Performance vs S&P 500

03
Tracked Q1 2025–Q3 2025 +16.5%
S&P 500 total return (same window) +21.3%
Excess return -4.7%

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: 96.1% · Options excluded: 44.7%

Sector breakdown

04
Consumer Discretionary 23.4%
Industrials 19.8%
Communication Services 10.0%
Technology 9.9%
Retail 7.0%
Consumer products 6.7%
Consumer Staples 2.5%
Materials 0.9%
Health Care 0.5%
Other/Unmapped 19.4%

Full portfolio 55 positions

05
Type Streak 8Q trend
DAL Delta Air Lines, Inc. Common Stock $289,470,400 7.02% 5,100,800 Call option $106,476,538 Up ×1
SPY SPY $268,004,214 6.50% 402,300 Put option $-57,726,306 Down ×1
QQQ Invesco QQQ Trust, Series 1 $241,528,851 5.86% 402,300 Put option $-267,359,049 Down ×1
UAL United Airlines Holdings, Inc. - Common Stock $216,067,071 5.24% 2,239,037 $87,521,556 Up ×2
TPR Tapestry, Inc. Common Stock $147,789,349 3.58% 1,305,329 $71,510,207 Up ×1
AAPL Apple Inc. - Common Stock $131,618,247 3.19% 516,900 Call option Up ×1
DAL Delta Air Lines, Inc. Common Stock $128,538,239 3.12% 2,264,991 $36,243,412 Up ×2
AS Amer Sports, Inc. Ordinary Shares $124,001,240 3.01% 3,568,381 $12,903,840 Up ×1
CNK Cinemark Holdings Inc Cinemark Holdings, Inc. Common Stock $121,353,247 2.94% 4,330,951 $-30,476,720 Down ×2
SPOT Spotify Technology S.A. Ordinary Shares $114,920,814 2.79% 164,643 Up ×1
YUM Yum! Brands, Inc. $100,459,232 2.44% 660,916 $20,257,844 Up ×1
IWM iShares Russell 2000 Index Fund $97,340,508 2.36% 402,300 Put option $-101,725,767 Down ×1
AAPL Apple Inc. - Common Stock $94,657,939 2.30% 371,747 Up ×1
H Hyatt Hotels Corporation Class A Common Stock $89,598,990 2.17% 631,290 $32,307,438 Up ×1
CCL Carnival Corporation Common Stock $89,549,216 2.17% 3,097,517 $2,402,130 Down ×1
EL Estee Lauder Companies, Inc. (The) Common Stock $85,040,118 2.06% 965,049 $41,307,684 Up ×1
MDB MongoDB, Inc. - Class A Common Stock $79,299,917 1.92% 255,493 Up ×1
NKE Nike, Inc. Common Stock $76,905,217 1.87% 1,102,900 Call option $48,062,977 Up ×1
XLP XLP $75,630,969 1.83% 965,050 Up ×1
CHD Church & Dwight Company, Inc. Common Stock $75,506,477 1.83% 861,651 Up ×1
ALK Alaska Air Group, Inc. Common Stock $75,491,370 1.83% 1,516,500 Call option $-58,411,406 Down ×1
DECK Deckers Outdoor Corporation Common Stock $74,750,238 1.81% 737,400 Put option
META Meta Platforms, Inc. - Class A Common Stock $73,480,594 1.78% 100,058
ULTA Ulta Beauty, Inc. - Common Stock $71,132,722 1.73% 130,101 $57,757,280 Up ×1
ARKK ARK ETF Trust $69,428,350 1.68% 804,500 Put option $-2,822,741 Down ×1
NCLH Norwegian Cruise Line Holdings Ltd. Ordinary Shares $68,156,702 1.65% 2,767,223 $37,355,823 Up ×2
HSY The Hershey Company Common Stock $64,468,653 1.56% 344,660 Up ×1
PFGC Performance Food Group Company Common Stock $61,029,760 1.48% 586,599 $53,837,277 Up ×1
CHWY Chewy, Inc. Class A Common Stock $59,708,285 1.45% 1,476,101 $2,652,081 Up ×1
THO Thor Industries, Inc. Common Stock $57,180,576 1.39% 551,457 $100,346 Down ×1
MSFT Microsoft Corporation - Common Stock $56,333,278 1.37% 108,762 $-74,860,599 Down ×1
T AT&T Inc. $54,604,666 1.32% 1,933,593 $-3,857,144 Down ×1
GPC Genuine Parts Company Common Stock $54,233,626 1.32% 391,296 Up ×1
MHK Mohawk Industries, Inc. Common Stock $53,320,281 1.29% 413,592 Up ×1
TSCO Tractor Supply Company - Common Stock $52,265,748 1.27% 919,039 Up ×1
XRT SPDR SERIES TRUST $46,218,334 1.12% 536,300 Put option Up ×1
AAL American Airlines Group, Inc. - Common Stock $45,209,528 1.10% 4,022,200 Put option $851,258 Up ×1
LUV Southwest Airlines Company Common Stock $42,784,928 1.04% 1,340,800 Put option Up ×1
CELH Celsius Holdings, Inc. - Common Stock $39,629,122 0.96% 689,322 $-38,834,135 Down ×1
CRM Salesforce, Inc. Common Stock $38,991,951 0.95% 164,523 Up ×1
SHW Sherwin-Williams Company (The) Common Stock $38,189,708 0.93% 110,292 Up ×1
ORLY O'Reilly Automotive, Inc. - Common Stock $36,862,072 0.89% 341,917 $-4,513,006 Down ×1
ELF e.l.f. Beauty, Inc. Common Stock $31,962,390 0.78% 241,262 Up ×1
NWL Newell Brands Inc. - Common Stock $31,785,971 0.77% 6,066,025 Up ×1
CCL Carnival Corporation Common Stock $29,890,049 0.73% 1,033,900 Call option Up ×1
RBLX Roblox Corporation Class A Common Stock $23,398,798 0.57% 168,920 Up ×1
CNK Cinemark Holdings Inc Cinemark Holdings, Inc. Common Stock $23,178,144 0.56% 827,200 Call option Up ×1
HIMS Hims & Hers Health, Inc. Class A Common Stock $19,012,544 0.46% 335,200 Put option $-33,544,311 Down ×1
ALK Alaska Air Group, Inc. Common Stock $18,016,776 0.44% 361,928
WING Wingstop Inc. - Common Stock $17,201,825 0.42% 68,348 Up ×1
GPC Genuine Parts Company Common Stock $15,273,720 0.37% 110,200 Call option Up ×1
DKNG DraftKings Inc. - Class A Common Stock $10,852,021 0.26% 290,161
WIX Wix.com Ltd. - Ordinary Shares $7,553,538 0.18% 42,524 Up ×1
SBUX Starbucks Corporation - Common Stock $6,813,853 0.17% 80,542 $-40,931,516 Down ×2
WOOF Petco Health and Wellness Company, Inc. - Class A Common Stock $6,772,500 0.16% 1,750,000 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
AAPL $131,618,247 516,900 3.19%
SPOT $114,920,814 164,643 2.79%
AAPL $94,657,939 371,747 2.30%
MDB $79,299,917 255,493 1.92%
XLP $75,630,969 965,050 1.83%
CHD $75,506,477 861,651 1.83%
DECK $74,750,238 737,400 1.81%
META $73,480,594 100,058 1.78%
HSY $64,468,653 344,660 1.56%
GPC $54,233,626 391,296 1.32%
MHK $53,320,281 413,592 1.29%
TSCO $52,265,748 919,039 1.27%
XRT $46,218,334 536,300 1.12%
LUV $42,784,928 1,340,800 1.04%
CRM $38,991,951 164,523 0.95%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
QQQ Trimmed -520K -$267.4M
DAL Bought more +1.4M +$106.5M
IWM Trimmed -520K -$101.7M
UAL Bought more +625K +$87.5M
MSFT Trimmed -155K -$74.9M
TPR Bought more +437K +$71.5M
ALK Trimmed -1.2M -$58.4M
SPY Trimmed -125K -$57.7M
NKE Bought more +697K +$48.1M
EL Bought more +424K +$41.3M

2 positions 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
HYG June 30, 2025 2,546,100 $200,861,829
AMZN Sept. 30, 2025 722,954 $158,608,878 14.7%
NFLX Sept. 30, 2025 118,342 $158,475,322 -94.4%
UBER June 30, 2025 1,483,900 $108,116,954 -25.5%
SNOW Sept. 30, 2025 452,632 $101,285,463 50.8%
WBA Sept. 30, 2025 8,399,764 $96,429,291 No longer tracked
META June 30, 2025 165,542 $95,411,787 0.1%
LULU June 30, 2025 325,900 $92,249,254 -61.3%
KDP Sept. 30, 2025 2,706,213 $89,467,402 20.4%
EIX Sept. 30, 2025 1,623,651 $83,780,392 -3.0%
XHB Sept. 30, 2025 811,900 $80,028,983 -12.8%
VFC June 30, 2025 5,004,953 $77,676,871 20.8%
DKS Sept. 30, 2025 372,101 $73,605,299 -39.8%
SOLV Sept. 30, 2025 947,174 $71,833,676 19.3%
KR June 30, 2025 1,053,066 $71,282,038 -18.3%
MMM Sept. 30, 2025 439,760 $66,949,062 3.5%
XLI June 30, 2025 509,200 $66,740,844 15.3%
KVUE Sept. 30, 2025 3,163,636 $66,214,901 6.6%
CMG June 30, 2025 1,303,400 $65,443,714 -45.1%
RBA Sept. 30, 2025 608,898 $64,658,879 -24.0%
FICO Sept. 30, 2025 35,022 $64,018,815 -55.4%
TSLA Sept. 30, 2025 197,600 $62,769,616 -15.6%
HD Sept. 30, 2025 171,151 $62,750,803 -30.5%
AZO Sept. 30, 2025 14,688 $54,525,234 -35.9%
TGT Sept. 30, 2025 527,200 $52,008,280 69.4%
SFM Sept. 30, 2025 310,718 $51,156,612 -40.8%
SIG Sept. 30, 2025 632,533 $50,318,000 5.0%
PM Sept. 30, 2025 270,620 $49,288,021 15.7%
SJM June 30, 2025 410,560 $48,614,410 19.8%
CSGP Sept. 30, 2025 596,098 $47,926,279 -67.7%
PINS June 30, 2025 1,527,600 $47,355,600 -44.7%
RCL June 30, 2025 210,220 $43,187,597 -12.7%
ORCL Sept. 30, 2025 196,828 $43,032,506 -48.2%
MCO Sept. 30, 2025 82,201 $41,231,200 -7.1%
XRT June 30, 2025 586,600 $40,528,194 7.0%
BFAM Sept. 30, 2025 319,569 $39,495,533 -40.4%
DECK June 30, 2025 318,400 $35,600,304 -23.4%
NOW June 30, 2025 42,000 $33,437,880 -33.8%
ITB Sept. 30, 2025 338,276 $31,517,175
ACI June 30, 2025 1,429,095 $31,425,799 -45.7%
DOCU Sept. 30, 2025 385,137 $29,998,321 -2.3%
JBS Sept. 30, 2025 2,029,657 $29,653,289 -20.0%
KO June 30, 2025 410,534 $29,402,445 20.7%
IGV Sept. 30, 2025 263,500 $28,853,250 -4.5%
TEAM June 30, 2025 135,431 $28,739,813 -4.6%
RDDT June 30, 2025 260,600 $27,336,940 -0.7%
MGM June 30, 2025 891,100 $26,412,204 -11.5%
MTCH Sept. 30, 2025 854,502 $26,395,567 14.5%
BRBR Sept. 30, 2025 439,756 $25,475,065 -78.7%
URBN June 30, 2025 436,628 $22,879,307 11.7%
TRU June 30, 2025 269,839 $22,393,939 -27.2%
CVNA Sept. 30, 2025 65,900 $22,205,664 -82.9%
PAYC Sept. 30, 2025 60,104 $13,908,066 7.1%
DLTR June 30, 2025 173,019 $12,988,536 13.8%
ENPH June 30, 2025 191,000 $11,851,550 -16.4%
BBY June 30, 2025 156,404 $11,512,898 28.7%
RH June 30, 2025 44,500 $10,431,245 -38.1%
SGI June 30, 2025 168,917 $10,114,750 -8.3%
GTM Sept. 30, 2025 992,944 $10,048,593 -65.4%
CBRL Sept. 30, 2025 144,338 $8,816,165 24.3%
DKNG June 30, 2025 251,519 $8,352,946 -54.0%
HAS Sept. 30, 2025 92,210 $6,806,942 19.0%
EAT Sept. 30, 2025 29,139 $5,254,636 48.1%