Sector breakdown

04
Real Estate 3.2%
Utilities 3.1%
Energy 1.9%
Technology 0.4%
Materials 0.4%
Retail 0.1%
Communication Services 0.1%
Financials 0.0%
Other/Unmapped 90.8%

Full portfolio 41 positions

05
Type Streak 8Q trend
CTEF EA Series Trust $611,047,475 66.99% 6,474,991 $169,667,624 Down ×1
CTIF EA Series Trust $176,727,420 19.38% 3,441,216 $16,468,425 Up ×4
BOXX EA Series Trust $20,489,462 2.25% 174,989 $-149,803 Down ×1
CTRE CareTrust REIT, Inc. Common Stock $5,262,891 0.58% 130,431 $491,831 Up ×3
LXP LXP Industrial Trust Common Stock (Maryland REIT) $5,122,587 0.56% 95,074 Up ×1
EIX Edison International Common Stock $5,078,681 0.56% 68,216 Up ×1
WEC WEC Energy Group, Inc. Common Stock $4,860,551 0.53% 41,625 $352,583 Up ×5
EGP EastGroup Properties, Inc. Common Stock $4,823,657 0.53% 23,817 $395,749 Down ×1
DKL Delek Logistics Partners, L.P. Common Units representing Limited Partner Interests $4,806,775 0.53% 93,263 $270,554 Up ×5
FR First Industrial Realty Trust, Inc. Common Stock $4,773,474 0.52% 77,858 $190,655 Down ×1
MPLX MPLX LP Common Units Representing Limited Partner Interests $4,671,503 0.51% 82,931 $274,088 Up ×5
GLTR abrdn Physical Precious Metals Basket Shares ETF $4,617,514 0.51% 25,490 $-387,237 Up ×1
NEE NextEra Energy, Inc. Common Stock $4,584,929 0.50% 52,238 $-439,415 Down ×1
GTY Getty Realty Corporation Common Stock $4,559,545 0.50% 136,677 $288,773 Up ×5
CWEN Clearway Energy, Inc. Class C Common Stock $4,555,510 0.50% 133,280 $-1,032,707 Down ×1
BIPC Brookfield Infrastructure Corporation Brookfield Infrastructure Corporation $4,552,279 0.50% 118,241 Up ×1
VICI VICI Properties Inc. Common Stock $4,482,914 0.49% 168,848 Up ×1
ATO Atmos Energy Corporation Common Stock $4,449,734 0.49% 25,830 $-283,716 Up ×5
HESM Hess Midstream LP Class A Representing Limited Partner Interests $4,249,590 0.47% 113,021 $406,435 Up ×5
XLE SELECT SECTOR SPDR TRUST $3,816,007 0.42% 71,851 $-1,059,738 Down ×2
OCTP PGIM Rock ETF Trust $2,536,670 0.28% 78,480 $44,489 Down ×1
MSFT Microsoft Corporation - Common Stock $2,200,818 0.24% 5,900 $-94,236 Down ×2
BHP BHP Group Limited American Depositary Shares (Each representing two Ordinary Shares) $2,055,091 0.23% 24,668 $85,074 Down ×1
RIO Rio Tinto Plc Common Stock $1,871,925 0.21% 19,719 $-138,288 Down ×1
XOM Exxon Mobil Corporation Common Stock $1,839,294 0.20% 13,453 $-682,193 Down ×2
CVX Chevron Corporation Common Stock $1,801,314 0.20% 10,867 $-553,415 Down ×2
IVV iShares Trust $1,644,562 0.18% 2,196 Up ×1
DDFN Innovator Equity Dual Directional 15 Buffer ETF - November $1,594,372 0.17% 79,420 $51,803 Down ×1
RSP Invesco Exchange-Traded Fund Trust $1,396,197 0.15% 6,562
Unknown issuer (CUSIP: 78462F953) $1,273,395 0.14% 629 Put option $-267,260 Up ×1
ORCL Oracle Corporation Common Stock $1,113,780 0.12% 7,600 $-4,256
Unknown issuer (CUSIP: 46090E953) $774,408 0.08% 164 Put option $80,292 Down ×1
EFA iShares Trust $726,641 0.08% 6,995 Up ×1
IWM iShares Trust $690,134 0.08% 2,297 Up ×1
SPY SPY $672,093 0.07% 900 $-1,669,131 Down ×2
AMZN Amazon.com, Inc. - Common Stock $572,016 0.06% 2,400 $72,168
META Meta Platforms, Inc. - Class A Common Stock $563,290 0.06% 1,000 $-8,840
PGR Progressive Corporation (The) Common Stock $436,900 0.05% 2,000 $40,420
VNQ VANGUARD SPECIALIZED FUNDS $299,415 0.03% 3,105 Up ×1
DELL Dell Technologies Inc. Class C Common Stock $252,404 0.03% 585 Up ×1
MU Micron Technology, Inc. - Common Stock $242,401 0.03% 210 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
CTIF $176,727,420 19.38% up ×4
CTRE $5,262,891 0.58% up ×3
WEC $4,860,551 0.53% up ×5
DKL $4,806,775 0.53% up ×5
MPLX $4,671,503 0.51% up ×5
GTY $4,559,545 0.50% up ×5
ATO $4,449,734 0.49% up ×5
HESM $4,249,590 0.47% up ×5

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
LXP $5,122,587 95,074 0.56%
EIX $5,078,681 68,216 0.56%
BIPC $4,552,279 118,241 0.50%
VICI $4,482,914 168,848 0.49%
IVV $1,644,562 2,196 0.18%
RSP $1,396,197 6,562 0.15%
EFA $726,641 6,995 0.08%
IWM $690,134 2,297 0.08%
VNQ $299,415 3,105 0.03%
DELL $252,404 585 0.03%
MU $242,401 210 0.03%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CTEF Trimmed -25K +$169.7M
CTIF Bought more +138K +$16.5M
SPY Trimmed -3K -$1.7M
XLE Trimmed -8K -$1.1M
CWEN Trimmed -9K -$1.0M
XOM Trimmed -1K -$682K
CVX Trimmed -514 -$553K
CTRE Bought more +252 +$492K
NEE Trimmed -2K -$439K
HESM Bought more +14K +$406K

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
FTNT June 30, 2025 138,768 $13,357,808 71.2%
IDCC June 30, 2025 60,808 $12,572,054 49.5%
TSCO June 30, 2025 227,261 $12,522,081 -41.1%
MCK June 30, 2025 18,438 $12,408,590 23.1%
YOU June 30, 2025 476,333 $12,341,788 49.7%
LNG June 30, 2025 53,298 $12,333,157 10.9%
BKNG June 30, 2025 2,578 $11,876,614 -97.3%
GOOG March 31, 2026 37,102 $11,642,608 18.6%
BLBD June 30, 2025 328,802 $10,643,321 31.0%
THC June 30, 2025 78,223 $10,520,994 46.9%
TPR June 30, 2025 145,381 $10,236,276 34.5%
LNWO June 30, 2025 117,584 $10,183,950 No longer tracked
APP June 30, 2025 38,037 $10,078,664 -23.4%
SYF June 30, 2025 189,929 $10,054,841 7.5%
NCLH June 30, 2025 512,385 $9,714,820 -25.3%
NVDA June 30, 2025 88,250 $9,564,535 48.1%
GAP June 30, 2025 447,951 $9,232,270 3.2%
RSP March 31, 2026 39,016 $7,473,905 10.0%
MOD June 30, 2025 91,214 $7,000,675 80.9%
MCK March 31, 2026 8,130 $6,668,958 4.3%
NVDA March 31, 2026 31,477 $5,870,461 34.1%
BR June 30, 2025 24,170 $5,860,258 -35.4%
TRV June 30, 2025 21,651 $5,725,823 34.7%
PG June 30, 2025 32,482 $5,535,582 -9.0%
SNA June 30, 2025 16,378 $5,519,550 18.5%
AMP June 30, 2025 10,970 $5,310,687 -8.0%
HON June 30, 2025 24,889 $5,270,246 -2.5%
POR June 30, 2026 94,433 $4,983,229 -14.0%
ELV June 30, 2025 11,362 $4,942,016 -0.7%
VB March 31, 2026 19,118 $4,931,488
PH June 30, 2025 8,037 $4,885,290 39.2%
ADI June 30, 2025 24,135 $4,867,305 75.3%
NJR June 30, 2026 88,321 $4,850,589 -7.9%
GWW June 30, 2025 4,883 $4,823,574 23.1%
ES June 30, 2026 65,923 $4,567,145 -10.8%
ORCL June 30, 2025 32,604 $4,558,365 -34.9%
ETN June 30, 2025 16,474 $4,478,127 22.2%
TRNO June 30, 2026 72,689 $4,464,558 -0.4%
ACN June 30, 2025 14,135 $4,410,685 -33.5%
AVGO June 30, 2025 25,018 $4,188,764 28.8%
USMV March 31, 2026 41,342 $3,892,763
AXP March 31, 2026 9,237 $3,417,228 0.1%
V March 31, 2026 9,321 $3,268,968 19.3%
EXR Sept. 30, 2025 21,156 $3,119,241 -5.5%
CAT March 31, 2026 5,364 $3,072,875 19.3%
SRE Sept. 30, 2025 40,348 $3,057,168 -12.9%
BRK-B (filed as BRKB) March 31, 2026 6,073 $3,052,593 No longer tracked
IUSV March 31, 2026 29,740 $3,049,540
PANW March 31, 2026 15,704 $2,892,677 151.5%
TT March 31, 2026 7,401 $2,880,469 11.3%
WMT March 31, 2026 25,011 $2,786,476 -16.1%
UBER March 31, 2026 30,174 $2,465,518 -5.3%
TMO March 31, 2026 3,637 $2,107,460 33.2%
INDA March 31, 2026 34,884 $1,885,480
HD March 31, 2026 5,232 $1,800,331 -14.0%
HON March 31, 2026 8,088 $1,577,888 -5.3%
GOOGL March 31, 2026 4,600 $1,439,800 19.5%
HALO Dec. 31, 2025 16,000 $1,173,440 63.2%
ABT June 30, 2025 5,474 $726,126 -28.3%
ADP June 30, 2025 2,322 $709,441 -16.4%
RPM June 30, 2025 6,015 $695,815 -9.7%
ITW June 30, 2025 2,771 $687,236 6.3%
CAT June 30, 2025 2,052 $676,750 117.8%
HUBB June 30, 2025 2,022 $669,100 16.4%
PDEC March 31, 2026 12,186 $528,629
LRN June 30, 2026 5,800 $511,386 -8.5%
BMAR March 31, 2026 7,728 $409,958
BAPR Dec. 31, 2025 7,160 $335,851
AVGO March 31, 2026 721 $249,538 14.7%
AAPL June 30, 2026 930 $236,025 15.3%
JPM March 31, 2026 644 $207,510 13.0%