Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +36.5%
S&P 500 total return (same window) +37.0%
Excess return -0.5%

Annualized: +28.3% · 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: 94.2% · Options excluded: 1.8%

Sector breakdown

04
Technology 24.6%
Communication Services 14.2%
Healthcare 11.8%
Consumer Staples 9.1%
Financials 7.9%
Materials 4.3%
Energy 4.0%
Industrials 2.5%
Consumer Discretionary 1.0%
Retail 0.3%
Consumer products 0.2%
Other/Unmapped 20.2%

Full portfolio 71 positions

05
Type Streak 8Q trend
AAPL Apple Inc. - Common Stock $16,834,283 9.84% 58,176 $3,805,174 Up ×6
CSCO Cisco Systems, Inc. - Common Stock $13,185,115 7.71% 112,251 $4,642,539 Up ×6
SCCO Southern Copper Corporation Common Stock $7,291,910 4.26% 41,845 $1,059,897 Up ×6
UNH UnitedHealth Group Incorporated Common Stock (DE) $6,781,419 3.97% 16,316 $2,721,216 Up ×3
VOO VANGUARD INDEX FUNDS $5,901,463 3.45% 8,592 $1,130,644 Up ×6
PM Philip Morris International Inc Common Stock $5,734,572 3.35% 31,698 $792,480 Up ×6
AXP American Express Company Common Stock $5,549,185 3.24% 16,405 $366,320 Down ×3
DIS Walt Disney Company (The) Common Stock $5,381,915 3.15% 55,916 $137,205 Up ×6
TXN Texas Instruments Incorporated - Common Stock $5,310,415 3.11% 17,816 $1,796,093 Down ×1
JNJ Johnson & Johnson Common Stock $4,928,505 2.88% 19,405 $189,582 Up ×6
MO Altria Group, Inc. $4,898,310 2.86% 68,079 $735,571 Up ×6
KO Coca-Cola Company (The) Common Stock $4,867,018 2.85% 59,886 $776,674 Up ×3
VZ Verizon Communications Inc. Common Stock $4,067,773 2.38% 96,074 $-327,538 Up ×1
V Visa Inc. $4,013,551 2.35% 11,698 $1,014,954 Up ×6
IBM International Business Machines Corporation Common Stock $3,970,783 2.32% 14,120 $864,493 Up ×6
COP ConocoPhillips Common Stock $3,484,427 2.04% 33,517 $-695,881 Up ×6
EOG EOG Resources, Inc. Common Stock $3,289,953 1.92% 25,360 $-71,155 Up ×4
MRK Merck & Company, Inc. Common Stock (new) $3,083,229 1.80% 23,994 $62,146 Down ×2
XLK SELECT SECTOR SPDR TRUST $3,006,977 1.76% 15,783 $854,661 Down ×2
JPM JP Morgan Chase & Co. Common Stock $2,973,962 1.74% 9,085 $301,429
SECT Main Sector Rotation ETF $2,961,666 1.73% 41,100 $440,504 Down ×1
XLI SELECT SECTOR SPDR TRUST $2,804,197 1.64% 15,139 $475,123 Up ×1
SPY SPY $2,782,220 1.63% 3,725 $286,538 Down ×2
AMAT Applied Materials, Inc. - Common Stock $2,765,475 1.62% 3,825 Up ×1
XLP XLP $2,666,049 1.56% 32,094 Up ×1
MU Micron Technology, Inc. - Common Stock $2,637,553 1.54% 2,285 $1,606,803 Down ×1
XLE SELECT SECTOR SPDR TRUST $2,515,714 1.47% 47,368 $2,293,646 Up ×1
UPS United Parcel Service, Inc. Common Stock $2,502,493 1.46% 23,279 $471,241 Up ×6
NVDA NVIDIA Corporation - Common Stock $2,122,346 1.24% 10,606 $536,573 Up ×3
CRM Salesforce, Inc. Common Stock $2,048,804 1.20% 13,078 $-514,181 Down ×1
FTNT Fortinet, Inc. - Common Stock $2,018,720 1.18% 13,141 $938,300 Down ×1
LLY Eli Lilly and Company Common Stock $1,990,375 1.16% 1,659 $465,223 Up ×6
SPY SPY $1,792,248 1.05% 2,400 Put option $231,432
WDC Western Digital Corporation - Common Stock $1,767,338 1.03% 2,767 $1,514,430 Up ×1
RVMD Revolution Medicines, Inc. - Common Stock $1,726,347 1.01% 9,218 Up ×1
MGV VANGUARD WORLD FUND $1,638,423 0.96% 10,024 $297,056 Up ×6
VO VANGUARD INDEX FUNDS $1,530,185 0.89% 18,992 $284,685 Up ×6
EXPE Expedia Group, Inc. - Common Stock $1,522,742 0.89% 5,951
SCHA SCHWAB STRATEGIC TRUST $1,498,853 0.88% 41,485 $394,395 Up ×5
META Meta Platforms, Inc. - Class A Common Stock $1,283,745 0.75% 2,279 $266,491 Up ×3
IDXX IDEXX Laboratories, Inc. - Common Stock $1,247,136 0.73% 2,369 $336,874 Up ×3
DDEC First Trust Exchange-Traded Fund VIII $1,152,871 0.67% 24,335 $149,708 Up ×2
CAT Caterpillar, Inc. Common Stock $1,058,511 0.62% 994 $325,255 Down ×2
DAUG First Trust Exchange-Traded Fund VIII $952,687 0.56% 20,336 $121,008 Up ×1
DAPR First Trust Exchange-Traded Fund VIII $937,869 0.55% 22,942 $100,630 Up ×1
GABC German American Bancorp, Inc. - Common Stock $898,465 0.53% 18,931 $107,339
NOBL ProShares Trust $702,370 0.41% 12,506 $57,617 Up ×1
MSFT Microsoft Corporation - Common Stock $578,247 0.34% 1,550 $-2,963 Down ×1
LRCX Lam Research Corporation - Common Stock $512,196 0.30% 1,182 $259,436 Down ×2
TER Teradyne, Inc. - Common Stock $400,136 0.23% 827 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $349,869 0.20% 979 $79,559 Up ×1
TCHP T. Rowe Price Exchange-Traded Funds, Inc. $344,419 0.20% 6,876 $102,003 Up ×3
JBL Jabil Inc. Common Stock $328,043 0.19% 851 Up ×1
HD Home Depot, Inc. (The) Common Stock $319,290 0.19% 905 $21,803 Up ×2
DFEB First Trust Exchange-Traded Fund VIII $316,587 0.19% 6,270 $19,340 Down ×1
WDAY Workday, Inc. - Class A Common Stock $312,538 0.18% 2,553 $64,781 Up ×1
QCOM QUALCOMM Incorporated - Common Stock $310,632 0.18% 1,681 $78,184 Down ×1
QQQ Invesco QQQ Trust, Series 1 $278,359 0.16% 378
FVD First Trust Exchange-Traded Fund $272,265 0.16% 5,651 $42,900 Up ×1
AMZN Amazon.com, Inc. - Common Stock $259,791 0.15% 1,090 $32,777
ADBE Adobe Inc. - Common Stock $258,530 0.15% 1,261 $12,290 Up ×2
AMD Advanced Micro Devices, Inc. - Common Stock $253,858 0.15% 437 $-842,833 Down ×1
VICR Vicor Corporation - Common Stock $236,223 0.14% 622 Up ×1
VUG VANGUARD INDEX FUNDS $220,476 0.13% 2,559 Up ×1
REYN Reynolds Consumer Products Inc. - Common Stock $210,826 0.12% 7,852
AYI Acuity Inc. Common Stock $206,786 0.12% 549 Up ×1
IWY iShares Trust $206,340 0.12% 710 Up ×1
PTGX Protagonist Therapeutics, Inc. - Common Stock $205,322 0.12% 1,675 Up ×1
SYRE Spyre Therapeutics, Inc. - Common Stock $202,152 0.12% 2,277 Up ×1
TMHC Taylor Morrison Home Corporation Common Stock $201,948 0.12% 2,815 Up ×1
MAT Mattel, Inc. - Common Stock $154,318 0.09% 11,118 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
AAPL $16,834,283 9.84% up ×6
CSCO $13,185,115 7.71% up ×6
SCCO $7,291,910 4.26% up ×6
UNH $6,781,419 3.97% up ×3
VOO $5,901,463 3.45% up ×6
PM $5,734,572 3.35% up ×6
DIS $5,381,915 3.15% up ×6
JNJ $4,928,505 2.88% up ×6
MO $4,898,310 2.86% up ×6
KO $4,867,018 2.85% up ×3
V $4,013,551 2.35% up ×6
IBM $3,970,783 2.32% up ×6
COP $3,484,427 2.04% up ×6
EOG $3,289,953 1.92% up ×4
UPS $2,502,493 1.46% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
AMAT $2,765,475 3,825 1.62%
XLP $2,666,049 32,094 1.56%
RVMD $1,726,347 9,218 1.01%
EXPE $1,522,742 5,951 0.89%
TER $400,136 827 0.23%
JBL $328,043 851 0.19%
QQQ $278,359 378 0.16%
VICR $236,223 622 0.14%
VUG $220,476 2,559 0.13%
REYN $210,826 7,852 0.12%
AYI $206,786 549 0.12%
IWY $206,340 710 0.12%
PTGX $205,322 1,675 0.12%
SYRE $202,152 2,277 0.12%
TMHC $201,948 2,815 0.12%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CSCO Bought more +2K +$4.6M
AAPL Bought more +7K +$3.8M
UNH Bought more +1K +$2.7M
TXN Trimmed -286 +$1.8M
MU Trimmed -766 +$1.6M
VOO Bought more +609 +$1.1M
SCCO Bought more +6K +$1.1M
V Bought more +2K +$1.0M
FTNT Trimmed -80 +$938K
IBM Bought more +1K +$864K

2 positions 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
NKE Sept. 30, 2025 70,551 $5,011,943 -51.4%
TRV June 30, 2025 16,813 $4,446,366 34.7%
PNC June 30, 2025 14,923 $2,623,016 18.6%
XLB June 30, 2026 44,738 $2,235,558 No longer tracked
XLY Sept. 30, 2025 10,205 $2,217,853 No longer tracked
XLF June 30, 2026 42,989 $2,122,367 -0.2%
IJS Sept. 30, 2025 20,784 $2,067,800 18.0%
XLC June 30, 2026 18,245 $2,022,641 3.0%
PAYX Sept. 30, 2025 13,688 $1,991,056 -21.9%
CVX June 30, 2025 11,728 $1,961,977 44.3%
PFE June 30, 2025 50,603 $1,282,305 14.7%
ADSK June 30, 2026 4,481 $1,072,751 9.0%
TSLA March 31, 2026 2,339 $1,051,895 -0.3%
EXPE March 31, 2026 3,690 $1,045,414 14.8%
CORP Sept. 30, 2025 10,244 $996,844
ANGL Sept. 30, 2025 34,034 $996,516 -5.3%
SJNK Sept. 30, 2025 38,840 $989,643
AMGN June 30, 2026 2,705 $951,754 11.3%
MNST June 30, 2026 12,865 $932,198 -10.7%
MPWR March 31, 2026 1,006 $911,798 31.7%
CRWD Dec. 31, 2025 1,361 $667,407 -42.4%
GILD Sept. 30, 2025 5,749 $637,392 30.4%
NTRA Sept. 30, 2025 3,676 $621,023 154.9%
SMCI March 31, 2026 20,863 $610,660 91.9%
NFLX Dec. 31, 2025 496 $594,664 -28.5%
VRSK June 30, 2025 1,950 $580,359 -47.4%
TMUS Sept. 30, 2025 2,304 $548,951 -31.6%
DLTR Dec. 31, 2025 5,560 $524,697 -8.8%
VXUS March 31, 2026 5,527 $416,957
ARE Dec. 31, 2025 4,943 $411,950 -3.2%
UAL June 30, 2025 5,474 $377,980 41.3%
AEE June 30, 2025 3,669 $368,368 4.1%
VCSH March 31, 2026 4,408 $351,450
BND June 30, 2025 4,115 $302,247
HRL June 30, 2025 9,545 $295,322 -33.1%
ORCL Dec. 31, 2025 1,030 $289,677 -27.0%
CIEN June 30, 2026 735 $285,349 -20.2%
SNEX Dec. 31, 2025 2,731 $275,613 3.8%
EPAM June 30, 2026 2,017 $273,102 36.5%
BE Sept. 30, 2025 11,369 $271,946 241.9%
HPE June 30, 2026 11,394 $271,291 53.7%
ACI June 30, 2025 12,125 $266,629 -45.4%
CVSA Dec. 31, 2025 1,705 $263,337 21.3%
PHM Dec. 31, 2025 1,978 $261,353 -1.3%
CTSH March 31, 2026 3,120 $258,960 -4.6%
UNH June 30, 2025 492 $257,685 19.2%
UI June 30, 2026 326 $257,635 16.2%
BXP March 31, 2026 3,736 $252,105 16.5%
LNT June 30, 2026 3,436 $246,567 -15.7%
LEVI Sept. 30, 2025 13,312 $246,139 -14.7%
KLAC March 31, 2026 201 $244,231 -85.9%
MHK Sept. 30, 2025 2,311 $242,285 -1.9%
DOX June 30, 2025 2,631 $240,737 -36.3%
ORI Dec. 31, 2025 5,632 $239,191 -16.6%
LOPE Dec. 31, 2025 1,089 $239,057 -6.3%
BYD Sept. 30, 2025 3,019 $236,176 -22.2%
ALLY June 30, 2025 6,473 $236,070 -2.7%
LRCX Sept. 30, 2025 2,412 $234,784 159.5%
AFG June 30, 2025 1,783 $234,179 10.2%
KBH Sept. 30, 2025 4,400 $233,068 -28.1%
DAY June 30, 2025 3,989 $232,678 No longer tracked
VVV Sept. 30, 2025 6,140 $232,522 -14.8%
DOC Sept. 30, 2025 13,268 $232,323 1.8%
ENPH Dec. 31, 2025 6,518 $230,672 4.4%
AB Sept. 30, 2025 5,633 $229,995 -8.4%
EHC Dec. 31, 2025 1,810 $229,906 12.9%
CNA June 30, 2025 4,524 $229,774 -0.4%
DAY Dec. 31, 2025 3,309 $227,957 No longer tracked
SLM Sept. 30, 2025 6,921 $226,940 -17.8%
NDSN Dec. 31, 2025 994 $225,588 38.7%
AMKR March 31, 2026 5,690 $224,641 24.4%
NNI Dec. 31, 2025 1,786 $223,929 -6.8%
AGX June 30, 2026 410 $223,307 -51.9%
EMN Sept. 30, 2025 2,982 $222,636 2.9%
CHE June 30, 2025 361 $222,131 4.2%
PTCT Sept. 30, 2025 4,537 $221,587 3.4%
AIZ Dec. 31, 2025 1,023 $221,582 11.0%
AIZ June 30, 2025 1,053 $220,867 35.4%
REYN Sept. 30, 2025 10,276 $220,112 -8.8%
AZEK June 30, 2025 4,495 $219,761 No longer tracked
MTH June 30, 2026 3,532 $218,419 -23.9%
PCTY Sept. 30, 2025 1,203 $217,972 -9.3%
VRRM Dec. 31, 2025 8,765 $216,496 -87.5%
GPK Sept. 30, 2025 10,238 $215,715 -55.1%
PRI June 30, 2025 756 $215,105 0.6%
BFAM June 30, 2026 2,614 $214,688 -9.3%
GOOG Dec. 31, 2025 880 $214,566 8.5%
CACC Dec. 31, 2025 448 $209,185 19.0%
TNL Dec. 31, 2025 3,503 $208,393 -10.8%
QQQ March 31, 2026 337 $207,022 29.0%
QXO Dec. 31, 2025 10,829 $206,401 -37.5%
ATR Dec. 31, 2025 1,537 $205,435 -1.7%
TRMB March 31, 2026 2,620 $205,277 -11.8%
FRHC Dec. 31, 2025 1,190 $204,835 42.2%
IT Dec. 31, 2025 779 $204,776 -26.7%
DOX Dec. 31, 2025 2,484 $203,812 -27.8%
ARE June 30, 2026 4,329 $200,952 -10.4%
SON Dec. 31, 2025 4,645 $200,153 11.7%
ACI Dec. 31, 2025 11,074 $193,906 -31.6%
ACI June 30, 2026 10,491 $178,767 -13.2%
ADT March 31, 2026 21,124 $170,471 -4.9%
ONDS June 30, 2026 17,497 $158,173 -12.1%