Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +29.5%
S&P 500 total return (same window) +37.0%
Excess return -7.5%

Annualized: +23.0% · 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: 92.9% · Options excluded: 0.0%

Sector breakdown

04
Technology 20.2%
Industrials 16.2%
Financials 15.4%
Healthcare 9.7%
Communication Services 9.0%
Materials 7.6%
Retail 6.2%
Real Estate 2.8%
Consumer Discretionary 2.0%
Energy 1.8%
Consumer Staples 1.4%
Consumer products 1.4%
Utilities 0.5%
Other/Unmapped 5.7%

Full portfolio 445 positions

05
Type Streak 8Q trend
GOOG Alphabet Inc. - Class C Capital Stock $257,043,335 4.57% 727,488 $22,471,028 Down ×2
MSFT Microsoft Corporation - Common Stock $241,953,492 4.30% 648,634 $-932,480 Down ×2
AAPL Apple Inc. - Common Stock $208,854,578 3.71% 721,781 $24,749,197 Down ×5
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $173,282,105 3.08% 346,294 $10,258,217 Up ×2
AMZN Amazon.com, Inc. - Common Stock $165,370,302 2.94% 693,842 $21,203,517 Up ×1
VRT Vertiv Holdings, LLC Class A Common Stock $149,980,275 2.67% 447,943 $20,895,241 Down ×5
CB Chubb Limited Common Stock $137,793,176 2.45% 404,394 $3,960,504 Down ×2
BN Brookfield Corporation Class A Limited Voting Shares $125,985,032 2.24% 2,958,089 $16,609,778 Up ×3
GOOGL Alphabet Inc. - Class A Common Stock $124,044,707 2.21% 347,104 $19,899,556 Down ×6
MRP Millrose Properties, Inc. Class A Common Stock $111,287,410 1.98% 3,703,408 $8,312,650 Up ×5
FTAI FTAI Aviation Ltd. - Common Stock $111,206,226 1.98% 411,068 $25,178,641 Up ×3
UNP Union Pacific Corporation Common Stock $96,846,416 1.72% 356,053 $6,688,824 Down ×1
MU Micron Technology, Inc. - Common Stock $94,912,650 1.69% 82,226 $79,158,833 Up ×6
ADI Analog Devices, Inc. - Common Stock $91,618,159 1.63% 230,677 $-1,677,478 Down ×2
NVDA NVIDIA Corporation - Common Stock $91,486,951 1.63% 457,229 $8,887,100 Down ×1
SNDK Sandisk Corporation - Common Stock $90,910,547 1.62% 39,983 Up ×1
PWR Quanta Services, Inc. Common Stock $77,991,133 1.39% 108,315 $10,856,967 Down ×6
AVGO Broadcom Inc. - Common Stock $77,280,095 1.37% 204,580 $32,963,525 Up ×1
BEEX The Beehive ETF $75,901,872 1.35% 2,869,636 $7,020,465 Up ×4
GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock $72,882,575 1.30% 1,412,453 $3,791,375 Up ×2
MRK Merck & Company, Inc. Common Stock (new) $71,617,162 1.27% 557,332 $-24,401,083 Down ×1
AEM Agnico Eagle Mines Limited Common Stock $68,971,884 1.23% 444,607 $-10,016,768 Up ×1
JPM JP Morgan Chase & Co. Common Stock $67,178,997 1.19% 205,233 $5,634,771 Down ×5
ABBV AbbVie Inc. Common Stock $64,414,052 1.15% 255,977 $10,327,986 Up ×1
ABT Abbott Laboratories Common Stock $64,155,186 1.14% 707,022 $7,643,964 Up ×1
TXN Texas Instruments Incorporated - Common Stock $61,517,506 1.09% 206,386 $37,298,521 Up ×2
B Barrick Mining Corporation Common Shares $58,418,881 1.04% 1,590,495 $184,548 Up ×2
WTM White Mountains Insurance Group, Ltd. Common Stock $57,177,034 1.02% 27,577 $-4,396,272 Down ×6
CRH CRH PLC Ordinary Shares $56,497,605 1.00% 528,015 $-5,623,690 Down ×2
ORCL Oracle Corporation Common Stock $54,766,568 0.97% 373,706 $-156,904 Up ×1
DHR Danaher Corporation Common Stock $51,205,744 0.91% 268,825 $-461,162 Down ×1
TMO Thermo Fisher Scientific Inc Common Stock $48,358,719 0.86% 96,455 $4,871,054 Up ×1
Unknown issuer (CUSIP: 76954AAD5) $47,871,191 0.85% 44,940,000 $10,541,960 Up ×2
TJX TJX Companies, Inc. (The) Common Stock $47,351,779 0.84% 312,553 $-3,687,383 Down ×6
COST Costco Wholesale Corporation - Common Stock $47,087,282 0.84% 50,335 $-3,925,378 Down ×6
JNJ Johnson & Johnson Common Stock $43,017,693 0.76% 169,381 $1,118,966 Down ×4
LH Labcorp Holdings Inc. Common Stock $42,010,360 0.75% 150,037 $1,578,773 Down ×6
BK The Bank of New York Mellon Corporation Common Stock $40,474,314 0.72% 279,886 $5,866,503 Down ×6
AMCR Amcor plc Ordinary Shares $38,744,323 0.69% 893,756 $17,716,653 Up ×1
FNV Franco-Nevada Corporation $37,670,148 0.67% 180,724 $-6,290,221 Up ×2
ILMN Illumina, Inc. - Common Stock $36,928,050 0.66% 210,021 $9,960,817 Down ×1
NVT nVent Electric plc Ordinary Shares $35,821,971 0.64% 211,202 $6,417,681 Down ×4
DIS Walt Disney Company (The) Common Stock $35,550,611 0.63% 369,357 $-785,516 Down ×1
ESAB ESAB Corporation Common Stock $34,914,428 0.62% 353,994 Up ×1
CVX Chevron Corporation Common Stock $34,825,181 0.62% 210,094 $-8,616,577 Up ×1
AON Aon plc Class A Ordinary Shares (Ireland) $34,087,383 0.61% 102,769 $-1,386,720 Down ×2
FDX FedEx Corporation Common Stock $31,964,970 0.57% 102,082 $-5,232,727 Down ×6
MDLZ Mondelez International, Inc. - Class A Common Stock $31,964,888 0.57% 552,643 $-1,161,250 Down ×3
HD Home Depot, Inc. (The) Common Stock $31,185,387 0.55% 88,424 $2,160,835 Up ×1
WPM Wheaton Precious Metals Corp Common Shares (Canada) $30,751,756 0.55% 273,787 $25,676,691 Up ×1
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $30,702,850 0.55% 41 $540,970 Down ×1
ICE Intercontinental Exchange Inc. Common Stock $30,212,302 0.54% 245,409 $-12,931,804 Down ×2
MLM Martin Marietta Materials, Inc. Common Stock $30,074,905 0.53% 52,150 $-17,759,466 Down ×1
AGI Alamos Gold Inc. Class A Common Shares $29,019,118 0.52% 956,464 $-2,274,264 Up ×2
CL Colgate-Palmolive Company Common Stock $28,806,723 0.51% 314,209 $1,613,797 Down ×1
LMT Lockheed Martin Corporation Common Stock $28,650,052 0.51% 56,236 $-5,911,254 Down ×6
INTC Intel Corporation - Common Stock $28,480,610 0.51% 203,972 $18,707,580 Down ×3
PLD Prologis, Inc. Common Stock $27,456,914 0.49% 202,679 $-3,610,399 Down ×3
WDC Western Digital Corporation - Common Stock $26,817,937 0.48% 41,987 Up ×1
MCHP Microchip Technology Incorporated - Common Stock $26,564,371 0.47% 291,276 Up ×1
LOW Lowe's Companies, Inc. Common Stock $26,336,428 0.47% 119,445 $-1,519,803 Up ×1
RTX RTX Corporation Common Stock $23,736,551 0.42% 125,107 $-977,218 Down ×4
SYY Sysco Corporation Common Stock $23,654,227 0.42% 283,013 $4,646,779 Up ×3
KO Coca-Cola Company (The) Common Stock $23,473,946 0.42% 288,839 $1,321,570 Down ×5
APD Air Products and Chemicals, Inc. Common Stock $22,792,693 0.41% 77,743 $-340,188 Down ×4
REGN Regeneron Pharmaceuticals, Inc. - Common Stock $22,509,170 0.40% 36,099 $-30,736,543 Down ×2
ITW Illinois Tool Works Inc. Common Stock $22,363,271 0.40% 82,683 $808,916 Down ×3
CCK Crown Holdings, Inc. $22,026,415 0.39% 196,981 $861,334 Down ×5
XOM Exxon Mobil Corporation Common Stock $21,688,343 0.39% 158,633 $-5,502,605 Down ×6
QSR Restaurant Brands International Inc. Common Shares $20,660,350 0.37% 284,931 $-2,014,445 Down ×1
AXSM Axsome Therapeutics, Inc. - Common Stock $20,598,375 0.37% 84,154 $6,374,666
LIN Linde plc - Ordinary Shares $20,559,365 0.37% 39,618 $1,060,628 Up ×5
FCNCA First Citizens BancShares, Inc. - Class A Common Stock $19,879,868 0.35% 9,554 $-985,203 Down ×4
CAT Caterpillar, Inc. Common Stock $19,746,441 0.35% 18,543 $6,367,174 Down ×1
CEF Sprott Physical Gold and Silver Trust Units $19,432,096 0.35% 483,025 $-3,617,857
LEN Lennar Corporation Class A Common Stock $18,975,843 0.34% 209,701 $2,915,132 Up ×1
PHYS Sprott Physical Gold Trust ETV $18,623,639 0.33% 617,290 $-3,253,119
GLW Corning Incorporated Common Stock $18,586,109 0.33% 72,764 $8,691,980 Down ×2
ADP Automatic Data Processing, Inc. - Common Stock $18,189,219 0.32% 81,220 $1,621,515 Down ×4
VSH Vishay Intertechnology, Inc. Common Stock $17,586,598 0.31% 327,010 Up ×1
FIS Fidelity National Information Services, Inc. Common Stock $17,038,357 0.30% 438,229 $-8,343,292 Down ×5
PKG Packaging Corporation of America Common Stock $16,421,543 0.29% 68,917 $183,742 Down ×3
PEP PepsiCo, Inc. - Common Stock $16,293,494 0.29% 120,336 $-3,549,773 Down ×6
TTWO Take-Two Interactive Software, Inc. - Common Stock $15,962,103 0.28% 63,854 $236,260 Down ×1
CMCSA Comcast Corporation - Class A Common Stock $15,422,555 0.27% 628,210 $-3,682,170 Down ×6
HCA HCA Healthcare, Inc. Common Stock $15,377,651 0.27% 39,441 $-3,690,135 Down ×6
XYL Xylem Inc. Common Stock New $15,010,897 0.27% 126,985 $979,805 Up ×1
NEM Newmont Corporation $14,739,454 0.26% 157,810 $-2,263,482 Up ×1
BMY Bristol-Myers Squibb Company Common Stock $13,638,942 0.24% 236,705 $-1,074,263 Down ×5
BEPC Brookfield Renewable Corporation Brookfield Renewable Corporation Class A Subordinate Voting Shares $13,523,113 0.24% 364,308 $6,508,891 Up ×1
Unknown issuer (CUSIP: 438516205) $13,373,995 0.24% 59,732 Up ×1
CSTM Constellium SE Ordinary Shares (France) $13,285,806 0.24% 416,875 $-9,062,330 Down ×3
VOO VANGUARD INDEX FUNDS $13,260,972 0.24% 19,308 $1,832,929 Up ×1
Unknown issuer (CUSIP: 43849R105) $13,121,098 0.23% 59,350 Up ×1
RGLD Royal Gold, Inc. - Common Stock $13,063,077 0.23% 65,443 $-3,592,021 Down ×2
CSCO Cisco Systems, Inc. - Common Stock $12,576,325 0.22% 107,069 $4,293,593 Up ×1
SPY SPY $12,096,176 0.22% 16,198 $1,281,676 Down ×3
AFL AFLAC Incorporated Common Stock $12,051,072 0.21% 102,781 $568,714 Down ×6
CP Canadian Pacific Kansas City Limited Common Shares $11,331,567 0.20% 130,774 $920,444 Down ×1
IWB iShares Trust $11,188,768 0.20% 27,323 $1,446,479

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
BN $125,985,032 2.24% up ×3
MRP $111,287,410 1.98% up ×5
FTAI $111,206,226 1.98% up ×3
MU $94,912,650 1.69% up ×6
BEEX $75,901,872 1.35% up ×4
SYY $23,654,227 0.42% up ×3
LIN $20,559,365 0.37% up ×5
NEE $5,733,751 0.10% up ×3
MKL $4,970,410 0.09% up ×6
LHX $4,525,939 0.08% up ×3
BX $4,020,431 0.07% up ×3
TSM $1,270,336 0.02% up ×3
VB $1,057,283 0.02% up ×6
MO $1,014,135 0.02% up ×5
VUG $828,502 0.01% up ×5

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SNDK $90,910,547 39,983 1.62%
ESAB $34,914,428 353,994 0.62%
WDC $26,817,937 41,987 0.48%
MCHP $26,564,371 291,276 0.47%
VSH $17,586,598 327,010 0.31%
Unknown issuer (CUSIP: 438516205) $13,373,995 59,732 0.24%
Unknown issuer (CUSIP: 43849R105) $13,121,098 59,350 0.23%
AMT $8,416,658 51,456 0.15%
Unknown issuer (CUSIP: 314352105) $7,664,005 50,755 0.14%
TKR $6,937,577 47,740 0.12%
SIRI $6,675,390 225,978 0.12%
BUG $5,992,546 156,914 0.11%
BEN $5,922,659 178,018 0.11%
SYNA $5,507,986 44,337 0.10%
Unknown issuer (CUSIP: 40445M100) $5,194,709 277,199 0.09%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TXN Bought more +82K +$37.3M
AVGO Bought more +61K +$33.0M
REGN Trimmed -33K -$30.7M
FTAI Bought more +60K +$25.2M
AAPL Trimmed -4K +$24.7M
MRK Trimmed -241K -$24.4M
GOOG Trimmed -90K +$22.5M
AMZN Bought more +2K +$21.2M
VRT Trimmed -67K +$20.9M
GOOGL Trimmed -15K +$19.9M

3 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
EXE Sept. 30, 2025 570,395 $66,701,991 -19.5%
XPO June 30, 2025 394,503 $42,440,632 47.4%
PBI Dec. 31, 2025 3,364,466 $38,388,557 58.6%
UAL June 30, 2025 470,567 $32,492,652 41.3%
HON June 30, 2026 119,507 $27,012,167 -4.4%
FISV Dec. 31, 2025 192,142 $24,772,814 -34.0%
JEF June 30, 2025 380,243 $20,369,617 -15.9%
BERY June 30, 2025 279,579 $19,517,410 No longer tracked
SAND Dec. 31, 2025 1,020,996 $12,782,870 No longer tracked
TMHC Dec. 31, 2025 158,045 $10,432,550 No longer tracked
TMHC June 30, 2025 119,219 $7,157,909 No longer tracked
FLS June 30, 2025 135,032 $6,594,963 42.1%
COUR Dec. 31, 2025 561,580 $6,576,102 -31.8%
AMR Dec. 31, 2025 33,348 $5,472,073 -14.2%
MAG Sept. 30, 2025 256,360 $5,416,887 No longer tracked
OR (filed as ORXXXX) June 30, 2025 244,238 $5,158,307 34.1%
HAS June 30, 2026 53,502 $5,007,787 8.4%
CAKE Dec. 31, 2025 81,092 $4,430,867 117.2%
RYAAY June 30, 2026 75,935 $4,389,043 -15.0%
SSNC March 31, 2026 47,347 $4,139,075 16.2%
GOLD June 30, 2025 211,923 $4,119,783 90.7%
LRN March 31, 2026 55,586 $3,609,199 -10.5%
PSTG Sept. 30, 2025 59,630 $3,433,495 No longer tracked
IART June 30, 2025 116,630 $2,564,694 3.3%
CPT June 30, 2026 23,510 $2,295,987 -16.2%
NAIL March 31, 2026 42,190 $2,093,468
FLG June 30, 2026 135,985 $1,790,922 -21.7%
TMUS June 30, 2025 5,636 $1,503,178 -31.3%
RAL Dec. 31, 2025 34,284 $1,499,239 43.8%
MDT June 30, 2025 15,851 $1,424,371 -0.9%
BRC June 30, 2025 19,593 $1,384,050 24.7%
LBTYA Dec. 31, 2025 113,475 $1,300,424 -19.9%
CRUS March 31, 2026 10,693 $1,267,120 -16.2%
LOKVW June 30, 2026 777,600 $1,111,968 No longer tracked
ESGR Sept. 30, 2025 2,606 $876,554 No longer tracked
CART March 31, 2026 18,410 $828,082 18.1%
CVE Sept. 30, 2025 58,800 $799,680 90.7%
UPS June 30, 2025 6,859 $754,421 -7.8%
DPZ June 30, 2026 1,870 $670,937 0.5%
PINS June 30, 2026 35,808 $656,719 -8.4%
PR Sept. 30, 2025 48,216 $656,701 72.8%
GPRE Sept. 30, 2025 103,500 $624,105 73.3%
SKT March 31, 2026 18,473 $616,445 3.3%
ORC June 30, 2026 85,000 $597,550 -26.7%
GEO Sept. 30, 2025 24,116 $577,578 53.1%
EMX Dec. 31, 2025 110,000 $566,500 No longer tracked
SMCI Dec. 31, 2025 11,643 $558,165 49.3%
MUSA June 30, 2025 1,178 $553,436 26.6%
DAL June 30, 2025 12,447 $542,689 71.0%
MUB Dec. 31, 2025 4,766 $507,531
AUGO June 30, 2026 6,178 $504,125 30.2%
FG March 31, 2026 14,600 $450,399 -13.4%
TROW March 31, 2026 4,376 $448,015 16.1%
GMED Dec. 31, 2025 7,796 $446,477 -13.4%
CHRD Sept. 30, 2025 4,400 $426,140 37.9%
NEXT Dec. 31, 2025 60,400 $410,116 23.0%
FMC Dec. 31, 2025 11,880 $399,524 -39.1%
OXY June 30, 2026 6,034 $392,210 19.6%
CMC June 30, 2025 8,150 $374,982 30.0%
AL June 30, 2026 5,650 $366,911 No longer tracked
CRWV Dec. 31, 2025 2,662 $364,295 25.2%
BNTX June 30, 2026 4,000 $355,520 4.1%
GRAL March 31, 2026 4,000 $342,360 177.2%
IFF June 30, 2025 4,153 $322,314 12.1%
PAYX March 31, 2026 2,856 $320,387 7.4%
JEPI Dec. 31, 2025 5,600 $319,760
PRGO Sept. 30, 2025 11,502 $307,333 -36.0%
TLT June 30, 2026 3,510 $304,282
DFS June 30, 2025 1,740 $297,018 No longer tracked
PLTR June 30, 2026 2,014 $294,608 61.8%
SPDW June 30, 2026 6,169 $281,615
VTYX March 31, 2026 31,000 $279,930 No longer tracked
SPOT June 30, 2025 482 $265,114 -38.4%
A March 31, 2026 1,902 $258,805 47.2%
HOLX March 31, 2026 3,452 $257,139 No longer tracked
FUN Dec. 31, 2025 11,099 $252,169 -24.4%
XLK March 31, 2026 1,720 $247,628 50.3%
ZBH March 31, 2026 2,751 $247,370 -2.4%
SWK March 31, 2026 3,320 $246,610 28.5%
HRB Sept. 30, 2025 4,409 $242,010 -17.6%
UL (filed as ULXXXX) Dec. 31, 2025 4,056 $240,440 -8.7%
BBJP March 31, 2026 3,594 $236,881
MAX June 30, 2026 25,400 $236,220 -23.5%
UL March 31, 2026 3,602 $235,571 4.8%
DBC March 31, 2026 10,427 $233,148
SOLV March 31, 2026 2,914 $230,905 34.5%
COKE June 30, 2025 169 $228,150 72.0%
LOKV June 30, 2026 21,200 $220,480 No longer tracked
SOLV Sept. 30, 2025 2,898 $219,784 20.3%
CARR Sept. 30, 2025 2,986 $218,545 -7.7%
MAA June 30, 2025 1,304 $218,524 -22.1%
HOV Dec. 31, 2025 1,697 $218,048 19.1%
UHS March 31, 2026 1,000 $218,020 -1.8%
LNG Dec. 31, 2025 927 $217,826 38.9%
VSNT June 30, 2026 5,881 $217,715 -14.1%
WAL June 30, 2025 2,816 $216,353 -2.1%
DLR March 31, 2026 1,392 $215,356 -0.9%
BCS Sept. 30, 2025 11,552 $214,752 14.7%
MRSH June 30, 2025 879 $214,502 -22.2%
CTRA Sept. 30, 2025 8,432 $214,004 No longer tracked
STE June 30, 2026 964 $213,169 -1.0%
GL June 30, 2025 1,604 $211,279 33.3%
ARCC Sept. 30, 2025 9,615 $211,145 -7.6%
AMT Dec. 31, 2025 1,091 $209,821 -7.6%
GWW Sept. 30, 2025 201 $209,088 34.3%
EOG Sept. 30, 2025 1,727 $206,566 26.1%
ZTS Sept. 30, 2025 1,318 $205,542 -52.4%
W Sept. 30, 2025 4,000 $204,560 13.3%
HSY June 30, 2025 1,194 $204,210 -3.5%
VHC June 30, 2025 27,614 $204,067 -3.4%
WRB March 31, 2026 2,904 $203,629 4.1%
CLX Dec. 31, 2025 1,632 $201,226 -20.3%
CHTR Sept. 30, 2025 492 $201,135 -60.3%
W March 31, 2026 2,000 $200,820 34.6%
SCHP Dec. 31, 2025 7,446 $200,670 -4.6%
AWK June 30, 2025 1,357 $200,185 -6.4%
AM June 30, 2025 10,000 $180,000 7.4%
MAGN Sept. 30, 2025 14,345 $173,288 -0.4%
PDBC Sept. 30, 2025 11,292 $147,248
MITK March 31, 2026 11,090 $117,000 31.5%
MRC June 30, 2025 10,100 $115,948 No longer tracked
NGD March 31, 2026 13,000 $113,230 No longer tracked
BCBP June 30, 2026 10,540 $94,649 -20.7%
AXDXQ June 30, 2025 114,523 $80,281 No longer tracked
BDSX Dec. 31, 2025 10,279 $77,606 307.6%
NMR June 30, 2025 12,600 $77,490 47.9%
CVV March 31, 2026 23,758 $73,412 4.6%
DUOT June 30, 2026 10,000 $68,600 -24.1%
AMPX Sept. 30, 2025 15,055 $63,382 -8.1%
BDSX (filed as BDSXXXXX) Sept. 30, 2025 205,605 $58,022 267.2%
FTRE Sept. 30, 2025 11,014 $54,409 137.5%
ASPN June 30, 2026 10,000 $34,200 -10.3%
ANVS June 30, 2025 20,000 $30,000 -45.6%