Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +22.1%
S&P 500 total return (same window) +37.0%
Excess return -14.9%

Annualized: +17.3% · 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: 94.2% · Options excluded: 0.0%

Sector breakdown

04
Technology 13.5%
Financials 13.0%
Health Care 12.5%
Communication Services 10.1%
Industrials 7.0%
Retail 5.9%
Consumer Staples 4.4%
Consumer Discretionary 3.4%
Consumer products 1.7%
Real Estate 1.7%
Materials 1.4%
Utilities 0.8%
Energy 0.5%
Other/Unmapped 24.3%

Full portfolio 131 positions

05
Type Streak 8Q trend
RSP Invesco Exchange-Traded Fund Trust $78,512,130 10.13% 369,000 $53,370,610 Up ×1
TLT iShares 20+ Year Treasury Bond ETF $75,444,660 9.73% 873,000 $-235,710
MSFT Microsoft Corporation - Common Stock $35,436,900 4.57% 95,000 $3,232,110 Up ×3
NVDA NVIDIA Corporation - Common Stock $34,415,480 4.44% 172,000 $7,209,080 Up ×3
AMZN Amazon.com, Inc. - Common Stock $31,460,880 4.06% 132,000 $-5,611,180 Down ×1
META Meta Platforms, Inc. - Class A Common Stock $23,658,180 3.05% 42,000 $3,347,565 Up ×3
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $21,016,380 2.71% 42,000 $889,980
PEP PepsiCo, Inc. - Common Stock $15,300,200 1.97% 113,000 $-2,247,570
MA Mastercard Incorporated Common Stock $13,353,600 1.72% 26,000 $6,108,530 Up ×2
VEA Vanguard FTSE Developed Markets ETF $13,181,250 1.70% 185,000 Up ×1
AVGO Broadcom Inc. - Common Stock $12,843,500 1.66% 34,000 $927,365 Down ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $12,468,900 1.61% 30,000 $4,351,200
VZ Verizon Communications Inc. Common Stock $12,278,600 1.58% 290,000 $-2,279,400
V Visa Inc. $11,665,060 1.51% 34,000 $2,295,620 Up ×2
PFE Pfizer, Inc. Common Stock $10,739,680 1.39% 446,000 $-1,784,000
XLU XLU $10,065,480 1.30% 222,000 Up ×1
DHR Danaher Corporation Common Stock $8,952,560 1.16% 47,000 $2,126,960 Up ×1
BUD Anheuser-Busch Inbev SA Sponsored ADR (Belgium) $8,652,000 1.12% 105,000 $1,368,150
TMO Thermo Fisher Scientific Inc Common Stock $8,523,120 1.10% 17,000 $3,116,290 Up ×2
GOOG Alphabet Inc. - Class C Capital Stock $7,596,595 0.98% 21,500 $-11,192,735 Down ×1
BA Boeing Company (The) Common Stock $7,576,450 0.98% 35,000 $610,400
GOOGL Alphabet Inc. - Class A Common Stock $7,504,770 0.97% 21,000 $-4,428,970 Down ×1
ABT Abbott Laboratories Common Stock $7,349,940 0.95% 81,000 $779,060 Up ×3
PG Procter & Gamble Company (The) Common Stock $7,332,000 0.95% 50,000 $2,132,160 Up ×2
NFLX Netflix, Inc. - Common Stock $7,140,000 0.92% 100,000 $-359,700 Up ×1
DIS Walt Disney Company (The) Common Stock $6,930,000 0.89% 72,000 $-9,360
APD Air Products and Chemicals, Inc. Common Stock $6,743,140 0.87% 23,000 $61,870
UPS United Parcel Service, Inc. Common Stock $6,450,000 0.83% 60,000 $547,200
BAC Bank of America Corporation Common Stock $5,698,000 0.74% 100,000 $823,000
TSLA Tesla, Inc. - Common Stock $5,467,800 0.71% 13,000
NKE Nike, Inc. Common Stock $5,459,650 0.70% 133,000 $-1,565,410
IJR iShares Trust $5,339,160 0.69% 36,000 $-4,605,640 Down ×2
WFC Wells Fargo & Company Common Stock $5,206,320 0.67% 63,000 $190,890
UBER Uber Technologies, Inc. Common Stock $5,195,520 0.67% 72,000 $1,599,020 Up ×4
NOC Northrop Grumman Corporation Common Stock $5,093,100 0.66% 10,000
CRM Salesforce, Inc. Common Stock $5,091,450 0.66% 32,500 $-975,325
AMT American Tower Corporation (REIT) Common Stock $5,070,670 0.65% 31,000 $-279,310
MCD McDonald's Corporation Common Stock $4,865,580 0.63% 18,000
BLK BlackRock, Inc. Common Stock $4,807,800 0.62% 5,000 $-750
BEN Franklin Resources, Inc. Common Stock $4,657,800 0.60% 140,000 $1,351,000
ELV Elevance Health, Inc. Common Stock $4,640,760 0.60% 12,000 $1,127,760
KKR KKR & Co. Inc. Common Stock $4,589,000 0.59% 50,000 $-36,000
MRK Merck & Company, Inc. Common Stock (new) $4,497,500 0.58% 35,000 $1,490,250 Up ×1
WBD Warner Bros. Discovery, Inc. - Series A Common Stock $4,482,393 0.58% 168,132 $-134,506
ADBE Adobe Inc. - Common Stock $4,202,910 0.54% 20,500 $-780,230
SYK Stryker Corporation Common Stock $4,092,920 0.53% 13,000 $1,135,610 Up ×1
PYPL PayPal Holdings, Inc. - Common Stock $4,058,920 0.52% 94,000 $-192,700
ADP Automatic Data Processing, Inc. - Common Stock $4,031,100 0.52% 18,000 $1,084,990 Up ×2
ISRG Intuitive Surgical, Inc. - Common Stock $3,976,800 0.51% 10,000 $2,132,840 Up ×1
BDX Becton, Dickinson and Company Common Stock $3,934,580 0.51% 26,000 $-153,400
CMCSA Comcast Corporation - Class A Common Stock $3,885,087 0.50% 158,252 $-2,524,478 Down ×1
HD Home Depot, Inc. (The) Common Stock $3,879,480 0.50% 11,000 $261,690
APH Amphenol Corporation Common Stock $3,702,720 0.48% 21,000 $2,691,920 Up ×1
CCL Carnival Corporation Common Stock $3,571,250 0.46% 125,000 $336,250
BKNG Booking Holdings Inc. - Common Stock $3,564,800 0.46% 20,000 $196,544 Up ×1
DUK Duke Energy Corporation (Holding Company) Common Stock $3,544,240 0.46% 28,000 Up ×1
RDDT Reddit, Inc. Class A Common Stock $3,471,600 0.45% 20,000 $1,451,850 Up ×1
MDT Medtronic plc. Ordinary Shares $3,442,120 0.44% 44,000 $929,270 Up ×1
ECL Ecolab Inc. Common Stock $3,343,320 0.43% 12,000 $683,120 Up ×1
JNJ Johnson & Johnson Common Stock $3,301,610 0.43% 13,000
SLB SLB Limited Common Shares $3,254,300 0.42% 70,000 $-343,000
SCHW Charles Schwab Corporation (The) Common Stock $3,229,450 0.42% 35,000 $1,725,770 Up ×1
CARR Carrier Global Corporation Common Stock $3,227,400 0.42% 44,000 $1,932,270 Up ×1
Unknown issuer (CUSIP: 177876291) $3,213,910 0.41% 7,000 $1,516,725 Up ×1
WDAY Workday, Inc. - Class A Common Stock $3,182,920 0.41% 26,000 $64,840 Up ×1
KHC The Kraft Heinz Company - Common Stock $3,094,220 0.40% 131,000 $148,030
BF-B (filed as BFB) Brown-Forman Corporation Class B $3,011,450 0.39% 113,000 $23,730
PAYX Paychex, Inc. - Common Stock $2,949,900 0.38% 30,000 $462,660 Up ×4
AAPL Apple Inc. - Common Stock $2,893,600 0.37% 10,000 $-6,750,420 Down ×1
BSX Boston Scientific Corporation Common Stock $2,816,880 0.36% 66,000 $-1,324,620
COF Capital One Financial Corporation Common Stock $2,808,680 0.36% 14,000 $1,349,240 Up ×1
EXR Extra Space Storage Inc Common Stock $2,760,700 0.36% 19,000 $269,230
BX Blackstone Inc. Common Stock $2,706,410 0.35% 23,000 $61,640
CBRE CBRE Group Inc Common Stock Class A $2,693,800 0.35% 20,000 $1,203,740 Up ×1
EL Estee Lauder Companies, Inc. (The) Common Stock $2,684,300 0.35% 34,000 $244,120
LOW Lowe's Companies, Inc. Common Stock $2,645,880 0.34% 12,000 $755,640 Up ×2
GPN Global Payments Inc. Common Stock $2,612,160 0.34% 36,000 $189,360
VTRS Viatris Inc. - Common Stock $2,429,504 0.31% 152,991 $362,590
LLY Eli Lilly and Company Common Stock $2,398,860 0.31% 2,000 $-5,419,185 Down ×1
AZO AutoZone, Inc. Common Stock $2,396,955 0.31% 750 Up ×1
AXP American Express Company Common Stock $2,367,750 0.31% 7,000 $250,390
SWK Stanley Black & Decker, Inc. Common Stock $2,353,000 0.30% 25,000 $576,500
EW Edwards Lifesciences Corporation Common Stock $2,351,960 0.30% 26,000 $1,310,920 Up ×1
CAG ConAgra Brands, Inc. Common Stock $2,342,040 0.30% 174,000 $-393,240
SYY Sysco Corporation Common Stock $2,340,240 0.30% 28,000 Up ×1
HCA HCA Healthcare, Inc. Common Stock $2,339,340 0.30% 6,000
COIN Coinbase Global, Inc. - 3Class A Common Stock $2,339,040 0.30% 16,000 $-105,500 Up ×1
OTIS Otis Worldwide Corporation Common Stock $2,291,200 0.30% 32,000 $1,366,240 Up ×1
BAX Baxter International Inc. Common Stock $2,195,960 0.28% 103,000 $465,560
GEHC GE HealthCare Technologies Inc. - Common Stock $2,186,923 0.28% 34,165 $-244,965
ACN Accenture plc Class A Ordinary Shares (Ireland) $2,177,700 0.28% 17,500 $95,655 Up ×2
LEN Lennar Corporation Class A Common Stock $2,081,270 0.27% 23,000 $344,470 Up ×1
LMT Lockheed Martin Corporation Common Stock $2,037,840 0.26% 4,000
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $1,919,600 0.25% 20,000
PGR Progressive Corporation (The) Common Stock $1,747,600 0.23% 8,000 $161,680
PNC PNC Financial Services Group, Inc. (The) Common Stock $1,723,540 0.22% 7,000 $266,910
ZBH Zimmer Biomet Holdings, Inc. Common Stock $1,721,800 0.22% 20,000 $-86,600
ETN Eaton Corporation, PLC Ordinary Shares $1,704,480 0.22% 4,000 $-441,540 Down ×1
USB U.S. Bancorp Common Stock $1,691,200 0.22% 28,000 $234,920
FIS Fidelity National Information Services, Inc. Common Stock $1,671,840 0.22% 43,000 $-345,290

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
MSFT $35,436,900 4.57% up ×3
NVDA $34,415,480 4.44% up ×3
META $23,658,180 3.05% up ×3
ABT $7,349,940 0.95% up ×3
UBER $5,195,520 0.67% up ×4
PAYX $2,949,900 0.38% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
VEA $13,181,250 185,000 1.70%
XLU $10,065,480 222,000 1.30%
TSLA $5,467,800 13,000 0.71%
NOC $5,093,100 10,000 0.66%
MCD $4,865,580 18,000 0.63%
DUK $3,544,240 28,000 0.46%
JNJ $3,301,610 13,000 0.43%
AZO $2,396,955 750 0.31%
SYY $2,340,240 28,000 0.30%
HCA $2,339,340 6,000 0.30%
LMT $2,037,840 4,000 0.26%
BABA $1,919,600 20,000 0.25%
ICE $1,477,320 12,000 0.19%
LHX $1,452,950 5,000 0.19%
DASH $1,291,710 7,000 0.17%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
RSP Bought more +238K +$53.4M
GOOG Trimmed -44K -$11.2M
NVDA Bought more +16K +$7.2M
AAPL Trimmed -28K -$6.8M
MA Bought more +12K +$6.1M
AMZN Trimmed -46K -$5.6M
LLY Trimmed -6K -$5.4M
IJR Trimmed -44K -$4.6M
GOOGL Trimmed -20K -$4.4M
UNH Price move only +0 +$4.4M

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
SPY June 30, 2026 147,000 $95,599,980 No longer tracked
FXI Sept. 30, 2025 806,000 $29,628,560 -17.7%
MSFT June 30, 2025 78,000 $29,280,420 5.6%
QQQ Dec. 31, 2025 43,000 $25,815,910 21.2%
SPY June 30, 2025 45,000 $25,172,550 No longer tracked
QQQ June 30, 2026 43,000 $24,818,740 1.1%
VWO Sept. 30, 2025 470,000 $23,246,200 11.9%
NVDA June 30, 2025 127,000 $13,764,260 51.2%
META June 30, 2025 21,000 $12,103,560 0.5%
ORCL June 30, 2026 68,500 $10,077,035 -2.8%
JPM June 30, 2026 33,000 $9,707,280 1.5%
BABA Sept. 30, 2025 75,000 $8,505,750 -38.0%
BAC Sept. 30, 2025 150,000 $7,098,000 4.7%
CVS Dec. 31, 2025 90,000 $6,785,100 9.6%
TGT June 30, 2026 48,000 $5,817,600 17.1%
LMT March 31, 2026 12,000 $5,804,040 -16.2%
JPM June 30, 2025 23,000 $5,641,900 14.6%
MCD March 31, 2026 18,000 $5,501,340 -25.0%
PLD Dec. 31, 2025 47,000 $5,382,440 0.3%
TSLA June 30, 2025 20,000 $5,183,200 19.2%
HD Sept. 30, 2025 14,000 $5,132,960 -30.6%
AVGO Dec. 31, 2025 15,000 $4,948,650 4.7%
INTC March 31, 2026 133,000 $4,907,700 163.3%
CSX March 31, 2026 124,000 $4,495,000 15.5%
AMD June 30, 2025 42,000 $4,315,080 345.2%
ABBV June 30, 2026 18,000 $3,914,820 5.6%
MDLZ Sept. 30, 2025 53,000 $3,574,320 -6.4%
FDX March 31, 2026 12,000 $3,466,320 -18.8%
MRVL Dec. 31, 2025 39,000 $3,278,730 219.2%
JBHT Dec. 31, 2025 24,000 $3,220,080 18.2%
KO March 31, 2026 45,000 $3,145,950 13.8%
CB March 31, 2026 10,000 $3,121,200 1.4%
GOOG June 30, 2025 19,000 $2,968,370 93.8%
NSC Sept. 30, 2025 11,000 $2,815,670 5.3%
TXN March 31, 2026 16,000 $2,775,840 51.9%
HUM June 30, 2026 16,000 $2,774,240 1.7%
WFC June 30, 2025 36,000 $2,584,440 1.6%
TFC March 31, 2026 51,000 $2,509,710 0.8%
MO March 31, 2026 43,000 $2,479,380 2.9%
AMAT Dec. 31, 2025 12,000 $2,456,880 111.0%
ETN June 30, 2025 9,000 $2,446,470 21.2%
LOW Sept. 30, 2025 11,000 $2,440,570 -28.6%
D Sept. 30, 2025 40,000 $2,260,800 -0.2%
COST March 31, 2026 2,500 $2,155,850 -7.3%
SCHW June 30, 2025 27,000 $2,113,560 7.4%
WMT June 30, 2025 24,000 $2,106,960 7.5%
BLK Sept. 30, 2025 2,000 $2,098,500 -8.5%
MRVL June 30, 2026 20,000 $1,981,000 -8.9%
QCOM June 30, 2026 15,000 $1,931,700 -2.2%
AWK June 30, 2025 13,000 $1,917,760 -8.1%
ORCL June 30, 2025 13,000 $1,817,530 -34.8%
ELAN March 31, 2026 79,000 $1,787,770 -5.9%
GD Sept. 30, 2025 6,000 $1,749,960 -2.7%
WMT March 31, 2026 15,000 $1,671,150 -15.5%
DAL June 30, 2026 25,000 $1,662,000 -11.3%
WM March 31, 2026 7,500 $1,647,825 -10.1%
CCI Sept. 30, 2025 16,000 $1,643,680 -30.0%
HON June 30, 2026 7,000 $1,582,210 -4.4%
HCA June 30, 2025 4,500 $1,554,975 13.5%
JNJ Sept. 30, 2025 10,000 $1,527,500 36.4%
MMM Sept. 30, 2025 10,000 $1,522,400 5.2%
NOC Sept. 30, 2025 3,000 $1,499,940 -21.9%
AAL June 30, 2026 130,000 $1,396,200 -29.0%
WBA Sept. 30, 2025 110,000 $1,262,800 No longer tracked
MCHP June 30, 2026 19,000 $1,227,590 -10.6%
GPC Sept. 30, 2025 10,000 $1,213,100 -8.9%
EQIX March 31, 2026 1,500 $1,149,240 4.4%
AMGN Sept. 30, 2025 4,000 $1,116,840 42.8%
BETR (filed as BETRXXXX) June 30, 2025 101,157 $1,103,623 -10.2%
EW June 30, 2025 15,000 $1,087,200 11.5%
WAT June 30, 2026 3,518 $1,047,660 17.4%
CL March 31, 2026 13,000 $1,027,260 1.1%
MTB March 31, 2026 5,000 $1,007,400 5.6%
MS June 30, 2026 6,000 $987,420 -9.0%
MU June 30, 2025 11,000 $955,790 763.3%