Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +42.9%
S&P 500 total return (same window) +37.0%
Excess return +5.9%

Annualized: +33.1% · 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: 90.5% · Options excluded: 0.0%

Sector breakdown

04
Industrials 17.0%
Health Care 16.3%
Energy 13.4%
Financials 11.4%
Communication Services 9.7%
Utilities 8.5%
Technology 4.4%
Real Estate 3.9%
Materials 1.2%
Consumer Discretionary 1.1%
Other/Unmapped 13.1%

Full portfolio 44 positions

05
Type Streak 8Q trend
SNDA Sonida Senior Living, Inc. Common Stock $12,924,420 8.49% 316,775 $2,892,219 Up ×2
VTOL Bristow Group, Inc. Common Stock $11,884,458 7.81% 287,620 $-101,611 Up ×1
TAC TransAlta Corporation Ordinary Shares $9,107,276 5.98% 658,516 $835,857 Up ×2
FLR Fluor Corporation Common Stock $6,573,950 4.32% 125,481 $695,630 Down ×1
CRC California Resources Corporation Common Stock $6,463,886 4.25% 122,260 $-493,209 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $6,258,534 4.11% 17,713 $564,076 Down ×6
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $6,039,207 3.97% 12,069 $268,201 Up ×2
TWLO Twilio Inc. Class A Common Stock $5,206,119 3.42% 25,232 $1,100,738 Down ×1
FLEX Flex Ltd. - Ordinary Shares $5,089,484 3.34% 31,403 $891,927 Down ×6
WFC Wells Fargo & Company Common Stock $4,907,328 3.22% 59,382 $-606,859 Down ×1
SGOV iShares Trust $4,660,990 3.06% 46,300 $-200,045 Down ×1
ABBV AbbVie Inc. Common Stock $4,591,423 3.02% 18,246 $633,975 Up ×2
AZN AstraZeneca PLC - American Depositary Shares $4,401,459 2.89% 23,212 $-163,001 Up ×1
NHI National Health Investors, Inc. Common Stock $4,260,494 2.80% 55,868 $-241,467 Up ×4
TKO TKO Group Holdings, Inc. Class A Common Stock $4,046,331 2.66% 20,100 $5,063 Up ×2
FDX FedEx Corporation Common Stock $3,798,580 2.50% 12,131 $-505,143 Up ×2
NXT Nextpower Inc. - Class A Common Stock $3,734,324 2.45% 31,344 $-1,085,868 Down ×5
DTE DTE Energy Company Common Stock $3,668,308 2.41% 24,075 Up ×1
LHX L3Harris Technologies, Inc. Common Stock $3,581,231 2.35% 12,324 $-666,530 Up ×2
IVLU iShares Trust $3,387,838 2.23% 81,010 $173,718 Up ×2
VXUS Vanguard Total International Stock ETF $3,194,077 2.10% 37,362 $313,864 Up ×2
J Jacobs Solutions Inc. Common Stock $2,862,846 1.88% 22,721 $-185,765 Down ×1
NFLX Netflix, Inc. - Common Stock $2,855,000 1.88% 39,986 $-247,760 Up ×1
BKD Brookdale Senior Living Inc. Common Stock $2,654,850 1.74% 165,000 $1,286,850 Up ×1
TSLX Sixth Street Specialty Lending, Inc. Common Stock $2,580,308 1.70% 150,280 $-352,331 Down ×2
MSIF MSC Income Fund, Inc. Common Stock $2,314,000 1.52% 200,000 $243,400 Up ×2
EPSN Epsilon Energy Ltd. - Common Shares $1,990,626 1.31% 367,953 $-275,964
Unknown issuer (CUSIP: 438516205) $1,900,687 1.25% 8,489 Up ×1
B Barrick Mining Corporation Common Shares $1,900,190 1.25% 51,734 $-210,040
Unknown issuer (CUSIP: 43849R105) $1,876,748 1.23% 8,489 Up ×1
REFI Chicago Atlantic Real Estate Finance, Inc. - Common Stock $1,665,288 1.09% 155,344 $-36,606 Up ×1
LUMN Lumen Technologies, Inc. Common Stock $1,536,000 1.01% 200,000 $-305,750 Down ×1
MSOS AdvisorShares Trust $1,524,000 1.00% 300,000 Up ×1
NTIP CUSIP: 64121N109 $1,513,281 0.99% 1,029,443 $103,322 Up ×1
MITK Mitek Systems, Inc. - Common Stock $1,509,750 0.99% 75,000 Up ×1
FNKO Funko, Inc. - Class A Common Stock $1,395,206 0.92% 237,280 Up ×1
INFU CUSIP: 45685K102 $1,006,756 0.66% 104,327 $892,304 Up ×1
VRTS Virtus Investment Partners, Inc. Common Stock $1,004,500 0.66% 7,000 $-339,000 Down ×1
Unknown issuer (CUSIP: 314352105) $910,228 0.60% 6,028 Up ×1
LIEN Chicago Atlantic BDC, Inc. - Common Stock $573,167 0.38% 58,666 Up ×1
ITRI Itron, Inc. - Common Stock $230,776 0.15% 2,667 Up ×1
APTV Aptiv PLC Ordinary Shares $215,014 0.14% 3,503 Up ×1
NGG National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares $214,716 0.14% 2,591 Up ×1
OM Outset Medical, Inc. - Common Stock $162,117 0.11% 37,527 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
NHI $4,260,494 2.80% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
DTE $3,668,308 24,075 2.41%
Unknown issuer (CUSIP: 438516205) $1,900,687 8,489 1.25%
Unknown issuer (CUSIP: 43849R105) $1,876,748 8,489 1.23%
MSOS $1,524,000 300,000 1.00%
MITK $1,509,750 75,000 0.99%
FNKO $1,395,206 237,280 0.92%
Unknown issuer (CUSIP: 314352105) $910,228 6,028 0.60%
LIEN $573,167 58,666 0.38%
ITRI $230,776 2,667 0.15%
APTV $215,014 3,503 0.14%
NGG $214,716 2,591 0.14%
OM $162,117 37,527 0.11%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SNDA Bought more +6K +$2.9M
BKD Bought more +65K +$1.3M
TWLO Trimmed -7K +$1.1M
NXT Trimmed -9K -$1.1M
FLEX Trimmed -33K +$892K
TAC Bought more +27K +$836K
FLR Trimmed -528 +$696K
LHX Bought more +17 -$667K
ABBV Bought more +50 +$634K
WFC Trimmed -10K -$607K

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
GOLD June 30, 2025 253,810 $4,934,066 87.4%
FSLR March 31, 2026 14,983 $3,914,009 -8.9%
LKQ Sept. 30, 2025 87,045 $3,221,535 -26.7%
JYNT June 30, 2025 215,000 $2,685,350 -38.4%
ROCK March 31, 2026 49,652 $2,454,795 2.3%
TWO March 31, 2026 195,000 $2,047,500 No longer tracked
AES June 30, 2025 161,193 $2,002,017 41.9%
FISV Dec. 31, 2025 15,463 $1,993,645 -32.3%
JYNT June 30, 2026 200,000 $1,770,000 -19.0%
CLBT Sept. 30, 2025 100,423 $1,606,768 -38.6%
CROX Sept. 30, 2025 12,000 $1,215,360 43.9%
SPRU June 30, 2025 463,335 $1,116,637 -20.3%
MYE June 30, 2026 45,000 $953,100 -9.9%
BIRK June 30, 2026 25,000 $895,750 -21.0%
PTON Dec. 31, 2025 90,000 $810,000 -20.9%
ARCC March 31, 2026 40,000 $809,200 3.4%
ATKR March 31, 2026 10,000 $632,500 60.8%
HLX March 31, 2026 100,000 $627,000 No longer tracked
ACTG Dec. 31, 2025 179,891 $584,646 16.8%
DX Dec. 31, 2025 45,000 $553,050 -22.6%
TRC June 30, 2026 20,000 $376,800 -12.7%
SOC Dec. 31, 2025 16,500 $288,090 -60.4%
MOVE Sept. 30, 2025 400,000 $272,000 84.5%
UWMC March 31, 2026 60,000 $262,800 -66.9%
SOLS June 30, 2026 2,981 $227,033 -30.8%
DAR June 30, 2026 3,489 $215,795 12.0%
ASTL Sept. 30, 2025 10,715 $73,826 22.4%