Sector breakdown

04
Industrials 13.6%
Healthcare 6.3%
Energy 4.4%
Communication Services 2.7%
Real Estate 1.9%
Technology 1.5%
Utilities 0.3%
Consumer products 0.2%
Financials 0.0%
Other/Unmapped 69.2%

Full portfolio 61 positions

05
Type Streak 8Q trend
HOUS CUSIP: 75605Y106 $137,252,781 12.96% 9,692,993 $34,603,985
NVRI Enviri Corporation Common Stock $63,054,889 5.95% 3,518,688 $48,096,260 Up ×1
Unknown issuer (CUSIP: 902681AB1) $56,680,000 5.35% 40,000,000 $14,500,344 Up ×1
Unknown issuer (CUSIP: 09709UV70) $56,047,622 5.29% 51,633,000 $10,090,800 Up ×4
Unknown issuer (CUSIP: 30034WAD8) $54,765,000 5.17% 45,000,000 $4,505,000 Up ×1
BRKRP Bruker Corporation - 6.375% Mandatory Convertible Preferred Stock, Series A $48,302,940 4.56% 133,000 $34,712,940 Up ×1
NGL NGL ENERGY PARTNERS LP Common Units representing Limited Partner Interests $46,926,960 4.43% 4,692,696 $31,900,278 Up ×2
Unknown issuer (CUSIP: 85571BBA2) $45,710,250 4.31% 44,250,000 $-1,062,000
Unknown issuer (CUSIP: 92939UAR7) $39,661,000 3.74% 34,000,000 $-2,040,000
HPEPRC CUSIP: 42824C208 $38,036,250 3.59% 575,000 $-1,150,000
Unknown issuer (CUSIP: 26441CBY0) $37,080,000 3.50% 36,000,000 $19,904,000 Up ×1
NOVTU Novanta Inc. - Tangible Equity Units $35,994,685 3.40% 661,667 Up ×1
ARESPRB CUSIP: 03990B309 $33,707,700 3.18% 670,000 $22,753,900 Up ×1
NX Quanex Building Products Corporation Common Stock $31,602,363 2.98% 2,054,770 Up ×1
Unknown issuer (CUSIP: 57164YAF4) $29,450,000 2.78% 31,000,000 $-99,200
PCGPRX CUSIP: 69331C306 $28,693,000 2.71% 700,000 $6,924,000 Up ×1
Unknown issuer (CUSIP: 69352PAS2) $27,986,250 2.64% 25,500,000 $19,425,000 Up ×1
Unknown issuer (CUSIP: 69331CAL2) $25,690,000 2.43% 25,000,000 $-4,649,000 Down ×2
Unknown issuer (CUSIP: 723484AK7) $25,086,250 2.37% 23,500,000 $5,217,250 Up ×1
MITT TPG Mortgage Investment Trust, Inc. Common Stock $19,732,030 1.86% 2,315,966 $2,964,436
APOPRA CUSIP: 03769M304 $18,830,000 1.78% 250,000 $8,248,330 Up ×1
Unknown issuer (CUSIP: 10316TAD6) $17,505,000 1.65% 18,000,000 $-585,000
DAY CUSIP: 15677J108 $14,523,600 1.37% 210,000 Up ×1
EXAS Exact Sciences Corporation - Common Stock $14,218,400 1.34% 140,000 Up ×1
FYBR Frontier Communications Parent, Inc. - Common Stock $13,324,500 1.26% 350,000 $8,035,217 Up ×1
CYBR CyberArk Software Ltd. - Ordinary Shares $12,043,620 1.14% 27,000 $6,506,238 Up ×1
Unknown issuer (CUSIP: 40637HAD1) $10,775,000 1.02% 10,000,000 $5,056,250 Up ×1
Unknown issuer (CUSIP: 125896BX7) $9,625,500 0.91% 9,000,000 Up ×1
NSC Norfolk Southern Corporation Common Stock $8,807,404 0.83% 30,505 $7,342,905 Up ×1
EA Electronic Arts Inc. - Common Stock $8,173,200 0.77% 40,000 Up ×1
WBD Warner Bros. Discovery, Inc. - Series A Common Stock $6,628,600 0.63% 230,000 Up ×1
Unknown issuer (CUSIP: 405024AB6) $5,925,000 0.56% 6,000,000 $59,992
FOURPRA CUSIP: 82452J307 $4,789,200 0.45% 60,000 $-875,400
Unknown issuer (CUSIP: 29786AAN6) $4,216,484 0.40% 4,727,000 $-8,524,006 Down ×1
Unknown issuer (CUSIP: 252131AM9) $4,137,750 0.39% 4,500,000 $1,403,250 Up ×1
GTLS Chart Industries, Inc. Common Stock $4,124,600 0.39% 20,000 $1,522,650 Up ×1
AL CUSIP: 00912X302 $3,853,800 0.36% 60,000 Up ×1
RNA Avidity Biosciences, Inc. - Common Stock $3,245,850 0.31% 45,000 Up ×1
CFLT Confluent, Inc. - Class A Common Stock $3,024,000 0.29% 100,000 Up ×1
Unknown issuer (CUSIP: 090043AF7) $2,755,200 0.26% 3,000,000 Up ×1
TXNM TXNM Energy, Inc. Common Stock $2,649,600 0.25% 45,000 $-3,044,815 Down ×1
KVUE Kenvue Inc. Common Stock $1,725,000 0.16% 100,000 Up ×1
FOLD Amicus Therapeutics, Inc. - Common Stock $1,424,000 0.13% 100,000 Up ×1
CORZ Core Scientific, Inc. - Common Stock $473,200 0.04% 32,500 Up ×1
Unknown issuer (CUSIP: 75606DAP6) $428,068 0.04% 427,000 $-20,748,779 Down ×1
PAYO Payoneer Global Inc. - Common Stock $377,421 0.04% 83,946 $-28,878
KDKRW Kodiak AI, Inc. - Warrant $76,500 0.01% 50,000 Call option $23,250
FBYDW Falcon's Beyond Global, Inc. - Warrants $50,500 0.00% 25,000 Call option $8,500
HYACWS CUSIP: G4375F116 $38,750 0.00% 25,000 Call option $28,875
MDAIW Spectral AI, Inc. - Warrants $33,750 0.00% 74,999 Call option $-18,599
AMODW Alpha Modus Holdings, Inc. - Warrant $32,281 0.00% 587,999 Call option $-13,877
BGLWW Blue Gold Limited - Warrant $13,942 0.00% 33,100 Call option $-1,205
CNCKW Coincheck Group N.V. - Warrants $12,000 0.00% 30,000 Call option $-9,600
LZMWS CUSIP: G5568L117 $10,270 0.00% 25,000 Call option $-5,480
RDZNW Roadzen, Inc. - Warrants $6,793 0.00% 25,000 Call option $5,043
SPWRW SunPower Inc. - Warrant $6,000 0.00% 25,000 Call option $-638
BDMDW Baird Medical Investment Holdings Ltd - Warrant $3,000 0.00% 50,000 Call option $-865
LOTWW Lotus Technology Inc. - Warrants $1,375 0.00% 25,000 Call option $-403
XBPEW XBP Global Holdings, Inc. - Warrant $693 0.00% 25,000 Call option $-310
LANVWS CUSIP: G5380J118 $264 0.00% 20,000 Call option $-112
PIIIW P3 Health Partners Inc. - Warrant $167 0.00% 16,666 Call option $12

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
None $56,047,622 5.29% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
NOVTU $35,994,685 661,667 3.40%
NX $31,602,363 2,054,770 2.98%
DAY $14,523,600 210,000 1.37%
EXAS $14,218,400 140,000 1.34%
Unknown issuer (CUSIP: 125896BX7) $9,625,500 9,000,000 0.91%
EA $8,173,200 40,000 0.77%
WBD $6,628,600 230,000 0.63%
AL $3,853,800 60,000 0.36%
RNA $3,245,850 45,000 0.31%
CFLT $3,024,000 100,000 0.29%
Unknown issuer (CUSIP: 090043AF7) $2,755,200 3,000,000 0.26%
KVUE $1,725,000 100,000 0.16%
FOLD $1,424,000 100,000 0.13%
CORZ $473,200 32,500 0.04%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
NVRI Bought more +2.3M +$48.1M
BRKRP Bought more +83K +$34.7M
HOUS Price move only +0 +$34.6M
NGL Bought more +2.2M +$31.9M
ARESPRB Bought more +450K +$22.8M
· Bought more +20.0M +$19.9M
· Bought more +18.0M +$19.4M
· Bought more +7.0M +$14.5M
· Bought more +5.0M +$10.1M
· Trimmed -9.7M -$8.5M

1 position 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
KKRPRD Dec. 31, 2025 540,000 $28,166,400 No longer tracked
NEEPRR Sept. 30, 2025 450,000 $17,883,000 No longer tracked
VRNA Dec. 31, 2025 145,000 $15,472,950 No longer tracked
SKX Sept. 30, 2025 160,000 $10,096,000 No longer tracked
HES Sept. 30, 2025 70,000 $9,697,800 No longer tracked
K Dec. 31, 2025 111,652 $9,157,697 No longer tracked
DKS Dec. 31, 2025 38,880 $8,639,914 -30.7%
SPR Dec. 31, 2025 200,000 $7,720,000 No longer tracked
BECN June 30, 2025 49,944 $6,178,073 No longer tracked
EVRI Sept. 30, 2025 319,924 $4,555,718 No longer tracked
HEES June 30, 2025 46,884 $4,444,134 No longer tracked
ANSS Sept. 30, 2025 12,500 $4,390,250 No longer tracked
SPTN Sept. 30, 2025 150,000 $3,973,500 No longer tracked
TGI Sept. 30, 2025 123,370 $3,176,778 No longer tracked
IPG Dec. 31, 2025 98,035 $2,736,157 No longer tracked
AMED June 30, 2025 25,000 $2,315,750 No longer tracked
MCHPP June 30, 2025 40,000 $2,000,000 3.9%
AGS Sept. 30, 2025 158,850 $1,984,037 No longer tracked
INFA Dec. 31, 2025 58,500 $1,453,140 No longer tracked
TGNA Dec. 31, 2025 64,999 $1,321,430 No longer tracked
AACT June 30, 2025 100,000 $1,115,000 No longer tracked
NETD Sept. 30, 2025 100,000 $1,110,000 No longer tracked
HYAC Sept. 30, 2025 50,000 $555,000 No longer tracked
WW Dec. 31, 2025 12,369 $338,416 -49.1%
SRDX Dec. 31, 2025 7,042 $210,485 No longer tracked
AACTWS Sept. 30, 2025 50,000 $55,000 No longer tracked
NETDW Dec. 31, 2025 50,000 $14,000 No longer tracked