Performance vs S&P 500

03
Tracked Q3 2025–Q2 2026 +45.3%
S&P 500 total return (same window) +13.0%
Excess return +32.3%

Annualized: +64.8% · S&P 500: +17.7%

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: 97.1% · Options excluded: 35.9%

Sector breakdown

04
Technology 56.9%
Real Estate 10.4%
Financials 6.2%
Healthcare 4.7%
Retail 0.3%
Consumer Staples 0.3%
Consumer Discretionary 0.2%
Industrials 0.1%
Other/Unmapped 20.9%

Full portfolio 20 positions

05
Type Streak 8Q trend
CIFR Cipher Mining Inc. - Common Stock $82,614,000 39.11% 3,372,000 $34,197,060 Down ×3
IBIT iShares Bitcoin Trust ETF $37,284,800 17.65% 1,120,000 Call option $-7,751,124 Down ×1
IREN IREN Limited - Ordinary Shares $34,318,582 16.25% 750,461 $8,592,779
OPEN Opendoor Technologies Inc - Common Stock $21,875,700 10.36% 4,735,000 $14,059,169 Up ×2
NVO Novo Nordisk A/S Common Stock $9,635,940 4.56% 201,000 $3,572,190 Up ×3
BKKT Bakkt, Inc. Class A Common Stock $7,068,050 3.35% 905,000 $6,773,650 Up ×1
ETHA iShares Ethereum Trust ETF $6,658,400 3.15% 560,000 $-734,210 Up ×3
ASST Strive, Inc. - Class A Common Stock $6,109,600 2.89% 560,000 $35,055 Down ×1
BMNR BitMine Immersion Technologies, Inc. Common Stock $1,331,000 0.63% 100,000 $-488,760 Up ×1
SLNH Soluna Holdings, Inc. - Common Stock $1,013,691 0.48% 750,882 Up ×1
CIFR Cipher Mining Inc. - Common Stock $980,000 0.46% 40,000 Call option $-307,000 Down ×1
BBBY Bed Bath & Beyond, Inc. Common Stock $579,000 0.27% 100,000 Up ×1
WYNN Wynn Resorts, Limited - Common Stock $485,450 0.23% 5,000 Up ×1
REGN Regeneron Pharmaceuticals, Inc. - Common Stock $311,770 0.15% 500 $-460,870 Down ×1
CELH Celsius Holdings, Inc. - Common Stock $292,800 0.14% 10,000 Up ×1
CP Canadian Pacific Kansas City Limited Common Shares $173,300 0.08% 2,000 $-220,000 Down ×2
STZ Constellation Brands, Inc. Common Stock $139,090 0.07% 1,000 $-310,910 Down ×2
PEP PepsiCo, Inc. - Common Stock $135,400 0.06% 1,000 $-641,050 Down ×2
TGT Target Corporation Common Stock $130,610 0.06% 1,000 $-111,790 Down ×2
Unknown issuer (CUSIP: 29333R107) $103,320 0.05% 36,000 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
NVO $9,635,940 4.56% up ×3
ETHA $6,658,400 3.15% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SLNH $1,013,691 750,882 0.48%
BBBY $579,000 100,000 0.27%
WYNN $485,450 5,000 0.23%
CELH $292,800 10,000 0.14%
Unknown issuer (CUSIP: 29333R107) $103,320 36,000 0.05%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CIFR Trimmed -390K +$34.2M
OPEN Bought more +3.1M +$14.1M
IREN Price move only +0 +$8.6M
IBIT Trimmed -52K -$7.8M
NVO Bought more +36K +$3.6M
ETHA Bought more +93K -$734K
BMNR Bought more +8K -$489K
REGN Trimmed -500 -$461K
STZ Trimmed -2K -$311K
CIFR Trimmed -60K -$307K

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
DEO March 31, 2026 122,000 $10,524,940 13.8%
BMY March 31, 2026 50,000 $2,697,000 0.8%
LEN March 31, 2026 25,000 $2,570,000 -8.1%
WULF March 31, 2026 100,000 $1,149,000 7.3%
SBET Dec. 31, 2025 60,000 $1,020,600 4.6%
CLSK March 31, 2026 50,000 $506,000 49.7%
BF-A (filed as BFA) March 31, 2026 13,000 $342,030 No longer tracked
PYPL March 31, 2026 5,000 $291,900 16.7%