Performance vs S&P 500

03
Tracked Q1 2025–Q1 2026 -8.1%
S&P 500 total return (same window) +19.3%
Excess return -27.4%

Annualized: -8.1% · S&P 500: +19.3%

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: 95.6% · Options excluded: 0.0%

Sector breakdown

04
Technology 44.2%
Consumer products 14.0%
Consumer Discretionary 10.8%
Consumer Staples 8.4%
Financials 7.8%
Industrials 5.7%
Health Care 4.3%
Retail 3.9%
Communication Services 1.0%

Full portfolio 16 positions

05
Type Streak 8Q trend
MSFT Microsoft Corporation - Common Stock $29,972,295 16.65% 80,969 $-8,097,788 Up ×5
VRSN VeriSign, Inc. - Common Stock $27,981,728 15.54% 112,666 $1,170,495 Up ×2
ADBE Adobe Inc. - Common Stock $21,542,479 11.97% 88,623 $-13,155,880 Down ×2
NVR NVR, Inc. Common Stock $17,014,941 9.45% 2,582 $-465,829 Up ×3
BF-B (filed as BFB) Brown-Forman Corporation Class B $14,759,971 8.20% 558,244 $4,084,127 Up ×2
V Visa Inc. $12,468,911 6.93% 41,255 $-13,837,846 Down ×1
DPZ Domino's Pizza Inc - Common Stock $11,897,476 6.61% 33,160 $1,410,285 Up ×2
PAYC Paycom Software, Inc. Common Stock $10,234,397 5.69% 84,206 $-8,329,131 Down ×1
CL Colgate-Palmolive Company Common Stock $8,182,080 4.55% 96,000 $-3,028,724 Down ×1
EW Edwards Lifesciences Corporation Common Stock $7,718,831 4.29% 96,389 $-11,608,196 Down ×2
POOL Pool Corporation - Common Stock $7,524,450 4.18% 37,189 Up ×1
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $4,264,715 2.37% 51,500 $-1,794,860 Up ×2
PDD PDD Holdings Inc. - American Depositary Shares $2,758,860 1.53% 27,000 $-416,060 Down ×2
META Meta Platforms, Inc. - Class A Common Stock $1,773,603 0.99% 3,100 $671,253 Up ×1
FUTU Futu Holdings Limited - American Depositary Shares $1,641,120 0.91% 12,000 $-822,030 Down ×1
DOLE Dole plc Ordinary Shares $275,589 0.15% 19,180 $3,129 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
MSFT $29,972,295 16.65% up ×5
NVR $17,014,941 9.45% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
POOL $7,524,450 37,189 4.18%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
V Trimmed -34K -$13.8M
ADBE Trimmed -11K -$13.2M
EW Trimmed -130K -$11.6M
PAYC Trimmed -32K -$8.3M
MSFT Bought more +2K -$8.1M
BF-B (filed as BFB) Bought more +149K +$4.1M
CL Trimmed -46K -$3.0M
SE Bought more +4K -$1.8M
DPZ Bought more +8K +$1.4M
VRSN Bought more +2K +$1.2M

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
PYPL March 31, 2026 236,209 $13,789,881 16.7%
PCTY Dec. 31, 2025 84,703 $13,490,647 -5.3%
PEP Sept. 30, 2025 93,460 $12,340,458 -10.4%
ABNB Dec. 31, 2025 62,545 $7,594,214 19.7%
PG March 31, 2026 45,388 $6,504,554 0.3%
CHD March 31, 2026 74,629 $6,257,642 1.1%
OTIS March 31, 2026 61,731 $5,392,203 -16.9%
BKNG Dec. 31, 2025 807 $4,357,211 -97.0%
ALLE June 30, 2025 31,764 $4,143,931 7.0%
PEP March 31, 2026 26,760 $3,840,595 -18.9%
FNV Dec. 31, 2025 16,000 $3,566,560 15.4%
KO Sept. 30, 2025 46,141 $3,264,476 29.1%
PACB March 31, 2026 2,733,290 $3,210,112 92.4%
STN June 30, 2025 27,783 $2,302,525 -37.9%
COKE June 30, 2025 1,686 $2,276,100 72.0%
BECN June 30, 2025 18,200 $2,251,340 No longer tracked
CSL June 30, 2025 5,900 $2,008,950 -11.8%
YMM March 31, 2026 185,000 $1,985,050 -1.6%
KO March 31, 2026 26,250 $1,835,138 12.6%
GOOGL Dec. 31, 2025 7,377 $1,793,349 9.7%
WCC June 30, 2025 11,400 $1,770,420 106.1%
FAST March 31, 2026 35,685 $1,432,039 9.4%
BKNG June 30, 2025 250 $1,151,727 -97.3%
FDS March 31, 2026 2,500 $725,475 22.6%
SPOT June 30, 2025 1,150 $632,534 -38.4%
GDS Dec. 31, 2025 13,000 $503,100 -21.0%
HUYA June 30, 2025 100,000 $321,000 -34.7%
MMYT March 31, 2026 3,390 $278,387 19.7%
USD March 31, 2026 14,650 $14,652