Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +29.4%
S&P 500 total return (same window) +37.0%
Excess return -7.6%

Annualized: +22.9% · 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: 88.7% · Options excluded: 0.0%

Sector breakdown

04
Financials 11.1%
Technology 11.0%
Industrials 8.0%
Healthcare 7.6%
Communication Services 4.8%
Consumer Staples 4.0%
Retail 4.0%
Energy 3.7%
Utilities 2.0%
Consumer Discretionary 1.6%
Consumer products 1.4%
Materials 0.7%
Real Estate 0.4%
Other/Unmapped 39.6%

Full portfolio 246 positions

05
Type Streak 8Q trend
SPY SPY $25,458,136 6.31% 34,091 $3,463,637 Up ×1
AAPL Apple Inc. - Common Stock $17,868,559 4.43% 61,752 $2,079,268 Down ×2
BHRB Burke & Herbert Financial Services Corp. - Common Stock $15,646,941 3.88% 217,742 $1,839,054 Down ×4
MSFT Microsoft Corporation - Common Stock $12,667,014 3.14% 33,958 $-534,359 Down ×1
JNJ Johnson & Johnson Common Stock $9,953,084 2.47% 39,190 $100,685 Down ×1
IVV iShares Core S&P 500 ETF $8,766,506 2.17% 11,706 $1,961,364 Up ×1
XOM Exxon Mobil Corporation Common Stock $8,160,407 2.02% 59,687 $-1,468,986 Up ×1
IJH iShares Trust $8,132,791 2.02% 105,470 $1,102,985 Up ×1
RSP Invesco Exchange-Traded Fund Trust $7,602,910 1.88% 35,733 $1,596,390 Up ×2
EFA iShares Trust $6,414,382 1.59% 61,748 $825,910 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $6,356,898 1.58% 17,788 $1,021,509 Down ×4
LLY Eli Lilly and Company Common Stock $6,274,218 1.56% 5,231 $1,470,259 Up ×2
KO Coca-Cola Company (The) Common Stock $5,960,098 1.48% 73,337 $239,389 Down ×6
IJR iShares Trust $5,792,099 1.44% 39,054 $1,171,496 Up ×1
SPYG SPDR SERIES TRUST $5,303,622 1.31% 44,572 $1,048,845 Up ×1
ABBV AbbVie Inc. Common Stock $5,048,150 1.25% 20,061 $87,638 Down ×1
QQQ Invesco QQQ Trust, Series 1 $4,983,219 1.24% 6,767 $1,234,435 Up ×2
CAT Caterpillar, Inc. Common Stock $4,671,717 1.16% 4,387 $1,557,327 Down ×1
PG Procter & Gamble Company (The) Common Stock $4,670,191 1.16% 31,848 $13,734 Down ×1
WMT Walmart Inc. - Common Stock $4,656,231 1.15% 41,111 $-588,012 Down ×4
CSCO Cisco Systems, Inc. - Common Stock $4,530,902 1.12% 38,574 $1,482,468 Down ×3
DVY iShares Select Dividend ETF $4,416,257 1.09% 28,255 $55,044 Down ×1
HD Home Depot, Inc. (The) Common Stock $4,413,085 1.09% 12,513 $280,911 Down ×3
JPM JP Morgan Chase & Co. Common Stock $4,325,666 1.07% 13,215 $66,523 Down ×4
PM Philip Morris International Inc Common Stock $4,203,263 1.04% 23,234 $285,862 Down ×2
NSC Norfolk Southern Corporation Common Stock $4,030,213 1.00% 12,811 $349,151 Down ×6
VYM Vanguard High Dividend Yield ETF $3,846,609 0.95% 24,341 $380,032 Up ×1
CVX Chevron Corporation Common Stock $3,589,201 0.89% 21,653 $-978,737 Down ×4
IXN iShares Global Tech ETF $3,503,351 0.87% 24,248 $1,079,278
HDV iShares Trust $3,468,873 0.86% 126,555 $-17,502 Up ×2
AGG iShares Trust $3,446,385 0.85% 34,819 $15,515 Up ×2
IWM iShares Trust $3,317,869 0.82% 11,043 $738,917 Up ×2
CSX CSX Corporation - Common Stock $3,138,976 0.78% 66,042 $411,327 Down ×1
EEM iShares, Inc. $3,129,689 0.78% 45,749 $762,170 Up ×2
INTC Intel Corporation - Common Stock $2,929,298 0.73% 20,979 $1,925,694 Down ×6
GE GE Aerospace Common Stock $2,739,815 0.68% 7,331 $659,497
AMZN Amazon.com, Inc. - Common Stock $2,716,599 0.67% 11,398 $62,614 Down ×1
SMH SMH $2,609,786 0.65% 3,979 $1,118,743 Up ×1
MRK Merck & Company, Inc. Common Stock (new) $2,609,707 0.65% 20,309 $50,177 Down ×4
VEU Vanguard FTSE All World Ex US ETF $2,584,944 0.64% 30,865 $238,820 Down ×1
AXP American Express Company Common Stock $2,544,317 0.63% 7,522 $285,699 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $2,536,556 0.63% 7,179 $476,614 Down ×4
GS Goldman Sachs Group, Inc. (The) Common Stock $2,521,345 0.63% 2,493 $403,832 Down ×1
IWR iShares Trust $2,445,794 0.61% 22,170 $287,871 Down ×1
PEP PepsiCo, Inc. - Common Stock $2,373,562 0.59% 17,530 $-421,969 Down ×6
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $2,283,780 0.57% 4,564 $-49,445 Down ×3
BAC Bank of America Corporation Common Stock $2,255,212 0.56% 39,579 $325,736
PFF iShares Preferred and Income Securities ETF $2,241,473 0.56% 73,515 $27,688 Up ×1
NVDA NVIDIA Corporation - Common Stock $2,222,000 0.55% 11,105 $47,755 Down ×1
GEV GE Vernova Inc. Common Stock $2,094,776 0.52% 1,783 $538,395
COF Capital One Financial Corporation Common Stock $2,049,734 0.51% 10,217 $185,847
IWF iShares Trust $1,980,263 0.49% 15,948 $280,206 Up ×1
IBM International Business Machines Corporation Common Stock $1,978,594 0.49% 7,036 $15,477 Down ×1
IVW iShares Trust $1,827,224 0.45% 13,286 $297,298 Down ×1
RTX RTX Corporation Common Stock $1,819,700 0.45% 9,591 $-43,135 Down ×3
META Meta Platforms, Inc. - Class A Common Stock $1,818,300 0.45% 3,228 $34,970 Up ×1
MO Altria Group, Inc. $1,776,590 0.44% 24,692 $144,987 Down ×1
DUK Duke Energy Corporation (Holding Company) Common Stock $1,771,740 0.44% 13,997 $-93,762 Down ×1
WFC Wells Fargo & Company Common Stock $1,716,102 0.43% 20,766 $62,920
NEE NextEra Energy, Inc. Common Stock $1,701,948 0.42% 19,391 $-101,039 Down ×1
MAR Marriott International - Class A Common Stock $1,648,755 0.41% 4,449 $187,080 Down ×1
AMAT Applied Materials, Inc. - Common Stock $1,634,703 0.41% 2,261 $861,916
PFE Pfizer, Inc. Common Stock $1,620,296 0.40% 67,288 $-518,080 Down ×1
COST Costco Wholesale Corporation - Common Stock $1,620,234 0.40% 1,732 $-108,572 Down ×4
LOW Lowe's Companies, Inc. Common Stock $1,599,434 0.40% 7,254 $-433,046 Down ×2
QQEW First Trust Nasdaq-100 Select Equal Weight ETF $1,582,913 0.39% 9,918 $303,274 Down ×1
VZ Verizon Communications Inc. Common Stock $1,581,780 0.39% 37,359 $-376,672 Down ×1
IEI iShares 3-7 Year Treasury Bond ETF $1,565,843 0.39% 13,332 $-19,483 Down ×5
GOVT iShares Trust $1,541,591 0.38% 67,673
AEP American Electric Power Company, Inc. - Common Stock $1,494,376 0.37% 10,923 $33,096 Down ×2
VIG Vanguard Div Appreciation ETF $1,485,737 0.37% 6,279 $403,340 Up ×2
CIBR First Trust NASDAQ Cybersecurity ETF $1,468,036 0.36% 10,609 $958,072 Up ×1
MS Morgan Stanley Common Stock $1,432,969 0.36% 6,855 $304,841
PAVE Global X Funds $1,377,255 0.34% 23,375 $230,219 Up ×1
FCBC First Community Bankshares, Inc. - Common Stock $1,343,128 0.33% 30,237 $87,688
XLI SELECT SECTOR SPDR TRUST $1,324,394 0.33% 7,150 $212,500 Up ×2
VWO Vanguard FTSE Emerging Markets ETF $1,316,523 0.33% 22,056 $41,538 Down ×5
VEA VANGUARD TAX-MANAGED FUNDS $1,300,313 0.32% 18,250 $-46,008 Down ×6
MCD McDonald's Corporation Common Stock $1,291,001 0.32% 4,776 $-208,871 Down ×3
SO Southern Company (The) Common Stock $1,249,015 0.31% 13,050 $-10,571
ORCL Oracle Corporation Common Stock $1,240,692 0.31% 8,466 $-66,233 Down ×2
SHW Sherwin-Williams Company (The) Common Stock $1,222,680 0.30% 3,551 $84,407
UBER Uber Technologies, Inc. Common Stock $1,205,072 0.30% 16,700 $3,841
WM Waste Management, Inc. Common Stock $1,201,769 0.30% 5,392 $-69,659 Down ×4
QCOM QUALCOMM Incorporated - Common Stock $1,190,971 0.30% 6,445 $360,983
D Dominion Energy, Inc. Common Stock $1,170,218 0.29% 17,136 $110,870
EMR Emerson Electric Company Common Stock $1,162,235 0.29% 8,119 $98,484
ABT Abbott Laboratories Common Stock $1,159,657 0.29% 12,780 $-305,547 Down ×5
XMMO Invesco Exchange-Traded Fund Trust $1,149,806 0.29% 6,758 $562,330 Up ×2
IWD iShares Trust $1,145,967 0.28% 4,727 $135,949
ADP Automatic Data Processing, Inc. - Common Stock $1,123,557 0.28% 5,017 $93,028 Down ×5
EMXC iShares MSCI Emerging Markets ex China ETF $1,105,863 0.27% 10,810 $400,991 Up ×1
DIS Walt Disney Company (The) Common Stock $1,105,816 0.27% 11,489 $-153,678 Down ×6
DE Deere & Company Common Stock $1,092,317 0.27% 1,722 $122,314
SCHD SCHWAB STRATEGIC TRUST $1,084,704 0.27% 34,207 $174,674 Up ×4
CMI Cummins Inc. Common Stock $1,083,366 0.27% 1,519 $266,114
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF $1,068,116 0.26% 20,380 $57,703 Up ×2
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF $1,067,361 0.26% 10,543 $534,526 Up ×3
HYG iShares Trust $1,040,489 0.26% 13,011 $23,235 Up ×1
VLO Valero Energy Corporation Common Stock $1,020,925 0.25% 3,920 $52,371

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
SCHD $1,084,704 0.27% up ×4
JSMD $1,067,361 0.26% up ×3
SPMO $1,016,410 0.25% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
GOVT $1,541,591 67,673 0.38%
MBB $845,765 8,948 0.21%
Unknown issuer (CUSIP: 438516205) $723,421 3,231 0.18%
Unknown issuer (CUSIP: 43849R105) $714,309 3,231 0.18%
USIG $687,901 13,412 0.17%
GLW $358,624 1,404 0.09%
VOO $344,779 502 0.09%
STX $337,750 350 0.08%
HEFA $335,185 7,143 0.08%
MKL $269,515 138 0.07%
Unknown issuer (CUSIP: 26614N201) $256,902 1,894 0.06%
BINC $249,924 4,775 0.06%
BLOK $247,702 3,955 0.06%
FPX $247,416 1,200 0.06%
PNC $235,878 958 0.06%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SPY Bought more +271 +$3.5M
AAPL Trimmed -462 +$2.1M
IVV Bought more +1K +$2.0M
INTC Trimmed -2K +$1.9M
BHRB Trimmed -4K +$1.8M
RSP Bought more +4K +$1.6M
CAT Trimmed -9 +$1.6M
CSCO Trimmed -715 +$1.5M
LLY Bought more +8 +$1.5M
XOM Bought more +3K -$1.5M

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
CI Sept. 30, 2025 5,702 $1,884,966 6.5%
HON June 30, 2026 7,038 $1,590,799 -1.2%
ADSK Dec. 31, 2025 5,000 $1,588,350 -14.8%
FDN Dec. 31, 2025 5,093 $1,425,225
QLD Dec. 31, 2025 10,000 $1,372,000 22.4%
ICE Dec. 31, 2025 7,510 $1,265,284 0.5%
FISV Dec. 31, 2025 9,455 $1,219,033 -25.8%
CCJ Dec. 31, 2025 14,000 $1,174,040 -14.1%
BLOK March 31, 2026 7,198 $1,097,951
APD Dec. 31, 2025 3,800 $1,036,336 24.3%
EW Dec. 31, 2025 11,263 $875,923 4.5%
FDN June 30, 2026 3,046 $712,855
ELV Sept. 30, 2025 1,646 $640,227 36.2%
VB Dec. 31, 2025 1,967 $500,168
BKH Dec. 31, 2025 8,000 $492,720 14.4%
IYJ Dec. 31, 2025 3,200 $466,800 5.5%
FPE Dec. 31, 2025 24,688 $450,309
ACWI Dec. 31, 2025 3,182 $439,879
FEZ Dec. 31, 2025 6,580 $408,749
GOVT Dec. 31, 2025 16,321 $377,341
BK June 30, 2026 3,092 $366,804 No longer tracked
PSP Dec. 31, 2025 5,225 $360,629 -14.2%
FXI Dec. 31, 2025 8,590 $353,392 -12.4%
SLB Dec. 31, 2025 10,107 $347,377 38.2%
HIG Dec. 31, 2025 2,577 $343,746 -0.8%
COM Sept. 30, 2025 12,050 $333,303
ORLY Dec. 31, 2025 2,940 $316,961 -1.4%
IPO Dec. 31, 2025 6,105 $302,563
EWJ Dec. 31, 2025 3,750 $300,787 21.2%
VGT March 31, 2026 390 $293,974 38.0%
UNH June 30, 2025 556 $291,205 34.0%
DD June 30, 2026 6,264 $286,891 0.7%
TSCO Dec. 31, 2025 4,900 $278,663 -33.2%
MTUM Dec. 31, 2025 1,037 $265,938
ACN June 30, 2026 1,319 $261,545 100.4%
VO Dec. 31, 2025 886 $260,253 10.4%
HPQ June 30, 2026 13,534 $259,988 53.3%
IAGG Dec. 31, 2025 5,000 $256,150
LYB Dec. 31, 2025 5,135 $251,820 53.5%
VOO March 31, 2026 393 $246,462 17.9%
DOW June 30, 2026 5,781 $240,779 19.2%
NSRGY Dec. 31, 2025 2,593 $238,133 No longer tracked
BDX June 30, 2025 1,012 $231,808
IWS Dec. 31, 2025 1,620 $226,265 16.9%
CARR Sept. 30, 2025 3,078 $225,278 -5.8%
ADBE Sept. 30, 2025 565 $218,587 -25.2%
MA Dec. 31, 2025 381 $216,716 9.2%
BLDR March 31, 2026 2,100 $216,069 -30.9%
KHC June 30, 2026 9,547 $214,712 5.0%
XLG March 31, 2026 3,595 $213,112
ADBE June 30, 2026 876 $212,938 28.7%
GWW Sept. 30, 2025 201 $209,088 41.7%
FCX Sept. 30, 2025 4,800 $208,080 66.2%
OTIS June 30, 2026 2,649 $204,185 5.0%
MRSH March 31, 2026 1,097 $203,516 13.9%
QTUM Dec. 31, 2025 1,935 $203,000
MRSH Sept. 30, 2025 928 $202,897 -2.0%
TJX June 30, 2026 1,265 $202,021 -4.3%
USCI Dec. 31, 2025 2,578 $200,813
KHC Sept. 30, 2025 7,758 $200,311 -4.8%
PFXF Dec. 31, 2025 10,720 $190,494