Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 -3.4%
S&P 500 total return (same window) +37.0%
Excess return -40.4%

Annualized: -2.7% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Industrials 37.9%
Technology 19.7%
Health Care 14.8%
Consumer products 11.9%
Real Estate 9.6%
Communication Services 6.1%

Full portfolio 12 positions

05
Type Streak 8Q trend
CNM Core & Main, Inc. Class A Common Stock $49,107,499 12.68% 1,017,772 $-13,296,902 Down ×2
LGIH LGI Homes, Inc. - Common Stock $46,197,930 11.93% 725,470 $10,611,799 Down ×1
NOW ServiceNow, Inc. Common Stock $39,260,971 10.13% 395,457 $-6,088,532 Down ×1
VEEV Veeva Systems Inc. Class A Common Stock $37,845,123 9.77% 213,248 $-8,749,395 Down ×1
CIGI Colliers International Group Inc. - Subordinate Voting Shares $37,180,420 9.60% 396,422 $-15,412,025 Down ×1
TFII TFI International Inc. Common Shares $36,547,179 9.43% 254,560 $-6,313,765 Down ×2
EFX Equifax, Inc. Common Stock $32,583,312 8.41% 205,288 $5,848,319 Up ×1
QLYS Qualys, Inc. - Common Stock $30,228,826 7.80% 219,862 $-10,972,912 Down ×1
CRH CRH PLC Ordinary Shares $28,426,155 7.34% 265,665 $-32,490,360 Down ×1
ZD Ziff Davis, Inc. - Common Stock $23,749,900 6.13% 453,502 $98,433 Down ×2
TMO Thermo Fisher Scientific Inc Common Stock $19,532,986 5.04% 38,960 Up ×1
DAVA Endava plc American Depositary Shares (each representing one Class A Ordinary Share) $6,720,191 1.73% 2,374,626 $-6,316,917 Down ×2

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
TMO $19,532,986 38,960 5.04%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CRH Trimmed -314K -$32.5M
CIGI Trimmed -96K -$15.4M
CNM Trimmed -245K -$13.3M
QLYS Trimmed -249K -$11.0M
LGIH Trimmed -175K +$10.6M
VEEV Trimmed -52K -$8.7M
DAVA Trimmed -575K -$6.3M
TFII Trimmed -140K -$6.3M
NOW Trimmed -38K -$6.1M
EFX Bought more +57K +$5.8M

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
OTEX March 31, 2026 2,017,255 $65,722,167 -0.1%