Performance vs S&P 500

03
Tracked Q3 2025–Q2 2026 +14.7%
S&P 500 total return (same window) +13.0%
Excess return +1.7%

Annualized: +20.1% · S&P 500: +17.7%

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: 93.4% · Options excluded: 24.7%

Sector breakdown

04
Industrials 20.5%
Healthcare 15.9%
Communication Services 13.0%
Technology 9.4%
Financials 6.4%
Real Estate 5.4%
Consumer Discretionary 2.6%
Retail 2.4%
Utilities 1.6%
Other/Unmapped 22.8%

Full portfolio 52 positions

05
Type Streak 8Q trend
NSC Norfolk Southern Corporation Common Stock $2,076,294 5.87% 6,600 $67,294 Down ×1
STEL Stellar Bancorp, Inc. Common Stock $1,964,427 5.56% 49,960 Up ×1
Unknown issuer (CUSIP: 84615Q103) $1,708,600 4.83% 10,000 Put option Up ×1
SUI Sun Communities, Inc. Common Stock $1,630,776 4.61% 13,600 $131,852 Up ×1
WBD Warner Bros. Discovery, Inc. - Series A Common Stock $1,599,600 4.52% 60,000 $981,750 Up ×1
ZM Zoom Communications, Inc. - Class A Common Stock $1,165,185 3.30% 13,500 $-145,172 Down ×1
GTLS Chart Industries, Inc. Common Stock $1,044,700 2.96% 5,000 $238,375 Up ×3
FOX Fox Corporation - Class B Common Stock $1,007,060 2.85% 21,500 $-12,460 Up ×2
UNF Unifirst Corporation Common Stock $952,056 2.69% 3,600 $323,081 Up ×1
CZR Caesars Entertainment, Inc. - Common Stock $932,683 2.64% 30,904 $668,383 Up ×1
RTAC Renatus Tactical Acquisition Corp I - Class A Ordinary Shares $889,752 2.52% 84,900 $-63,204 Down ×1
MNRO Monro, Inc. - Common Stock $859,504 2.43% 50,234 $450,484 Up ×1
EA Electronic Arts Inc. - Common Stock $840,664 2.38% 4,100 $-382,556 Down ×1
FERG Ferguson Enterprises Inc. Common Stock $806,922 2.28% 3,400 $107,142 Up ×1
MDGL Madrigal Pharmaceuticals, Inc. - Common Stock $805,425 2.28% 1,500 $386,649 Up ×2
CEPF Cantor Equity Partners IV, Inc. - Class A Ordinary Shares $793,520 2.24% 76,300 $22,137 Up ×3
Unknown issuer (CUSIP: G4790S107) $791,010 2.24% 76,500 Up ×1
ALNY Alnylam Pharmaceuticals, Inc. - Common Stock $752,575 2.13% 2,500 $-41,513 Up ×1
RVMD Revolution Medicines, Inc. - Common Stock $749,120 2.12% 4,000 $-77,505 Down ×1
ABVX Abivax SA - American Depositary Shares $706,278 2.00% 5,300 $38,178 Down ×1
PRGO Perrigo Company plc Ordinary Shares $693,013 1.96% 66,700 Up ×1
PD PagerDuty, Inc. Common Stock $681,290 1.93% 70,600 Up ×1
CRS Carpenter Technology Corporation Common Stock $616,840 1.74% 1,000 Up ×1
HVII Hennessy Capital Investment Corp. VII - Ordinary Shares $610,280 1.73% 58,400 $9,980 Up ×2
RDDT Reddit, Inc. Class A Common Stock $607,530 1.72% 3,500 $284,370 Up ×1
BCRX BioCryst Pharmaceuticals, Inc. - Common Stock $597,000 1.69% 59,700 $343,768 Up ×1
PEN Penumbra, Inc. Common Stock $568,350 1.61% 1,800 $42,958 Up ×1
TXNM TXNM Energy, Inc. Common Stock $567,800 1.61% 10,000 Up ×1
IGV iShares Expanded Tech-Software Sector ETF $561,720 1.59% 6,200 Up ×1
INBX Inhibrx Biosciences, Inc. - Common Stock $559,025 1.58% 5,900 Up ×1
TRIP TripAdvisor, Inc. - Common Stock $534,690 1.51% 39,000 $42,198 Down ×1
ALAB Astera Labs, Inc. - Common Stock $531,322 1.50% 1,100
ATI ATI Inc. Common Stock $492,750 1.39% 2,500 Up ×1
MSTR Strategy Inc - Class A Common Stock $460,729 1.30% 5,300 Put option Up ×1
Unknown issuer (CUSIP: 84615Q103) $444,236 1.26% 2,600 Up ×1
TACO Berto Acquisition Corp. - Ordinary Shares $441,629 1.25% 42,100 $14,204 Up ×3
CEPO Cantor Equity Partners I, Inc. - Class A Ordinary Shares $434,436 1.23% 49,200 $-804,564 Down ×1
IBIT iShares Bitcoin Trust ETF $389,493 1.10% 11,700 $-17,759 Up ×1
JBLU JetBlue Airways Corporation - Common Stock $369,585 1.05% 64,500 $-151,975 Down ×1
URI United Rentals, Inc. Common Stock $339,867 0.96% 300 Up ×1
ETHM Dynamix Corporation - Class A Ordinary Share $325,858 0.92% 30,200 Up ×1
BEAG Bold Eagle Acquisition Corp. - Class A Ordinary Shares $306,035 0.87% 28,655 $7,329 Up ×4
WBS Webster Financial Corporation Common Stock $305,680 0.86% 4,000 Up ×1
HRI Herc Holdings Inc. Common Stock $301,014 0.85% 2,100
ARI Apollo Commercial Real Estate Finance, Inc $274,476 0.78% 25,700 Up ×1
CRDO Credo Technology Group Holding Ltd - Ordinary Shares $271,950 0.77% 1,000
ZIM ZIM Integrated Shipping Services Ltd. Ordinary Shares $260,000 0.74% 10,000
DAAQ Digital Asset Acquisition Corp. - Class A Ordinary shares $212,790 0.60% 20,500 $14,134 Up ×2
ALKT Alkami Technology, Inc. - Common Stock $181,200 0.51% 10,000 Up ×1
TBPH Theravance Biopharma, Inc. - Ordinary Shares $175,457 0.50% 10,321 $-84,986 Down ×1
LPBB Launch Two Acquisition Corp. - Class A Ordinary Shares $137,216 0.39% 12,800 $3,404 Up ×2
GENVR Gen Digital Inc. - Contingent Value Rights $23,276 0.07% 18,400 $-8,783 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
GTLS $1,044,700 2.96% up ×3
CEPF $793,520 2.24% up ×3
TACO $441,629 1.25% up ×3
BEAG $306,035 0.87% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
STEL $1,964,427 49,960 5.56%
Unknown issuer (CUSIP: 84615Q103) $1,708,600 10,000 4.83%
Unknown issuer (CUSIP: G4790S107) $791,010 76,500 2.24%
PRGO $693,013 66,700 1.96%
PD $681,290 70,600 1.93%
CRS $616,840 1,000 1.74%
TXNM $567,800 10,000 1.61%
IGV $561,720 6,200 1.59%
INBX $559,025 5,900 1.58%
ALAB $531,322 1,100 1.50%
ATI $492,750 2,500 1.39%
MSTR $460,729 5,300 1.30%
Unknown issuer (CUSIP: 84615Q103) $444,236 2,600 1.26%
URI $339,867 300 0.96%
ETHM $325,858 30,200 0.92%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
WBD Bought more +38K +$982K
CEPO Trimmed -69K -$805K
CZR Bought more +21K +$668K
MNRO Bought more +25K +$450K
MDGL Bought more +700 +$387K
EA Trimmed -2K -$383K
BCRX Bought more +33K +$344K
UNF Bought more +1K +$323K
RDDT Bought more +1K +$284K
GTLS Bought more +1K +$238K

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
QQQ Dec. 31, 2025 32,500 $19,512,025 21.2%
X June 30, 2025 187,000 $7,902,620 No longer tracked
QQQ June 30, 2026 13,000 $7,503,340 1.1%
APP Dec. 31, 2025 3,100 $2,227,474 -61.4%
HES Sept. 30, 2025 14,500 $2,008,830 No longer tracked
WMT March 31, 2026 17,200 $1,916,252 -3.5%
TERN June 30, 2026 34,000 $1,792,480 No longer tracked
SUI Dec. 31, 2025 13,500 $1,741,500 -3.0%
ANSS June 30, 2025 5,500 $1,741,080 No longer tracked
CRH Dec. 31, 2025 12,800 $1,534,720 -32.0%
AGNC Sept. 30, 2025 160,000 $1,470,400 -9.7%
ALE Sept. 30, 2025 22,700 $1,454,389 No longer tracked
LNG June 30, 2026 5,100 $1,447,176 25.0%
CRH June 30, 2025 16,000 $1,407,520 -7.5%
QGEN June 30, 2026 34,400 $1,377,376 28.9%
BAM June 30, 2025 26,000 $1,259,700 -14.9%
MSTR Sept. 30, 2025 3,000 $1,212,690 -54.7%
LPLA Dec. 31, 2025 3,500 $1,164,415 -11.6%
APG June 30, 2025 30,500 $1,090,680 15.9%
BAH Dec. 31, 2025 10,800 $1,079,460 -7.2%
RNA March 31, 2026 14,500 $1,045,885 -38.7%
VRT March 31, 2026 6,400 $1,036,864 -22.5%
JNPR Sept. 30, 2025 25,547 $1,020,092 No longer tracked
CASY Dec. 31, 2025 1,800 $1,017,576 26.5%
MRVL June 30, 2026 9,800 $970,690 -23.3%
SHOP June 30, 2025 10,100 $964,348 46.2%
AGNC March 31, 2026 89,400 $958,368 -11.9%
CEPT June 30, 2026 88,000 $958,320 No longer tracked
BSY Dec. 31, 2025 18,600 $957,528 4.0%
BACQ March 31, 2026 88,500 $948,720 No longer tracked
SSNC June 30, 2026 14,000 $945,980 33.7%
RPRX Sept. 30, 2025 25,000 $900,750 81.0%
CAEP June 30, 2026 83,800 $863,978 No longer tracked
FTI Sept. 30, 2025 24,800 $854,112 77.2%
FIX Dec. 31, 2025 1,000 $825,180 24.4%
ARES Dec. 31, 2025 5,000 $799,450 -24.5%
SPY Dec. 31, 2025 1,200 $799,416 No longer tracked
TLN June 30, 2025 4,000 $798,680 12.8%
BPOP June 30, 2026 5,700 $764,769 -3.0%
DNB Sept. 30, 2025 82,500 $749,925 No longer tracked
FTAI March 31, 2026 3,800 $748,030 -37.0%
BROS March 31, 2026 12,200 $746,884 -18.1%
ESTA June 30, 2026 13,000 $738,140 -25.6%
CLBT June 30, 2026 52,500 $723,450 -17.1%
MOH March 31, 2026 4,000 $694,160 56.9%
DAY March 31, 2026 10,000 $691,600 No longer tracked
ITCI June 30, 2025 5,112 $674,375 No longer tracked
VEEV March 31, 2026 3,000 $669,690 83.9%
FROG June 30, 2026 14,100 $661,713 10.7%
INSM Dec. 31, 2025 4,500 $648,045 -46.3%
CBZ Dec. 31, 2025 12,000 $635,520 8.9%
PRIM Dec. 31, 2025 4,500 $617,985 -47.6%
HNGE June 30, 2026 15,900 $613,104 34.4%
LYFT March 31, 2026 31,500 $610,155 27.4%
FLUT Dec. 31, 2025 2,400 $609,600 -62.8%
STT June 30, 2025 6,700 $599,851 57.8%
AHR March 31, 2026 12,700 $597,662 12.4%
AFRM March 31, 2026 8,000 $595,440 52.9%
MOD March 31, 2026 4,400 $587,444 -38.5%
CHYM June 30, 2026 31,004 $580,705 44.4%
CYBR March 31, 2026 1,300 $579,878 No longer tracked
AXS Dec. 31, 2025 6,000 $574,800 -4.2%
FERG Dec. 31, 2025 2,500 $561,450 1.9%
AMED Sept. 30, 2025 5,670 $557,871 No longer tracked
IESC Dec. 31, 2025 1,400 $556,710 9.8%
AIG March 31, 2026 6,500 $556,075 8.0%
ALAB Dec. 31, 2025 2,800 $548,240 54.6%
DDOG Sept. 30, 2025 4,000 $537,320 89.4%
CSX Dec. 31, 2025 15,000 $532,650 40.1%
TOST March 31, 2026 15,000 $532,650 23.4%
FLUT June 30, 2025 2,400 $531,720 -72.0%
KNSA June 30, 2026 11,000 $529,650 20.0%
FRHC June 30, 2025 4,000 $528,680 17.2%
FL Sept. 30, 2025 21,349 $523,050 No longer tracked
HOOD Sept. 30, 2025 5,500 $514,965 -33.6%
CWST Dec. 31, 2025 5,400 $512,352 -0.3%
TRU Sept. 30, 2025 5,800 $510,400 -2.7%
CWAN June 30, 2026 20,900 $494,285 No longer tracked
TGNA March 31, 2026 25,000 $485,250 No longer tracked
DFS June 30, 2025 2,836 $484,105 No longer tracked
KNSA Sept. 30, 2025 17,300 $478,691 97.6%
BFAM Dec. 31, 2025 4,400 $477,708 -29.6%
PAY Dec. 31, 2025 15,000 $459,000 5.6%
COMP March 31, 2026 43,080 $455,356 33.4%
CTMX June 30, 2026 96,100 $451,670 -38.1%
OMF March 31, 2026 6,500 $439,075 4.2%
ULS Sept. 30, 2025 6,000 $437,160 3.6%
AZEK June 30, 2025 8,774 $428,961 No longer tracked
DNTH June 30, 2026 5,100 $427,992 -21.2%
PFSI June 30, 2025 4,200 $420,462 -36.1%
VCYT Sept. 30, 2025 15,500 $418,965 39.6%
GFL June 30, 2026 10,000 $417,200 23.8%
AXGN March 31, 2026 12,500 $409,125 14.9%
STAA June 30, 2026 21,800 $407,660 -21.2%
LAUR June 30, 2025 19,800 $404,910 66.9%
WEN March 31, 2026 48,500 $404,005 -10.5%
ALSN March 31, 2026 4,000 $391,600 -9.2%
BTSG Sept. 30, 2025 16,500 $389,235 103.3%
LWLG June 30, 2026 55,000 $386,650 -57.6%
SIMO Dec. 31, 2025 4,000 $379,240 102.1%
SGRY Sept. 30, 2025 16,500 $366,795 -27.2%
DLO June 30, 2026 27,900 $361,863 15.9%
COIN June 30, 2025 2,100 $361,683 -53.1%
ATMU Dec. 31, 2025 8,000 $360,720 -14.1%
BW June 30, 2026 24,500 $359,905 -70.6%
RONB June 30, 2026 15,600 $356,772 -3.8%
AWR June 30, 2025 4,500 $354,060 11.5%
AWK June 30, 2025 2,400 $354,048 2.6%
PRA Sept. 30, 2025 15,500 $353,865 No longer tracked
RDFN Sept. 30, 2025 31,541 $352,944 No longer tracked
BRSL Dec. 31, 2025 20,400 $351,900 -38.8%
CCRN Dec. 31, 2025 24,700 $350,740 No longer tracked
ACT June 30, 2025 10,000 $347,500 28.9%
CCC Dec. 31, 2025 38,000 $346,180 -3.5%
CDE Sept. 30, 2025 37,500 $332,250 -28.3%
USLM Dec. 31, 2025 2,500 $328,875 -6.7%
PLTR Sept. 30, 2025 2,400 $327,168 7.9%
SOFI Sept. 30, 2025 17,746 $323,155 -44.7%
BECN June 30, 2025 2,500 $309,250 No longer tracked
WMK Sept. 30, 2025 4,200 $304,458 9.9%
PARA Sept. 30, 2025 23,500 $303,150
MAGN June 30, 2025 16,600 $301,456 -1.2%
BHF June 30, 2026 5,000 $299,400 -28.3%
ZIM March 31, 2026 14,000 $297,220 11.4%
SAGE Sept. 30, 2025 32,500 $296,400 No longer tracked
ULS June 30, 2026 3,400 $291,414 -27.9%
REYN Sept. 30, 2025 13,600 $291,312 -5.9%
LAZ June 30, 2025 6,500 $281,450 -22.4%
NE Sept. 30, 2025 10,600 $281,430 68.7%
CIO March 31, 2026 40,000 $279,600 No longer tracked
SVAC June 30, 2026 27,500 $279,400 No longer tracked
PEGA June 30, 2025 4,000 $278,080 -32.7%
SILA June 30, 2025 10,400 $277,784 No longer tracked
BOKF June 30, 2025 2,600 $270,790 31.7%
FG June 30, 2025 7,500 $270,375 -35.4%
HRI June 30, 2025 2,000 $268,540 -2.7%
MDLN June 30, 2026 6,000 $267,000 -13.6%
SPB Sept. 30, 2025 5,000 $265,000 52.0%
HOLX June 30, 2026 3,500 $264,565 No longer tracked
CDE March 31, 2026 14,500 $258,535 -28.3%
PAY June 30, 2026 10,100 $256,540 38.0%
CLMT June 30, 2025 19,900 $252,332 212.8%
CYTK June 30, 2025 6,000 $241,140 85.3%
GLTO June 30, 2026 9,300 $240,870 No longer tracked
DCTH June 30, 2025 18,800 $239,324 6.0%
GDEN June 30, 2026 8,800 $234,872 No longer tracked
BF-B (filed as BFB) June 30, 2026 8,800 $232,672 No longer tracked
CPNG Dec. 31, 2025 7,200 $231,840 -41.1%
TRUE March 31, 2026 100,700 $227,582 No longer tracked
CLBR Sept. 30, 2025 14,700 $227,262
GMEWS June 30, 2026 57,400 $221,570 No longer tracked
CWAN Sept. 30, 2025 10,000 $219,300 No longer tracked
CRDO Dec. 31, 2025 1,500 $218,415 2.4%
OMF Sept. 30, 2025 3,700 $210,900 -1.3%
IVVD June 30, 2026 161,000 $209,300 -29.7%
VOR June 30, 2026 11,700 $208,728 -0.8%
RTACU Sept. 30, 2025 16,300 $207,499 -7.6%
EXOD June 30, 2025 4,400 $201,256 No longer tracked
HURN June 30, 2025 1,400 $200,830 42.3%
QURE June 30, 2026 12,200 $199,470 -51.3%
ORKA June 30, 2025 19,000 $194,940 615.0%
CBIO June 30, 2026 10,200 $187,374 -28.8%
GPAT June 30, 2026 16,700 $181,028 1.3%
CLOV June 30, 2025 49,500 $177,705 64.9%
CTNM June 30, 2026 13,000 $169,780 -49.3%
TTAM June 30, 2025 11,800 $159,536 8.9%
LFVN June 30, 2025 10,700 $156,006 -55.2%
ETON June 30, 2025 11,400 $147,972 250.9%
EBS June 30, 2025 29,600 $143,856 -2.4%
ATYR June 30, 2025 47,500 $143,450 -96.7%
CLPT June 30, 2025 12,000 $142,680 -23.5%
ACDC Sept. 30, 2025 17,000 $131,920 10.0%
OCGN June 30, 2026 70,000 $126,700 -51.7%
EHTH June 30, 2025 18,100 $120,908 -87.8%
KDK June 30, 2026 17,200 $119,368 -79.9%
KW June 30, 2026 10,500 $113,610 No longer tracked
CRVS June 30, 2025 35,000 $111,300 163.3%
IPSC June 30, 2026 49,000 $110,740 -40.4%
FOSL June 30, 2026 25,600 $110,336 59.4%
NERV June 30, 2026 17,758 $106,992 -58.6%
GSM June 30, 2025 26,000 $96,460 8.7%
OBIO June 30, 2026 22,607 $96,080 29.5%
INDV June 30, 2025 10,000 $95,300 133.9%
AMLX June 30, 2025 25,500 $90,270 324.3%
MDXG June 30, 2025 10,000 $76,000 -36.0%
ABEO June 30, 2025 14,000 $66,640 -22.5%
GEVO June 30, 2025 50,000 $58,000 -12.1%
ACRS June 30, 2025 37,400 $57,222 164.1%
EOSE June 30, 2025 15,000 $56,700 -66.2%
CKPT June 30, 2025 10,000 $40,400 No longer tracked
LCTX Sept. 30, 2025 33,000 $29,944 No longer tracked