Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 -9.5%
S&P 500 total return (same window) +37.0%
Excess return -46.5%

Annualized: -7.7% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Communication Services 8.5%
Consumer products 5.8%
Industrials 3.4%
Technology 2.9%
Energy 1.4%
Health Care 1.3%
Financials 1.1%
Retail 0.5%
Utilities 0.2%
Consumer Staples 0.0%
Other/Unmapped 75.0%

Full portfolio 34 positions

05
Type Streak 8Q trend
Unknown issuer (CUSIP: N52A8C105) $13,244,002,017 74.90% 334,867,308 Up ×1
NIQ NIQ Global Intelligence plc Ordinary Shares $1,498,584,247 8.47% 160,276,390 $-199,869,150 Up ×1
OLPX Olaplex Holdings, Inc. - Common Stock $1,023,910,981 5.79% 499,468,771 $9,989,376
LUNR Intuitive Machines, Inc. - Class A Common Stock $491,778,089 2.78% 22,991,028 Up ×1
WAY Waystar Holding Corp. - Common Stock $227,059,726 1.28% 11,059,899 $-39,594,439
CINT CI&T Inc Class A Common Shares $165,790,556 0.94% 49,637,891 $-85,873,551
TSM Taiwan Semiconductor Manufacturing Company Ltd. $139,868,314 0.79% 292,875 $23,655,758 Down ×3
NU Nu Holdings Ltd. Class A Ordinary Shares $109,616,034 0.62% 8,204,793 $4,818,599 Up ×1
BKR Baker Hughes Company - Common Stock $88,156,755 0.50% 1,588,410 $15,847,609 Up ×1
SEI Solaris Energy Infrastructure, Inc. Class A Common Stock $88,057,596 0.50% 1,094,427 $17,908,229 Down ×2
CRS Carpenter Technology Corporation Common Stock $73,769,129 0.42% 119,592 $-19,537,606 Down ×5
AMD Advanced Micro Devices, Inc. - Common Stock $73,091,839 0.41% 125,823 $23,474,245 Down ×1
AMZN Amazon.com, Inc. - Common Stock $69,028,984 0.39% 289,624 Up ×1
NCSM NCS Multistage Holdings, Inc. - Common Stock $65,228,155 0.37% 1,478,426 $-26,197,709
AVGO Broadcom Inc. - Common Stock $58,296,269 0.33% 154,325 Up ×1
ARES Ares Management Corporation Class A Common Stock $49,596,397 0.28% 445,570 $2,823,045 Up ×2
SNPS Synopsys, Inc. - Common Stock $33,676,055 0.19% 75,495 $6,065,188 Up ×3
VST Vistra Corp. Common Stock $33,015,662 0.19% 208,130 $4,835,552 Up ×1
STEP StepStone Group Inc. - Class A Common Stock $28,266,748 0.16% 683,432 $22,533,906 Up ×1
ESE ESCO Technologies Inc. Common Stock $19,637,244 0.11% 56,100 Up ×1
DT Dynatrace, Inc. Common Stock $16,587,046 0.09% 377,751 $-8,083,273 Down ×4
GPI Group 1 Automotive, Inc. Common Stock $15,094,544 0.09% 51,841 $-23,837,800 Down ×2
AER AerCap Holdings N.V. Ordinary Shares $14,690,980 0.08% 100,775 Up ×1
MRVL Marvell Technology, Inc. - Common Stock $13,198,016 0.07% 44,305 $-33,862,521 Down ×2
Unknown issuer (CUSIP: 04339D105) $9,699,136 0.05% 210,211 Up ×1
MDB MongoDB, Inc. - Class A Common Stock $9,076,018 0.05% 27,020
AGBK AGI Inc Class A Common Shares $7,965,000 0.05% 1,125,000 $-213,750
ADSK Autodesk, Inc. - Common Stock $7,533,775 0.04% 38,750 $-2,140,379 Down ×2
DH Definitive Healthcare Corp. - Class A Common Stock $3,011,005 0.02% 3,623,787 $-73,856,216 Down ×1
Unknown issuer (CUSIP: G2R11M108) $2,453,000 0.01% 50,000 Up ×1
TDG Transdigm Group Incorporated Common Stock $1,365,341 0.01% 1,025 $-18,868,942 Down ×1
RPID Rapid Micro Biosystems, Inc. - Class A Common Stock $657,044 0.00% 379,794 $-596,852 Down ×2
LAD Lithia Motors, Inc. Common Stock $576,623 0.00% 1,985 $-23,214,951 Down ×2
DDOG Datadog, Inc. - Class A Common Stock $494,684 0.00% 1,900 $270,389

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
SNPS $33,676,055 0.19% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: N52A8C105) $13,244,002,017 334,867,308 74.90%
LUNR $491,778,089 22,991,028 2.78%
AMZN $69,028,984 289,624 0.39%
AVGO $58,296,269 154,325 0.33%
ESE $19,637,244 56,100 0.11%
AER $14,690,980 100,775 0.08%
Unknown issuer (CUSIP: 04339D105) $9,699,136 210,211 0.05%
MDB $9,076,018 27,020 0.05%
Unknown issuer (CUSIP: G2R11M108) $2,453,000 50,000 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
NIQ Bought more +10.9M -$199.9M
CINT Price move only +0 -$85.9M
WAY Price move only +0 -$39.6M
MRVL Trimmed -431K -$33.9M
NCSM Price move only +0 -$26.2M
GPI Trimmed -66K -$23.8M
TSM Trimmed -51K +$23.7M
AMD Trimmed -118K +$23.5M
STEP Bought more +563K +$22.5M
CRS Trimmed -117K -$19.5M

2 positions 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
CCC Dec. 31, 2025 37,342,526 $340,190,412 -16.7%
FWRG Dec. 31, 2025 5,289,784 $82,732,222 -30.3%
GFL June 30, 2026 823,010 $34,335,977 14.9%
ESTC June 30, 2025 262,436 $23,383,048 12.5%
WDAY June 30, 2026 88,480 $11,495,322 54.4%
INTU June 30, 2026 23,000 $9,944,740 9.1%
MDB June 30, 2025 56,110 $9,841,694 71.1%
VSEC June 30, 2025 80,000 $9,599,200 28.4%
ATIP Sept. 30, 2025 2,316,613 $2,084,952 No longer tracked
EQH June 30, 2026 12,810 $475,379 23.1%
ABG June 30, 2025 1,945 $429,534 -28.0%
FLUT June 30, 2025 1,895 $419,837 -73.5%
OWL June 30, 2026 29,675 $270,933 2.5%