Sector breakdown

04
Industrials 21.0%
Consumer Discretionary 18.2%
Retail 16.5%
Health Care 15.1%
Financials 11.2%
Communication Services 10.7%
Consumer products 2.2%
Technology 2.1%
Real Estate 2.0%
Materials 0.8%
Other/Unmapped 0.2%

Full portfolio 23 positions

05
Type Streak 8Q trend
AMZN Amazon.com, Inc. - Common Stock $892,310 16.48% 3,743,854 $242,767 Up ×2
ELV Elevance Health, Inc. Common Stock $493,140 9.11% 1,275,154 $119,839
QSR Restaurant Brands International Inc. Common Shares $489,612 9.04% 6,753,112 $-107,596 Down ×1
GOOG Alphabet Inc. - Class C Capital Stock $484,744 8.95% 1,371,931 $145,925 Up ×2
FERG Ferguson Enterprises Inc. Common Stock $344,269 6.36% 1,450,594 $7,812 Up ×2
GPC Genuine Parts Company Common Stock $332,253 6.13% 2,816,178 $174,649 Up ×3
UNP Union Pacific Corporation Common Stock $322,427 5.95% 1,185,395 $-51,449 Down ×2
V Visa Inc. $240,628 4.44% 701,355 $28,650
WCC WESCO International, Inc. Common Stock $228,979 4.23% 662,881 $-164,180 Down ×1
AON Aon plc Class A Ordinary Shares (Ireland) $227,871 4.21% 687,000 $-20,347 Down ×1
TFX Teleflex Incorporated Common Stock $178,605 3.30% 1,409,000 $-12,173 Down ×1
NCLH Norwegian Cruise Line Holdings Ltd. Ordinary Shares $163,180 3.01% 7,730,000 $95,299 Up ×1
MOH Molina Healthcare Inc Common Stock $144,906 2.68% 633,609 $60,446
CME CME Group Inc. - Class A Common Stock $136,694 2.52% 619,000 Up ×1
HLF Herbalife Ltd. Common Shares $121,767 2.25% 9,259,844 $-14,538
EXP Eagle Materials Inc Common Stock $119,422 2.21% 530,763 $-49,712 Down ×2
GDS GDS Holdings Limited - American Depositary Shares $113,208 2.09% 3,769,818 $-9,468 Up ×1
COLD Americold Realty Trust, Inc. Common Stock $107,371 1.98% 6,830,230 $18,203 Down ×1
LBTYK Liberty Global Ltd. - Class C Common Shares $93,975 1.74% 8,543,161 $-63,175 Down ×4
AERO Grupo Aeromexico, S.A.B. de C.V. American Depositary Shares (each representing ten (10) Common Shares) $87,843 1.62% 4,880,188 $19,472
AXTA Axalta Coating Systems Ltd. Common Shares $43,608 0.81% 1,274,356 Up ×1
DNOW DNOW Inc. Common Stock $36,160 0.67% 2,788,000 $-7,014 Down ×1
Unknown issuer (CUSIP: 71531U102) $12,881 0.24% 392,000 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
GPC $332,253 6.13% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CME $136,694 619,000 2.52%
AXTA $43,608 1,274,356 0.81%
Unknown issuer (CUSIP: 71531U102) $12,881 392,000 0.24%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AMZN Bought more +625K +$243K
GPC Bought more +1.3M +$175K
WCC Trimmed -774K -$164K
GOOG Bought more +191K +$146K
ELV Price move only +0 +$120K
QSR Trimmed -1.3M -$108K
NCLH Bought more +4.1M +$95K
LBTYK Trimmed -4.9M -$63K
MOH Price move only +0 +$60K
UNP Trimmed -356K -$51K

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
FIS March 31, 2026 4,503,801 $299,323 -30.8%
DG March 31, 2026 2,062,821 $273,881 0.2%
WTW June 30, 2026 893,126 $259,632 10.4%
FISV March 31, 2026 2,200,000 $147,774 -20.5%
VSAT Sept. 30, 2025 9,190,728 $134,185 145.7%
CRH March 31, 2026 1,072,957 $133,905 -22.1%
SOLV June 30, 2025 1,053,240 $80,088 15.8%
LBRDK Sept. 30, 2025 745,610 $73,353 No longer tracked
ICLR Sept. 30, 2025 405,000 $58,907 -7.4%
AMCR Sept. 30, 2025 5,500,000 $50,545 2.3%
PCVX June 30, 2026 800,000 $46,488 -2.8%
CLVT June 30, 2025 10,777,863 $42,357 -65.6%
SGI June 30, 2025 703,349 $42,117 -8.9%
PAGS Dec. 31, 2025 2,500,000 $25,000 -6.4%
LBTYA March 31, 2026 2,080,456 $23,176 -26.2%
TBN March 31, 2026 257,226 $7,004 -32.7%
LBRDA Sept. 30, 2025 7,560 $740 No longer tracked