Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +22.7%
S&P 500 total return (same window) +37.0%
Excess return -14.3%

Annualized: +17.8% · 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: 98.6% · Options excluded: 0.0%

Sector breakdown

04
Utilities 29.9%
Technology 14.3%
Retail 9.7%
Materials 9.4%
Health Care 8.5%
Communication Services 8.1%
Financials 8.1%
Industrials 4.0%
Consumer Staples 2.4%
Consumer Discretionary 2.0%
Energy 1.2%
Real Estate 1.0%
Other/Unmapped 1.2%

Full portfolio 108 positions

05
Type Streak 8Q trend
NVDA NVIDIA Corporation - Common Stock $32,015,760 4.87% 160,007 $3,587,452 Down ×5
CRWD CrowdStrike Holdings, Inc. - Class A Common Stock $29,244,273 4.45% 38,321 $12,294,589 Down ×1
CAH Cardinal Health, Inc. Common Stock $26,767,470 4.07% 112,677 $3,730,265 Up ×1
ESI Element Solutions Inc. Common Stock $25,870,011 3.94% 541,780 $5,913,052 Down ×2
TGT Target Corporation Common Stock $25,746,013 3.92% 197,121 $2,273,468 Up ×1
ANET Arista Networks, Inc. Common Stock $25,416,027 3.87% 149,612 $6,078,298 Down ×5
JBHT J.B. Hunt Transport Services, Inc. - Common Stock $22,523,015 3.43% 77,819 $5,442,070 Down ×1
NI NiSource Inc Common Stock $22,285,106 3.39% 468,667 $393,450 Down ×2
XEL Xcel Energy Inc. - Common Stock $22,027,308 3.35% 274,313 $778,861 Up ×1
NEE NextEra Energy, Inc. Common Stock $21,159,379 3.22% 241,078 $-951,182 Up ×1
CWT California Water Service Group Common Stock $20,758,546 3.16% 426,692 $2,091,443 Up ×2
ES Eversource Energy (D/B/A) Common Stock $19,884,863 3.02% 275,147 Up ×1
HSBC HSBC Holdings, plc. Common Stock $19,794,877 3.01% 208,170 $2,889,889 Up ×1
JNJ Johnson & Johnson Common Stock $19,027,543 2.89% 74,920 Up ×1
KEY KeyCorp Common Stock $18,996,293 2.89% 824,134 $2,247,859 Down ×1
AWK American Water Works Company, Inc. Common Stock $18,632,171 2.83% 141,603
MDU MDU Resources Group, Inc. Common Stock (Holding Company) $18,416,333 2.80% 868,285 Up ×1
NGG National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares $18,241,651 2.77% 220,124 $228,477 Up ×1
VST Vistra Corp. Common Stock $18,019,452 2.74% 113,594 $1,305,334 Up ×2
CEG Constellation Energy Corporation - Common Stock When-Issued $17,436,222 2.65% 70,203 $-1,199,329 Up ×2
COST Costco Wholesale Corporation - Common Stock $17,245,297 2.62% 18,435 $-436,080 Up ×1
FNV Franco-Nevada Corporation $16,327,984 2.48% 78,334 Up ×1
HSY The Hershey Company Common Stock $14,895,005 2.27% 84,896 $118,206 Up ×1
FIVE Five Below, Inc. - Common Stock $14,717,136 2.24% 81,857 $-1,652,495 Up ×1
WMG Warner Music Group Corp. - Class A Common Stock $14,235,778 2.17% 525,888 Up ×1
ROKU Roku, Inc. - Class A Common Stock $9,886,059 1.50% 71,566 $-8,524,145 Down ×4
WDC Western Digital Corporation - Common Stock $9,586,338 1.46% 15,009 $3,573,701 Down ×1
CVS CVS Health Corporation Common Stock $7,997,579 1.22% 77,309 $2,410,262 Down ×1
STM STMicroelectronics N.V. Common Stock $7,570,097 1.15% 101,083 Up ×1
AAPL Apple Inc. - Common Stock $7,284,682 1.11% 25,175 $733,740 Down ×1
LYG Lloyds Banking Group Plc American Depositary Shares $6,635,237 1.01% 1,138,120 $979,225 Up ×1
APLE Apple Hospitality REIT, Inc. Common Shares $6,600,890 1.00% 392,676 Up ×1
EAT Brinker International, Inc. Common Stock $6,466,482 0.98% 38,491 Up ×1
WMT Walmart Inc. - Common Stock $6,328,757 0.96% 55,878 $-324,349 Up ×1
IAG Iamgold Corporation Ordinary Shares $6,112,174 0.93% 385,870 Up ×1
WPM Wheaton Precious Metals Corp Common Shares (Canada) $5,884,528 0.90% 52,391 $-631,592 Up ×1
CF CF Industries Holdings, Inc. Common Stock $5,659,595 0.86% 52,278 Up ×1
TAL TAL Education Group American Depositary Shares $5,619,035 0.85% 587,151 $-189,502 Up ×1
STNG Scorpio Tankers Inc. Common Shares $5,601,472 0.85% 80,876 Up ×1
DELL Dell Technologies Inc. Class C Common Stock $2,748,572 0.42% 6,370 $1,026,960 Down ×1
ASML ASML Holding N.V. - New York Registry Shares $1,824,360 0.28% 917 $656,449 Up ×1
GS Goldman Sachs Group, Inc. (The) Common Stock $1,790,933 0.27% 1,771 $338,184 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $1,762,177 0.27% 4,987 $372,801 Up ×2
CFR Cullen/Frost Bankers, Inc. Common Stock $1,539,839 0.23% 9,965 $260,210 Up ×2
FTC First Trust Large Cap Growth AlphaDEX Fund $1,363,080 0.21% 7,035 $276,649 Down ×1
USB U.S. Bancorp Common Stock $1,313,842 0.20% 21,752 Up ×1
BHP BHP Group Limited American Depositary Shares (Each representing two Ordinary Shares) $1,297,137 0.20% 15,570 $230,791 Up ×1
V Visa Inc. $1,243,781 0.19% 3,625 $220,330 Up ×1
FTNT Fortinet, Inc. - Common Stock $1,241,615 0.19% 8,082 $388,009 Down ×2
FOX Fox Corporation - Class B Common Stock $1,234,522 0.19% 26,356 $-8,416 Up ×1
TS Tenaris S.A. American Depositary Shares $1,201,840 0.18% 21,659 $-28,929 Up ×2
H Hyatt Hotels Corporation Class A Common Stock $1,114,548 0.17% 5,750 Up ×1
RTX RTX Corporation Common Stock $1,104,346 0.17% 5,821 $3,188 Up ×2
RDVY First Trust Rising Dividend Achievers ETF $936,162 0.14% 11,549 $146,094 Down ×6
MU Micron Technology, Inc. - Common Stock $827,254 0.13% 717 $417,144 Down ×1
MRSH Marsh Common Stock $781,516 0.12% 4,689 $-31,791
SPOT Spotify Technology S.A. Ordinary Shares $702,683 0.11% 1,530 Up ×1
TER Teradyne, Inc. - Common Stock $677,489 0.10% 1,400
FLEX Flex Ltd. - Ordinary Shares $618,515 0.09% 3,816 $297,345 Down ×2
RSP Invesco Exchange-Traded Fund Trust $617,884 0.09% 2,904 $38,861 Down ×2
APH Amphenol Corporation Common Stock $594,415 0.09% 3,371 $161,989 Down ×1
UHS Universal Health Services, Inc. Common Stock $536,356 0.08% 3,607 $27,478 Up ×1
IWR iShares Trust $534,918 0.08% 4,849 $52,270 Down ×1
MSFT Microsoft Corporation - Common Stock $529,576 0.08% 1,420 $37,379 Up ×2
FDRR FIDELITY COVINGTON TRUST $505,350 0.08% 7,789 $51,153 Up ×1
NEM Newmont Corporation $490,482 0.07% 5,251 Up ×1
IUSV iShares Core S&P U.S. Value ETF $428,195 0.07% 3,887 $16,838 Down ×1
PFF iShares Preferred and Income Securities ETF $403,139 0.06% 13,222 $62,130 Up ×1
NTRS Northern Trust Corporation - Common Stock $401,576 0.06% 2,310 Up ×1
QQEW First Trust Nasdaq-100 Select Equal Weight ETF $394,212 0.06% 2,470 $80,587
TEL TE Connectivity plc Ordinary Shares $385,779 0.06% 1,913 Up ×1
DGX Quest Diagnostics Incorporated Common Stock $371,073 0.06% 1,751 Up ×1
PCEF Invesco Exchange-Traded Fund Trust II $370,211 0.06% 18,228 $26,068 Down ×6
PBR Petroleo Brasileiro S.A. Petrobras ADS $366,964 0.06% 22,708
AGRO Adecoagro S.A. Common Shares $352,274 0.05% 36,887 Up ×1
VLO Valero Energy Corporation Common Stock $348,244 0.05% 1,337 Up ×1
FTCS First Trust Capital Strength ETF $336,032 0.05% 3,578 $-2,991 Down ×1
CM Canadian Imperial Bank of Commerce Common Stock $331,650 0.05% 2,884 $50,811 Down ×1
PTCT PTC Therapeutics, Inc. - Common Stock $328,205 0.05% 4,024 Up ×1
FDX FedEx Corporation Common Stock $291,778 0.04% 932 $-74,077 Down ×1
FUTY FIDELITY COVINGTON TRUST $289,237 0.04% 4,951 $-3,219
SPY SPY $284,979 0.04% 382 $32,373 Down ×2
ICE Intercontinental Exchange Inc. Common Stock $283,608 0.04% 2,304 Up ×1
JEPI J.P. Morgan Exchange-Traded Fund Trust $282,174 0.04% 4,996 $37,486 Up ×1
ISRG Intuitive Surgical, Inc. - Common Stock $281,489 0.04% 708 $-13,060 Up ×1
DFTX Definium Therapeutics, Inc. - Common Shares $279,371 0.04% 5,939 Up ×1
CLSK CleanSpark, Inc. - Common Stock $276,115 0.04% 18,977 $114,621
EXEL Exelixis, Inc. - Common Stock $273,029 0.04% 5,018 $59,137 Up ×1
EMLP First Trust Exchange-Traded Fund IV $271,903 0.04% 6,251 $-14,040 Down ×1
MAR Marriott International - Class A Common Stock $262,768 0.04% 709 $22,217 Down ×1
PODD Insulet Corporation - Common Stock $259,679 0.04% 1,706 $32,612 Up ×1
IBB iShares Trust $256,757 0.04% 1,350 $36,577 Up ×1
BUD Anheuser-Busch Inbev SA Sponsored ADR (Belgium) $255,101 0.04% 3,096 $-1,500,850 Down ×1
NTR Nutrien Ltd. Common Shares $254,664 0.04% 4,046 Up ×1
Unknown issuer (CUSIP: 84615Q103) $253,701 0.04% 1,485 Up ×1
TIMB TIM S.A. American Depositary Shares (Each representing 5 Common Shares) $247,858 0.04% 11,571 $-19,129 Up ×1
CHRW C.H. Robinson Worldwide, Inc. - Common Stock $247,699 0.04% 1,315 $35,531 Up ×1
JBL Jabil Inc. Common Stock $246,193 0.04% 639 Up ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $241,188 0.04% 482 $10,214
DXCM DexCom, Inc. - Common Stock $241,032 0.04% 3,579 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ES $19,884,863 275,147 3.02%
JNJ $19,027,543 74,920 2.89%
AWK $18,632,171 141,603 2.83%
MDU $18,416,333 868,285 2.80%
FNV $16,327,984 78,334 2.48%
WMG $14,235,778 525,888 2.17%
STM $7,570,097 101,083 1.15%
APLE $6,600,890 392,676 1.00%
EAT $6,466,482 38,491 0.98%
IAG $6,112,174 385,870 0.93%
CF $5,659,595 52,278 0.86%
STNG $5,601,472 80,876 0.85%
USB $1,313,842 21,752 0.20%
H $1,114,548 5,750 0.17%
SPOT $702,683 1,530 0.11%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CRWD Trimmed -5K +$12.3M
ROKU Trimmed -123K -$8.5M
ANET Trimmed -8K +$6.1M
ESI Trimmed -43K +$5.9M
JBHT Trimmed -3K +$5.4M
CAH Bought more +4K +$3.7M
NVDA Trimmed -3K +$3.6M
WDC Trimmed -7K +$3.6M
HSBC Bought more +3K +$2.9M
CVS Trimmed -487 +$2.4M

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
IDA March 31, 2026 160,150 $20,268,616 -7.1%
AEE June 30, 2026 181,181 $19,915,370 -11.6%
WTRG Dec. 31, 2025 491,864 $19,625,385 2.7%
HAS Dec. 31, 2025 257,618 $19,540,314 9.2%
ED June 30, 2026 172,104 $19,478,734 -6.5%
EXC June 30, 2025 417,589 $19,242,521 -6.2%
AWK June 30, 2025 129,918 $19,165,529 -6.4%
CMS Dec. 31, 2025 259,998 $19,047,423 -8.9%
AFL March 31, 2026 169,580 $18,699,550 1.7%
APTV March 31, 2026 238,912 $18,178,797 -37.3%
PEG June 30, 2026 224,051 $18,136,944 -16.1%
AEE June 30, 2025 179,931 $18,065,048 4.1%
CHDN March 31, 2026 154,871 $17,621,241 -15.3%
ASND March 31, 2026 81,087 $17,291,040 -0.4%
AZN Dec. 31, 2025 223,543 $17,150,256 -14.7%
MOS Dec. 31, 2025 493,070 $17,099,663 -12.5%
NFLX March 31, 2026 178,268 $16,714,389 -30.3%
PCG March 31, 2026 1,031,278 $16,572,642 -29.9%
TRI Sept. 30, 2025 82,063 $16,505,275 -37.2%
DTE March 31, 2026 127,692 $16,469,767 -14.9%
FCX June 30, 2026 274,668 $16,144,973 14.5%
RRC June 30, 2025 391,960 $15,650,958 -6.0%
AMZN March 31, 2026 67,184 $15,507,365 20.8%
JPM March 31, 2026 48,016 $15,471,774 13.0%
WELL June 30, 2025 98,523 $15,094,706 48.1%
LLY June 30, 2026 16,394 $15,079,130 -4.7%
PBR March 31, 2026 1,232,786 $14,608,516 4.3%
BP June 30, 2025 426,620 $14,415,496 49.6%
JD June 30, 2025 347,760 $14,299,882 -21.0%
W June 30, 2025 415,921 $13,321,935 98.0%
ETNB June 30, 2025 1,815,524 $13,198,857 No longer tracked
APLS June 30, 2026 312,841 $12,585,593 No longer tracked
LULU Sept. 30, 2025 49,905 $11,856,401 -46.9%
APP March 31, 2026 14,871 $10,020,567 -32.6%
BABA June 30, 2025 61,016 $8,068,202 -6.7%
URBN March 31, 2026 103,564 $7,794,259 27.5%
AXP March 31, 2026 18,529 $6,854,740 0.1%
SCHW June 30, 2025 86,364 $6,760,549 6.0%
CACI June 30, 2026 12,323 $6,702,349 32.8%
FDS June 30, 2025 13,740 $6,246,568 -40.5%
CCL June 30, 2026 230,787 $5,972,779 -9.8%
SON June 30, 2026 110,036 $5,951,839 -13.5%
PSA Sept. 30, 2025 20,233 $5,936,743 -1.7%
RMD Dec. 31, 2025 20,686 $5,662,354 -9.1%
CVNA Sept. 30, 2025 16,783 $5,655,348 -83.1%
ARGX March 31, 2026 6,672 $5,610,763 25.9%
CHX June 30, 2025 181,230 $5,400,646 No longer tracked
INSP Sept. 30, 2025 40,537 $5,260,469 -5.7%
CRSP March 31, 2026 98,801 $5,181,124 16.5%
PCH June 30, 2025 114,072 $5,146,939 No longer tracked
ALLE June 30, 2026 33,553 $4,874,845 9.8%
GMED June 30, 2025 66,051 $4,834,922 28.1%
WDAY June 30, 2026 33,300 $4,326,314 52.1%
XLU March 31, 2026 98,608 $4,209,588 No longer tracked
SKT June 30, 2025 54,546 $1,843,102 14.8%
WFC June 30, 2025 22,698 $1,629,486 0.4%
BBVA March 31, 2026 74,025 $1,522,313 24.6%
GTY June 30, 2025 46,957 $1,464,119 2.0%
LAD Sept. 30, 2025 4,265 $1,440,661 -2.6%
DAL June 30, 2026 20,194 $1,342,524 -10.2%
PM Dec. 31, 2025 8,156 $1,322,835 16.9%
VPU June 30, 2025 7,141 $1,219,754
RACE Dec. 31, 2025 2,498 $1,212,231 5.1%
VICI March 31, 2026 42,782 $1,203,023 -17.1%
COF March 31, 2026 4,762 $1,154,075 6.7%
XLU June 30, 2025 13,398 $1,056,432 No longer tracked
CHTR Sept. 30, 2025 2,506 $1,024,532 -60.3%
SJM Sept. 30, 2025 10,324 $1,013,816 7.9%
FTI June 30, 2025 28,100 $890,485 99.8%
CYBR Sept. 30, 2025 2,071 $842,648 No longer tracked
HLT Dec. 31, 2025 3,234 $838,952 11.2%
SONY June 30, 2026 39,306 $813,639 18.7%
EBAY Dec. 31, 2025 7,274 $661,608 22.2%
FIXD Sept. 30, 2025 14,889 $653,489
DDOG March 31, 2026 4,470 $607,875 134.8%
HQY Sept. 30, 2025 5,771 $604,563 -5.0%
TJX Sept. 30, 2025 4,851 $599,048 -8.2%
WH June 30, 2025 6,061 $548,575 -11.6%
NCLH June 30, 2025 28,643 $543,076 -25.3%
AEM June 30, 2026 2,590 $525,708 18.4%
FTDS June 30, 2025 9,981 $508,251
ALL June 30, 2026 2,399 $497,323 -6.0%
FOLD March 31, 2026 32,792 $466,958 No longer tracked
KT Dec. 31, 2025 23,332 $454,981 -0.2%
ROK March 31, 2026 1,124 $437,328 26.6%
CELH June 30, 2025 12,266 $436,915 -42.3%
ELF Dec. 31, 2025 3,258 $431,620 37.7%
EXPE June 30, 2025 2,551 $428,829 57.1%
INCY Dec. 31, 2025 4,988 $423,006 16.7%
BKNG June 30, 2026 99 $416,135 -10.8%
TRU June 30, 2025 4,777 $396,478 -27.9%
GPI Sept. 30, 2025 880 $384,305 -42.9%
SYF Sept. 30, 2025 5,646 $376,814 1.0%
ILMN June 30, 2025 4,342 $344,471 186.2%
TSLA June 30, 2026 893 $331,973 -11.9%
UL June 30, 2026 5,817 $331,414 -0.7%
CRM March 31, 2026 1,232 $326,250 25.7%
LEVI March 31, 2026 15,494 $321,346 7.5%
COWZ June 30, 2025 5,670 $310,489
TER Dec. 31, 2025 2,254 $310,260 132.0%
BROS June 30, 2025 5,000 $308,700 -43.4%
BILL Sept. 30, 2025 6,357 $294,071 -17.7%
BYD June 30, 2026 3,463 $284,576 -23.9%
HBM March 31, 2026 12,669 $251,488 30.1%
TME June 30, 2025 17,280 $249,011 -60.3%
UBER Dec. 31, 2025 2,463 $241,300 -16.6%
XLRE March 31, 2026 5,904 $238,226 No longer tracked
AMT Dec. 31, 2025 1,193 $229,352 -7.6%
BKD June 30, 2026 16,386 $224,164 -32.5%
JPSE March 31, 2026 4,344 $217,521
PPL June 30, 2025 6,001 $216,696 -3.2%
PG Dec. 31, 2025 1,366 $209,810 1.1%
TMUS Sept. 30, 2025 867 $206,597 -31.6%
DIS Sept. 30, 2025 1,664 $206,391 -10.8%
BSX June 30, 2026 3,267 $204,973 -0.2%
DLR June 30, 2026 7,800 $203,495 -0.6%
BRBR June 30, 2025 2,723 $202,757 -87.2%
BIZD Sept. 30, 2025 12,080 $196,662
AXIA June 30, 2025 26,980 $191,558 No longer tracked
KYN Sept. 30, 2025 11,665 $148,379 12.4%
BIZD March 31, 2026 10,028 $142,197
JBLU June 30, 2026 13,380 $59,140 -27.6%
HQY June 30, 2026 10,100 $18,411 -0.3%