Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +21.7%
S&P 500 total return (same window) +37.0%
Excess return -15.3%

Annualized: +17.0% · 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: 98.7% · Options excluded: 0.0%

Sector breakdown

04
Financials 38.9%
Health Care 20.2%
Industrials 18.6%
Consumer products 7.1%
Retail 6.2%
Energy 4.8%
Real Estate 3.9%
Communication Services 0.2%
Technology 0.1%
Consumer Discretionary 0.0%

Full portfolio 40 positions

05
Type Streak 8Q trend
ICLR ICON plc - Ordinary Shares $547,761,133 11.94% 3,153,308 $216,134,028 Up ×1
OMF OneMain Holdings, Inc. Common Stock $462,466,717 10.08% 7,585,152 $50,416,826 Down ×4
SNX TD SYNNEX Corporation Common Stock $385,405,364 8.40% 1,441,630 $-129,774,915 Down ×6
ELV Elevance Health, Inc. Common Stock $377,790,736 8.23% 976,885 $49,235,069 Down ×3
SLM SLM Corporation - Common Stock $347,106,901 7.56% 13,381,145 $56,265,582 Down ×1
AJG Arthur J. Gallagher & Co. Common Stock $295,002,501 6.43% 1,285,022 Up ×1
AN AutoNation, Inc. Common Stock $283,166,998 6.17% 1,524,124 $-19,042,371 Down ×2
RYAAY Ryanair Holdings plc - American Depositary Shares, each representing five Ordinary Shares $256,324,789 5.59% 3,958,684 $80,648,856 Up ×1
PRI Primerica, Inc. Common Stock $246,078,265 5.36% 865,863 $25,825,440 Down ×1
LEN Lennar Corporation Class A Common Stock $214,748,787 4.68% 2,373,177 $5,460,045 Down ×2
BLDR Builders FirstSource, Inc. Common Stock $209,434,293 4.56% 2,340,571 $14,123,493 Down ×2
COF Capital One Financial Corporation Common Stock $198,407,763 4.32% 988,973 $15,192,584 Down ×2
MRP Millrose Properties, Inc. Class A Common Stock $181,223,286 3.95% 6,030,725 $-57,221,830 Down ×2
MPLX MPLX LP Common Units Representing Limited Partner Interests $179,159,480 3.90% 3,180,534 $-6,519,135 Down ×2
FNF Fidelity National Financial, Inc. Common Stock $162,554,106 3.54% 3,446,864 $121,467 Down ×2
DHI D.R. Horton, Inc. Common Stock $111,487,777 2.43% 684,478 $16,317,337 Down ×5
FG F&G Annuities & Life, Inc. Common Stock $66,007,468 1.44% 2,482,417 $-69,534,062 Down ×2
AM Antero Midstream Corporation Common Stock $41,487,605 0.90% 1,823,631 $-461,636 Down ×6
GOOGL Alphabet Inc. - Class A Common Stock $7,239,601 0.16% 20,258 $1,414,211
HCA HCA Healthcare, Inc. Common Stock $1,884,338 0.04% 4,833 $1,253,509 Up ×1
JPM JP Morgan Chase & Co. Common Stock $1,847,123 0.04% 5,643 $187,178
Unknown issuer (CUSIP: 866966104) $1,777,635 0.04% 23,762 $230,966
MSFT Microsoft Corporation - Common Stock $1,594,660 0.03% 4,275 $845,066 Up ×2
GOOG Alphabet Inc. - Class C Capital Stock $1,339,121 0.03% 3,790 $251,922
BAC Bank of America Corporation Common Stock $828,033 0.02% 14,532 $119,598
CMCSA Comcast Corporation - Class A Common Stock $763,358 0.02% 31,094 $-129,351
AMAT Applied Materials, Inc. - Common Stock $694,803 0.02% 961 $366,343
AMZN Amazon.com, Inc. - Common Stock $631,601 0.01% 2,650 $340,023 Up ×1
MA Mastercard Incorporated Common Stock $601,939 0.01% 1,172 $391,082 Up ×1
SPGI S&P Global Inc. Common Stock $570,571 0.01% 1,401
NU Nu Holdings Ltd. Class A Ordinary Shares $534,400 0.01% 40,000 Up ×1
MAR Marriott International - Class A Common Stock $442,484 0.01% 1,194 $51,962
PGR Progressive Corporation (The) Common Stock $390,807 0.01% 1,789 $36,156
TXN Texas Instruments Incorporated - Common Stock $301,051 0.01% 1,010
ET Energy Transfer LP Common Units $286,800 0.01% 15,000 $-2,700
ADI Analog Devices, Inc. - Common Stock $243,068 0.01% 612 Up ×1
MCO Moody's Corporation Common Stock $213,325 0.00% 471 $7,851
V Visa Inc. $212,030 0.00% 618
META Meta Platforms, Inc. - Class A Common Stock $210,107 0.00% 373 $-3,297
UNH UnitedHealth Group Incorporated Common Stock (DE) $207,399 0.00% 499

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
AJG $295,002,501 1,285,022 6.43%
SPGI $570,571 1,401 0.01%
NU $534,400 40,000 0.01%
TXN $301,051 1,010 0.01%
ADI $243,068 612 0.01%
V $212,030 618 0.00%
UNH $207,399 499 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ICLR Bought more +156K +$216.1M
SNX Trimmed -1.6M -$129.8M
RYAAY Bought more +919K +$80.6M
FG Trimmed -2.9M -$69.5M
MRP Trimmed -2.5M -$57.2M
SLM Trimmed -203K +$56.3M
OMF Trimmed -118K +$50.4M
ELV Trimmed -145K +$49.2M
PRI Trimmed -13K +$25.8M
AN Trimmed -24K -$19.0M

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
DFS June 30, 2025 1,608,880 $274,635,816 No longer tracked
LAD June 30, 2025 381,889 $112,099,697 -11.8%
KNTK Dec. 31, 2025 1,608,928 $68,765,583 45.9%
USB March 31, 2026 15,000 $800,400 10.0%
ARES June 30, 2026 5,000 $545,500 4.4%
ICLR Dec. 31, 2025 3,000 $525,000 -10.8%
APO June 30, 2026 4,500 $501,390 -3.3%
UNH Sept. 30, 2025 1,499 $467,643 7.2%
ALLY June 30, 2025 10,000 $364,700 -2.3%
FAF June 30, 2026 5,000 $301,450 -9.6%
V March 31, 2026 618 $216,739 20.8%
SPGI Sept. 30, 2025 401 $211,443 -20.6%
TXN Sept. 30, 2025 1,010 $209,696 57.3%
SPGI March 31, 2026 401 $209,559 -9.1%