Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +26.6%
S&P 500 total return (same window) +37.0%
Excess return -10.4%

Annualized: +20.8% · 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: 96.7% · Options excluded: 0.0%

Sector breakdown

04
Materials 40.0%
Industrials 33.8%
Financials 11.9%
Communication Services 5.4%
Consumer Discretionary 3.1%
Energy 2.3%
Retail 1.5%
Utilities 1.1%
Real Estate 0.9%

Full portfolio 19 positions

05
Type Streak 8Q trend
RJET Republic Airways Holdings Inc. - Common Stock $91,346,354 29.85% 4,347,756 $19,797,943 Down ×1
GGB Gerdau S.A. Common Stock $77,039,212 25.17% 19,069,112 $8,199,718
TX Ternium S.A. Ternium S.A. American Depositary Shares (each representing ten shares, USD1.00 par value) $42,376,035 13.85% 992,413 $2,530,653
FUTU Futu Holdings Limited - American Depositary Shares $36,428,395 11.90% 388,611 $-4,934,804 Up ×1
AERO Grupo Aeromexico, S.A.B. de C.V. American Depositary Shares (each representing ten (10) Common Shares) $12,081,726 3.95% 671,207 $2,678,116
BIDU Baidu, Inc. - American Depositary Shares, each representing 8 ordinary share $11,673,466 3.81% 102,139 $293,139
CZR Caesars Entertainment, Inc. - Common Stock $5,712,682 1.87% 189,287 $1,426,714 Up ×2
M Macy's Inc Common Stock $4,710,000 1.54% 200,000 $1,092,000
VNOM Viper Energy, Inc. - Class A Common Stock $4,664,000 1.52% 110,000 $669,850 Up ×3
PCG Pacific Gas & Electric Co. Common Stock $3,364,000 1.10% 200,000 $-150,000
WY Weyerhaeuser Company Common Stock $2,872,800 0.94% 120,000 $-58,800
CCO Clear Channel Outdoor Holdings, Inc. Common Stock $2,527,102 0.83% 1,044,257 $-3,046,832 Down ×1
NCMI National CineMedia, Inc. - Common Stock $2,265,678 0.74% 596,231 $447,173
NE Noble Corporation plc A Ordinary Shares $2,238,000 0.73% 60,000 $-706,200
FUN Six Flags Entertainment Corporation Common Stock New $2,130,000 0.70% 100,000 Up ×1
AMBP Ardagh Metal Packaging S.A. Ordinary Shares $1,960,966 0.64% 413,706 $285,457
CNTY Century Casinos, Inc. - Common Stock $1,138,104 0.37% 889,144 $-97,806
CLF Cleveland-Cliffs Inc. Common Stock $1,079,850 0.35% 115,000 $108,100
WW WW International, Inc. - Common Stock $448,894 0.15% 28,091 $62,924

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
VNOM $4,664,000 1.52% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
FUN $2,130,000 100,000 0.70%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
RJET Trimmed -98K +$19.8M
GGB Price move only +0 +$8.2M
FUTU Bought more +86K -$4.9M
CCO Trimmed -1.3M -$3.0M
AERO Price move only +0 +$2.7M
TX Price move only +0 +$2.5M
CZR Bought more +27K +$1.4M
M Price move only +0 +$1.1M
NE Price move only +0 -$706K
VNOM Bought more +25K +$670K

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
BUR Dec. 31, 2025 4,044,998 $48,378,176 -62.3%
HSBC June 30, 2026 481,063 $39,682,887 -4.6%
VALE Dec. 31, 2025 3,551,171 $38,565,717 -4.8%
BABA June 30, 2026 305,862 $38,373,447 3.8%
PBR Sept. 30, 2025 1,928,173 $24,121,444 106.6%
PBRA June 30, 2025 1,434,306 $18,703,350 No longer tracked
ASTL Dec. 31, 2025 2,037,686 $7,243,974 15.6%
CNR June 30, 2026 31,567 $3,306,012 15.1%
UNIT March 31, 2026 443,810 $3,111,108 -45.9%
BV Dec. 31, 2025 197,000 $2,639,800 -16.4%
PBI Dec. 31, 2025 159,000 $1,814,190 64.1%
VAL March 31, 2026 31,434 $1,584,274 -0.7%
VNOM (filed as VNOMXXXX) Sept. 30, 2025 32,114 $1,224,507 22.8%
NATL Dec. 31, 2025 28,500 $1,120,335 23.7%
PRKS Dec. 31, 2025 21,500 $1,111,550 -16.5%
ADV March 31, 2026 1,000,000 $880,000 43.2%
VYX Dec. 31, 2025 48,000 $602,400 -17.7%
UNFI Dec. 31, 2025 14,500 $545,490 39.2%
SKIL Dec. 31, 2025 41,500 $540,330 -43.3%
MBC Dec. 31, 2025 33,000 $434,610 -33.9%
EEX March 31, 2026 93,118 $416,237 No longer tracked
SABR Dec. 31, 2025 225,000 $411,750 11.8%
LESL Sept. 30, 2025 887,112 $372,498 No longer tracked
MAT Dec. 31, 2025 22,000 $370,260 -17.3%
MAGN Sept. 30, 2025 28,000 $338,240 1.8%
HSIC Dec. 31, 2025 5,000 $331,850 12.4%
ON Sept. 30, 2025 5,500 $288,255 46.5%
CPRI June 30, 2025 11,000 $217,030 -10.3%