Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +7.2%
S&P 500 total return (same window) +37.0%
Excess return -29.8%

Annualized: +5.8% · 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: 91.6% · Options excluded: 0.0%

Sector breakdown

04
Financials 25.8%
Technology 20.1%
Healthcare 18.9%
Retail 12.8%
Industrials 10.5%
Consumer Staples 4.0%
Consumer products 2.0%
Consumer Discretionary 1.2%
Materials 0.7%
Communication Services 0.6%
Utilities 0.4%
Other/Unmapped 3.0%

Full portfolio 74 positions

05
Type Streak 8Q trend
MSFT Microsoft Corporation - Common Stock $23,823,138 7.81% 63,866 $628,812 Up ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $23,127,025 7.59% 46,218 $1,095,805 Up ×1
COST Costco Wholesale Corporation - Common Stock $22,005,061 7.22% 23,523 $-123,656 Up ×1
AAPL Apple Inc. - Common Stock $20,233,275 6.64% 69,924 $2,805,712 Up ×1
JNJ Johnson & Johnson Common Stock $16,705,707 5.48% 65,778 $1,168,546 Up ×1
ABBV AbbVie Inc. Common Stock $14,710,687 4.83% 58,459 $2,304,132 Up ×1
HD Home Depot, Inc. (The) Common Stock $12,171,133 3.99% 34,510 $148,752 Down ×1
AON Aon plc Class A Ordinary Shares (Ireland) $11,084,748 3.64% 33,419 $469,805 Up ×1
ITW Illinois Tool Works Inc. Common Stock $11,056,715 3.63% 40,880 $720,174 Up ×1
UNP Union Pacific Corporation Common Stock $11,002,672 3.61% 40,451 $1,243,040 Up ×1
BAC Bank of America Corporation Common Stock $10,938,134 3.59% 191,964 $1,701,743 Up ×1
GS Goldman Sachs Group, Inc. (The) Common Stock $10,537,464 3.46% 10,419 $1,564,048 Down ×3
PEP PepsiCo, Inc. - Common Stock $8,231,259 2.70% 60,792 $-1,635,427 Down ×2
ORCL Oracle Corporation Common Stock $8,123,853 2.66% 55,434 $185,209 Up ×1
V Visa Inc. $7,792,946 2.56% 22,714 $1,184,771 Up ×1
ABT Abbott Laboratories Common Stock $7,262,458 2.38% 80,036 $-829,058 Up ×1
BK The Bank of New York Mellon Corporation Common Stock $5,114,566 1.68% 35,368 $871,408 Down ×2
ADI Analog Devices, Inc. - Common Stock $4,470,943 1.47% 11,257 $778,292 Down ×2
CHD Church & Dwight Company, Inc. Common Stock $4,071,866 1.34% 42,030 $280,181 Up ×1
Unknown issuer (CUSIP: 438516205) $3,817,719 1.25% 17,051 Up ×1
Unknown issuer (CUSIP: 43849R105) $3,769,635 1.24% 17,051 Up ×1
BDX Becton, Dickinson and Company Common Stock $3,766,767 1.24% 24,891 $-704,697 Down ×6
MCD McDonald's Corporation Common Stock $3,746,130 1.23% 13,859 $60,582 Up ×1
CVS CVS Health Corporation Common Stock $3,397,374 1.11% 32,841 $989,196 Down ×2
NVO Novo Nordisk A/S Common Stock $3,367,648 1.10% 70,247 $674,346 Down ×6
UPS United Parcel Service, Inc. Common Stock $3,330,225 1.09% 30,979 $650,567 Up ×1
LLY Eli Lilly and Company Common Stock $3,120,458 1.02% 2,602 $681,580 Down ×1
QCOM QUALCOMM Incorporated - Common Stock $2,813,428 0.92% 15,225 $356,563 Down ×2
MA Mastercard Incorporated Common Stock $2,730,811 0.90% 5,317 $268,986 Up ×1
AIG American International Group, Inc. New Common Stock $2,695,676 0.88% 36,169 $230,937 Up ×1
MRK Merck & Company, Inc. Common Stock (new) $2,641,061 0.87% 20,553 $325,719 Up ×2
PAYX Paychex, Inc. - Common Stock $2,607,446 0.86% 26,517 $215,339 Up ×1
MKC McCormick & Company, Incorporated Common Stock $2,402,736 0.79% 47,654 $30,572 Up ×1
EBAY eBay Inc. - Common Stock $2,269,866 0.74% 20,312 $444,278 Up ×1
APD Air Products and Chemicals, Inc. Common Stock $1,864,038 0.61% 6,358 $246,590 Up ×1
ADP Automatic Data Processing, Inc. - Common Stock $1,760,695 0.58% 7,862 $104,981 Down ×1
JPM JP Morgan Chase & Co. Common Stock $1,454,655 0.48% 4,444 $159,174 Up ×1
DGX Quest Diagnostics Incorporated Common Stock $1,443,803 0.47% 6,812 $108,787
MU Micron Technology, Inc. - Common Stock $1,435,937 0.47% 1,244 $1,015,664
KO Coca-Cola Company (The) Common Stock $1,277,239 0.42% 15,716 $905,202 Up ×1
AMZN Amazon.com, Inc. - Common Stock $1,111,379 0.36% 4,663 $701,504 Up ×2
NEE NextEra Energy, Inc. Common Stock $1,069,126 0.35% 12,181 $-57,601 Up ×1
WAT Waters Corporation Common Stock $976,604 0.32% 2,604 $-80,586 Down ×1
AXP American Express Company Common Stock $891,946 0.29% 2,637 $94,324
PG Procter & Gamble Company (The) Common Stock $872,948 0.29% 5,953 $-50,457 Down ×1
VOO VANGUARD INDEX FUNDS $826,539 0.27% 1,203 $152,323 Up ×6
MS Morgan Stanley Common Stock $696,521 0.23% 3,332 Up ×1
MCO Moody's Corporation Common Stock $681,645 0.22% 1,505 $25,089
META Meta Platforms, Inc. - Class A Common Stock $674,258 0.22% 1,197 $-10,582
LOW Lowe's Companies, Inc. Common Stock $639,421 0.21% 2,900 $-45,791
CMCSA Comcast Corporation - Class A Common Stock $613,946 0.20% 25,008 $-225,453 Down ×6
CL Colgate-Palmolive Company Common Stock $608,755 0.20% 6,640 $50,072 Up ×1
CAT Caterpillar, Inc. Common Stock $588,890 0.19% 553 $197,112
LMT Lockheed Martin Corporation Common Stock $500,290 0.16% 982 $-93,221
RTX RTX Corporation Common Stock $456,680 0.15% 2,407 $40,595 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $451,001 0.15% 1,262 $221,528 Up ×1
SOLS Solstice Advanced Materials Inc. - Common Stock $409,155 0.13% 4,618 $69,329 Up ×1
ETN Eaton Corporation, PLC Ordinary Shares $383,508 0.13% 900 $61,605
AZN AstraZeneca PLC - American Depositary Shares $377,608 0.12% 2,017 $62,178 Up ×1
FCFS FirstCash Holdings, Inc. - Common Stock $363,418 0.12% 1,680 $47,578
KMX CarMax Inc $356,531 0.12% 6,741 $-66,712 Down ×3
COF Capital One Financial Corporation Common Stock $340,653 0.11% 1,698 Up ×1
ROST Ross Stores, Inc. - Common Stock $322,468 0.11% 1,515 $-5,726
UL Unilever PLC American Depositary Shares (each representing One Ordinary Share) $282,324 0.09% 4,696 $21,344 Up ×1
RSP Invesco Exchange-Traded Fund Trust $274,473 0.09% 1,290 Up ×1
DVY iShares Select Dividend ETF $273,525 0.09% 1,750 Up ×1
MRBK Meridian Corporation - Common Stock $272,989 0.09% 13,629 Up ×1
LRCX Lam Research Corporation - Common Stock $233,998 0.08% 540 Up ×1
IBM International Business Machines Corporation Common Stock $226,655 0.07% 806 Up ×1
SJM The J.M. Smucker Company Common Stock $225,000 0.07% 2,000
Unknown issuer (CUSIP: 30233Q108) $209,182 0.07% 1,530 Up ×1
GE GE Aerospace Common Stock $204,430 0.07% 547 Up ×1
KMB Kimberly-Clark Corporation - Common Stock $203,075 0.07% 1,850 Up ×1
FLO Flowers Foods, Inc. Common Stock $80,067 0.03% 10,135 $-11,987 Down ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
VOO $826,539 0.27% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 438516205) $3,817,719 17,051 1.25%
Unknown issuer (CUSIP: 43849R105) $3,769,635 17,051 1.24%
MS $696,521 3,332 0.23%
COF $340,653 1,698 0.11%
RSP $274,473 1,290 0.09%
DVY $273,525 1,750 0.09%
MRBK $272,989 13,629 0.09%
LRCX $233,998 540 0.08%
IBM $226,655 806 0.07%
SJM $225,000 2,000 0.07%
Unknown issuer (CUSIP: 30233Q108) $209,182 1,530 0.07%
GE $204,430 547 0.07%
KMB $203,075 1,850 0.07%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AAPL Bought more +1K +$2.8M
ABBV Bought more +1K +$2.3M
BAC Bought more +2K +$1.7M
PEP Trimmed -3K -$1.6M
GS Trimmed -188 +$1.6M
UNP Bought more +225 +$1.2M
V Bought more +850 +$1.2M
JNJ Bought more +2K +$1.2M
BRK-B (filed as BRKB) Bought more +243 +$1.1M
MU Price move only +0 +$1.0M

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
HON June 30, 2026 32,471 $7,339,429 -4.4%
PM June 30, 2026 2,810 $464,530 3.6%
MRBK March 31, 2026 21,029 $369,690 0.1%
OSK June 30, 2026 2,320 $341,527 -12.8%
UL (filed as ULXXXX) Dec. 31, 2025 5,155 $305,588 -8.7%
XOM June 30, 2026 1,480 $251,097 20.0%
CSX June 30, 2026 6,000 $246,300 -0.2%
SJM June 30, 2025 2,000 $236,820 19.3%
FISV June 30, 2025 1,000 $220,830 -74.3%
SJM Dec. 31, 2025 2,000 $217,200 19.8%
PPL Sept. 30, 2025 6,000 $203,340 -11.7%