FSRFX Holdings List

As of Mar 31, 2025

No.	Symbol	Name	% Weight	Shares
1	UNP	Union Pacific Corporation	18.36%	362,885
2	UBER	Uber Technologies, Inc.	17.64%	1,130,466
3	UPS	United Parcel Service, Inc.	10.50%	445,826
4	NSC	Norfolk Southern Corporation	5.40%	106,510
5	CSX	CSX Corporation	4.99%	791,701
6	FDX	FedEx Corporation	4.29%	82,121
7	UAL	United Airlines Holdings, Inc.	3.48%	235,608
8	DAL	Delta Air Lines, Inc.	3.26%	348,565
9	SKYW	SkyWest, Inc.	3.00%	160,524
10	CHRW	C.H. Robinson Worldwide, Inc.	2.60%	118,707
11	CPA	Copa Holdings, S.A.	2.51%	126,721
12	ALK	Alaska Air Group, Inc.	2.44%	231,243
13	SAIA	Saia, Inc.	2.16%	28,877
14	KEX	Kirby Corporation	2.00%	92,546
15	n/a	Fidelity Cash Central Fund	1.76%	8,209,194
16	EXPD	Expeditors International of Washington, Inc.	1.76%	68,281
17	SNCY	Sun Country Airlines Holdings, Inc.	1.75%	662,894
18	KNX	Knight-Swift Transportation Holdings Inc.	1.49%	160,429
19	R	Ryder System, Inc.	1.33%	43,147
20	UHAL.B	U-Haul Holding Company	1.29%	101,936
21	NVGS	Navigator Holdings Ltd.	1.03%	361,700
22	LYFT	Lyft, Inc.	1.03%	404,498
23	MATX	Matson, Inc.	0.70%	25,623
24	JOBY	Joby Aviation, Inc.	0.67%	519,700
25	DHT	DHT Holdings, Inc.	0.53%	237,692
26	GXO	GXO Logistics, Inc.	0.46%	54,431
27	BVMF: RENT3	Localiza Rent a Car S.A.	0.43%	337,300
28	RYAAY	Ryanair Holdings plc	0.42%	46,085
29	TDW	Tidewater Inc.	0.42%	46,000
30	HUBG	Hub Group, Inc.	0.39%	49,476
31	TSX: TFII	TFI International Inc.	0.33%	19,700
32	FIP	FTAI Infrastructure Inc.	0.32%	334,462
33	CAR	Avis Budget Group, Inc.	0.31%	18,803
34	CVLG	Covenant Logistics Group, Inc.	0.29%	60,374
35	NMM	Navios Maritime Partners L.P.	0.28%	33,000
36	SBLK	Star Bulk Carriers Corp.	0.15%	44,023
37	ULH	Universal Logistics Holdings, Inc.	0.13%	23,109
38	HTZ	Hertz Global Holdings, Inc.	0.10%	115,000
39	n/a	Cash	-0.01%	n/a

As of Mar 31, 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%