Performance vs S&P 500

03
Tracked Q2 2025–Q2 2026 +137.2%
S&P 500 total return (same window) +21.7%
Excess return +115.6%

Annualized: +137.2% · S&P 500: +21.7%

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: 97.6% · Options excluded: 0.0%

Sector breakdown

04
Technology 54.8%
Industrials 19.9%
Consumer Discretionary 12.9%
Communication Services 12.4%

Full portfolio 21 positions

05
Type Streak 8Q trend
U Unity Software Inc. Common Stock $75,530,224 13.88% 2,642,765 $17,547,960
AVGO Broadcom Inc. - Common Stock $57,229,125 10.52% 151,500 $-30,225 Down ×1
ORCL Oracle Corporation Common Stock $50,852,850 9.35% 347,000 $-194,320
LITE Lumentum Holdings Inc. - Common Stock $48,849,356 8.98% 56,930 $-2,859,725 Down ×3
NVDA NVIDIA Corporation - Common Stock $43,997,990 8.09% 219,891 $-12,296,760 Down ×1
COHR Coherent Corp. Common Stock $41,143,221 7.56% 104,300 $14,392,238 Down ×3
BE Bloom Energy Corporation Class A Common Stock $32,774,237 6.02% 108,273 $19,089,747 Up ×1
RIOT Riot Platforms, Inc. - Common Stock $28,735,310 5.28% 1,049,500 $10,813,310 Down ×1
ATAT Atour Lifestyle Holdings Limited - American Depositary Shares $25,630,800 4.71% 806,000 $-4,038,060
HSAI Hesai Group - American Depositary Share, each ADS represents one Class B ordinary share $24,578,780 4.52% 1,349,000 $8,039,980 Up ×1
CLS Celestica, Inc. Common Stock $23,128,320 4.25% 63,400 $-3,180,592 Down ×1
GDS GDS Holdings Limited - American Depositary Shares $22,914,392 4.21% 763,050 $4,983,327 Up ×1
VFC V.F. Corporation Common Stock $20,099,400 3.69% 1,205,000 $17,092,170 Up ×1
PANW Palo Alto Networks, Inc. - Common Stock $18,756,100 3.45% 55,000 Up ×1
JOYY JOYY Inc. - American Depositary Shares $13,659,930 2.51% 207,000 $3,500,070 Up ×2
AAOI Applied Optoelectronics, Inc. - Common Stock $4,933,728 0.91% 33,300 Up ×1
LII Lennox International, Inc. Common Stock $2,406,390 0.44% 4,200 Up ×1
TT Trane Technologies plc $2,308,452 0.42% 4,700 Up ×1
CARR Carrier Global Corporation Common Stock $2,303,190 0.42% 31,400 Up ×1
JCI Johnson Controls International plc Ordinary Share $2,250,094 0.41% 15,400 Up ×1
AAON AAON, Inc. - Common Stock $2,017,074 0.37% 15,900 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
PANW $18,756,100 55,000 3.45%
AAOI $4,933,728 33,300 0.91%
LII $2,406,390 4,200 0.44%
TT $2,308,452 4,700 0.42%
CARR $2,303,190 31,400 0.42%
JCI $2,250,094 15,400 0.41%
AAON $2,017,074 15,900 0.37%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
BE Bought more +7K +$19.1M
U Price move only +0 +$17.5M
COHR Trimmed -8K +$14.4M
NVDA Trimmed -103K -$12.3M
RIOT Trimmed -400K +$10.8M
HSAI Bought more +484K +$8.0M
GDS Bought more +318K +$5.0M
ATAT Price move only +0 -$4.0M
JOYY Bought more +33K +$3.5M
CLS Trimmed -30K -$3.2M

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
CLS Sept. 30, 2025 322,142 $50,289,588 5.5%
META Sept. 30, 2025 64,000 $47,237,760 -12.5%
ANSS Sept. 30, 2025 119,017 $41,801,151 No longer tracked
YUMC Dec. 31, 2025 644,905 $27,679,323 -6.7%
LNWO June 30, 2025 242,000 $20,959,620 No longer tracked
CRWV March 31, 2026 217,000 $15,539,370 -30.0%
AS June 30, 2026 418,000 $13,760,560 -16.5%
DUOL Dec. 31, 2025 31,000 $9,977,040 -18.5%
RL June 30, 2026 28,300 $9,734,917 -6.0%
CIEN June 30, 2026 24,300 $9,433,989 -34.7%
LEVI March 31, 2026 445,300 $9,235,522 14.3%
DKS March 31, 2026 37,804 $7,484,058 -27.0%
NKE March 31, 2026 116,160 $7,400,554 -29.4%
TPR Sept. 30, 2025 74,100 $6,506,721 -2.5%
CRDO June 30, 2026 67,500 $6,336,225 -45.8%
URBN March 31, 2026 75,183 $5,658,273 36.6%
WMT Sept. 30, 2025 56,200 $5,495,236 16.3%
XRT June 30, 2026 67,500 $5,431,725 -0.1%
LOW June 30, 2026 15,000 $3,544,200 -9.9%
SHOO March 31, 2026 80,400 $3,347,856 27.4%
AEO June 30, 2026 178,000 $2,972,600 4.1%
WMT June 30, 2026 23,500 $2,920,580 5.9%
BOOT June 30, 2026 15,900 $2,327,124 -29.9%