Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +3.7%
S&P 500 total return (same window) +37.0%
Excess return -33.3%

Annualized: +3.0% · 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 42.1%
Healthcare 15.5%
Materials 12.8%
Retail 10.1%
Financials 8.1%
Energy 6.5%
Communication Services 3.5%
Consumer Staples 1.4%

Full portfolio 11 positions

05
Type Streak 8Q trend
ADP Automatic Data Processing, Inc. - Common Stock $10,771,995 26.23% 48,100 $999,037
DOV Dover Corporation Common Stock $6,504,120 15.84% 29,000 $459,070
JNJ Johnson & Johnson Common Stock $6,349,250 15.46% 25,000 $238,250
APD Air Products and Chemicals, Inc. Common Stock $4,397,700 10.71% 15,000 $40,350
TJX TJX Companies, Inc. (The) Common Stock $4,166,250 10.14% 27,500 $-225,500
ENB Enbridge Inc Common Stock $2,667,132 6.49% 49,200 $3,444
MRSH Marsh Common Stock $1,766,035 4.30% 10,596 $-71,841
AJG Arthur J. Gallagher & Co. Common Stock $1,579,901 3.85% 6,882 $89,397
VZ Verizon Communications Inc. Common Stock $1,452,262 3.54% 34,300 $-269,598
LYB LyondellBasell Industries NV Ordinary Shares Class A (Netherlands) $849,455 2.07% 16,134 $-450,300
MDLZ Mondelez International, Inc. - Class A Common Stock $563,940 1.37% 9,750 $1,950

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ADP Price move only +0 +$999K
DOV Price move only +0 +$459K
LYB Price move only +0 -$450K
VZ Price move only +0 -$270K
JNJ Price move only +0 +$238K
TJX Price move only +0 -$226K
AJG Price move only +0 +$89K
MRSH Price move only +0 -$72K
APD Price move only +0 +$40K
ENB Price move only +0 +$3K

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
CB Dec. 31, 2025 15,047 $4,247,016 5.9%