Performance vs S&P 500

03
Tracked Q4 2025–Q2 2026 +10.1%
S&P 500 total return (same window) +8.7%
Excess return +1.4%

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 64.5%
Communication Services 30.0%
Retail 3.3%
Industrials 2.3%

Full portfolio 4 positions

05
Type Streak 8Q trend
TLN Talen Energy Corporation - Common Stock $225,741,221 64.48% 587,470 $72,531,252 Up ×2
SATS EchoStar Corporation - Common stock $104,980,841 29.98% 1,034,294 $-31,025,700 Down ×1
AMZN Amazon.com, Inc. - Common Stock $11,511,822 3.29% 48,300 Up ×1
RXO RXO, Inc. Common Stock $7,879,704 2.25% 285,600 $3,704,232

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
AMZN $11,511,822 48,300 3.29%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TLN Bought more +108K +$72.5M
SATS Trimmed -127K -$31.0M
RXO Price move only +0 +$3.7M

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
GBTG June 30, 2026 8,878,004 $48,562,682 No longer tracked
V March 31, 2026 53,700 $18,833,127 22.3%
STX June 30, 2026 39,222 $15,365,610 -8.1%
WDC June 30, 2026 52,927 $14,316,244 -30.9%
GOOGL March 31, 2026 20,330 $6,363,290 20.5%
VOO June 30, 2026 8,218 $4,910,665 3.7%
QQQ June 30, 2026 5,354 $2,989,031 1.1%