Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +115.2%
S&P 500 total return (same window) +37.0%
Excess return +78.2%

Annualized: +84.7% · 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: 97.4% · Options excluded: 0.0%

Sector breakdown

04
Industrials 70.5%
Consumer Discretionary 15.3%
Materials 4.7%
Communication Services 3.8%
Other/Unmapped 5.8%

Full portfolio 21 positions

05
Type Streak 8Q trend
WMS Advanced Drainage Systems, Inc. Common Stock $61,214,400 7.15% 390,000 $7,733,700
HLIO Helios Technologies, Inc. Common Stock $60,779,250 7.10% 681,000 $10,280,990 Down ×1
LFUS Littelfuse, Inc. - Common Stock $56,916,250 6.65% 125,000 $11,104,000 Down ×1
JHX James Hardie Industries plc. Ordinary Shares $54,978,000 6.42% 2,100,000 $15,204,000
GTX Garrett Motion Inc. - Common Stock $54,345,000 6.35% 1,500,000 Up ×1
CNM Core & Main, Inc. Class A Common Stock $52,592,500 6.14% 1,090,000 $8,132,500 Up ×1
EXP Eagle Materials Inc Common Stock $49,500,000 5.78% 220,000 $18,240,750 Up ×1
ATS ATS Corporation Common Shares $43,170,000 5.04% 1,500,000 $-8,892,727 Down ×1
ASTE Astec Industries, Inc. - Common Stock $42,237,988 4.93% 690,276 $-107,172 Down ×1
MTRN Materion Corporation $40,147,650 4.69% 135,000 $-28,532,170 Down ×1
BWA BorgWarner Inc. Common Stock $39,840,000 4.65% 600,000 Up ×1
DNOW DNOW Inc. Common Stock $38,910,000 4.54% 3,000,000 Up ×1
MBC MasterBrand, Inc. Common Stock $38,073,000 4.45% 3,700,000 $7,326,000
SITE SiteOne Landscape Supply, Inc. Common Stock $37,755,300 4.41% 330,000 $-6,171,000
SWIM Latham Group, Inc. - Common Stock $36,620,200 4.28% 5,660,000 $8,911,000 Up ×1
CLFD Clearfield, Inc. - Common Stock $32,237,858 3.76% 810,200 $12,777,114 Up ×2
ST Sensata Technologies Holding plc Ordinary Shares $28,644,000 3.34% 600,000 Up ×1
Unknown issuer (CUSIP: H55555108) $28,460,408 3.32% 1,082,500 $1,654,101 Up ×2
SHLS Shoals Technologies Group, Inc. - Class A Common Stock $22,324,500 2.61% 2,255,000 Up ×1
EQPT EquipmentShare.com Inc - Class A Common Stock $20,934,558 2.44% 1,064,830 Up ×1
MEI Methode Electronics, Inc. Common Stock $16,646,175 1.94% 877,500 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
GTX $54,345,000 1,500,000 6.35%
BWA $39,840,000 600,000 4.65%
DNOW $38,910,000 3,000,000 4.54%
ST $28,644,000 600,000 3.34%
SHLS $22,324,500 2,255,000 2.61%
EQPT $20,934,558 1,064,830 2.44%
MEI $16,646,175 877,500 1.94%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
MTRN Trimmed -340K -$28.5M
EXP Bought more +55K +$18.2M
JHX Price move only +0 +$15.2M
CLFD Bought more +75K +$12.8M
LFUS Trimmed -10K +$11.1M
HLIO Trimmed -99K +$10.3M
SWIM Bought more +500K +$8.9M
ATS Trimmed -346K -$8.9M
CNM Bought more +190K +$8.1M
WMS Price move only +0 +$7.7M

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
DY Sept. 30, 2025 224,700 $54,914,433 -5.9%
ROG June 30, 2026 475,000 $50,981,750 -2.8%
JBTM Dec. 31, 2025 350,546 $49,234,186 -27.2%
MYRG Sept. 30, 2025 265,200 $48,120,540 45.5%
ENS March 31, 2026 304,324 $44,659,547 11.1%
NOVT June 30, 2026 375,000 $44,291,250 -7.2%
RRX Sept. 30, 2025 275,000 $39,864,000 12.4%
DXPE June 30, 2026 260,000 $36,329,800 16.0%
ROG June 30, 2025 517,500 $34,946,775 132.3%
CDNL June 30, 2026 874,000 $34,658,470 -69.5%
ATRO March 31, 2026 597,469 $32,406,719 2.5%
MRC Sept. 30, 2025 2,267,000 $31,080,570 No longer tracked
AIN March 31, 2026 600,000 $30,420,000 13.9%
GVA June 30, 2026 250,000 $29,970,000 -24.8%
APOG March 31, 2026 813,000 $29,601,330 6.3%
CTRI Dec. 31, 2025 1,375,000 $29,108,750 -17.9%
MIR Sept. 30, 2025 1,337,000 $28,785,610 -35.9%
CTS June 30, 2026 584,000 $27,891,840 -5.5%
CECO June 30, 2025 1,201,000 $27,382,800 164.8%
MTZ Sept. 30, 2025 125,000 $21,303,750 3.1%
NPKI Dec. 31, 2025 1,576,808 $17,833,698 -0.9%
MBC June 30, 2025 1,302,500 $17,010,650 -36.1%
BIRDF June 30, 2025 1,120,800 $16,961,985 No longer tracked
MTRX Sept. 30, 2025 1,087,100 $14,686,721 -20.3%
ERII March 31, 2026 677,251 $9,136,116 -32.2%
DXPE Sept. 30, 2025 75,600 $6,626,340 64.4%
LASR June 30, 2025 754,000 $5,858,580 100.7%
CTOS March 31, 2026 800,136 $4,608,783 50.4%