Sector breakdown

04
Industrials 13.2%
Technology 8.7%
Materials 6.4%
Consumer Staples 4.9%
Health Care 4.6%
Consumer products 3.4%
Energy 3.3%
Utilities 2.4%
Consumer Discretionary 1.9%
Financials 1.7%
Communication Services 1.5%
Real Estate 0.3%
Retail 0.3%
Other/Unmapped 47.5%

Full portfolio 292 positions

05
Type Streak 8Q trend
JAAA Janus Henderson AAA CLO ETF $25,457,977 5.65% 502,312 $180,840 Up ×4
PFF iShares Preferred and Income Securities ETF $21,130,973 4.69% 693,046 $153,057 Up ×1
COHR Coherent Corp. Common Stock $20,985,804 4.66% 53,200 $8,209,410 Down ×6
FFC Flaherty & Crumrine Preferred and Income Securities Fund Incorporated $19,988,519 4.44% 1,227,796 $1,152,354 Up ×1
SCHO SCHWAB STRATEGIC TRUST $15,772,512 3.50% 653,377 $3,422,759 Up ×3
AEHR Aehr Test Systems - Common Stock $15,071,814 3.35% 156,900 $8,429,784 Down ×4
REZ iShares Trust $13,925,489 3.09% 147,066 $1,766,843 Up ×6
VNQ Vanguard Real Estate ETF $13,432,497 2.98% 139,298 $1,088,377 Up ×6
MAMA Mama's Creations, Inc. - Common Stock $12,072,634 2.68% 676,338 $1,493,847 Down ×6
AMPG Amplitech Group, Inc. - Common Stock $10,281,765 2.28% 1,477,265 $7,247,094 Down ×3
ODC Oil-Dri Corporation Of America Common Stock $10,071,467 2.24% 98,537 $3,550,360 Down ×5
OSS One Stop Systems, Inc. - Common Stock $9,569,407 2.12% 526,370 $5,476,565 Down ×6
AMLP ALPS ETF Trust $8,895,491 1.97% 171,562 $-194,510 Down ×1
KYN Kayne Anderson Energy Infrastructure Fund, Inc. $8,636,557 1.92% 624,480 $264,754 Up ×1
TYG Tortoise Energy Infrastructure Corporation Common Stock $8,422,044 1.87% 196,455 $-1,374,764 Down ×1
ENSG The Ensign Group, Inc. - Common Stock $7,930,050 1.76% 49,450 $-2,043,387 Down ×6
AROC Archrock, Inc. Common Stock $7,333,011 1.63% 180,128 $985,804 Down ×1
NEE NextEra Energy, Inc. Common Stock $6,731,170 1.49% 76,691 $-448,826 Down ×2
BKTI CUSIP: 05587G203 $5,909,836 1.31% 68,735 $752,156 Down ×6
TPZ Tortoise Electrification Infrastructure ETF $5,552,737 1.23% 253,897 $-20,261 Down ×6
FIP FTAI Infrastructure Inc. - Common Stock $5,551,607 1.23% 1,196,467 $-434,485 Down ×3
VPU Vanguard Utilities ETF $5,310,743 1.18% 27,133 $-8,326 Up ×1
LGCY CUSIP: 52474R207 $5,224,722 1.16% 444,279 $-390,248 Down ×5
ACU CUSIP: 004816104 $5,163,045 1.15% 108,195 $232,383 Down ×1
OR OR Royalties Inc. Common Shares $5,118,462 1.14% 161,823 $-1,111,610 Down ×4
ACNT Ascent Industries Co. - Common Stock $4,839,420 1.07% 321,984 $505,923 Down ×3
USAC USA Compression Partners, LP Common Units Representing Limited Partner Interests $4,835,968 1.07% 183,250 $-149,990 Down ×6
BOF BranchOut Food Inc. - Common Stock $4,739,514 1.05% 1,030,329 $1,325,334 Down ×1
LEGH Legacy Housing Corporation - Common Stock $4,720,168 1.05% 179,679 $1,036,434 Down ×1
WPM Wheaton Precious Metals Corp Common Shares (Canada) $4,609,289 1.02% 41,037 $-840,295 Down ×6
LIFE Ethos Technologies Inc. - Class A Common Stock $4,502,711 1.00% 248,220 Up ×1
GPGI GPGI, Inc. Class A Common Stock $4,493,697 1.00% 283,514 $-381,736 Down ×6
FTK Flotek Industries, Inc. Common Stock $4,476,985 0.99% 190,348 $1,241,756 Down ×1
MPTI CUSIP: 55380K109 $4,419,909 0.98% 44,578 $-1,296,970 Down ×6
CLMB Climb Global Solutions, Inc. - Common Stock $4,190,821 0.93% 180,561 $4,146,107 Up ×2
GDXJ VanEck Junior Gold Miners ETF $4,096,920 0.91% 41,699 $-798,063 Up ×1
VMD Viemed Healthcare, Inc. - Common Shares $3,872,261 0.86% 339,672 $741,404 Down ×1
INTT CUSIP: 461147100 $3,826,566 0.85% 210,598 $938,417 Down ×1
EQX CUSIP: 29446Y502 $3,763,157 0.84% 387,156 $-1,898,121 Down ×6
CRGO Freightos Limited - Ordinary shares $3,727,457 0.83% 2,452,274 $2,441,715 Up ×1
CSV Carriage Services, Inc. Common Stock $3,721,588 0.83% 97,068 $-777,064 Down ×6
ELWT Elauwit Connection, Inc. - Common Stock $3,628,300 0.81% 506,039 $1,165,084 Up ×2
TGEN CUSIP: 87876P201 $3,561,194 0.79% 682,221 $1,799,122 Down ×3
KTOS Kratos Defense & Security Solutions, Inc. - Common Stock $3,475,143 0.77% 69,698 $-1,502,722 Down ×6
CMT CUSIP: 218683100 $3,387,780 0.75% 143,550 $135,568 Down ×2
LGL CUSIP: 50186A108 $3,378,458 0.75% 488,923 $-26,049 Down ×5
GOLD Gold.com, Inc. Common Stock $3,360,174 0.75% 80,754 $73,453 Down ×3
PCYO Pure Cycle Corporation - Common Stock $3,331,057 0.74% 311,023 $174,078 Down ×6
KFS Kingsway Financial Services, Inc. Common Stock (DE) $2,910,036 0.65% 279,274 $11,977 Up ×1
USPH U.S. Physical Therapy, Inc. Common Stock $2,909,835 0.65% 42,368 $-328,842 Down ×6
RGLD Royal Gold, Inc. - Common Stock $2,777,773 0.62% 13,916 $-801,375 Down ×6
CXDO Crexendo, Inc. - Common Stock $2,689,006 0.60% 359,974 $-1,031,029 Down ×1
KWR Quaker Houghton Common Stock $2,622,309 0.58% 16,506 $540,462 Down ×4
BUDA CUSIP: 11882T106 $2,493,950 0.55% 293,061 $-585,910 Down ×1
SMID Smith-Midland Corporation - Common Stock $2,316,375 0.51% 79,875 $-296,858 Down ×6
ALCO Alico, Inc. - Common Stock $2,300,421 0.51% 55,606 $5,168 Down ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $2,216,728 0.49% 4,430 $96,268 Up ×2
MOB Mobilicom Limited - Ordinary Shares $2,177,208 0.48% 424,407 $-26,048 Down ×2
TRGP Targa Resources, Inc. Common Stock $2,084,357 0.46% 7,773 $135,334
FNV Franco-Nevada Corporation $1,970,823 0.44% 9,455 $-399,155 Down ×6
INLX CUSIP: 45825X204 $1,833,376 0.41% 333,341 $-642,282 Up ×1
RMT Royce Micro-Cap Trust, Inc. Common Stock $1,812,989 0.40% 123,838 $802,383 Up ×1
HROW Harrow, Inc. - Common Stock $1,716,171 0.38% 40,409 $291,772 Up ×1
GDX VanEck Gold Miners ETF $1,635,455 0.36% 21,676 $-234,451 Up ×1
PSCU Invesco S&P SmallCap Utilities & Communication Services ETF $1,557,573 0.35% 23,579 $134,688 Down ×5
IEX IDEX Corporation Common Stock $1,496,282 0.33% 6,593 $246,578
RSSS Research Solutions, Inc - Common Stock $1,412,832 0.31% 608,979 $37,843 Up ×1
NEM Newmont Corporation $1,357,111 0.30% 14,530 $-216,205 Down ×6
PAVE Global X Funds $1,297,403 0.29% 21,996 $578,898 Up ×1
UTMD Utah Medical Products, Inc. - Common Stock $1,278,670 0.28% 18,455 $134,804 Up ×2
BLIN Bridgeline Digital, Inc. - Common Stock $1,195,110 0.27% 1,030,267 $336,127 Down ×4
INDS Pacer Industrial Real Estate ETF $1,152,034 0.26% 28,651 $351,833 Up ×1
CELH Celsius Holdings, Inc. - Common Stock $1,136,064 0.25% 38,800 $-240,560
RMNI Rimini Street, Inc. - Common Stock $1,093,841 0.24% 256,770 $276,533 Up ×2
AIOT PowerFleet, Inc. - Common Stock $1,026,123 0.23% 267,917 $158,949 Down ×6
GWRS Global Water Resources, Inc. - common stock $936,365 0.21% 129,332 $38,224 Up ×1
Unknown issuer (CUSIP: 64130M308) $928,502 0.21% 305,428 Up ×1
PNTG The Pennant Group, Inc. - Common Stock $923,750 0.21% 25,000 $160,286 Down ×3
UWM ProShares Ultra Russell2000 $887,436 0.20% 13,200 $192,053 Down ×5
ACCS CUSIP: 46520M204 $826,898 0.18% 127,215 $-313,987 Down ×1
ABCB Ameris Bancorp Common Stock $787,800 0.17% 8,709 $93,567 Down ×5
WFCF Where Food Comes From, Inc. - Common Stock $760,552 0.17% 58,459 $-12,214 Up ×1
JKHY Jack Henry & Associates, Inc. - Common Stock $709,361 0.16% 5,150 $-104,545
MLR Miller Industries, Inc. Common Stock $705,717 0.16% 13,797 $66,787 Down ×5
JOF Japan Smaller Capitalization Fund Inc Common Stock $686,645 0.15% 58,289 $259,125 Up ×1
NEO NeoGenomics, Inc. - Common Stock $683,761 0.15% 46,865 $336,022
PBA Pembina Pipeline Corp. Ordinary Shares (Canada) $674,325 0.15% 14,580 $17,292 Down ×5
TSM Taiwan Semiconductor Manufacturing Company Ltd. $626,883 0.14% 1,310 $185,280 Up ×2
RSP Invesco Exchange-Traded Fund Trust $621,289 0.14% 2,920 Up ×1
TACT TransAct Technologies Incorporated - Common Stock $597,491 0.13% 102,310 $268,421 Up ×1
CECO CECO Environmental Corp. - Common Stock $577,561 0.13% 6,365 $173,370 Down ×4
PDEX Pro-Dex, Inc. - Common Stock $573,732 0.13% 9,799 $54,730 Down ×2
OOMA Ooma, Inc. Common Stock $557,784 0.12% 29,021 $154,167 Up ×2
RDVT Red Violet, Inc. - Common Stock $511,927 0.11% 8,034 $243,292 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $484,577 0.11% 1,371 $93,742 Up ×2
CDE Coeur Mining, Inc. Common Stock $470,930 0.10% 28,856 $-70,698
Unknown issuer (CUSIP: 60785L306) $457,848 0.10% 101,744 $-67,461 Up ×1
IRT Independence Realty Trust, Inc. Common Stock $457,177 0.10% 27,100 $47,085 Down ×6
CHRW C.H. Robinson Worldwide, Inc. - Common Stock $452,089 0.10% 2,392 $55,771 Up ×2
CTRE CareTrust REIT, Inc. Common Stock $438,527 0.10% 10,764 $38,214 Down ×5

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
JAAA $25,457,977 5.65% up ×4
SCHO $15,772,512 3.50% up ×3
REZ $13,925,489 3.09% up ×6
VNQ $13,432,497 2.98% up ×6
PAYS $406,028 0.09% up ×4
SOTK $349,465 0.08% up ×3
FTLF $233,159 0.05% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
LIFE $4,502,711 248,220 1.00%
Unknown issuer (CUSIP: 64130M308) $928,502 305,428 0.21%
RSP $621,289 2,920 0.14%
KBWY $242,339 13,050 0.05%
HYGH $187,078 2,160 0.04%
SPHY $186,231 7,945 0.04%
RWR $175,104 1,550 0.04%
KRT $167,300 5,000 0.04%
EMB $108,495 1,125 0.02%
JSI $98,217 1,917 0.02%
DISV $50,364 1,255 0.01%
RDZN $36,500 25,000 0.01%
AMZN $32,176 135 0.01%
V $18,870 55 0.00%
MEC $18,730 500 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AEHR Trimmed -22K +$8.4M
COHR Trimmed -435 +$8.2M
AMPG Trimmed -120K +$7.2M
OSS Trimmed -14K +$5.5M
ODC Trimmed -2K +$3.6M
SCHO Bought more +145K +$3.4M
CRGO Bought more +1.7M +$2.4M
ENSG Trimmed -30 -$2.0M
EQX Trimmed -4K -$1.9M
TGEN Trimmed -6K +$1.8M

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
OR (filed as ORXXXX) June 30, 2025 214,786 $4,546,044 33.9%
ECC June 30, 2025 206,267 $1,670,766 -55.5%
EIC June 30, 2025 110,725 $1,655,339 -32.6%
RWAY Dec. 31, 2025 141,366 $1,436,279 -26.9%
NMTC June 30, 2026 1,840,498 $1,429,147 -60.5%
FSK Dec. 31, 2025 92,918 $1,425,970 -25.3%
NEWT Dec. 31, 2025 121,639 $1,392,772 -1.0%
BXSL Dec. 31, 2025 51,304 $1,377,000 -10.0%
DTST March 31, 2026 228,496 $1,169,900 -11.8%
PMNT June 30, 2026 4,294,552 $1,112,289 No longer tracked
DUOT June 30, 2025 195,874 $1,104,730 28.8%
ASUR Sept. 30, 2025 111,649 $1,089,695 -5.6%
MODD March 31, 2026 2,928,168 $1,066,147 -57.2%
XFLT June 30, 2025 149,247 $893,311 -32.0%
INUV Dec. 31, 2025 248,825 $873,376 No longer tracked
WELL June 30, 2026 4,277 $845,606 0.3%
BHR June 30, 2025 297,690 $756,073 -33.3%
SACH June 30, 2025 534,807 $620,377 No longer tracked
GENK Sept. 30, 2025 152,221 $593,662 -43.1%
ACRE June 30, 2025 112,028 $525,988 -21.5%
BBDC Dec. 31, 2025 54,252 $475,248 -5.4%
OBDC Dec. 31, 2025 32,670 $428,970 -16.9%
MSAI Dec. 31, 2025 578,000 $372,810 1523.3%
CRWS Dec. 31, 2025 124,331 $371,624 -11.9%
SAR Dec. 31, 2025 14,256 $347,704 -28.5%
META Sept. 30, 2025 453 $334,355 0.6%
SAND Dec. 31, 2025 25,076 $313,952 No longer tracked
ARCC Dec. 31, 2025 14,870 $303,497 -6.3%
OXLC (filed as OXLCXXXX) June 30, 2025 63,567 $300,037 114.6%
SOHO June 30, 2025 407,125 $285,029 No longer tracked
CSWC Dec. 31, 2025 12,373 $270,474 7.3%
ESBA Sept. 30, 2025 28,778 $226,489
TIP Sept. 30, 2025 1,980 $217,880
SLRC Sept. 30, 2025 13,385 $216,034 -24.4%
NMFC Dec. 31, 2025 21,996 $212,042 -24.7%
JJSF Sept. 30, 2025 1,800 $205,542 -19.4%
EFT Sept. 30, 2025 15,192 $189,597 -10.3%
LXP (filed as LXPXXXX) Dec. 31, 2025 19,336 $175,861 23.0%
GMREXXXX June 30, 2025 18,647 $167,026 No longer tracked
CGO Sept. 30, 2025 14,225 $166,575 6.6%
MPTIWS Dec. 31, 2025 87,280 $152,740 No longer tracked
HBIO June 30, 2025 251,849 $142,547 1869.9%
WHF Dec. 31, 2025 17,741 $129,291 0.8%
FLL Dec. 31, 2025 35,675 $114,517 -47.1%
FTK June 30, 2025 13,300 $110,789 110.5%
BNC Sept. 30, 2025 10,711 $107,556 -21.9%
DLPN June 30, 2025 102,484 $103,509 -6.1%
BEEM June 30, 2025 41,455 $84,569 -23.3%
UGRO Sept. 30, 2025 223,729 $67,343 No longer tracked
DAIO Sept. 30, 2025 21,738 $66,736 -11.2%
DLHC Sept. 30, 2025 10,262 $59,931 -26.9%
BIOX Sept. 30, 2025 12,625 $56,434 -76.0%
EFT March 31, 2026 4,927 $55,630 -1.6%
PCH March 31, 2026 1,362 $54,181 No longer tracked
VOXR June 30, 2025 18,000 $52,785 59.7%
SGMA Sept. 30, 2025 14,208 $42,340 No longer tracked
JPST June 30, 2026 717 $36,288
AZO March 31, 2026 9 $30,524 -18.6%
MINT June 30, 2026 268 $26,953
BLDR March 31, 2026 185 $19,035 -31.6%
ASM June 30, 2026 2,998 $18,948 No longer tracked
GAMB March 31, 2026 3,352 $18,302 No longer tracked
PULS June 30, 2026 325 $16,088
WLDN June 30, 2026 200 $15,312 -6.1%
JPLD June 30, 2026 261 $13,622
PLYM March 31, 2026 563 $12,319 No longer tracked
BSV June 30, 2026 137 $10,743
VUSB June 30, 2026 209 $10,406
TCX June 30, 2026 550 $9,438 -31.1%
NGD March 31, 2026 1,000 $8,710 No longer tracked
VGSH June 30, 2026 145 $8,489
BAC June 30, 2026 145 $7,069 -4.7%
RYN June 30, 2026 276 $5,692 -14.4%
COP June 30, 2026 41 $5,412 21.7%
CVX June 30, 2026 25 $5,173 23.2%
VPG March 31, 2026 125 $4,813 77.8%
BNCWW Sept. 30, 2025 210,475 $4,715
DE June 30, 2026 8 $4,507 8.1%
MS June 30, 2026 27 $4,444 -10.1%
SCHW June 30, 2026 47 $4,418 4.8%
BK June 30, 2026 37 $4,390 No longer tracked
APD June 30, 2026 14 $4,067 -4.9%
WMT June 30, 2026 32 $3,977 -8.5%
GD June 30, 2026 11 $3,776 -6.6%
EOG June 30, 2026 26 $3,759 9.5%
PSTL June 30, 2026 200 $3,712 -8.4%
ABBV June 30, 2026 17 $3,698 4.6%
AXP June 30, 2026 12 $3,630 -10.7%
DSL June 30, 2026 332 $3,596 -10.8%
BRT June 30, 2026 266 $3,549 -11.7%
DOV June 30, 2026 17 $3,544 -15.8%
PG June 30, 2026 24 $3,467 -0.9%
GS June 30, 2026 4 $3,384 -11.4%
STX June 30, 2026 8 $3,135 -7.2%
CI June 30, 2026 11 $2,935 -2.3%
MMM June 30, 2026 20 $2,905 -0.8%
MDV June 30, 2026 200 $2,864 No longer tracked
COF June 30, 2026 15 $2,737 -3.1%
CMS June 30, 2026 35 $2,716 -16.3%
MDT June 30, 2026 29 $2,513 11.1%
BMY June 30, 2026 37 $2,245 2.5%
NXPI June 30, 2026 10 $1,969 -14.7%
CARR June 30, 2026 32 $1,802 -25.4%
CSR March 31, 2026 15 $1,650 -5.2%
HASI March 31, 2026 50 $1,593 -2.2%
BANX June 30, 2026 82 $1,563 4.1%
RSG June 30, 2026 7 $1,534 -0.6%
POLA June 30, 2026 714 $1,393 -35.3%
USIO March 31, 2026 947 $1,288 156.1%
NSC June 30, 2026 4 $1,148 0.4%
LOAN June 30, 2026 232 $1,033 -14.8%
LAND June 30, 2026 100 $1,020 12.1%
JYNT June 30, 2026 66 $585 -18.2%
PXSAW Dec. 31, 2025 70,800 $539 No longer tracked
FLOT March 31, 2026 10 $502
DBA June 30, 2026 13 $356
DAIO June 30, 2026 100 $253 -24.7%
DTSTW June 30, 2026 1,787 $90 No longer tracked
AMPGW March 31, 2026 930 $75 No longer tracked