FSRFX Holdings List

As of Feb 28, 2025

No.	Symbol	Name	% Weight	Shares
1	UNP	Union Pacific Corporation	16.36%	346,085
2	UBER	Uber Technologies, Inc.	15.49%	1,063,666
3	UPS	United Parcel Service, Inc.	8.92%	391,026
4	CSX	CSX Corporation	6.17%	1,005,901
5	NSC	Norfolk Southern Corporation	4.95%	105,210
6	ALK	Alaska Air Group, Inc.	4.75%	343,043
7	UAL	United Airlines Holdings, Inc.	4.55%	253,408
8	DAL	Delta Air Lines, Inc.	4.24%	367,865
9	FDX	FedEx Corporation	3.63%	72,121
10	SKYW	SkyWest, Inc.	3.19%	168,424
11	CPA	Copa Holdings, S.A.	2.55%	143,221
12	CHRW	C.H. Robinson Worldwide, Inc.	2.34%	120,107
13	SNCY	Sun Country Airlines Holdings, Inc.	2.32%	750,994
14	SAIA	Saia, Inc.	2.29%	29,177
15	n/a	Fidelity Revere Street Trust - Fidelity Cash Central Fund	2.25%	11,766,348
16	KEX	Kirby Corporation	1.87%	93,646
17	n/a	Fidelity Revere Street Trust - Fidelity Securities Lending Cash Central Fund	1.67%	8,694,340
18	KNX	Knight-Swift Transportation Holdings Inc.	1.57%	162,329
19	EXPD	Expeditors International of Washington, Inc.	1.55%	69,081
20	R	Ryder System, Inc.	1.53%	48,647
21	UHAL.B	U-Haul Holding Company	1.22%	103,136
22	NVGS	Navigator Holdings Ltd.	1.06%	365,900
23	LYFT	Lyft, Inc.	1.05%	409,198
24	MATX	Matson, Inc.	0.72%	26,023
25	JOBY	Joby Aviation, Inc.	0.71%	527,300
26	DHT	DHT Holdings, Inc.	0.47%	237,692
27	RYAAY	Ryanair Holdings plc	0.44%	47,185
28	GXO	GXO Logistics, Inc.	0.42%	55,731
29	TDW	Tidewater Inc.	0.40%	46,000
30	HUBG	Hub Group, Inc.	0.40%	50,776
31	FIP	FTAI Infrastructure Inc.	0.37%	334,462
32	TSX: TFII	TFI International Inc.	0.34%	19,700
33	ATSG	Air Transport Services Group, Inc.	0.33%	76,437
34	BVMF: RENT3	Localiza Rent a Car S.A.	0.32%	346,400
35	CVLG	Covenant Logistics Group, Inc.	0.29%	60,374
36	NMM	Navios Maritime Partners L.P.	0.26%	33,000
37	CAR	Avis Budget Group, Inc.	0.18%	11,803
38	SBLK	Star Bulk Carriers Corp.	0.13%	44,023
39	ULH	Universal Logistics Holdings, Inc.	0.12%	23,109

As of Feb 28, 2025

Asset Allocation

Asset Class	% Weight
Stocks	97.50%
Cash	2.50%

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%