Performance vs S&P 500

03
Tracked Q2 2025–Q2 2026 +27.0%
S&P 500 total return (same window) +21.7%
Excess return +5.3%

Annualized: +27.0% · S&P 500: +21.7%

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: 99.6% · Options excluded: 0.0%

Sector breakdown

04
Financials 40.0%
Industrials 20.4%
Real Estate 13.9%
Retail 10.2%
Technology 8.6%
Consumer Discretionary 3.8%
Energy 2.9%
Communication Services 0.3%

Full portfolio 16 positions

05
Type Streak 8Q trend
IBKR Interactive Brokers Group, Inc. - Class A Common Stock $111,863,199 22.86% 1,285,193 $25,665,304
Z Zillow Group, Inc. - Class C Capital Stock $68,094,516 13.91% 2,160,359 Up ×1
UPWK Upwork Inc. - Common Stock $60,430,511 12.35% 7,228,530 $-4,890,092 Up ×4
ALLY Ally Financial Inc. Common Stock $60,120,934 12.28% 1,308,399 $8,792,441
CPNG Coupang, Inc. Class A Common Stock $31,001,959 6.33% 1,784,799 $19,772,154 Up ×1
RKT Rocket Companies, Inc. Class A Common Stock $23,625,000 4.83% 1,500,000
GTLB GitLab Inc. - Class A Common Stock $22,897,500 4.68% 750,000 $6,667,500
SPT Sprout Social, Inc - Class A Common Stock $19,154,909 3.91% 2,537,074 $4,693,587
ULCC Frontier Group Holdings, Inc. - Common Stock $18,945,391 3.87% 2,395,119 $7,922,246 Down ×4
TBBB BBB Foods Inc. Class A Common Shares $18,813,880 3.84% 451,497 $2,844,431
STLA Stellantis N.V. Common Shares $18,364,625 3.75% 3,199,412 $-4,319,206
LOMA Loma Negra Compania Industrial Argentina Sociedad Anonima ADS $16,440,013 3.36% 1,435,809 $516,891
TBN Tamboran Resources Corporation Common stock $14,211,486 2.90% 437,142 $-7,641,243
VLRS Controladora Vuela Compania de Aviacion, S.A.B. de C.V. American Depositary Shares, each representing ten (10) Ordinary Participation Certificates $3,805,522 0.78% 406,139 $865,076
THRY Thryv Holdings, Inc. - Common Stock $1,487,716 0.30% 377,593 $-2,789,172 Down ×1
DLO DLocal Limited - Class A Common Shares $130,834 0.03% 10,068 $252

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
UPWK $60,430,511 12.35% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Z $68,094,516 2,160,359 13.91%
RKT $23,625,000 1,500,000 4.83%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
IBKR Price move only +0 +$25.7M
CPNG Bought more +1.2M +$19.8M
ALLY Price move only +0 +$8.8M
ULCC Trimmed -728K +$7.9M
TBN Price move only +0 -$7.6M
GTLB Price move only +0 +$6.7M
UPWK Bought more +1.3M -$4.9M
SPT Price move only +0 +$4.7M
STLA Price move only +0 -$4.3M
TBBB Price move only +0 +$2.8M

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
SATS June 30, 2026 545,189 $63,825,276 No longer tracked
MELI June 30, 2026 31,935 $55,216,254 9.6%
OSCR June 30, 2025 2,950,753 $38,684,372 51.2%
BABA June 30, 2025 286,629 $37,900,953 -2.3%
INMD Dec. 31, 2025 956,630 $14,253,787 -3.8%
IBIT June 30, 2025 134,000 $6,272,540 -20.7%
VTLE Sept. 30, 2025 335,000 $5,390,150 No longer tracked
RKT Sept. 30, 2025 119,703 $1,697,389 -39.7%
ETWO Sept. 30, 2025 414,064 $1,337,427 No longer tracked
COOP Sept. 30, 2025 6,366 $949,871 No longer tracked
FLYYQ Sept. 30, 2025 19,351 $96,561 No longer tracked