Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +31.3%
S&P 500 total return (same window) +37.0%
Excess return -5.7%

Annualized: +24.3% · 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: 94.6% · Options excluded: 0.0%

Sector breakdown

04
Financials 27.1%
Industrials 23.9%
Health Care 14.1%
Retail 13.6%
Consumer Discretionary 13.5%
Communication Services 6.2%
Technology 1.6%

Full portfolio 17 positions

05
Type Streak 8Q trend
FLYW Flywire Corporation - Voting Common Stock $20,115,946 9.42% 1,144,903 $3,298,660 Down ×1
RELY Remitly Global, Inc. - Common stock $19,270,135 9.03% 859,890 $3,365,226 Down ×1
BY Byline Bancorp, Inc. Common Stock $18,476,335 8.65% 490,609 $-1,216,147 Down ×5
GLBE Global-E Online Ltd. - ordinary shares $18,057,759 8.46% 519,947 $5,077,899 Up ×2
ITGR Integer Holdings Corporation Common Stock $16,731,195 7.84% 179,039 $11,322,011 Up ×1
RAL Ralliant Corporation Common Stock $16,646,270 7.80% 226,080 Up ×1
GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock $16,309,367 7.64% 316,073 $2,615,182 Up ×2
PLOW Douglas Dynamics, Inc. Common Stock $15,075,788 7.06% 279,440 $1,532,868 Down ×2
CARG CarGurus, Inc. - Class A Common Stock $13,338,837 6.25% 391,283 $268,642 Up ×3
FNKO Funko, Inc. - Class A Common Stock $12,447,690 5.83% 2,116,954 $4,526,376 Down ×1
USFD US Foods Holding Corp. Common Stock $10,579,501 4.96% 103,467 $1,448,959 Up ×3
SHC Sotera Health Company - Common Stock $10,478,926 4.91% 590,362 Up ×1
FELE Franklin Electric Co., Inc. - Common Stock $9,680,115 4.53% 90,308 Up ×1
LZ LegalZoom.com, Inc. - Common Stock $9,618,307 4.51% 1,569,055 $-2,823,210 Down ×1
GDDY GoDaddy Inc. Class A Common Stock $3,330,352 1.56% 39,236 $94,814 Up ×1
OMDA Omada Health, Inc. - Common Stock $2,969,835 1.39% 135,300 Up ×1
EYE National Vision Holdings, Inc. - Common Stock $354,365 0.17% 18,641 $-14,334,639 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
CARG $13,338,837 6.25% up ×3
USFD $10,579,501 4.96% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
RAL $16,646,270 226,080 7.80%
SHC $10,478,926 590,362 4.91%
FELE $9,680,115 90,308 4.53%
OMDA $2,969,835 135,300 1.39%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ITGR Bought more +118K +$11.3M
GLBE Bought more +99K +$5.1M
FNKO Trimmed -398K +$4.5M
RELY Trimmed -155K +$3.4M
FLYW Trimmed -300K +$3.3M
LZ Trimmed -625K -$2.8M
GIL Bought more +70K +$2.6M
PLOW Trimmed -42K +$1.5M
USFD Bought more +4K +$1.4M
BY Trimmed -133K -$1.2M

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
CFLT March 31, 2026 701,170 $21,203,381 No longer tracked
EWCZ June 30, 2026 3,102,117 $17,930,236 No longer tracked
ENFN June 30, 2025 1,261,199 $14,062,369 No longer tracked
SGI March 31, 2026 106,002 $9,463,859 -12.5%
CWH Dec. 31, 2025 443,116 $6,996,802 -56.8%
IAS Dec. 31, 2025 668,407 $6,797,699 No longer tracked
NCNO March 31, 2026 248,900 $6,381,796 54.7%
KVYO Dec. 31, 2025 221,107 $6,122,453 -35.0%
TTAN June 30, 2025 52,076 $4,952,948 -18.8%
FROG Dec. 31, 2025 101,054 $4,782,886 61.1%
PAYC Dec. 31, 2025 18,126 $3,772,746 72.3%
KLC March 31, 2026 601,466 $2,598,333 -19.5%
DRVN June 30, 2026 91,624 $1,155,379 -15.8%
BGFV Sept. 30, 2025 150,000 $213,000 No longer tracked