Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +7.6%
S&P 500 total return (same window) +37.0%
Excess return -29.4%

Annualized: +6.0% · 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: 95.5% · Options excluded: 0.0%

Sector breakdown

04
Industrials 8.8%
Healthcare 2.4%
Real Estate 1.0%
Technology 0.1%
Financials 0.0%
Energy 0.0%
Other/Unmapped 87.7%

Full portfolio 25 positions

05
Type Streak 8Q trend
Unknown issuer (CUSIP: 84615Q103) $5,338,856,440 85.53% 31,246,965 Up ×1
QXO QXO, Inc. Common Stock $421,463,416 6.75% 24,390,244 $-52,195,122
Unknown issuer (CUSIP: 15675D103) $112,710,000 1.81% 510,000 Up ×1
ANRO Alto Neuroscience, Inc. Common Stock $97,847,707 1.57% 3,707,757 $14,497,330
WWD Woodward, Inc. - Common Stock $43,513,578 0.70% 102,279 $8,896,271 Up ×1
BA Boeing Company (The) Common Stock $38,950,097 0.62% 179,933 $6,031,132 Up ×1
RDNT RadNet, Inc. - Common Stock $29,147,894 0.47% 472,643 $2,415,483 Down ×2
VTR Ventas, Inc. Common Stock $23,352,802 0.37% 262,982 $3,656,907 Up ×1
CDP COPT Defense Properties Common Shares of Beneficial Interest $20,623,632 0.33% 566,739 $7,921,021 Up ×1
LENZ LENZ Therapeutics, Inc. - Common Stock $20,517,358 0.33% 3,612,211 $-12,534,373
REZI Resideo Technologies, Inc. Common Stock $17,233,630 0.28% 554,136 $-3,106,815 Down ×1
AMRZ Amrize Ltd Ordinary Shares $16,805,437 0.27% 315,299 $-6,007,364 Down ×1
LXP LXP Industrial Trust Common Stock (Maryland REIT) $12,175,317 0.20% 225,971 Up ×1
NSP Insperity, Inc. Common Stock $9,527,284 0.15% 230,629 Up ×1
CBL CBL & Associates Properties, Inc. Common Stock $8,493,126 0.14% 159,976 $2,862,862 Up ×1
Unknown issuer (CUSIP: 471024109) $8,316,867 0.13% 289,383 Up ×1
PRCH Porch Group, Inc. - Common Stock $4,221,307 0.07% 280,672 $2,378,323 Up ×1
Unknown issuer (CUSIP: 438516205) $3,671,064 0.06% 16,396 Up ×1
Unknown issuer (CUSIP: 43849R105) $3,624,828 0.06% 16,396 Up ×1
AMLX Amylyx Pharmaceuticals, Inc. - Common Stock $2,791,379 0.04% 155,422 $812,909 Up ×1
DNN CUSIP: 248356107 $2,507,465 0.04% 819,433 $-141,595 Up ×1
BCAR D. Boral ARC Acquisition I Corp. - Class A Ordinary Shares $2,062,668 0.03% 197,763 Up ×1
PAYO Payoneer Global Inc. - Common Stock $1,593,848 0.03% 223,855 $512,628
NXE Nexgen Energy Ltd. Common Shares $1,402,847 0.02% 149,398 $-184,253 Up ×1
PCSC Perceptive Capital Solutions Corp - Class A Ordinary Shares $562,311 0.01% 51,683 $-1,159,847 Down ×2

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 84615Q103) $5,338,856,440 31,246,965 85.53%
Unknown issuer (CUSIP: 15675D103) $112,710,000 510,000 1.81%
LXP $12,175,317 225,971 0.20%
NSP $9,527,284 230,629 0.15%
Unknown issuer (CUSIP: 471024109) $8,316,867 289,383 0.13%
Unknown issuer (CUSIP: 438516205) $3,671,064 16,396 0.06%
Unknown issuer (CUSIP: 43849R105) $3,624,828 16,396 0.06%
BCAR $2,062,668 197,763 0.03%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
QXO Price move only +0 -$52.2M
ANRO Price move only +0 +$14.5M
LENZ Price move only +0 -$12.5M
WWD Bought more +6K +$8.9M
CDP Bought more +152K +$7.9M
BA Bought more +15K +$6.0M
AMRZ Trimmed -92K -$6.0M
VTR Bought more +22K +$3.7M
REZI Trimmed -49K -$3.1M
CBL Bought more +13K +$2.9M

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
MTSR Dec. 31, 2025 2,384,050 $124,757,337 No longer tracked
WBA Sept. 30, 2025 2,733,255 $31,377,767 No longer tracked
CBZ Sept. 30, 2025 232,021 $16,638,226 3.3%
TRS Dec. 31, 2025 342,342 $13,228,095 10.4%
PRM Sept. 30, 2025 801,335 $11,154,583 22.6%
KLAR March 31, 2026 376,200 $10,875,942 -4.4%
MASI March 31, 2026 75,552 $9,826,293 No longer tracked
CRS Sept. 30, 2025 29,192 $8,068,085 58.2%
HII June 30, 2026 17,546 $6,665,725 -4.1%
CERT Dec. 31, 2025 504,724 $6,167,727 6.2%
NGVT June 30, 2026 85,583 $6,096,077 -3.0%
OSW Sept. 30, 2025 222,254 $4,531,759 11.7%
AVAV Dec. 31, 2025 12,188 $3,837,879 -41.8%
FLNC Dec. 31, 2025 345,247 $3,728,668 -61.5%
WAY March 31, 2026 112,895 $3,697,311 2.9%
ERII March 31, 2026 265,121 $3,576,482 -32.8%
IBIT Sept. 30, 2025 55,373 $3,389,381
BUR Sept. 30, 2025 217,108 $3,095,960 -69.5%
AIV Sept. 30, 2025 323,578 $2,798,950 -75.7%
LNTH June 30, 2025 26,997 $2,634,907 22.1%
ALIT June 30, 2025 350,894 $2,080,801 56.4%
FLO Dec. 31, 2025 156,274 $2,039,376 -48.8%
CTEV Sept. 30, 2025 31,907 $1,439,963 -55.3%
RDW June 30, 2026 163,002 $1,385,517 -11.0%
CLBR June 30, 2025 69,384 $738,940
MAPS Dec. 31, 2025 441,570 $512,221 No longer tracked
LFCR June 30, 2025 72,260 $508,710 -19.5%
LIMNW Dec. 31, 2025 89,098 $10,692
MAPSW Dec. 31, 2025 361,543 $9,436 No longer tracked
LANVWS Dec. 31, 2025 87,846 $1,652 No longer tracked