Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +6.0%
S&P 500 total return (same window) +37.0%
Excess return -31.0%

Annualized: +4.8% · 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: 99.2% · Options excluded: 0.0%

Sector breakdown

04
Industrials 23.5%
Technology 21.4%
Healthcare 17.9%
Financials 10.9%
Communication Services 7.2%
Materials 6.8%
Retail 4.5%
Consumer products 3.2%
Consumer Discretionary 2.4%
Energy 0.6%
Consumer Staples 0.0%
Real Estate 0.0%
Utilities 0.0%
Other/Unmapped 1.5%

Full portfolio 91 positions

05
Type Streak 8Q trend
APH Amphenol Corporation Common Stock $86,940,924 5.24% 493,086 $18,648,117 Down ×5
MRK Merck & Company, Inc. Common Stock (new) $72,872,222 4.39% 567,099 $1,929,030 Down ×3
GOOGL Alphabet Inc. - Class A Common Stock $63,684,406 3.84% 178,203 $4,887,013 Down ×4
MSFT Microsoft Corporation - Common Stock $62,122,546 3.75% 166,539 $-1,176,973 Down ×1
JNJ Johnson & Johnson Common Stock $60,119,387 3.62% 236,718 $533,359 Down ×4
FAST Fastenal Company - Common Stock $58,774,414 3.54% 1,223,702 $-603,255 Down ×4
V Visa Inc. $58,429,424 3.52% 170,303 $3,972,804 Down ×3
NVDA NVIDIA Corporation - Common Stock $57,905,848 3.49% 289,399 $3,347,422 Down ×3
LIN Linde plc - Ordinary Shares $56,707,169 3.42% 109,275 $-284,654 Down ×3
SHW Sherwin-Williams Company (The) Common Stock $56,263,816 3.39% 163,406 $3,150,092 Down ×5
ITW Illinois Tool Works Inc. Common Stock $54,237,284 3.27% 200,530 $726,277 Down ×4
CHD Church & Dwight Company, Inc. Common Stock $53,721,360 3.24% 554,514 $483,052 Down ×2
WMT Walmart Inc. - Common Stock $52,836,591 3.19% 466,507 $-8,332,481 Down ×6
TMO Thermo Fisher Scientific Inc Common Stock $52,636,396 3.17% 104,987 $715,234 Down ×4
MSI Motorola Solutions, Inc. Common Stock $52,243,897 3.15% 125,801 $-3,430,765 Down ×2
SYK Stryker Corporation Common Stock $50,525,185 3.05% 160,479 $-464,894 Up ×1
SPGI S&P Global Inc. Common Stock $49,631,554 2.99% 121,867 $-4,509,974 Down ×1
QCOM QUALCOMM Incorporated - Common Stock $49,583,109 2.99% 268,321 $3,942,268 Down ×3
ADP Automatic Data Processing, Inc. - Common Stock $48,782,581 2.94% 217,828 $4,449,924 Down ×1
ROP Roper Technologies, Inc. - Common Stock $48,078,248 2.90% 142,079 $-449,723 Up ×4
CTAS Cintas Corporation - Common Stock $46,518,581 2.80% 273,510 Up ×1
CHKP Check Point Software Technologies Ltd. - Ordinary Shares $45,709,711 2.76% 347,788 $1,743,195 Up ×2
ICE Intercontinental Exchange Inc. Common Stock $43,448,566 2.62% 352,925 $-16,727,117 Down ×1
ACN Accenture plc Class A Ordinary Shares (Ireland) $37,167,379 2.24% 298,677 $-8,134,174 Up ×2
BSX Boston Scientific Corporation Common Stock $36,684,740 2.21% 859,530 $-7,922,604 Up ×2
PANW Palo Alto Networks, Inc. - Common Stock $25,070,085 1.51% 73,515 $13,139,391 Down ×1
CAT Caterpillar, Inc. Common Stock $17,981,901 1.08% 16,886 $4,431,187 Down ×4
MAR Marriott International - Class A Common Stock $16,426,402 0.99% 44,325 $1,033,507 Down ×4
GEV GE Vernova Inc. Common Stock $16,280,035 0.98% 13,857 $4,377,171 Up ×2
AAPL Apple Inc. - Common Stock $16,175,224 0.98% 55,900 $2,053,080 Up ×1
LLY Eli Lilly and Company Common Stock $15,525,577 0.94% 12,944 $3,812,306 Up ×1
AMZN Amazon.com, Inc. - Common Stock $12,942,816 0.78% 54,304 $1,681,032 Up ×1
RTX RTX Corporation Common Stock $12,834,286 0.77% 67,645 $-742,016 Down ×4
DE Deere & Company Common Stock $12,659,324 0.76% 19,957 $1,589,352 Up ×3
DAL Delta Air Lines, Inc. Common Stock $12,213,545 0.74% 130,403 $3,660,029 Up ×2
BA Boeing Company (The) Common Stock $11,988,975 0.72% 55,384 $1,261,258 Up ×2
MA Mastercard Incorporated Common Stock $11,851,833 0.71% 23,076 $473,575 Up ×1
RCL Royal Caribbean Cruises Ltd. Common Stock $11,328,518 0.68% 35,677 $1,632,826 Up ×2
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $8,237,350 0.50% 11 $337,810
NOW ServiceNow, Inc. Common Stock $8,230,113 0.50% 82,898 $-774,047 Down ×1
SBUX Starbucks Corporation - Common Stock $8,035,506 0.48% 78,633 $973,395 Down ×4
HD Home Depot, Inc. (The) Common Stock $7,929,658 0.48% 22,484 $-46,628,768 Down ×1
ISRG Intuitive Surgical, Inc. - Common Stock $7,763,111 0.47% 19,521 $-1,448,391 Down ×1
DVN Devon Energy Corporation Common Stock $6,610,209 0.40% 159,976 $-1,601,914 Down ×4
ETN Eaton Corporation, PLC Ordinary Shares $6,575,458 0.40% 15,431 Up ×1
IWO iShares Russell 2000 Growth Fund $5,441,089 0.33% 13,811 $5,082,404 Up ×1
IWN iShares Russell 2000 Value ETF $5,033,799 0.30% 22,757 Up ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $4,980,882 0.30% 9,954 $127,784 Down ×2
AVGO Broadcom Inc. - Common Stock $4,534,511 0.27% 12,004 $2,929,392 Up ×1
RSP Invesco Exchange-Traded Fund Trust $4,064,120 0.25% 19,101 $3,698,512 Up ×1
EXPD Expeditors International of Washington, Inc. Common Stock $3,451,264 0.21% 21,176 $-51,839,257 Down ×4
JPM JP Morgan Chase & Co. Common Stock $3,209,143 0.19% 9,804 $322,257 Down ×2
SPY SPY $3,032,633 0.18% 4,061 $1,523,844 Up ×1
VIK Viking Holdings Ltd Ordinary Shares $2,748,843 0.17% 26,262 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $1,833,076 0.11% 5,188 $-24,056 Down ×1
BP BP p.l.c. Common Stock $1,327,429 0.08% 35,925 $-436,246 Down ×1
XOM Exxon Mobil Corporation Common Stock $1,098,272 0.07% 8,033 $-238,479 Up ×1
MCD McDonald's Corporation Common Stock $1,042,315 0.06% 3,856 $-156,091
VB Vanguard Morningstar Small-Cap ETF $839,339 0.05% 2,769 $232,470 Up ×1
VTV Vanguard Morningstar Value ETF $835,326 0.05% 3,833 $-359,336 Down ×2
DLN WisdomTree Trust $805,235 0.05% 8,360 $58,436
OMC Omnicom Group Inc. Common Stock $787,001 0.05% 10,806 $-26,799
PEP PepsiCo, Inc. - Common Stock $751,934 0.05% 6,435 $252,521 Up ×1
AMGN Amgen Inc. - Common Stock $668,111 0.04% 1,845 $-156,977 Down ×1
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF $660,821 0.04% 5,320 $51,521
TGT Target Corporation Common Stock $654,096 0.04% 5,008 $21,724 Down ×1
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF $555,022 0.03% 9,225 $-83,051 Down ×1
VBR Vanguard Morningstar Small-Cap Value ETF $494,485 0.03% 2,035 $52,381
IRM Iron Mountain Incorporated (Delaware)Common Stock REIT $479,978 0.03% 3,800 Up ×1
ZTS Zoetis Inc. Class A Common Stock $450,490 0.03% 6,269 $-732,083 Down ×2
VOE Vanguard Morningstar Mid-Cap Value ETF $428,792 0.03% 2,170 $28,904
VOO Vanguard S&P 500 ETF $413,460 0.02% 602
IWD iShares Russell 1000 Value ETF $379,161 0.02% 1,564 $44,981
IMCG iShares Trust $377,472 0.02% 3,840 $74,995
EPD Enterprise Products Partners L.P. Common Stock $367,600 0.02% 10,000 $-10,800
IWP iShares Russell Midcap Growth ETF $347,870 0.02% 2,376 $43,457
SCHR SCHWAB STRATEGIC TRUST $344,771 0.02% 13,981 $-24,495 Down ×2
DHS WisdomTree Trust $341,054 0.02% 3,000 $13,394
EFA iShares Trust $333,455 0.02% 3,210 $21,668
MAIN Main Street Capital Corporation Common Stock $328,141 0.02% 6,325 $-6,831
EMR Emerson Electric Company Common Stock $311,351 0.02% 2,175 $26,382
KIM Kimco Realty Corporation (HC) Common Stock $295,480 0.02% 11,656 $33,570
BX Blackstone Inc. Common Stock $289,233 0.02% 2,458 Up ×1
Unknown issuer (CUSIP: 43849R105) $287,404 0.02% 1,300 Up ×1
NEE NextEra Energy, Inc. Common Stock $280,864 0.02% 3,200 $-16,352
CSCO Cisco Systems, Inc. - Common Stock $276,031 0.02% 2,350
VZ Verizon Communications Inc. Common Stock $256,157 0.02% 6,050 $-47,553
DCI Donaldson Company, Inc. Common Stock $213,204 0.01% 2,375 $11,638
ISCG iShares Trust $210,383 0.01% 3,210 Up ×1
T AT&T Inc. $207,000 0.01% 10,000 $-82,900
ABBV AbbVie Inc. Common Stock $201,312 0.01% 800

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
ROP $48,078,248 2.90% up ×4
DE $12,659,324 0.76% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CTAS $46,518,581 273,510 2.80%
ETN $6,575,458 15,431 0.40%
IWN $5,033,799 22,757 0.30%
VIK $2,748,843 26,262 0.17%
IRM $479,978 3,800 0.03%
VOO $413,460 602 0.02%
BX $289,233 2,458 0.02%
Unknown issuer (CUSIP: 43849R105) $287,404 1,300 0.02%
CSCO $276,031 2,350 0.02%
ISCG $210,383 3,210 0.01%
ABBV $201,312 800 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
APH Trimmed -47K +$18.6M
ICE Trimmed -30K -$16.7M
PANW Trimmed -903 +$13.1M
WMT Trimmed -26K -$8.3M
ACN Bought more +70K -$8.1M
BSX Bought more +149K -$7.9M
GOOGL Trimmed -26K +$4.9M
SPGI Trimmed -5K -$4.5M
ADP Trimmed -366 +$4.4M
CAT Trimmed -2K +$4.4M

3 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
DHR March 31, 2026 273,722 $62,660,337 14.2%
FISV Dec. 31, 2025 432,584 $55,772,991 -32.1%
FDX Sept. 30, 2025 238,749 $54,270,086 21.8%
CRM March 31, 2026 37,587 $9,957,172 24.0%
CB June 30, 2026 8,160 $2,659,589 -3.2%
VOO March 31, 2026 3,256 $2,041,935 18.7%
SGOV Dec. 31, 2025 16,568 $1,668,398 0.3%
BLK June 30, 2026 1,200 $1,154,052 10.0%
VO Dec. 31, 2025 2,945 $865,064 10.0%
IBM June 30, 2026 3,000 $727,170 -21.3%
XLG March 31, 2026 10,000 $592,800
EQWL March 31, 2026 4,976 $587,964
HON June 30, 2026 2,600 $587,678 -4.2%
IXJ June 30, 2026 4,800 $448,992 2.6%
XLC Dec. 31, 2025 3,500 $414,295 -5.5%
DIS March 31, 2026 3,600 $410,886 6.2%
XLK Dec. 31, 2025 1,336 $376,565 39.5%
PAYX June 30, 2026 3,718 $342,502 1.3%
VCR Dec. 31, 2025 675 $267,401
ABBV Dec. 31, 2025 1,083 $250,758 15.2%
CSCO Dec. 31, 2025 3,618 $247,544 45.7%
VEA Dec. 31, 2025 3,971 $237,942
SLB Dec. 31, 2025 6,708 $230,554 29.2%
ORCL Dec. 31, 2025 810 $227,804 -25.3%
IWF March 31, 2026 458 $216,771 19.7%
DON June 30, 2026 4,000 $210,160