Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +38.6%
S&P 500 total return (same window) +37.0%
Excess return +1.6%

Annualized: +29.8% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Utilities 27.9%
Healthcare 11.5%
Technology 11.0%
Energy 8.4%
Financials 7.6%
Industrials 6.8%
Retail 6.7%
Real Estate 4.7%
Materials 4.0%
Communication Services 3.7%
Consumer Discretionary 3.6%
Consumer Staples 3.4%
Other/Unmapped 0.7%

Full portfolio 130 positions

05
Type Streak 8Q trend
AMZN Amazon.com, Inc. - Common Stock $237,504,142 4.35% 996,493 $-11,747,979 Down ×1
AEP American Electric Power Company, Inc. - Common Stock $232,488,894 4.26% 1,699,356 $-4,777,179 Down ×3
COF Capital One Financial Corporation Common Stock $194,114,896 3.56% 967,575 $57,900,982 Up ×1
NVDA NVIDIA Corporation - Common Stock $186,768,808 3.42% 933,424 $62,828,832 Up ×1
EXC Exelon Corporation - Common Stock $185,387,973 3.40% 3,976,576 $907,036 Up ×5
FER Ferrovial SE - Ordinary Shares $183,584,971 3.36% 2,677,153 $17,965,369 Up ×2
BKD Brookdale Senior Living Inc. Common Stock $178,466,370 3.27% 11,091,757 $22,421,154 Down ×4
SRE DBA Sempra Common Stock $164,407,928 3.01% 1,773,357 $-2,976,337 Up ×2
MSFT Microsoft Corporation - Common Stock $147,240,692 2.70% 394,726 $-49,587,951 Down ×1
AEE Ameren Corporation Common Stock $145,282,738 2.66% 1,285,233 $5,510,005 Up ×2
MRK Merck & Company, Inc. Common Stock (new) $141,029,906 2.58% 1,097,509 $-32,339,981 Down ×5
B Barrick Mining Corporation Common Shares $140,972,197 2.58% 3,837,977 $-24,446,693 Down ×4
KEYS Keysight Technologies Inc. Common Stock $131,123,970 2.40% 374,565 $24,144,142 Down ×5
CCI Crown Castle Inc. Common Stock $126,799,434 2.32% 1,674,362 $-5,262,642 Up ×3
WTRG Essential Utilities, Inc. Common Stock $125,131,417 2.29% 3,266,286 $3,563,737 Up ×1
ETR Entergy Corporation Common Stock $124,691,786 2.28% 1,085,598 $-5,953,456 Down ×1
FMX Fomento Economico Mexicano S.A.B. de C.V. Common Stock $121,617,296 2.23% 950,878 $10,939,342 Down ×1
HCA HCA Healthcare, Inc. Common Stock $113,045,096 2.07% 289,941 $-24,881,648 Down ×5
D Dominion Energy, Inc. Common Stock $110,119,469 2.02% 1,612,527 $10,812,625 Up ×1
HTO H2O America - Common Stock $106,931,014 1.96% 1,759,602 $-25,019,517 Down ×1
LNG Cheniere Energy, Inc. Common Stock $104,009,026 1.91% 435,166 $10,443,990 Up ×1
DUK Duke Energy Corporation (Holding Company) Common Stock $103,026,753 1.89% 813,926 $1,216,975 Up ×3
NI NiSource Inc Common Stock $102,903,098 1.89% 2,164,103 $5,010,511 Up ×3
META Meta Platforms, Inc. - Class A Common Stock $102,486,672 1.88% 181,943 $47,410,005 Up ×1
ENB Enbridge Inc Common Stock $101,820,763 1.87% 1,878,276 $-616,574 Down ×1
CART Maplebear Inc. - Common Stock $101,345,525 1.86% 2,140,349 $12,955,920 Down ×1
TTE TotalEnergies SE Ordinary Shares $95,347,141 1.75% 1,225,885 $-37,984,942 Down ×1
BKNG Booking Holdings Inc. - Common Stock $94,174,746 1.73% 530,062 Up ×1
EVRG Evergy, Inc. - Common Stock $84,024,653 1.54% 972,170 $3,465,508 Down ×1
EAT Brinker International, Inc. Common Stock $79,419,816 1.46% 472,737 $-4,381,605 Down ×1
CRM Salesforce, Inc. Common Stock $78,779,928 1.44% 502,872 $-6,910,189 Up ×3
DIS Walt Disney Company (The) Common Stock $77,105,875 1.41% 801,100 $13,734,001 Up ×1
QRVO Qorvo, Inc. - Common Stock $76,056,182 1.39% 815,441 Up ×1
AMT American Tower Corporation (REIT) Common Stock $73,373,249 1.34% 448,574 $-2,034,892 Up ×3
SLB SLB Limited Common Shares $73,287,347 1.34% 1,576,411 $-1,070,643 Up ×2
VAL Valaris Limited Common Shares $72,342,270 1.33% 996,450 $-3,245,786 Up ×4
ALLY Ally Financial Inc. Common Stock $71,834,646 1.32% 1,563,322 $-17,649,494 Down ×4
GMED Globus Medical, Inc. Class A Common Stock $71,581,796 1.31% 905,984 $-5,756,023 Up ×1
KDP Keurig Dr Pepper Inc. - Common Stock $66,344,626 1.22% 2,027,028 $4,506,488 Down ×2
NU Nu Holdings Ltd. Class A Ordinary Shares $62,653,991 1.15% 4,689,670 $2,401,271 Up ×2
VTR Ventas, Inc. Common Stock $52,646,856 0.96% 592,870 $-12,153,817 Down ×4
EGO Eldorado Gold Corporation Ordinary Shares $52,178,993 0.96% 1,678,313 $16,060,070 Up ×1
PGR Progressive Corporation (The) Common Stock $49,908,835 0.91% 228,468 $-8,395,928 Down ×1
ALNY Alnylam Pharmaceuticals, Inc. - Common Stock $49,228,339 0.90% 163,533 $1,149,619 Up ×3
CWT California Water Service Group Common Stock $36,652,229 0.67% 753,386 Up ×1
DT Dynatrace, Inc. Common Stock $31,633,379 0.58% 720,414 Up ×1
HDB HDFC Bank Limited Common Stock $29,398,983 0.54% 1,138,172 $18,652,366 Up ×5
TEL TE Connectivity plc Ordinary Shares $24,075,661 0.44% 119,417 Up ×1
OC Owens Corning Inc Common Stock New $23,641,485 0.43% 148,726 $3,679,657 Down ×1
JNJ Johnson & Johnson Common Stock $23,318,510 0.43% 91,816 $-1,375,552 Down ×3
NEM Newmont Corporation $22,742,526 0.42% 243,496 $-3,615,916
PFGC Performance Food Group Company Common Stock $20,539,177 0.38% 183,730 Up ×1
Unknown issuer (CUSIP: 438516205) $19,473,997 0.36% 87,115 Up ×1
WDAY Workday, Inc. - Class A Common Stock $19,436,379 0.36% 158,768 $-61,674,106 Down ×1
SWKS Skyworks Solutions, Inc. - Common Stock $19,012,137 0.35% 280,415 Up ×1
GLOB Globant S.A. Common Shares $18,853,426 0.35% 651,466 $1,607,364 Up ×2
BIIB Biogen Inc. - Common Stock $18,759,842 0.34% 86,827 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $18,731,251 0.34% 39,222 $4,556,276 Down ×5
Unknown issuer (CUSIP: 43849R105) $18,038,580 0.33% 81,593 Up ×1
NCLH Norwegian Cruise Line Holdings Ltd. Ordinary Shares $17,395,020 0.32% 824,018 Up ×1
DGX Quest Diagnostics Incorporated Common Stock $16,486,531 0.30% 77,785 $-15,377,661 Down ×2
ROKU Roku, Inc. - Class A Common Stock $15,581,778 0.29% 112,797 $12,795,503 Up ×6
GRAB Grab Holdings Limited - Class A Ordinary Shares $10,119,283 0.19% 2,684,160
LBRT Liberty Energy Inc. Class A common stock $8,589,299 0.16% 327,961 Up ×1
HUMA Humacyte, Inc. - Common Stock $7,884,886 0.14% 10,103,647 $4,412,287 Up ×4
BAND Bandwidth Inc. - Class A Common Stock $5,225,478 0.10% 82,551 $2,571,991 Down ×1
CHYM Chime Financial, Inc. - Class A Common Stock $3,927,183 0.07% 191,757 $1,008,712 Up ×1
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $3,374,753 0.06% 35,161 $-1,042,443 Down ×4
GPCR Structure Therapeutics Inc. - American Depositary Shares $2,751,232 0.05% 51,262 $564,832 Up ×1
NAVN Navan, Inc. - Class A Common Stock $2,627,946 0.05% 114,908 $849,748 Down ×1
SDRL Seadrill Limited Common Shares $2,096,060 0.04% 55,422 $966,295 Up ×1
FICO Fair Isaac Corporation Common Stock $2,092,060 0.04% 1,751 $958,333 Up ×1
FRMI Fermi Inc. - Common Stock $1,918,883 0.04% 209,485 $1,475,779 Up ×2
Z Zillow Group, Inc. - Class C Capital Stock $1,637,779 0.03% 51,960 Up ×1
TH Target Hospitality Corp. - Common Stock $1,489,477 0.03% 73,157 $358,134 Down ×1
XYZ Block, Inc. Class A Common Stock, $1,403,264 0.03% 18,464 $472,400 Up ×1
KSPI Joint Stock Company Kaspi.kz - American Depository Shares $1,323,686 0.02% 15,278 $169,898 Down ×1
ACIC American Coastal Insurance Corporation - Common Stock $1,256,342 0.02% 113,184 $-505,037 Down ×1
UBS UBS Group AG Registered Ordinary Shares $1,221,889 0.02% 24,604 $-21,228,714 Down ×5
BRKR Bruker Corporation - Common Stock $1,212,326 0.02% 20,145 $370,260 Down ×1
VEEV Veeva Systems Inc. Class A Common Stock $1,202,537 0.02% 6,776 Up ×1
SMWB Similarweb Ltd. Ordinary Shares $892,534 0.02% 145,601
SDGR Schrodinger, Inc. - Common Stock $860,763 0.02% 52,970 $213,368 Down ×1
MGNI Magnite, Inc. - Common Stock $787,233 0.01% 41,477
ZG Zillow Group, Inc. - Class A Common Stock $624,263 0.01% 19,900 Up ×1
VLRS Controladora Vuela Compania de Aviacion, S.A.B. de C.V. American Depositary Shares, each representing ten (10) Ordinary Participation Certificates $615,112 0.01% 65,647 $-1,110,339 Down ×1
KWEB Krane Shares Trust $604,070 0.01% 10,365 $555,538 Up ×1
CERT Certara, Inc. - Common Stock $548,084 0.01% 83,677 $199,632 Up ×2
SUZ Suzano S.A. American Depositary Shares (each representing One Ordinary Share) $543,472 0.01% 70,035 $-2,030,399 Down ×1
PCOR Procore Technologies, Inc. Common Stock $489,390 0.01% 12,048 $-26,799,132 Down ×2
Unknown issuer (CUSIP: N52A8C105) $395,500 0.01% 10,000 Up ×1
PDD PDD Holdings Inc. - American Depositary Shares $379,417 0.01% 4,974 $-6,442,631 Down ×5
DAVA Endava plc American Depositary Shares (each representing one Class A Ordinary Share) $375,569 0.01% 132,710 $-208,317 Up ×1
AZN AstraZeneca PLC - American Depositary Shares $274,354 0.01% 1,466 Up ×1
TDW Tidewater Inc. Common Stock $192,494 0.00% 2,889 $-48,882
ARGX argenx SE - American Depositary Shares $173,493 0.00% 187 $136,981 Up ×1
SYK Stryker Corporation Common Stock $170,328 0.00% 541 $51,378 Up ×3
IMNM Immunome, Inc. - Common Stock $168,905 0.00% 7,971 $-2,075 Up ×1
COR Cencora, Inc. Common Stock $150,262 0.00% 531 $45,653 Up ×2
LLY Eli Lilly and Company Common Stock $146,330 0.00% 122 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
EXC $185,387,973 3.40% up ×5
CCI $126,799,434 2.32% up ×3
DUK $103,026,753 1.89% up ×3
NI $102,903,098 1.89% up ×3
CRM $78,779,928 1.44% up ×3
AMT $73,373,249 1.34% up ×3
VAL $72,342,270 1.33% up ×4
ALNY $49,228,339 0.90% up ×3
HDB $29,398,983 0.54% up ×5
ROKU $15,581,778 0.29% up ×6
HUMA $7,884,886 0.14% up ×4
SYK $170,328 0.00% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
BKNG $94,174,746 530,062 1.73%
QRVO $76,056,182 815,441 1.39%
CWT $36,652,229 753,386 0.67%
DT $31,633,379 720,414 0.58%
TEL $24,075,661 119,417 0.44%
PFGC $20,539,177 183,730 0.38%
Unknown issuer (CUSIP: 438516205) $19,473,997 87,115 0.36%
SWKS $19,012,137 280,415 0.35%
BIIB $18,759,842 86,827 0.34%
Unknown issuer (CUSIP: 43849R105) $18,038,580 81,593 0.33%
NCLH $17,395,020 824,018 0.32%
GRAB $10,119,283 2,684,160 0.19%
LBRT $8,589,299 327,961 0.16%
Z $1,637,779 51,960 0.03%
VEEV $1,202,537 6,776 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
NVDA Bought more +223K +$62.8M
WDAY Trimmed -466K -$61.7M
COF Bought more +221K +$57.9M
MSFT Trimmed -137K -$49.6M
META Bought more +86K +$47.4M
TTE Trimmed -204K -$38.0M
MRK Trimmed -344K -$32.3M
HTO Trimmed -489K -$25.0M
HCA Trimmed -2K -$24.9M
B Trimmed -218K -$24.4M

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
GOLD June 30, 2025 10,112,758 $196,607,790 87.7%
GOOGL Dec. 31, 2025 630,208 $153,215,123 10.7%
JD June 30, 2025 2,942,624 $121,010,408 -19.2%
BEKE June 30, 2025 4,423,574 $88,876,732 -7.0%
AMD March 31, 2026 293,078 $62,770,291 210.5%
AA June 30, 2025 1,687,529 $51,473,764 47.4%
MU Sept. 30, 2025 403,540 $49,740,100 535.9%
CX Sept. 30, 2025 6,018,838 $41,713,730 6.1%
ORCL June 30, 2025 282,070 $39,439,371 -34.8%
HON June 30, 2026 161,216 $36,439,652 -4.4%
LEN March 31, 2026 335,039 $34,444,592 -14.3%
EQT Dec. 31, 2025 593,102 $32,284,977 -4.6%
ORCL June 30, 2026 212,117 $31,204,532 -2.8%
WLK March 31, 2026 416,520 $30,799,798 -44.7%
NTR Sept. 30, 2025 460,269 $26,808,112 20.5%
FLUT Dec. 31, 2025 78,078 $20,330,186 -64.8%
GEV Sept. 30, 2025 34,137 $18,064,972 61.0%
OXY Dec. 31, 2025 359,488 $16,987,089 41.8%
CENX March 31, 2026 423,789 $16,605,298 -37.3%
FISV Dec. 31, 2025 127,628 $16,456,319 -31.3%
PHM Sept. 30, 2025 151,611 $15,990,116 -13.7%
CRTO Sept. 30, 2025 608,302 $14,576,028 -35.4%
COLD June 30, 2026 1,159,803 $13,291,342 -10.1%
LSPD March 31, 2026 1,024,963 $12,383,479 13.3%
FLNC Dec. 31, 2025 1,091,216 $11,786,022 -61.3%
LYB Dec. 31, 2025 238,718 $11,707,614 36.8%
KO March 31, 2026 145,423 $10,167,284 13.8%
T Sept. 30, 2025 324,832 $9,401,355 -14.2%
NE March 31, 2026 257,244 $7,265,115 -13.8%
OTIS June 30, 2026 61,687 $4,754,834 -8.0%
GDXJ Sept. 30, 2025 58,457 $3,951,410 13.9%
GDX Sept. 30, 2025 64,741 $3,370,674 14.4%
PSIX June 30, 2026 52,877 $3,219,152 19.5%
SEMR Dec. 31, 2025 439,659 $3,113,021 No longer tracked
CENX Sept. 30, 2025 153,131 $2,759,631 25.3%
AZO June 30, 2026 640 $2,161,779 -12.1%
ALC June 30, 2026 26,559 $1,958,668 -4.1%
ASHR March 31, 2026 56,694 $1,862,538
BAH Sept. 30, 2025 16,409 $1,708,800 -31.4%
QCOM Sept. 30, 2025 10,086 $1,606,419 8.7%
LXU June 30, 2026 101,927 $1,518,712 -5.8%
GRAB June 30, 2025 227,471 $1,030,526 -37.0%
GTLB March 31, 2026 27,433 $1,029,638 145.1%
YMM Sept. 30, 2025 68,035 $803,555 -35.2%
VIPS June 30, 2025 48,195 $755,758 -16.3%
STNE June 30, 2026 45,575 $643,519 5.2%
HUYA June 30, 2025 175,498 $563,394 -35.5%
SOC Dec. 31, 2025 5,452 $490,717 -62.3%
LZ June 30, 2026 80,268 $455,120 -5.1%
MGNI March 31, 2026 24,831 $403,037 110.9%
CLPR June 30, 2026 125,668 $379,517 15.4%
MNDY March 31, 2026 2,381 $351,367 22.6%
SG March 31, 2026 51,873 $350,688 76.3%
LX Dec. 31, 2025 63,315 $337,494 -79.3%
CFLT Dec. 31, 2025 14,659 $290,270 No longer tracked
SABR Sept. 30, 2025 87,855 $277,643 6.3%
LINE March 31, 2026 6,729 $235,533 6.8%
MGNI Sept. 30, 2025 9,162 $221,004 15.0%
MDB June 30, 2025 1,218 $213,654 71.1%
GBTG Sept. 30, 2025 32,085 $202,151 No longer tracked
BASE June 30, 2025 11,627 $183,140 No longer tracked
PUBM Dec. 31, 2025 19,065 $157,870 109.4%
MOS June 30, 2025 5,575 $150,593 -42.2%
SMWB Sept. 30, 2025 17,510 $137,289 -11.6%
GILD June 30, 2025 1,078 $120,800 30.5%
BDX June 30, 2025 517 $118,434 33.4%
VNET June 30, 2026 13,915 $116,747 -32.3%
ABT Dec. 31, 2025 828 $110,911 -20.1%
VRTX Sept. 30, 2025 241 $107,301 28.6%
MDT June 30, 2025 1,007 $90,496 0.9%
GILD June 30, 2026 557 $77,629 14.5%
RIG Dec. 31, 2025 24,838 $77,500 30.1%
IRTC June 30, 2026 655 $77,303 -6.6%
TMO March 31, 2026 131 $75,914 37.7%
REGN June 30, 2026 97 $74,946 16.5%
BSX June 30, 2026 1,128 $70,782 -0.7%
ESTA March 31, 2026 969 $70,626 17.6%
MDT March 31, 2026 730 $70,129 1.5%
QGEN (filed as QGENXXXX) Dec. 31, 2025 1,526 $68,187 1.8%
TEVA June 30, 2026 2,234 $67,288 17.1%
RARE June 30, 2025 1,568 $56,782 -60.5%
FOLD March 31, 2026 3,926 $55,910 No longer tracked
APGE March 31, 2026 723 $54,576 No longer tracked
NOVT March 31, 2026 449 $53,431 28.9%
HSIC Dec. 31, 2025 632 $41,949 11.4%
TARS June 30, 2026 555 $38,933 16.8%
SPRY Sept. 30, 2025 2,201 $38,410 -57.3%
DXCM June 30, 2026 554 $34,791 29.0%
SIBN June 30, 2025 2,394 $33,591 5.3%
WAY Dec. 31, 2025 823 $31,211 -19.4%
IDYA June 30, 2026 917 $30,554 0.9%
IRON June 30, 2026 476 $30,435 -13.2%
PRCT June 30, 2025 507 $29,540 -69.5%
NUVL June 30, 2026 275 $28,174 No longer tracked
DHR Dec. 31, 2025 137 $27,164 -3.4%
TERN June 30, 2026 455 $23,988 No longer tracked
DAWN March 31, 2026 2,559 $23,852 No longer tracked
CORZ Sept. 30, 2025 1,391 $23,746 -7.5%
NVCR Sept. 30, 2025 1,119 $19,920 21.2%
SGMT March 31, 2026 3,176 $18,803 69.6%
VRDN June 30, 2026 834 $16,313 1.9%
ORIC June 30, 2026 1,278 $16,192 15.3%
BIOA June 30, 2026 915 $16,003 -74.1%
ARRY March 31, 2026 1,715 $15,813 -46.1%
ASHR June 30, 2025 15,550 $15,551
CABA June 30, 2026 5,616 $15,107 -33.1%
JANX March 31, 2026 720 $9,937 19.3%
SHLS March 31, 2026 978 $8,314 25.8%
SHLS June 30, 2025 1,486 $4,934 94.8%
LUMN Sept. 30, 2025 113 $113 -8.1%