Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +24.1%
S&P 500 total return (same window) +37.0%
Excess return -12.9%

Annualized: +18.9% · 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: 99.9% · Options excluded: 15.6%

Sector breakdown

04
Financials 21.9%
Industrials 10.6%
Communication Services 5.6%
Energy 4.3%
Real Estate 4.1%
Retail 3.3%
Consumer Staples 3.2%
Technology 2.9%
Health Care 2.6%
Consumer products 0.8%
Consumer Discretionary 0.8%
Materials 0.8%
Other/Unmapped 39.2%

Full portfolio 93 positions

05
Type Streak 8Q trend
SPY SPY $96,557,361 39.22% 129,300 Call option $22,223,499 Up ×6
GOOG Alphabet Inc. - Class C Capital Stock $8,910,629 3.62% 25,219 $1,666,553 Down ×2
MSFT Microsoft Corporation - Common Stock $5,107,017 2.07% 13,691 $121,197 Up ×5
TRV The Travelers Companies, Inc. Common Stock $4,975,569 2.02% 15,072 $585,202 Up ×1
PAG Penske Automotive Group, Inc. Common Stock $4,944,746 2.01% 27,632 $858,962 Up ×6
META Meta Platforms, Inc. - Class A Common Stock $4,503,504 1.83% 7,995 $33,452 Up ×1
RY Royal Bank Of Canada Common Stock $3,355,812 1.36% 16,214 $732,711
PM Philip Morris International Inc Common Stock $3,250,048 1.32% 17,965 $284,179 Up ×1
V Visa Inc. $3,222,301 1.31% 9,392 $420,838 Up ×1
JPM JP Morgan Chase & Co. Common Stock $3,198,341 1.30% 9,771 $321,162 Down ×2
EPD Enterprise Products Partners L.P. Common Stock $3,103,794 1.26% 84,434 $40,305 Up ×6
AXP American Express Company Common Stock $3,067,928 1.25% 9,070 $325,039 Up ×1
MA Mastercard Incorporated Common Stock $3,054,893 1.24% 5,948 $84,914 Up ×1
WSO Watsco, Inc. Common Stock $3,040,045 1.23% 7,295 $386,197
PCAR PACCAR Inc. - Common Stock $2,996,280 1.22% 24,944 $117,551 Up ×1
JNJ Johnson & Johnson Common Stock $2,809,586 1.14% 11,063 $91,983 Down ×2
TD Toronto Dominion Bank (The) Common Stock $2,799,083 1.14% 23,051 $648,194
MPLX MPLX LP Common Units Representing Limited Partner Interests $2,753,129 1.12% 48,875 $303,114 Up ×6
UNH UnitedHealth Group Incorporated Common Stock (DE) $2,716,973 1.10% 6,537 $950,832 Up ×5
MCO Moody's Corporation Common Stock $2,544,505 1.03% 5,618 $93,652
NDAQ Nasdaq, Inc. - Common Stock $2,475,663 1.01% 31,409 $-190,653
WFC Wells Fargo & Company Common Stock $2,445,648 0.99% 29,594 $47,476 Down ×2
ORI Old Republic International Corporation Common Stock $2,402,413 0.98% 58,710 $133,300 Up ×6
FITB Fifth Third Bancorp - Common Stock $2,203,221 0.89% 39,085 $368,562 Down ×2
CINF Cincinnati Financial Corporation - Common Stock $2,132,813 0.87% 11,520 $320,141
ITW Illinois Tool Works Inc. Common Stock $2,110,748 0.86% 7,804 $76,061 Down ×2
WRB W.R. Berkley Corporation Common Stock $2,050,519 0.83% 29,073 $123,892 Up ×1
MO Altria Group, Inc. $2,002,440 0.81% 27,831 $166,004 Up ×1
AMZN Amazon.com, Inc. - Common Stock $1,976,077 0.80% 8,291 $284,092 Up ×3
FERG Ferguson Enterprises Inc. Common Stock $1,880,128 0.76% 7,922 $32,242
USB U.S. Bancorp Common Stock $1,786,451 0.73% 29,577 $237,749 Down ×2
ENB Enbridge Inc Common Stock $1,771,800 0.72% 32,684 $3,696 Up ×1
BA Boeing Company (The) Common Stock $1,677,210 0.68% 7,748 $103,281 Down ×3
AGM Federal Agricultural Mortgage Corporation Common Stock $1,638,199 0.67% 8,221 $459,707 Up ×6
SLG SL Green Realty Corp Common Stock $1,619,883 0.66% 31,290 $548,955 Up ×2
RTX RTX Corporation Common Stock $1,611,756 0.65% 8,495 $-56,250 Down ×3
PG Procter & Gamble Company (The) Common Stock $1,601,895 0.65% 10,924 $15,077 Down ×2
GPC Genuine Parts Company Common Stock $1,600,635 0.65% 13,567 $185,277 Up ×6
CB Chubb Limited Common Stock $1,570,471 0.64% 4,609 $68,260
O Realty Income Corporation Common Stock $1,552,098 0.63% 25,050 $22,231 Up ×1
TFC Truist Financial Corporation Common Stock $1,510,144 0.61% 30,312 $105,669 Down ×2
CME CME Group Inc. - Class A Common Stock $1,497,890 0.61% 6,783 $-384,671 Up ×6
BTI British American Tobacco Industries, p.l.c. Common Stock ADR $1,445,555 0.59% 23,406 $77,006
MMM 3M Company Common Stock $1,437,437 0.58% 8,878 $148,085
GD General Dynamics Corporation Common Stock $1,397,123 0.57% 3,944 $36,599 Down ×2
FNF Fidelity National Financial, Inc. Common Stock $1,318,877 0.54% 27,966 $67,545 Up ×5
APD Air Products and Chemicals, Inc. Common Stock $1,307,290 0.53% 4,459 $11,995
LAMR Lamar Advertising Company - Class A Common Stock $1,275,137 0.52% 8,175 $1,063,361 Up ×1
LHX L3Harris Technologies, Inc. Common Stock $1,198,103 0.49% 4,123 $-234,960 Down ×4
CCI Crown Castle Inc. Common Stock $1,170,710 0.48% 15,459 $-82,846 Up ×4
ADM Archer-Daniels-Midland Company Common Stock $1,167,850 0.47% 15,286 $49,442 Down ×2
AFG American Financial Group, Inc. Common Stock $1,156,464 0.47% 8,264 $156,239 Up ×5
ADP Automatic Data Processing, Inc. - Common Stock $1,117,734 0.45% 4,991 $103,663
CRH CRH PLC Ordinary Shares $1,101,458 0.45% 10,294 $19,353
GWW W.W. Grainger, Inc. Common Stock $1,061,112 0.43% 780 $210,280
CNH CNH Industrial N.V. Common Shares $1,048,186 0.43% 93,338 $-12,082 Down ×6
MUSA Murphy USA Inc. Common Stock $1,019,003 0.41% 1,891 $84,906
WPC W. P. Carey Inc. REIT $1,005,362 0.41% 14,061 $50,048 Up ×1
AMT American Tower Corporation (REIT) Common Stock $964,899 0.39% 5,899 $-44,867 Up ×6
PAYX Paychex, Inc. - Common Stock $915,944 0.37% 9,315 $58,952 Up ×2
SWK Stanley Black & Decker, Inc. Common Stock $901,387 0.37% 9,577 $237,544 Up ×1
AOS A.O. Smith Corporation Common Stock $878,205 0.36% 14,002 $-61,572 Down ×2
UPS United Parcel Service, Inc. Common Stock $860,000 0.35% 8,000 $60,859 Down ×2
OKE ONEOK, Inc. Common Stock $847,926 0.34% 9,753 $67,047 Up ×1
ADC Agree Realty Corporation Common Stock $824,960 0.34% 10,892 $3,921
CVX Chevron Corporation Common Stock $788,520 0.32% 4,757 $-195,703
PPG PPG Industries, Inc. Common Stock $755,394 0.31% 6,228 $80,874 Down ×2
INTU Intuit Inc. - Common Stock $733,671 0.30% 2,811 $40,133 Up ×1
ADBE Adobe Inc. - Common Stock $723,311 0.29% 3,528 $29,318 Up ×5
KMI Kinder Morgan, Inc. Common Stock $669,740 0.27% 20,949 $-32,680
MAA Mid-America Apartment Communities, Inc. Common Stock $665,939 0.27% 4,793 $80,618
XOM Exxon Mobil Corporation Common Stock $550,298 0.22% 4,025 $-132,584
CRCL Circle Internet Group, Inc. Class A Common Stock $544,380 0.22% 8,692 $-286,832 Down ×1
C Citigroup, Inc. Common Stock $538,706 0.22% 3,849 $102,191
NNN NNN REIT, Inc. Common Stock $528,581 0.21% 11,360 $52,801 Up ×1
ICE Intercontinental Exchange Inc. Common Stock $521,248 0.21% 4,234 $12,133 Up ×1
PLD Prologis, Inc. Common Stock $516,141 0.21% 3,810 $12,535
BDX Becton, Dickinson and Company Common Stock $494,092 0.20% 3,265 Up ×1
BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares $468,589 0.19% 5,396 $87,661 Down ×2
MDT Medtronic plc. Ordinary Shares $427,605 0.17% 5,466 $-46,024
SPGI S&P Global Inc. Common Stock $414,183 0.17% 1,017 $-18,388
CNI Canadian National Railway Company Common Stock $389,319 0.16% 3,265 $53,980 Up ×3
CPRT Copart, Inc. - Common Stock $368,782 0.15% 13,082 $-68,860 Down ×1
ALL Allstate Corporation (The) Common Stock $351,199 0.14% 1,476 $45,165
YUMC Yum China Holdings, Inc. Common Stock $338,322 0.14% 8,278
BAC Bank of America Corporation Common Stock $288,319 0.12% 5,060 $51,394 Up ×1
MTB M&T Bank Corporation Common Stock $279,662 0.11% 1,175 $36,766
PYPL PayPal Holdings, Inc. - Common Stock $271,602 0.11% 6,290 $-12,895
LEG Leggett & Platt, Incorporated Common Stock $261,039 0.11% 22,292 $34,668 Down ×6
GOOGL Alphabet Inc. - Class A Common Stock $260,880 0.11% 730 $50,961
BMO Bank Of Montreal Common Stock $214,691 0.09% 1,215 Up ×1
SYY Sysco Corporation Common Stock $201,846 0.08% 2,415
FLG Flagstar Bank, N.A. Common Stock $192,726 0.08% 12,900 $22,833

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
SPY $96,557,361 39.22% up ×6
MSFT $5,107,017 2.07% up ×5
PAG $4,944,746 2.01% up ×6
EPD $3,103,794 1.26% up ×6
MPLX $2,753,129 1.12% up ×6
UNH $2,716,973 1.10% up ×5
ORI $2,402,413 0.98% up ×6
AMZN $1,976,077 0.80% up ×3
AGM $1,638,199 0.67% up ×6
GPC $1,600,635 0.65% up ×6
CME $1,497,890 0.61% up ×6
FNF $1,318,877 0.54% up ×5
CCI $1,170,710 0.48% up ×4
AFG $1,156,464 0.47% up ×5
AMT $964,899 0.39% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
BDX $494,092 3,265 0.20%
YUMC $338,322 8,278 0.14%
BMO $214,691 1,215 0.09%
SYY $201,846 2,415 0.08%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SPY Bought more +15K +$22.2M
GOOG Trimmed -34 +$1.7M
UNH Bought more +10 +$951K
PAG Bought more +306 +$859K
RY Price move only +0 +$733K
TD Price move only +0 +$648K
TRV Bought more +20 +$585K
SLG Bought more +2K +$549K
AGM Bought more +277 +$460K
V Bought more +123 +$421K

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
PH Dec. 31, 2025 6,092 $4,618,650 10.6%
CAT March 31, 2026 7,240 $4,147,579 19.3%
FIX Dec. 31, 2025 2,396 $1,977,131 85.2%
FERG Sept. 30, 2025 8,033 $1,749,186 -0.6%
CASY June 30, 2026 1,672 $1,216,982 -22.3%
YUMC June 30, 2025 18,483 $962,225 -10.6%
BABA June 30, 2025 7,238 $957,081 -6.7%
CRH Sept. 30, 2025 10,337 $948,937 -31.7%
CMI March 31, 2026 1,800 $918,810 -1.8%
WBA Sept. 30, 2025 31,706 $363,985 No longer tracked
HAL June 30, 2026 9,220 $359,488 -6.2%
SLB June 30, 2026 5,443 $279,716 4.8%
INTC March 31, 2026 7,205 $265,865 170.4%
SYY Dec. 31, 2025 2,598 $213,919 5.2%
SYK June 30, 2025 545 $202,876 -30.4%
SYY June 30, 2025 2,698 $202,458 2.3%
FLG June 30, 2025 13,565 $157,625 10.4%