Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +24.7%
S&P 500 total return (same window) +37.0%
Excess return -12.3%

Annualized: +19.3% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Financials 21.0%
Industrials 18.2%
Consumer Discretionary 10.8%
Communication Services 10.4%
Retail 9.5%
Technology 9.4%
Health Care 5.6%
Real Estate 0.8%
Other/Unmapped 14.2%

Full portfolio 15 positions

05
Type Streak 8Q trend
ABNB Airbnb, Inc. - Class A Common Stock $300,510,000 10.84% 2,100,000 $73,206,000 Up ×2
Unknown issuer (CUSIP: 71531U102) $281,247,228 10.15% 8,558,954 Up ×1
V Visa Inc. $274,472,000 9.90% 800,000 $47,792,000 Up ×2
AMZN Amazon.com, Inc. - Common Stock $262,174,000 9.46% 1,100,000 $16,415,400 Down ×1
MSFT Microsoft Corporation - Common Stock $261,114,000 9.42% 700,000 $11,249,250 Up ×3
QXO QXO, Inc. Common Stock $207,360,000 7.48% 12,000,000 $-6,260,000 Up ×3
PGR Progressive Corporation (The) Common Stock $196,605,000 7.09% 900,000 $77,661,000 Up ×2
NFLX Netflix, Inc. - Common Stock $182,070,000 6.57% 2,550,000 $37,845,000 Up ×2
WCN Waste Connections, Inc. Common Shares $175,024,500 6.31% 1,050,000 Up ×1
HCA HCA Healthcare, Inc. Common Stock $155,956,000 5.63% 400,000
UNP Union Pacific Corporation Common Stock $122,400,000 4.42% 450,000 $13,221,000
Unknown issuer (CUSIP: 71531T105) $112,140,000 4.05% 3,000,000 Up ×1
MSCI MSCI Inc. Common Stock $112,008,000 4.04% 200,000 $4,206,000
GOOGL Alphabet Inc. - Class A Common Stock $107,211,000 3.87% 300,000 $-19,315,400 Down ×4
HHH Howard Hughes Holdings Inc. Common Stock $21,447,000 0.77% 300,000 $2,469,000

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
MSFT $261,114,000 9.42% up ×3
QXO $207,360,000 7.48% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 71531U102) $281,247,228 8,558,954 10.15%
WCN $175,024,500 1,050,000 6.31%
HCA $155,956,000 400,000 5.63%
Unknown issuer (CUSIP: 71531T105) $112,140,000 3,000,000 4.05%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
PGR Bought more +300K +$77.7M
ABNB Bought more +300K +$73.2M
V Bought more +50K +$47.8M
NFLX Bought more +1.1M +$37.8M
GOOGL Trimmed -140K -$19.3M
AMZN Trimmed -80K +$16.4M
UNP Price move only +0 +$13.2M
MSFT Bought more +25K +$11.2M
QXO Bought more +1.0M -$6.3M
MSCI Price move only +0 +$4.2M

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
V June 30, 2025 425,000 $148,945,500 1.6%
DHR June 30, 2026 600,000 $113,760,000 12.4%
CP June 30, 2026 1,350,000 $106,191,000 -0.8%
LOW Dec. 31, 2025 400,000 $100,524,000 -25.0%
HLT March 31, 2026 300,000 $86,175,000 5.0%
LIN March 31, 2026 180,000 $76,750,200 -3.3%
HCA Dec. 31, 2025 150,000 $63,930,000 -8.6%