Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +191.8%
S&P 500 total return (same window) +37.0%
Excess return +154.8%

Annualized: +135.7% · 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: 24.6%

Sector breakdown

04
Technology 26.1%
Communication Services 10.1%
Industrials 3.5%
Retail 2.9%
Financials 1.1%
Consumer Discretionary 0.6%
Real Estate 0.5%
Healthcare 0.2%
Other/Unmapped 55.0%

Full portfolio 49 positions

05
Type Streak 8Q trend
Unknown issuer (CUSIP: 84615Q103) $4,670,106,641 32.58% 27,332,943 Up ×1
QQQ Invesco QQQ Trust, Series 1 $2,356,480,000 16.44% 3,200,000 Put option $1,548,428,000 Up ×1
MU Micron Technology, Inc. - Common Stock $821,120,352 5.73% 711,364 $564,218,032 Down ×1
Unknown issuer (CUSIP: 15675D103) $687,329,006 4.79% 3,110,086 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $675,948,000 4.72% 1,200,000 Call option Up ×1
ALAB Astera Labs, Inc. - Common Stock $587,736,321 4.10% 1,216,795 $218,846,066 Down ×1
CIEN Ciena Corporation Common Stock $337,760,862 2.36% 688,521 $75,004,080 Up ×1
CRDO Credo Technology Group Holding Ltd - Ordinary Shares $307,109,056 2.14% 1,129,285 $204,675,014 Up ×1
PANW Palo Alto Networks, Inc. - Common Stock $299,058,853 2.09% 876,954 $208,991,558 Up ×1
U Unity Software Inc. Common Stock $292,825,507 2.04% 10,245,819 $21,091,542 Down ×1
COHR Coherent Corp. Common Stock $253,289,581 1.77% 642,101 $102,941,196 Up ×1
NVDA NVIDIA Corporation - Common Stock $249,970,636 1.74% 1,249,291 $32,216,191 Up ×1
AMZN Amazon.com, Inc. - Common Stock $231,101,376 1.61% 969,629 $32,503,435 Up ×3
META Meta Platforms, Inc. - Class A Common Stock $226,876,313 1.58% 402,770
CRWV CoreWeave, Inc. - Class A Common Stock $211,507,071 1.48% 2,124,845 $148,714,925 Up ×3
GOOGL Alphabet Inc. - Class A Common Stock $174,502,342 1.22% 488,296 $14,899,928 Down ×1
Unknown issuer (CUSIP: 15675D103) $154,700,000 1.08% 700,000 Call option Up ×1
TWLO Twilio Inc. Class A Common Stock $148,627,340 1.04% 720,338 $32,671,376 Down ×1
APH Amphenol Corporation Common Stock $112,856,966 0.79% 640,069 Up ×1
AKAM Akamai Technologies, Inc. - Common Stock $107,640,016 0.75% 910,583 $29,216,187 Up ×1
AFRM Affirm Holdings, Inc. - Class A Common Stock $103,817,228 0.72% 1,273,050 $49,075,570 Up ×1
GTLB GitLab Inc. - Class A Common Stock $102,982,850 0.72% 3,373,169
INTC Intel Corporation - Common Stock $92,686,673 0.65% 663,802 $63,834,832 Up ×2
SMTC Semtech Corporation - Common Stock $89,213,986 0.62% 551,214 $47,554,061 Up ×1
CIFR Cipher Mining Inc. - Common Stock $87,867,021 0.61% 3,586,409 Up ×1
TSLA Tesla, Inc. - Common Stock $85,918,065 0.60% 204,275 $11,272,524 Up ×2
DKS Dick's Sporting Goods Inc Common Stock $85,080,514 0.59% 375,118 $-4,651,858 Down ×2
W Wayfair Inc. Class A Common Stock $77,989,541 0.54% 843,860 $-29,635,743 Down ×1
AMBQ Ambiq Micro, Inc. Common Stock $77,449,961 0.54% 877,123 $55,542,094 Up ×3
IOT Samsara Inc. Class A Common Stock $74,869,487 0.52% 2,308,649
ACVA ACV Auctions Inc. Class A Common Stock $71,204,288 0.50% 9,903,239 $29,930,148 Up ×1
COMP Compass, Inc. Class A Common Stock $69,768,331 0.49% 5,658,421 $29,110,126 Up ×1
WIX Wix.com Ltd. - Ordinary Shares $66,170,239 0.46% 1,458,458 $7,587,450 Up ×1
MA Mastercard Incorporated Common Stock $48,087,854 0.34% 93,629 $23,302,719 Up ×3
PDFS PDF Solutions, Inc. - Common Stock $46,617,763 0.33% 658,536 Up ×1
TTAN ServiceTitan, Inc. - Class A Common Stock $38,331,325 0.27% 542,092
FERG Ferguson Enterprises Inc. Common Stock $35,067,643 0.24% 147,759 $928,876 Up ×1
NOK Nokia Corporation Sponsored American Depositary Shares $33,531,655 0.23% 2,524,974 $13,576,801 Up ×1
ROG Rogers Corporation Common Stock $30,995,890 0.22% 189,311 $11,023,387 Up ×3
NTRA Natera, Inc. - Common Stock $28,335,308 0.20% 104,385 Up ×1
WRBY Warby Parker Inc. Class A Common Stock $21,204,717 0.15% 698,903 $6,729,732 Up ×2
VECO Veeco Instruments Inc. - Common Stock $18,034,260 0.13% 237,919 $10,113,627 Up ×1
NBIS Nebius Group N.V. - Class A Ordinary Shares $17,709,401 0.12% 64,125 $11,165,465 Up ×1
Unknown issuer (CUSIP: N52A8C105) $13,790,927 0.10% 348,696 Up ×1
EQPT EquipmentShare.com Inc - Class A Common Stock $4,268,795 0.03% 217,131 $-78,794 Up ×1
TBLA Taboola.com Ltd. - Ordinary Shares $4,175,130 0.03% 835,026 $1,630,659 Up ×3
Unknown issuer (CUSIP: 74768A104) $3,257,584 0.02% 39,853 Up ×1
Unknown issuer (CUSIP: 31556C106) $291,102 0.00% 9,959 Up ×1
BTGO BitGo Holdings, Inc. Class A Common Stock $153,385 0.00% 29,611 $-86,157 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
AMZN $231,101,376 1.61% up ×3
CRWV $211,507,071 1.48% up ×3
AMBQ $77,449,961 0.54% up ×3
MA $48,087,854 0.34% up ×3
ROG $30,995,890 0.22% up ×3
TBLA $4,175,130 0.03% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 84615Q103) $4,670,106,641 27,332,943 32.58%
Unknown issuer (CUSIP: 15675D103) $687,329,006 3,110,086 4.79%
META $675,948,000 1,200,000 4.72%
META $226,876,313 402,770 1.58%
Unknown issuer (CUSIP: 15675D103) $154,700,000 700,000 1.08%
APH $112,856,966 640,069 0.79%
GTLB $102,982,850 3,373,169 0.72%
CIFR $87,867,021 3,586,409 0.61%
IOT $74,869,487 2,308,649 0.52%
PDFS $46,617,763 658,536 0.33%
TTAN $38,331,325 542,092 0.27%
NTRA $28,335,308 104,385 0.20%
Unknown issuer (CUSIP: N52A8C105) $13,790,927 348,696 0.10%
Unknown issuer (CUSIP: 74768A104) $3,257,584 39,853 0.02%
Unknown issuer (CUSIP: 31556C106) $291,102 9,959 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
QQQ Bought more +1.8M +$1.5B
MU Trimmed -49K +$564.2M
ALAB Trimmed -2.1M +$218.8M
PANW Bought more +315K +$209.0M
CRDO Bought more +38K +$204.7M
CRWV Bought more +1.3M +$148.7M
COHR Bought more +11K +$102.9M
CIEN Bought more +12K +$75.0M
INTC Bought more +10K +$63.8M
AMBQ Bought more +15K +$55.5M

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
PSTG March 31, 2026 5,677,675 $380,461,002 No longer tracked
SMH June 30, 2025 1,000,000 $211,470,000 126.1%
LITE June 30, 2026 267,389 $187,910,294 26.5%
MSFT June 30, 2025 420,136 $157,714,853 4.0%
GTLB March 31, 2026 4,177,083 $156,765,925 130.0%
RBLX June 30, 2026 2,383,703 $134,822,242 -18.9%
DECK Dec. 31, 2025 1,250,516 $126,764,807 -23.7%
SATS June 30, 2026 1,000,346 $117,110,506 No longer tracked
HUBS Dec. 31, 2025 243,434 $113,878,425 -46.5%
RH June 30, 2025 473,321 $110,951,176 -36.3%
ZM June 30, 2026 1,315,605 $105,761,486 7.6%
INTU Dec. 31, 2025 135,178 $92,314,408 -57.6%
MSFT March 31, 2026 181,468 $87,761,554 39.8%
RKT June 30, 2026 6,114,947 $87,137,995 -25.7%
TTAN March 31, 2026 792,433 $84,394,115 5.7%
MRVL Dec. 31, 2025 1,000,000 $84,070,000 220.4%
ULTA June 30, 2025 217,541 $79,737,478 16.2%
VST June 30, 2026 523,788 $78,741,050 -11.7%
CFLT Sept. 30, 2025 3,012,215 $75,094,520 No longer tracked
ELF Dec. 31, 2025 538,348 $71,320,343 37.7%
SNPS June 30, 2025 152,488 $65,394,479 -4.4%
FSLR Sept. 30, 2025 393,464 $65,134,031 -20.8%
PM March 31, 2026 405,759 $65,083,744 13.4%
TEAM March 31, 2026 398,230 $64,569,012 175.3%
HUBS June 30, 2026 232,115 $56,659,272 17.5%
AMD Dec. 31, 2025 339,358 $54,904,731 196.0%
NU March 31, 2026 3,272,998 $54,789,987 -6.5%
SNPS June 30, 2026 136,925 $54,288,024 9.8%
META Dec. 31, 2025 66,093 $48,537,377 10.3%
RL June 30, 2026 128,837 $44,318,640 -9.5%
ESTC June 30, 2025 493,598 $43,979,582 11.4%
AXON June 30, 2026 102,095 $43,358,726 -26.3%
WING June 30, 2026 270,303 $41,888,856 -38.4%
AZO March 31, 2026 11,620 $39,409,230 -17.3%
VRNS Dec. 31, 2025 658,415 $37,839,110 45.0%
SE March 31, 2026 275,439 $35,137,753 14.9%
S Sept. 30, 2025 1,902,821 $34,783,568 42.3%
MDB June 30, 2025 184,907 $32,432,688 70.5%
NCLH June 30, 2025 1,623,483 $30,781,238 -25.3%
CHYM June 30, 2026 1,622,734 $30,393,808 33.1%
AMSC March 31, 2026 1,044,193 $30,051,875 -11.3%
AVAV June 30, 2026 161,675 $29,594,609 -14.7%
RBRK June 30, 2026 566,454 $27,739,252 47.7%
IOT Dec. 31, 2025 711,215 $26,492,759 16.0%
FROG June 30, 2026 554,987 $26,045,540 5.1%
GNRC March 31, 2026 182,765 $24,923,663 11.0%
SNOW June 30, 2026 144,818 $21,841,451 34.0%
V June 30, 2026 71,641 $21,652,776 5.1%
GFS June 30, 2026 474,593 $21,109,897 -39.1%
SNPS Dec. 31, 2025 38,876 $19,181,030 4.3%
FIVN Dec. 31, 2025 735,151 $17,790,654 71.4%
BLDR Dec. 31, 2025 137,154 $16,629,923 -45.3%
RDDT June 30, 2025 146,363 $15,353,479 -1.8%
ASML June 30, 2025 19,657 $13,025,318 133.0%
APP Dec. 31, 2025 17,378 $12,486,788 -60.2%
JOBY Dec. 31, 2025 769,407 $12,418,229 -54.9%
PFGC March 31, 2026 125,901 $11,321,018 9.6%
Z Dec. 31, 2025 118,098 $9,099,451 -59.8%
MELI March 31, 2026 4,501 $9,066,184 -1.9%
BBWI June 30, 2025 298,000 $9,035,360 -46.4%
GEMI Dec. 31, 2025 70,000 $1,677,200 -52.9%
SONDQ Dec. 31, 2025 960,533 $1,219,877 No longer tracked
VOYG Sept. 30, 2025 10,000 $392,500 3.9%
CHYM Sept. 30, 2025 10,000 $345,100 35.1%