Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +82.2%
S&P 500 total return (same window) +37.0%
Excess return +45.2%

Annualized: +61.6% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 99.2% · Options excluded: 0.0%

Sector breakdown

04
Industrials 54.5%
Technology 18.4%
Energy 8.7%
Health Care 8.3%
Retail 5.3%
Consumer Discretionary 3.4%
Consumer Staples 1.5%

Full portfolio 37 positions

05
Type Streak 8Q trend
KNX Knight-Swift Transportation Holdings Inc. $15,574,000 5.98% 200,000 $11,831,300 Up ×1
JBHT J.B. Hunt Transport Services, Inc. - Common Stock $12,734,920 4.89% 44,000 $4,258,920 Up ×1
ARCB ArcBest Corporation - Common Stock $12,200,900 4.69% 85,000 Up ×1
AXON Axon Enterprise, Inc. - Common Stock $11,212,200 4.31% 20,000 $6,965,300 Up ×1
CLH Clean Harbors, Inc. Common Stock $10,456,250 4.02% 35,000 Up ×1
TFII TFI International Inc. Common Shares $10,049,900 3.86% 70,000 Up ×1
CVLG Covenant Logistics Group, Inc. Class A Common Stock $9,940,500 3.82% 225,000 $6,275,250 Up ×1
LLY Eli Lilly and Company Common Stock $8,995,725 3.46% 7,500 Up ×1
FND Floor & Decor Holdings, Inc. Common Stock $8,904,000 3.42% 150,000 Up ×1
APEI American Public Education, Inc. - Common Stock $8,860,500 3.40% 165,000 $328,500 Up ×1
COHU Cohu, Inc. - Common Stock $8,499,650 3.27% 115,000 $2,834,950 Down ×2
FSS Federal Signal Corporation Common Stock $8,351,850 3.21% 65,000 $2,944,850 Up ×1
CWST Casella Waste Systems, Inc. - Class A Common Stock $8,242,450 3.17% 85,000 $3,085,350 Up ×1
AEIS Advanced Energy Industries, Inc. - Common Stock $7,457,400 2.86% 20,000 $2,616,750 Up ×1
FTAI FTAI Aviation Ltd. - Common Stock $7,439,575 2.86% 27,500 Up ×1
VEEV Veeva Systems Inc. Class A Common Stock $7,098,800 2.73% 40,000
SDRL Seadrill Limited Common Shares $6,996,700 2.69% 185,000 Up ×1
RSG Republic Services, Inc. Common Stock $6,925,100 2.66% 32,500
MYRG MYR Group, Inc. - Common Stock $6,255,000 2.40% 12,500 $2,020,200 Down ×1
GWRE Guidewire Software, Inc. Common Stock $6,152,500 2.36% 50,000
CNQ Canadian Natural Resources Limited Common Stock $5,925,000 2.28% 150,000 Up ×1
CACI CACI International, Inc. Class A Common Stock $5,790,750 2.22% 12,500 $2,799,465 Up ×1
ALGN Align Technology, Inc. - Common Stock $5,565,780 2.14% 33,000 Up ×1
RNGR Ranger Energy Services, Inc. Class A Common Stock $5,203,250 2.00% 325,000 Up ×1
LSTR Landstar System, Inc. - Common Stock $5,170,250 1.99% 25,000 Up ×1
ATEN A10 Networks, Inc. Common Stock $5,043,600 1.94% 135,000 Up ×1
BOOT Boot Barn Holdings, Inc. Common Stock $4,928,100 1.89% 30,000 $2,000,900 Up ×1
ONTO Onto Innovation Inc. Common Stock $4,919,850 1.89% 13,000 $-1,232,250 Down ×1
MKSI MKS Inc. - Common Stock $4,892,800 1.88% 11,000 Up ×1
FANG Diamondback Energy, Inc. - Common Stock $4,394,500 1.69% 25,000 $4,113,243 Up ×1
MPWR Monolithic Power Systems, Inc. - Common Stock $4,147,080 1.59% 3,000 $-226,320 Down ×1
MU Micron Technology, Inc. - Common Stock $4,040,015 1.55% 3,500 Up ×1
FIX Comfort Systems USA, Inc. Common Stock $3,963,900 1.52% 2,000 $-1,552,060 Down ×2
TPB Turning Point Brands, Inc. Common Stock $3,816,450 1.47% 45,000 $-1,824,900 Down ×2
VECO Veeco Instruments Inc. - Common Stock $3,790,000 1.46% 50,000
ICHR Ichor Holdings - Ordinary Shares $3,368,400 1.29% 30,000 $-1,292,600 Down ×1
KLIC Kulicke and Soffa Industries, Inc. - Common Stock $3,009,600 1.16% 22,500 $-933,600 Down ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ARCB $12,200,900 85,000 4.69%
CLH $10,456,250 35,000 4.02%
TFII $10,049,900 70,000 3.86%
LLY $8,995,725 7,500 3.46%
FND $8,904,000 150,000 3.42%
FTAI $7,439,575 27,500 2.86%
VEEV $7,098,800 40,000 2.73%
SDRL $6,996,700 185,000 2.69%
RSG $6,925,100 32,500 2.66%
GWRE $6,152,500 50,000 2.36%
CNQ $5,925,000 150,000 2.28%
ALGN $5,565,780 33,000 2.14%
RNGR $5,203,250 325,000 2.00%
LSTR $5,170,250 25,000 1.99%
ATEN $5,043,600 135,000 1.94%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
KNX Bought more +135K +$11.8M
AXON Bought more +10K +$7.0M
CVLG Bought more +90K +$6.3M
JBHT Bought more +4K +$4.3M
CWST Bought more +20K +$3.1M
FSS Bought more +15K +$2.9M
COHU Trimmed -70K +$2.8M
CACI Bought more +7K +$2.8M
AEIS Bought more +5K +$2.6M
MYRG Trimmed -2K +$2.0M

1 position hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
WM June 30, 2025 62,500 $14,469,375 -9.7%
USPH Dec. 31, 2025 110,000 $9,344,500 7.5%
WM June 30, 2026 40,000 $9,191,600 -7.3%
ODFL June 30, 2026 40,000 $7,816,000 -17.2%
MASI Sept. 30, 2025 45,000 $7,569,900 No longer tracked
VEEV Dec. 31, 2025 25,000 $7,447,750 27.0%
RSG Sept. 30, 2025 30,000 $7,398,300 -7.3%
MTH Sept. 30, 2025 110,000 $7,366,700 -14.0%
FICO March 31, 2026 4,000 $6,762,480 -35.4%
PR June 30, 2026 300,000 $6,396,000 20.7%
CALX March 31, 2026 115,000 $6,086,950 -29.9%
VECO Dec. 31, 2025 200,000 $6,086,000 97.0%
ACVA March 31, 2026 750,000 $6,015,000 147.6%
SGHC March 31, 2026 500,000 $5,975,000 6.2%
GWRE Dec. 31, 2025 25,000 $5,746,500 -18.8%
HNI Sept. 30, 2025 115,000 $5,655,700 0.5%
WCN Sept. 30, 2025 30,000 $5,601,600 -12.2%
DAVE March 31, 2026 25,000 $5,535,250 111.9%
RXST Dec. 31, 2025 554,930 $4,988,821 -54.3%
KNF June 30, 2025 55,000 $4,961,550 -36.3%
STRL Dec. 31, 2025 14,000 $4,755,520 70.9%
CDE Dec. 31, 2025 250,000 $4,690,000 -4.4%
UCTT June 30, 2026 75,000 $4,663,500 -48.1%
MRTN June 30, 2026 350,000 $4,595,500 -24.8%
UTI March 31, 2026 175,000 $4,572,750 -46.9%
LINC March 31, 2026 185,000 $4,467,750 -45.4%
CVCO Dec. 31, 2025 7,500 $4,355,475 -2.4%
DIN March 31, 2026 135,000 $4,338,900 13.8%
FORM Sept. 30, 2025 125,000 $4,301,250 306.3%
AAON June 30, 2025 55,000 $4,297,150 14.4%
KAI March 31, 2026 15,000 $4,275,300 -8.6%
DVA Sept. 30, 2025 30,000 $4,273,500 34.5%
MOD Dec. 31, 2025 30,000 $4,264,800 37.0%
LOPE Sept. 30, 2025 22,500 $4,252,500 -29.7%
NE March 31, 2026 150,000 $4,236,000 -13.3%
LAD Sept. 30, 2025 12,500 $4,222,750 -4.1%
NSSC March 31, 2026 100,000 $4,170,000 -8.0%
KNF June 30, 2026 50,000 $4,082,500 -37.9%
ON March 31, 2026 75,000 $4,061,250 38.8%
TDW June 30, 2025 95,000 $4,015,650 81.9%
ESTA March 31, 2026 55,000 $4,008,400 17.1%
RAMP March 31, 2026 135,000 $3,964,950 42.2%
APG June 30, 2025 110,000 $3,933,600 19.5%
XPO June 30, 2026 20,000 $3,891,000 -10.9%
CECO June 30, 2026 65,000 $3,872,700 -17.4%
SHYF Sept. 30, 2025 300,000 $3,762,000 No longer tracked
GRBK Dec. 31, 2025 50,000 $3,693,000 4.5%
BLBD Sept. 30, 2025 85,000 $3,668,600 -0.9%
PWR March 31, 2026 8,500 $3,587,510 24.5%
POWL June 30, 2026 6,500 $3,517,020 -30.9%
TRNS March 31, 2026 60,000 $3,403,800 23.3%
AEBI June 30, 2026 350,000 $3,398,500 -11.2%
BHE June 30, 2026 60,000 $3,363,600 -12.7%
CSL June 30, 2026 10,000 $3,336,200 -8.8%
MEI March 31, 2026 500,000 $3,320,000 179.0%
LSCC Dec. 31, 2025 45,000 $3,299,400 80.6%
SHLS June 30, 2026 500,000 $3,290,000 -17.7%
GPI Sept. 30, 2025 7,500 $3,275,325 -44.8%
EME Dec. 31, 2025 5,000 $3,247,700 27.4%
NEM June 30, 2026 30,000 $3,247,500 24.0%
AR June 30, 2025 75,000 $3,033,000 -13.9%
LOVE March 31, 2026 200,000 $2,950,000 0.4%
NGD Dec. 31, 2025 400,000 $2,872,000 No longer tracked
ILMN Sept. 30, 2025 30,000 $2,862,300 209.2%
BBSI March 31, 2026 75,000 $2,715,750 7.0%
CELH June 30, 2026 75,000 $2,661,000 -6.0%
USPH June 30, 2025 35,000 $2,532,600 7.4%
ALM Dec. 31, 2025 400,000 $2,412,000 53.5%
SKY June 30, 2025 25,000 $2,369,000 37.0%
LRN Dec. 31, 2025 15,000 $2,234,100 21.5%
SLQT June 30, 2025 650,000 $2,171,000 -82.4%
TECH Sept. 30, 2025 40,000 $2,058,000 30.5%
PAL March 31, 2026 200,000 $1,928,000 -47.1%
GOCO June 30, 2025 150,000 $1,840,500 No longer tracked
GRBK June 30, 2025 30,000 $1,749,300 4.1%
SWIM June 30, 2025 265,000 $1,703,950 0.2%
CSW June 30, 2025 5,500 $1,603,360 5.3%