Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +7.7%
S&P 500 total return (same window) +37.0%
Excess return -29.3%

Annualized: +6.1% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Industrials 25.3%
Healthcare 0.4%
Real Estate 0.2%
Technology 0.2%
Communication Services 0.1%
Consumer Discretionary 0.0%
Financials 0.0%
Materials 0.0%
Other/Unmapped 73.8%

Full portfolio 19 positions

05
Type Streak 8Q trend
MDLN Medline Inc. - Class A common stock $7,378,581,641 73.78% 187,083,713 $-946,643,588
SARO StandardAero, Inc. Common Stock $2,529,998,217 25.30% 84,587,035 $345,115,103
PHAT Phathom Pharmaceuticals, Inc. - Common Stock $37,940,367 0.38% 3,496,808 $-909,170
INVH Invitation Homes Inc. Common Stock $20,026,209 0.20% 662,900 $3,523,324 Down ×1
PONY Pony AI Inc. - American Depositary Shares $16,419,007 0.16% 2,362,447 $-5,882,493
GETY Getty Images Holdings, Inc. Class A Common Stock $5,361,457 0.05% 6,234,252 $415,201
SPRB Spruce Biosciences, Inc. - Common Stock $2,085,493 0.02% 38,620 $-438,340
SPWR SunPower Inc. - Common Stock $1,610,859 0.02% 2,343,750 $1,060,748 Up ×1
ACET Adicet Bio, Inc. - Common Stock $1,592,308 0.02% 184,295 $337,260
FWRD Forward Air Corporation - Common Stock $1,448,461 0.01% 107,214 $-343,085
OKUR OnKure Therapeutics, Inc. - Class A Common Stock $1,230,721 0.01% 269,895 $113,356
DNUT Krispy Kreme, Inc. - Common Stock $1,202,840 0.01% 340,748 $47,704
QTTB Q32 Bio Inc. - Common Stock $769,020 0.01% 60,363 $-6,310,577 Down ×1
REPX CUSIP: 76665T102 $530,387 0.01% 16,092 Up ×1
NBIS Nebius Group N.V. - Class A Ordinary Shares $509,810 0.01% 1,846 Up ×1
HOOD Robinhood Markets, Inc. - Class A Common Stock $474,625 0.00% 4,733 $240,668 Up ×1
JSPR Jasper Therapeutics, Inc. - Class A Common Stock $448,866 0.00% 1,066,189 $-485,329
NABL N-able, Inc. Common Stock $343,996 0.00% 93,732 $-93,732
METC Ramaco Resources, Inc. - Class A Common Stock $287,667 0.00% 21,743 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
REPX $530,387 16,092 0.01%
NBIS $509,810 1,846 0.01%
METC $287,667 21,743 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
MDLN Price move only +0 -$946.6M
SARO Price move only +0 +$345.1M
PONY Price move only +0 -$5.9M
INVH Trimmed -1K +$3.5M
SPWR Bought more +1.9M +$1.1M
PHAT Price move only +0 -$909K
JSPR Price move only +0 -$485K
SPRB Price move only +0 -$438K
GETY Price move only +0 +$415K
FWRD Price move only +0 -$343K

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
SLNO Sept. 30, 2025 860,980 $72,081,246 No longer tracked
WRD June 30, 2025 3,423,023 $46,450,418 -35.7%
CUBE June 30, 2026 220,500 $8,081,325 -6.5%
SMHI June 30, 2025 1,355,761 $6,860,151 70.4%
EM Sept. 30, 2025 3,807,399 $4,340,435 No longer tracked
HLVX Sept. 30, 2025 1,838,486 $3,585,048 No longer tracked
FWRD (filed as FWRDXXXX) June 30, 2025 107,214 $2,673,723 -38.6%
SPRB June 30, 2025 2,896,518 $840,280 -88.9%
HTFL June 30, 2026 20,438 $497,256 77.9%
SYRE June 30, 2026 9,620 $485,233 4.4%
NCNA March 31, 2026 133,333 $479,999 -24.3%
XCUR June 30, 2026 56,328 $239,647 -48.6%
HOOD Sept. 30, 2025 2,497 $233,794 -20.3%
CART June 30, 2025 5,479 $218,557 1.0%