Performance vs S&P 500

03
Tracked Q4 2025–Q2 2026 +3.0%
S&P 500 total return (same window) +8.7%
Excess return -5.7%

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: 96.2% · Options excluded: 0.0%

Sector breakdown

04
Energy 27.4%
Industrials 13.2%
Financials 12.5%
Healthcare 12.0%
Technology 11.7%
Communication Services 5.4%
Retail 5.1%
Consumer Staples 4.2%
Materials 3.7%
Other/Unmapped 4.7%

Full portfolio 18 positions

05
Type Streak 8Q trend
EPD Enterprise Products Partners L.P. Common Stock $33,084,000 13.84% 900,000 $1,866,000 Up ×1
ET Energy Transfer LP Common Units $19,120,000 8.00% 1,000,000 $785,000 Up ×1
COF Capital One Financial Corporation Common Stock $16,049,600 6.72% 80,000 $-3,105,550 Down ×1
GE GE Aerospace Common Stock $14,949,200 6.25% 40,000 Up ×1
LLY Eli Lilly and Company Common Stock $14,393,160 6.02% 12,000 Up ×1
DHR Danaher Corporation Common Stock $14,286,000 5.98% 75,000 Up ×1
BN Brookfield Corporation Class A Limited Voting Shares $13,841,750 5.79% 325,000 $-525,100 Down ×1
LNG Cheniere Energy, Inc. Common Stock $13,384,560 5.60% 56,000
CHKP Check Point Software Technologies Ltd. - Ordinary Shares $13,143,000 5.50% 100,000 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $12,955,670 5.42% 23,000 $-10,215,595 Down ×1
AMZN Amazon.com, Inc. - Common Stock $12,274,510 5.14% 51,500 $-10,635,190 Down ×1
ETN Eaton Corporation, PLC Ordinary Shares $11,718,300 4.90% 27,500 Up ×1
Unknown issuer (CUSIP: 866966104) $11,221,500 4.70% 150,000 $-5,051,000 Down ×1
FICO Fair Isaac Corporation Common Stock $10,155,630 4.25% 8,500
INGR Ingredion Incorporated Common Stock $9,944,550 4.16% 105,000 $-1,321,450 Up ×1
AMCR Amcor plc Ordinary Shares $8,886,750 3.72% 205,000 $-1,050,750 Down ×1
BLDR Builders FirstSource, Inc. Common Stock $4,921,400 2.06% 55,000
TEAM Atlassian Corporation - Class A Common Stock $4,667,400 1.95% 60,000 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
GE $14,949,200 40,000 6.25%
LLY $14,393,160 12,000 6.02%
DHR $14,286,000 75,000 5.98%
LNG $13,384,560 56,000 5.60%
CHKP $13,143,000 100,000 5.50%
ETN $11,718,300 27,500 4.90%
FICO $10,155,630 8,500 4.25%
BLDR $4,921,400 55,000 2.06%
TEAM $4,667,400 60,000 1.95%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AMZN Trimmed -58K -$10.6M
META Trimmed -18K -$10.2M
· Trimmed -100K -$5.1M
COF Trimmed -25K -$3.1M
EPD Bought more +75K +$1.9M
INGR Bought more +5K -$1.3M
AMCR Trimmed -45K -$1.1M
ET Bought more +50K +$785K
BN Trimmed -30K -$525K

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
ELV Dec. 31, 2025 60,000 $19,387,200 10.2%
UBER June 30, 2026 260,000 $18,701,800 -5.6%
WFC March 31, 2026 170,000 $15,844,000 1.1%
GOOGL June 30, 2026 55,000 $15,815,800 -3.9%
AVTR Sept. 30, 2025 1,150,000 $15,479,000 22.9%
ELV June 30, 2026 50,000 $14,637,500 -0.1%
MSFT March 31, 2026 30,000 $14,508,600 39.8%
ALSN March 31, 2026 145,000 $14,195,500 0.8%
LNG Dec. 31, 2025 60,000 $14,098,800 38.9%
FICO March 31, 2026 8,000 $13,524,960 -38.1%
HPQ June 30, 2026 700,000 $13,447,000 46.4%
BERY June 30, 2025 165,000 $11,518,650 No longer tracked
APO Sept. 30, 2025 80,000 $11,349,600 -14.4%
GS Dec. 31, 2025 12,500 $9,954,375 2.7%
FERG Dec. 31, 2025 40,000 $8,983,200 0.3%
ARW June 30, 2025 70,000 $7,268,100 89.9%
DHI June 30, 2025 55,000 $6,992,150 4.7%
BLDR Sept. 30, 2025 40,000 $4,667,600 -53.6%
SYY June 30, 2026 50,000 $3,566,500 -7.3%
UBER June 30, 2025 45,000 $3,278,700 -27.0%
AVTR June 30, 2026 300,000 $2,352,000 54.9%
PPTA June 30, 2025 168,527 $1,801,554 67.9%