FSRFX Holdings List

As of Apr 30, 2025

No.	Symbol	Name	% Weight	Shares
1	UBER	Uber Technologies, Inc.	20.92%	1,130,466
2	UNP	Union Pacific Corporation	17.87%	362,885
3	UPS	United Parcel Service, Inc.	9.60%	440,826
4	NSC	Norfolk Southern Corporation	5.45%	106,510
5	CSX	CSX Corporation	5.08%	791,701
6	FDX	FedEx Corporation	3.95%	82,121
7	UAL	United Airlines Holdings, Inc.	3.54%	225,108
8	SKYW	SkyWest, Inc.	3.30%	162,024
9	DAL	Delta Air Lines, Inc.	3.22%	338,565
10	CPA	Copa Holdings, S.A.	2.66%	126,721
11	ALK	Alaska Air Group, Inc.	2.17%	214,243
12	CHRW	C.H. Robinson Worldwide, Inc.	2.16%	106,207
13	KEX	Kirby Corporation	2.07%	94,046
14	EXPD	Expeditors International of Washington, Inc.	1.71%	68,281
15	SAIA	Saia, Inc.	1.61%	28,877
16	SNCY	Sun Country Airlines Holdings, Inc.	1.48%	662,894
17	KNX	Knight-Swift Transportation Holdings Inc.	1.44%	160,429
18	UHAL.B	U-Haul Holding Company	1.28%	101,936
19	R	Ryder System, Inc.	1.26%	40,147
20	NVGS	Navigator Holdings Ltd.	1.16%	401,700
21	LYFT	Lyft, Inc.	1.15%	404,498
22	JOBY	Joby Aviation, Inc.	0.75%	519,700
23	n/a	Fidelity Cash Central Fund	0.68%	2,972,642
24	MATX	Matson, Inc.	0.64%	25,623
25	BVMF: RENT3	Localiza Rent a Car S.A.	0.58%	337,300
26	DHT	DHT Holdings, Inc.	0.58%	236,592
27	RYAAY	Ryanair Holdings plc	0.50%	46,085
28	GXO	GXO Logistics, Inc.	0.45%	54,431
29	CAR	Avis Budget Group, Inc.	0.40%	18,803
30	TDW	Tidewater Inc.	0.38%	46,000
31	TSX: TFII	TFI International Inc.	0.37%	19,700
32	HUBG	Hub Group, Inc.	0.36%	49,476
33	FIP	FTAI Infrastructure Inc.	0.33%	334,462
34	CVLG	Covenant Logistics Group, Inc.	0.27%	60,374
35	NMM	Navios Maritime Partners L.P.	0.26%	33,000
36	HTZ	Hertz Global Holdings, Inc.	0.18%	115,000
37	SBLK	Star Bulk Carriers Corp.	0.15%	44,023
38	ULH	Universal Logistics Holdings, Inc.	0.11%	23,109
39	n/a	Cash	-0.05%	n/a

As of Apr 30, 2025

Asset Allocation

Asset Class	% Weight
Stocks	98.25%
Cash	1.75%

Sector Breakdown

Sector	% Weight
Industrials	87.72%
Energy	10.72%
Other	1.56%

Country Breakdown

Sector	% Weight
United States	87.96%
Monaco	6.22%
Panama	2.12%
Canada	1.38%
Bermuda	1.30%
Singapore	0.90%
Other	0.12%