD	New	WEATHERFORD INTL PLC	$113,096,000	–	5,342,279	–	10.94%	–
SLB	New	SCHLUMBERGER LTD	$93,763,000	–	2,611,638	–	9.06%	–
VAL	New	VALARIS LIMITEDcl a	$85,390,000	–	2,021,533	–	8.26%	–
GDXJ	New	VANECK ETF TRUSTjunior gold mine	$82,439,000	–	2,576,213	–	7.97%	–
HMY	New	HARMONY GOLD MNG LTDsponsored adr	$78,766,000	–	25,164,903	–	7.62%	–
NG	New	NOVAGOLD RES INC	$68,358,000	–	14,211,573	–	6.61%	–
VEON	New	VEON LTDsponsored adr	$55,561,000	–	120,785,818	–	5.37%	–
LBRT	New	LIBERTY OILFIELD SVCS INC	$44,525,000	–	3,489,393	–	4.30%	–
KWEB	New	KRANESHARES TRcsi chi internet	$30,281,000	–	924,315	–	2.93%	–
VIAC	New	PARAMOUNT GLOBAL	$17,046,000	–	686,000	–	1.65%	–
GATO	New	GATOS SILVER INC	$8,245,000	–	2,872,657	–	0.80%	–
SKIL	New	SKILLSOFT CORPcl a	$4,067,000	–	1,155,361	–	0.39%	–
	New	FATHOM DIGITAL MFG CORP	$3,880,000	–	1,000,000	–	0.38%	–
DM	New	DESKTOP METAL INC	$2,702,000	–	1,228,177	–	0.26%	–

Q4 2021

			Value		Shares		↓ Weighting
DM	Exit	DESKTOP METAL INC	$0	–	-778,177	–	-0.44%	–
SKIL	Exit	SKILLSOFT CORPcl a	$0	–	-1,155,361	–	-1.06%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-696,665	–	-1.92%	–
GATO	Exit	GATOS SILVER INC	$0	–	-2,352,120	–	-2.16%	–
QQQJ	Exit	INVESCO EXCH TRADED FD TR IIput	$0	–	-1,502,700	–	-3.92%	–
LBRT	Exit	LIBERTY OILFIELD SVCS INC	$0	–	-4,982,862	–	-4.76%	–
GDXJ	Exit	VANECK VECTORS ETF TRjr gold miners e	$0	–	-2,015,213	–	-6.09%	–
NG	Exit	NOVAGOLD RES INC	$0	–	-11,349,506	–	-6.16%	–
HMY	Exit	HARMONY GOLD MNG LTDsponsored adr	$0	–	-25,164,903	–	-6.25%	–
WFRD	Exit	WEATHERFORD INTL PLC	$0	–	-5,524,806	–	-8.57%	–
VEON	Exit	VEON LTDsponsored adr	$0	–	-78,347,333	–	-12.85%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-5,805,476	–	-13.62%	–
RRC	Exit	RANGE RES CORP	$0	–	-8,544,920	–	-15.24%	–
CCJ	Exit	CAMECO CORP	$0	–	-9,907,663	–	-16.97%	–

Q3 2021

			Value		Shares		↓ Weighting
CCJ	Sell	CAMECO CORP	$215,294,000	-4.0%	9,907,663	-15.3%	16.97%	-12.6%
WFRD	Buy	WEATHERFORD INTL PLC	$108,673,000	+16.7%	5,524,806	+7.9%	8.57%	+6.2%
HMY	Buy	HARMONY GOLD MNG LTDsponsored adr	$79,269,000	+5.4%	25,164,903	+24.9%	6.25%	-4.0%
NG	Buy	NOVAGOLD RES INC	$78,085,000	+3.9%	11,349,506	+21.0%	6.16%	-5.4%
GDXJ	Buy	VANECK VECTORS ETF TRjr gold miners e	$77,263,000	-9.1%	2,015,213	+10.8%	6.09%	-17.3%
QQQJ	New	INVESCO EXCH TRADED FD TR IIput	$49,664,000	–	1,502,700	–	3.92%	–
GATO	Buy	GATOS SILVER INC	$27,355,000	-25.2%	2,352,120	+12.4%	2.16%	-32.0%
VAL	Buy	VALARIS LIMITEDcl a	$24,300,000	+64.4%	696,665	+36.1%	1.92%	+49.7%
SKIL	Buy	SKILLSOFT CORPcl a	$13,506,000	+342.2%	1,155,361	+272.7%	1.06%	+303.4%
DM	Buy	DESKTOP METAL INC	$5,580,000	+52.8%	778,177	+145.0%	0.44%	+39.2%

Q2 2021

			Value		Shares		↓ Weighting
CCJ	New	CAMECO CORP	$224,280,000	–	11,693,451	–	19.42%	–
SLB	New	SCHLUMBERGER LTD	$186,682,000	–	5,805,476	–	16.17%	–
VEON	New	VEON LTDsponsored adr	$143,376,000	–	78,347,333	–	12.42%	–
RRC	New	RANGE RES CORP	$143,213,000	–	8,544,920	–	12.40%	–
WFRD	New	WEATHERFORD INTL PLC	$93,159,000	–	5,118,632	–	8.07%	–
GDXJ	New	VANECK VECTORS ETF TRjr gold miners e	$85,038,000	–	1,819,000	–	7.36%	–
HMY	New	HARMONY GOLD MNG LTDsponsored adr	$75,182,000	–	20,156,016	–	6.51%	–
NG	New	NOVAGOLD RES INC	$75,135,000	–	9,380,100	–	6.51%	–
LBRT	New	LIBERTY OILFIELD SVCS INC	$70,557,000	–	4,982,862	–	6.11%	–
GATO	New	GATOS SILVER INC	$36,591,000	–	2,092,120	–	3.17%	–
VAL	New	VALARIS LIMITEDcl a	$14,784,000	–	511,898	–	1.28%	–
DM	New	DESKTOP METAL INC	$3,653,000	–	317,677	–	0.32%	–
SKIL	New	SKILLSOFT CORPcl a	$3,054,000	–	310,032	–	0.26%	–

Q4 2020

			Value		Shares		↓ Weighting
LBRT	Exit	LIBERTY OILFIELD SVCS INC	$0	–	-1,202,714	–	-1.54%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-10,088,931	–	-2.76%	–
RRC	Exit	RANGE RES CORP	$0	–	-7,115,947	–	-7.57%	–
HMY	Exit	HARMONY GOLD MNG LTDsponsored adr	$0	–	-10,746,561	–	-9.10%	–
VEON	Exit	VEON LTDsponsored adr	$0	–	-53,114,362	–	-10.75%	–
NG	Exit	NOVAGOLD RES INC	$0	–	-6,463,807	–	-12.35%	–
CCJ	Exit	CAMECO CORP	$0	–	-10,188,363	–	-16.54%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-7,059,076	–	-17.79%	–
SBSW	Exit	SIBANYE STILLWATERsponsored adr	$0	–	-11,965,532	–	-21.60%	–

Q3 2020

			Value		Shares		↓ Weighting
SBSW	Sell	SIBANYE STILLWATERsponsored adr	$134,433,000	+25.7%	11,965,532	-3.2%	21.60%	+23.2%
SLB	Buy	SCHLUMBERGER LTD	$110,707,000	-13.9%	7,059,076	+1.7%	17.79%	-15.6%
HMY	Sell	HARMONY GOLD MNG LTDsponsored adr	$56,634,000	+14.9%	10,746,561	-9.1%	9.10%	+12.6%
NGD	Sell	NEW GOLD INC CDA	$17,151,000	-33.2%	10,088,931	-46.9%	2.76%	-34.5%
LBRT	New	LIBERTY OILFIELD SVCS INC	$9,610,000	–	1,202,714	–	1.54%	–

Q2 2020

			Value		Shares		↓ Weighting
SLB	New	SCHLUMBERGER LTD	$128,561,000	–	6,942,076	–	21.08%	–
SBSW	New	SIBANYE STILLWATERsponsored adr	$106,919,000	–	12,360,532	–	17.53%	–
CCJ	New	CAMECO CORP	$104,431,000	–	10,188,363	–	17.12%	–
VEON	New	VEON LTDsponsored adr	$95,606,000	–	53,114,362	–	15.68%	–
NG	New	NOVAGOLD RES INC	$59,338,000	–	6,463,807	–	9.73%	–
HMY	New	HARMONY GOLD MNG LTDsponsored adr	$49,296,000	–	11,821,561	–	8.08%	–
RRC	New	RANGE RES CORP	$40,063,000	–	7,115,947	–	6.57%	–
NGD	New	NEW GOLD INC CDA	$25,669,000	–	19,014,025	–	4.21%	–

Q4 2019

			Value		Shares		↓ Weighting
NGD	Exit	NEW GOLD INC CDA	$0	–	-26,932,277	–	-5.34%	–
NG	Exit	NOVAGOLD RES INC	$0	–	-5,600,814	–	-6.67%	–
HMY	Exit	HARMONY GOLD MNG LTDsponsored adr	$0	–	-12,529,668	–	-6.98%	–
CCJ	Exit	CAMECO CORP	$0	–	-9,576,838	–	-17.85%	–
VEON	Exit	VEON LTDsponsored adr	$0	–	-38,734,940	–	-18.24%	–
SBGL	Exit	SIBANYE STILLWATERsponsored adr	$0	–	-42,422,168	–	-44.94%	–

Q3 2019

			Value		Shares		↓ Weighting
SBGL	Sell	SIBANYE STILLWATERsponsored adr	$229,080,000	+5.3%	42,422,168	-7.4%	44.94%	+2.5%
VEON	Buy	VEON LTDsponsored adr	$92,964,000	-13.4%	38,734,940	+1.1%	18.24%	-15.7%
CCJ	Buy	CAMECO CORP	$90,980,000	+32.8%	9,576,838	+50.0%	17.85%	+29.3%
HMY	Sell	HARMONY GOLD MNG LTDsponsored adr	$35,584,000	+6.2%	12,529,668	-15.1%	6.98%	+3.4%
NG	Sell	NOVAGOLD RES INC	$33,996,000	-12.5%	5,600,814	-14.8%	6.67%	-14.8%
NGD	Sell	NEW GOLD INC CDA	$27,202,000	+2.4%	26,932,277	-2.5%	5.34%	-0.3%
GDXJ	Exit	VANECK VECTORS ETF TRjr gold miners e	$0	–	-117,022	–	-0.82%	–

Q2 2019

			Value		Shares		↓ Weighting
SBGL	New	SIBANYE STILLWATERsponsored adr	$217,516,000	–	45,792,943	–	43.82%	–
VEON	New	VEON LTDsponsored adr	$107,330,000	–	38,332,140	–	21.62%	–
CCJ	New	CAMECO CORP	$68,484,000	–	6,382,515	–	13.80%	–
NG	New	NOVAGOLD RES INC	$38,852,000	–	6,573,905	–	7.83%	–
HMY	New	HARMONY GOLD MNG LTDsponsored adr	$33,511,000	–	14,762,756	–	6.75%	–
NGD	New	NEW GOLD INC CDA	$26,558,000	–	27,626,907	–	5.35%	–
GDXJ	New	VANECK VECTORS ETF TRjr gold miners e	$4,091,000	–	117,022	–	0.82%	–

Q4 2018

			Value		Shares		↓ Weighting
GDXJ	Exit	VANECK VECTORS ETF TRjr gold miners e	$0	–	-117,022	–	-0.91%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-16,717,997	–	-3.77%	–
NG	Exit	NOVAGOLD RES INC	$0	–	-5,889,905	–	-6.21%	–
HMY	Exit	HARMONY GOLD MNG LTDsponsored adr	$0	–	-13,275,728	–	-6.26%	–
CCJ	Exit	CAMECO CORP	$0	–	-5,967,410	–	-19.32%	–
VEON	Exit	VEON LTDsponsored adr	$0	–	-37,657,792	–	-31.02%	–
SBGL	Exit	SIBANYE STILLWATERsponsored adr	$0	–	-45,970,311	–	-32.51%	–

Q3 2018

			Value		Shares		↓ Weighting
SBGL	Buy	SIBANYE STILLWATERsponsored adr	$114,466,000	+11.2%	45,970,311	+8.1%	32.51%	+4.1%
VEON	Buy	VEON LTDsponsored adr	$109,208,000	+26.5%	37,657,792	+3.8%	31.02%	+18.4%
HMY	Buy	HARMONY GOLD MNG LTDsponsored adr	$22,038,000	+13.7%	13,275,728	+6.8%	6.26%	+6.4%
NG	Buy	NOVAGOLD RES INC	$21,852,000	-14.7%	5,889,905	+2.3%	6.21%	-20.1%
NGD	Buy	NEW GOLD INC CDA	$13,262,000	-45.5%	16,717,997	+43.0%	3.77%	-48.9%

Q2 2018

			Value		Shares		↓ Weighting
SBGL	New	SIBANYE STILLWATERsponsored adr	$102,925,000	–	42,531,190	–	31.24%	–
VEON	New	VEON LTDsponsored adr	$86,317,000	–	36,267,792	–	26.20%	–
CCJ	New	CAMECO CORP	$67,133,000	–	5,967,410	–	20.37%	–
NG	New	NOVAGOLD RES INC	$25,609,000	–	5,754,905	–	7.77%	–
NGD	New	NEW GOLD INC CDA	$24,315,000	–	11,689,876	–	7.38%	–
HMY	New	HARMONY GOLD MNG LTDsponsored adr	$19,384,000	–	12,425,728	–	5.88%	–
GDXJ	New	VANECK VECTORS ETF TRjr gold miners e	$3,827,000	–	117,022	–	1.16%	–

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