Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +25.2%
S&P 500 total return (same window) +37.0%
Excess return -11.8%

Annualized: +19.7% · 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: 92.2% · Options excluded: 0.0%

Sector breakdown

04
Financials 26.1%
Healthcare 19.4%
Technology 10.7%
Retail 8.9%
Energy 6.2%
Communication Services 4.3%
Consumer Discretionary 4.0%
Consumer Staples 3.5%
Utilities 2.7%
Industrials 2.6%
Consumer products 2.3%
Materials 2.0%
Real Estate 1.1%
Other/Unmapped 6.1%

Full portfolio 178 positions

05
Type Streak 8Q trend
LPLA LPL Financial Holdings Inc. - Common Stock $54,874,644 4.33% 194,812 Up ×1
KKR KKR & Co. Inc. Common Stock $42,227,978 3.33% 460,100 $22,617,978 Up ×1
BP BP p.l.c. Common Stock $36,366,301 2.87% 984,203 Up ×1
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $35,606,368 2.81% 459,200 Up ×1
APP Applovin Corporation - Class A Common Stock $31,571,233 2.49% 61,276
CVNA Carvana Co. Class A Common Stock $31,264,500 2.46% 475,000 $1,398,400 Up ×1
Unknown issuer (CUSIP: 09940T100) $29,107,500 2.29% 750,000 Up ×1
ING ING Group, N.V. Common Stock $28,242,000 2.23% 900,000 Up ×1
BTI British American Tobacco Industries, p.l.c. Common Stock ADR $26,881,164 2.12% 435,252 $18,286,074 Up ×1
BAC Bank of America Corporation Common Stock $26,065,786 2.05% 457,455 $-112,964 Down ×1
BKD Brookdale Senior Living Inc. Common Stock $25,261,300 1.99% 1,570,000 Up ×1
AMG Affiliated Managers Group, Inc. Common Stock $23,364,828 1.84% 69,045 Up ×1
GSK GSK plc American Depositary Shares (Each representing two Ordinary Shares) $22,352,727 1.76% 426,416 Up ×1
NRG NRG Energy, Inc. Common Stock $22,055,060 1.74% 151,000 Up ×1
AXGN Axogen, Inc. - Common Stock $21,472,022 1.69% 464,863 $-1,308,166 Down ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $21,108,594 1.66% 44,200 Up ×1
RDDT Reddit, Inc. Class A Common Stock $20,829,600 1.64% 120,000 Up ×1
BLND Blend Labs, Inc. Class A Common Stock $19,348,050 1.53% 11,314,649 $8,298,888 Up ×1
TVTX Travere Therapeutics, Inc. - Common Stock $18,276,970 1.44% 321,721 Up ×1
AVGO Broadcom Inc. - Common Stock $17,943,125 1.41% 47,500 Up ×1
TROW T. Rowe Price Group, Inc. - Common Stock $17,656,057 1.39% 155,300 $10,131,620 Up ×1
FDS FactSet Research Systems Inc. Common Stock $17,140,960 1.35% 74,500 Up ×1
KARO Karooooo Ltd. - Ordinary shares $15,762,919 1.24% 319,346 $1,890,154 Up ×6
SKIN The Beauty Health Company - Class A Common Stock $15,426,777 1.22% 22,276,935 $-1,842,954 Up ×1
RIO Rio Tinto Plc Common Stock $15,214,906 1.20% 160,275 Up ×1
KFS Kingsway Financial Services, Inc. Common Stock (DE) $14,697,681 1.16% 1,410,526 $-3,918,753 Down ×1
LQDA Liquidia Corporation - Common Stock $14,527,205 1.15% 182,205 $5,190,140 Down ×1
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $14,374,500 1.13% 150,000 Up ×1
ROP Roper Technologies, Inc. - Common Stock $14,217,000 1.12% 42,000 Up ×1
SN SharkNinja, Inc. Ordinary Shares $13,399,760 1.06% 88,000 $6,622,160 Up ×1
ZYME Zymeworks Inc. - Common Stock $12,717,868 1.00% 486,529 $-12,502,670 Down ×2
VST Vistra Corp. Common Stock $12,690,400 1.00% 80,000 Up ×1
Unknown issuer (CUSIP: 53229X101) $12,215,395 0.96% 508,551 Up ×1
MSFT Microsoft Corporation - Common Stock $12,064,586 0.95% 32,343 $92,178
MIRM Mirum Pharmaceuticals, Inc. - common stock $11,852,167 0.93% 101,240 Up ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $11,242,763 0.89% 22,468 $476,097
GOOGL Alphabet Inc. - Class A Common Stock $11,102,414 0.88% 31,067 $2,168,787
AMZN Amazon.com, Inc. - Common Stock $10,641,404 0.84% 44,648 $1,342,565
WPP WPP plc American Depositary Shares $10,471,240 0.83% 676,000 Up ×1
NWG NatWest Group plc American Depositary Shares, (each representing two (2) Ordinary Shares) $10,353,923 0.82% 587,290 Up ×1
KSPI Joint Stock Company Kaspi.kz - American Depository Shares $10,301,496 0.81% 118,900 $1,494,573
AS Amer Sports, Inc. Ordinary Shares $10,152,000 0.80% 300,000 $4,061,800 Up ×2
COF Capital One Financial Corporation Common Stock $10,148,563 0.80% 50,586 Up ×1
MXCT MaxCyte, Inc. - Common Stock $10,086,000 0.79% 8,200,000 $4,325,500
SYY Sysco Corporation Common Stock $10,029,600 0.79% 120,000 Up ×1
NVST Envista Holdings Corporation Common Stock $8,406,388 0.66% 319,028 $-10,524,706 Down ×1
FRMI Fermi Inc. - Common Stock $8,015,000 0.63% 875,000 Up ×1
FIVE Five Below, Inc. - Common Stock $7,641,075 0.60% 42,500 $4,785,075 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $7,604,415 0.60% 13,500 $-119,340
MLTX MoonLake Immunotherapeutics - Class A Ordinary Shares $7,294,892 0.57% 374,866 Up ×1
MTD Mettler-Toledo International, Inc. Common Stock $7,294,582 0.57% 5,710 Up ×1
FLUT Flutter Entertainment plc Ordinary Shares $7,151,900 0.56% 70,000 $3,481,700 Up ×1
CRL Charles River Laboratories International, Inc. Common Stock $7,092,630 0.56% 31,274 Up ×1
ONON On Holding AG Class A Ordinary Shares $7,084,000 0.56% 200,000 $2,335,795 Up ×1
Unknown issuer (CUSIP: 03815J107) $7,061,800 0.56% 310,000 Up ×1
SDGR Schrodinger, Inc. - Common Stock $7,057,716 0.56% 434,321 Up ×1
V Visa Inc. $7,052,215 0.56% 20,555 $1,141,912 Up ×1
CYTK Cytokinetics, Incorporated - Common Stock $6,975,272 0.55% 81,879 Up ×1
ABBV AbbVie Inc. Common Stock $6,894,181 0.54% 27,397 $935,607
SARO StandardAero, Inc. Common Stock $6,892,833 0.54% 230,491 $3,515,416 Up ×1
REAL The RealReal, Inc. - Common Stock $6,856,722 0.54% 581,571 $1,874,254 Up ×2
SCHW Charles Schwab Corporation (The) Common Stock $6,800,299 0.54% 73,700
LUXE LuxExperience B.V. American Depositary Shares, each representing one Ordinary Share $6,773,168 0.53% 910,372 $-1,381,513 Down ×1
EAT Brinker International, Inc. Common Stock $6,720,000 0.53% 40,000 $1,865,820 Up ×1
WST West Pharmaceutical Services, Inc. Common Stock $6,713,300 0.53% 18,700 Up ×1
BOOT Boot Barn Holdings, Inc. Common Stock $6,652,935 0.52% 40,500 Up ×1
TPR Tapestry, Inc. Common Stock $6,147,960 0.48% 42,000 $2,761,320 Up ×1
FLG Flagstar Bank, N.A. Common Stock $5,949,108 0.47% 398,200 Up ×1
LOAR Loar Holdings Inc. Common Stock $5,803,839 0.46% 71,999 $3,207,055 Up ×1
BTSG BrightSpring Health Services, Inc. - Common Stock $5,491,368 0.43% 78,718 $965,825 Down ×1
DECK Deckers Outdoor Corporation Common Stock $5,361,660 0.42% 54,000 $1,358,060 Up ×1
PTCT PTC Therapeutics, Inc. - Common Stock $5,212,323 0.41% 63,900 Up ×1
PNFP Pinnacle Financial Partners, Inc. - Common Stock $5,162,938 0.41% 51,179 Up ×1
BRKR Bruker Corporation - Common Stock $5,121,318 0.40% 85,100 Up ×1
LAZ Lazard, Inc. Common Stock $5,112,486 0.40% 121,900 Up ×1
DOC Healthpeak Properties, Inc. Common Stock $4,883,480 0.38% 228,200 Up ×1
GH Guardant Health, Inc. - Common Stock $4,767,203 0.38% 31,775
KGS Kodiak Gas Services, Inc. Common Stock $4,609,739 0.36% 61,365 $2,275,248 Up ×1
MSCI MSCI Inc. Common Stock $4,583,927 0.36% 8,185 Up ×1
PEP PepsiCo, Inc. - Common Stock $4,535,358 0.36% 33,496 $-3,777,316 Down ×1
Unknown issuer (CUSIP: G6683N903) $4,364,100 0.34% 30,000 Call option Up ×1
DEO Diageo plc Common Stock $4,340,520 0.34% 54,000 $3,223,770 Up ×1
LEVI Levi Strauss & Co Class A Common Stock $4,188,821 0.33% 168,700 $1,137,971 Up ×1
BURL Burlington Stores, Inc. Common Stock $4,118,400 0.32% 13,000 $864,600 Up ×1
A Agilent Technologies, Inc. Common Stock $4,080,139 0.32% 30,717 $-4,080,829 Down ×1
KO Coca-Cola Company (The) Common Stock $4,063,500 0.32% 50,000 $1,782,000 Up ×1
WFC Wells Fargo & Company Common Stock $4,041,096 0.32% 48,900 Up ×1
RL Ralph Lauren Corporation Common Stock $3,966,734 0.31% 9,882 $-601,453 Down ×1
VOD Vodafone Group Plc - American Depositary Shares each representing ten Ordinary Shares $3,954,275 0.31% 299,000 Up ×1
GILD Gilead Sciences, Inc. - Common Stock $3,941,808 0.31% 31,200 Up ×1
ROST Ross Stores, Inc. - Common Stock $3,937,725 0.31% 18,500 $-1,044,765 Down ×1
ECL Ecolab Inc. Common Stock $3,757,892 0.30% 13,488 $1,821,798 Up ×1
BAM Brookfield Asset Management Inc Class A Limited Voting Shares $3,695,640 0.29% 82,400 Up ×1
APO Apollo Global Management, Inc. (New) Common Stock $3,638,151 0.29% 30,751 $-2,044,269 Down ×1
Unknown issuer (CUSIP: 03831W908) $3,625,235 0.29% 500 Call option Up ×1
Unknown issuer (CUSIP: 314911908) $3,493,600 0.28% 10,000 Call option Up ×1
Unknown issuer (CUSIP: 15675D103) $3,465,722 0.27% 15,682 Up ×1
TGT Target Corporation Common Stock $3,395,860 0.27% 26,000 $1,653,489 Up ×1
HOOD Robinhood Markets, Inc. - Class A Common Stock $3,379,436 0.27% 33,700 $-5,179,114 Down ×1
ETN Eaton Corporation, PLC Ordinary Shares $3,377,427 0.27% 7,926 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
KARO $15,762,919 1.24% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
LPLA $54,874,644 194,812 4.33%
BP $36,366,301 984,203 2.87%
SHEL $35,606,368 459,200 2.81%
APP $31,571,233 61,276 2.49%
Unknown issuer (CUSIP: 09940T100) $29,107,500 750,000 2.29%
ING $28,242,000 900,000 2.23%
BKD $25,261,300 1,570,000 1.99%
AMG $23,364,828 69,045 1.84%
GSK $22,352,727 426,416 1.76%
NRG $22,055,060 151,000 1.74%
TSM $21,108,594 44,200 1.66%
RDDT $20,829,600 120,000 1.64%
TVTX $18,276,970 321,721 1.44%
AVGO $17,943,125 47,500 1.41%
FDS $17,140,960 74,500 1.35%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
KKR Bought more +248K +$22.6M
BTI Bought more +288K +$18.3M
ZYME Trimmed -521K -$12.5M
NVST Trimmed -427K -$10.5M
TROW Bought more +72K +$10.1M
BLND Bought more +4.8M +$8.3M
SN Bought more +24K +$6.6M
LQDA Trimmed -65K +$5.2M
HOOD Trimmed -90K -$5.2M
FIVE Bought more +30K +$4.8M

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
GPCR March 31, 2026 252,600 $17,568,330 -43.5%
NSC June 30, 2026 61,117 $17,540,579 0.4%
PRI June 30, 2026 68,041 $17,042,910 -2.5%
EA June 30, 2026 75,898 $15,473,325 No longer tracked
PAHC June 30, 2026 267,045 $14,770,259 21.1%
ELVN June 30, 2026 369,400 $14,480,480 -9.4%
NUVB March 31, 2026 1,588,854 $14,236,132 16.8%
VERA Dec. 31, 2025 450,700 $13,097,342 -41.6%
GTLS June 30, 2026 56,989 $11,782,476 No longer tracked
PHR Dec. 31, 2025 484,500 $11,395,440 -38.8%
JNJ June 30, 2025 67,948 $11,268,496 67.0%
GH March 31, 2026 107,787 $11,009,364 95.4%
IONS Dec. 31, 2025 162,800 $10,650,376 -45.4%
SMMT Dec. 31, 2025 496,266 $10,252,856 -4.5%
EXAS March 31, 2026 96,685 $9,819,329 No longer tracked
SKX June 30, 2025 182,000 $9,341,920 No longer tracked
BLFS March 31, 2026 378,550 $9,153,339 96.5%
TXNM June 30, 2026 151,009 $8,827,986 3.0%
ALGN June 30, 2026 47,400 $8,125,782 -16.4%
SHC March 31, 2026 449,900 $7,936,236 28.0%
FOLD June 30, 2026 534,079 $7,722,782 No longer tracked
AKRO Dec. 31, 2025 149,200 $7,084,016 No longer tracked
OS March 31, 2026 380,000 $6,984,400 No longer tracked
HQY March 31, 2026 75,602 $6,925,899 8.7%
DKS Sept. 30, 2025 35,000 $6,923,350 -39.8%
ABBV Dec. 31, 2025 29,535 $6,838,534 15.2%
JNJ Dec. 31, 2025 36,760 $6,816,039 23.3%
CYBR March 31, 2026 14,841 $6,619,976 No longer tracked
SN Dec. 31, 2025 60,000 $6,189,000 66.0%
TERN March 31, 2026 151,436 $6,118,014 No longer tracked
DAY March 31, 2026 85,033 $5,880,882 No longer tracked
DOCS Dec. 31, 2025 76,738 $5,613,385 -35.3%
MCD June 30, 2025 17,155 $5,358,707 -21.2%
RNA March 31, 2026 68,463 $4,938,236 -41.7%
HOLX June 30, 2026 64,869 $4,903,448 No longer tracked
KVUE March 31, 2026 282,485 $4,872,866 0.3%
PFE Sept. 30, 2025 188,699 $4,574,064 7.4%
MASI June 30, 2026 22,811 $4,057,393 No longer tracked
APP March 31, 2026 6,000 $4,042,920 -29.0%
CFLT March 31, 2026 130,391 $3,943,024 No longer tracked
UNP March 31, 2026 16,890 $3,906,995 13.6%
HI March 31, 2026 122,961 $3,900,323 No longer tracked
MDGL March 31, 2026 6,600 $3,843,444 -5.6%
VRSN June 30, 2025 14,963 $3,798,657 0.6%
WWW Sept. 30, 2025 200,000 $3,616,000 -31.2%
BTI Dec. 31, 2025 65,000 $3,450,200 -7.6%
PVH Sept. 30, 2025 50,000 $3,430,000 -10.9%
LULU Sept. 30, 2025 13,500 $3,207,330 -48.3%
NKE Dec. 31, 2025 45,920 $3,202,002 -48.1%
SPOT Dec. 31, 2025 4,537 $3,166,826 -18.5%
OXY March 31, 2026 76,877 $3,161,182 -10.6%
RL Dec. 31, 2025 10,000 $3,135,600 2.4%
ULTA Dec. 31, 2025 5,500 $3,007,125 -9.9%
CWAN March 31, 2026 124,611 $3,005,617 No longer tracked
WBD June 30, 2026 107,939 $2,964,005 16.1%
TPR Dec. 31, 2025 26,000 $2,943,720 -8.7%
RNR June 30, 2026 9,774 $2,905,126 2.5%
URBN Sept. 30, 2025 40,000 $2,901,600 13.4%
HYG June 30, 2026 35,518 $2,825,812
COCO Dec. 31, 2025 65,515 $2,782,422 8.7%
AVR June 30, 2026 500,525 $2,777,914 -23.6%
RBLX Dec. 31, 2025 19,605 $2,715,685 -46.7%
TDG March 31, 2026 2,000 $2,659,700 -5.6%
TJX Dec. 31, 2025 18,000 $2,601,720 -13.1%
VERA June 30, 2026 64,604 $2,599,019 -31.1%
DECK Dec. 31, 2025 25,000 $2,534,250 -23.9%
CVX March 31, 2026 16,363 $2,493,885 -1.3%
FIVE Dec. 31, 2025 16,000 $2,475,200 17.4%
VIRT June 30, 2026 54,668 $2,404,299 3.4%
STZ June 30, 2026 15,500 $2,325,000 -19.6%
CCEP Sept. 30, 2025 25,000 $2,318,000 10.9%
CHWY March 31, 2026 65,948 $2,179,581 -33.2%
TXG June 30, 2026 101,800 $2,161,214 144.6%
NFLX June 30, 2026 22,260 $2,140,299 -6.5%
ONON Dec. 31, 2025 50,000 $2,117,500 -32.7%
FYBR March 31, 2026 51,847 $1,973,815 No longer tracked
BCRX June 30, 2026 202,900 $1,931,608 -19.9%
PEN June 30, 2026 5,879 $1,930,487 0.7%
LOGCXXXX March 31, 2026 250,000 $1,895,000 No longer tracked
MDLN June 30, 2026 42,455 $1,889,248 -8.8%
TARS June 30, 2026 26,000 $1,823,900 17.2%
BSX June 30, 2026 28,100 $1,763,275 0.7%
LOGCXXXX Sept. 30, 2025 250,000 $1,702,500 No longer tracked
JAZZ March 31, 2026 10,000 $1,700,000 24.5%
MDLZ Sept. 30, 2025 25,000 $1,686,000 -7.1%
TSHA March 31, 2026 300,000 $1,650,000 1.1%
BUD June 30, 2026 23,000 $1,595,510 -10.4%
SCHW March 31, 2026 15,506 $1,549,204 2.9%
LQD June 30, 2026 12,959 $1,412,531
UBER March 31, 2026 16,843 $1,376,242 -3.4%
ACI June 30, 2026 80,000 $1,363,200 -13.6%
CAG June 30, 2026 76,628 $1,204,592 -1.0%
PYPL March 31, 2026 20,162 $1,177,058 18.5%
DIS March 31, 2026 10,332 $1,175,472 6.2%
LEVI Dec. 31, 2025 50,000 $1,165,000 -3.5%
CCEP March 31, 2026 12,600 $1,142,820 10.6%
ADT Dec. 31, 2025 125,000 $1,088,750 -21.9%
WH March 31, 2026 13,920 $1,051,795 -12.0%
EVMN March 31, 2026 60,000 $1,027,200 -70.3%
DNLI March 31, 2026 62,197 $1,026,872 3.9%
CPRI Dec. 31, 2025 50,000 $996,000 -41.6%
CRH (filed as CRHXXXX) Sept. 30, 2025 10,664 $978,955 -32.3%
MRVI June 30, 2026 339,727 $961,427 30.4%
MCO June 30, 2026 2,111 $920,924 -2.2%
EL June 30, 2026 12,130 $870,570 18.6%
LOW June 30, 2026 3,500 $826,980 -18.9%
KVYO March 31, 2026 20,000 $649,400 -16.3%
BTU Sept. 30, 2025 46,000 $617,320 -5.2%
CAH June 30, 2026 2,813 $594,415 -3.4%
NE Sept. 30, 2025 20,900 $554,895 48.3%
MBC June 30, 2026 53,241 $442,433 -31.7%
TECK Sept. 30, 2025 10,000 $403,800 54.6%
METC Sept. 30, 2025 30,095 $395,448 -75.0%
CHWY June 30, 2025 11,747 $381,895 -57.7%
KRMN June 30, 2026 4,281 $342,694 -32.1%
GKOS June 30, 2026 2,800 $301,448 17.9%
ASC Sept. 30, 2025 30,000 $288,000 61.2%
GDX June 30, 2026 3,000 $275,310 15.0%
TMO June 30, 2026 540 $265,426 31.9%
TGNA March 31, 2026 12,435 $241,363 No longer tracked
METCB Sept. 30, 2025 28,933 $236,672 -73.7%
ASC June 30, 2026 14,000 $213,500 36.5%
GOOG June 30, 2026 721 $206,826 -3.4%
BORR Sept. 30, 2025 110,000 $201,300 50.7%
KOS Sept. 30, 2025 107,000 $184,040 51.7%
TALO March 31, 2026 12,500 $137,750 7.0%
SMHI June 30, 2025 26,235 $132,749 63.6%
TALO Sept. 30, 2025 12,500 $106,000 75.9%