Performance vs S&P 500

03
Tracked Q4 2025–Q2 2026 +18.4%
S&P 500 total return (same window) +8.7%
Excess return +9.7%

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: 95.4% · Options excluded: 0.0%

Sector breakdown

04
Industrials 31.3%
Financials 26.9%
Energy 9.0%
Materials 8.3%
Health Care 5.6%
Technology 5.1%
Communication Services 5.0%
Retail 4.8%
Real Estate 0.3%
Other/Unmapped 3.8%

Full portfolio 39 positions

05
Type Streak 8Q trend
VRT Vertiv Holdings, LLC Class A Common Stock $722,470,913 20.37% 2,157,789 $181,772,145
RKT Rocket Companies, Inc. Class A Common Stock $331,011,450 9.33% 21,016,600 $31,524,900
ET Energy Transfer LP Common Units $254,680,312 7.18% 13,320,100 $-2,397,618
FIHL Fidelis Insurance Holdings Limited Common Shares $207,252,858 5.84% 8,511,411 $54,671,968 Up ×6
GPGI GPGI, Inc. Class A Common Stock $180,444,452 5.09% 11,384,508 Up ×1
MP MP Materials Corp. Common Stock $168,030,000 4.74% 3,000,000 $23,250,000
APO Apollo Global Management, Inc. (New) Common Stock $158,180,470 4.46% 1,337,000 $9,211,930
MIR Mirion Technologies, Inc. Class A Common Stock $150,315,097 4.24% 8,383,441 $-5,533,071
OMF OneMain Holdings, Inc. Common Stock $129,866,100 3.66% 2,130,000 $22,618,650 Up ×2
ASH Ashland Inc. Common Stock $124,861,550 3.52% 1,895,000 $30,324,550 Up ×1
WSC WillScot Holdings Corporation - Class A Common Stock $116,335,122 3.28% 4,031,016 $46,356,684
LAD Lithia Motors, Inc. Common Stock $98,766,600 2.78% 340,000 $13,861,800
COF Capital One Financial Corporation Common Stock $91,282,100 2.57% 455,000 $23,783,000 Up ×1
Unknown issuer (CUSIP: 96524T101) $90,727,029 2.56% 3,261,216 Up ×1
CI The Cigna Group Common Stock $89,596,000 2.53% 325,000 $2,902,250
GEHC GE HealthCare Technologies Inc. - Common Stock $83,821,095 2.36% 1,309,500 $36,130,495 Up ×1
KBR KBR, Inc. Common Stock $73,376,250 2.07% 2,125,000 $-4,951,250
MANU Manchester United Ltd. Class A Ordinary Shares $67,232,503 1.90% 2,932,076 $17,914,985
MSI Motorola Solutions, Inc. Common Stock $56,064,150 1.58% 135,000 $-2,521,800
TDAY USA TODAY Co., Inc. Common Stock $53,625,267 1.51% 6,271,961 $9,407,942
EPD Enterprise Products Partners L.P. Common Stock $50,499,234 1.42% 1,373,755 $-1,483,655
AMRZ Amrize Ltd Ordinary Shares $46,904,000 1.32% 880,000
AMZN Amazon.com, Inc. - Common Stock $40,398,630 1.14% 169,500 $5,096,865
FOA Finance of America Companies Inc. Class A Common Stock $35,392,591 1.00% 1,286,068 $14,043,862
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $31,246,138 0.88% 326,058 $4,245,275
VOO VANGUARD INDEX FUNDS $29,457,968 0.83% 42,891 $3,408,971 Down ×1
DMAC DiaMedica Therapeutics Inc. - Common Stock $24,288,000 0.68% 3,450,000 $10,612,600 Up ×1
SUN Sunoco LP Common Units representing limited partner interests $15,254,595 0.43% 225,994 $-89,996,805 Down ×1
ABR Arbor Realty Trust Common Stock $9,022,885 0.25% 1,664,739 $-3,004,715 Up ×1
EFA iShares Trust $5,968,218 0.17% 57,453 $387,808
IEUR iShares Trust $2,885,626 0.08% 38,388 $188,101
VGK VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $2,186,318 0.06% 24,693 $150,874
EWJ iShares, Inc. $1,894,780 0.05% 20,315 $179,381
VGIT Vanguard Intermediate-Term Treasury ETF $1,476,151 0.04% 25,028 $-14,266
EWC iShares, Inc. $722,287 0.02% 12,531 $35,714
KZIA Kazia Therapeutics Limited - American Depositary Shares $704,000 0.02% 50,000 Up ×1
VTEB VANGUARD MUNICIPAL BOND FUNDS $651,268 0.02% 12,876 $8,884
EPP iShares, Inc. $405,309 0.01% 7,610 $914
FLCA Franklin Templeton ETF Trust $129,807 0.00% 2,522 $-151,598 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
FIHL $207,252,858 5.84% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
GPGI $180,444,452 11,384,508 5.09%
Unknown issuer (CUSIP: 96524T101) $90,727,029 3,261,216 2.56%
AMRZ $46,904,000 880,000 1.32%
KZIA $704,000 50,000 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VRT Price move only +0 +$181.8M
FIHL Bought more +527K +$54.7M
WSC Price move only +0 +$46.4M
GEHC Bought more +640K +$36.1M
RKT Price move only +0 +$31.5M
ASH Bought more +195K +$30.3M
COF Bought more +85K +$23.8M
MP Price move only +0 +$23.2M
OMF Bought more +125K +$22.6M
MANU Price move only +0 +$17.9M

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
COOP Dec. 31, 2025 2,860,600 $602,985,874 No longer tracked
RRX March 31, 2026 690,000 $96,820,803 -14.6%
FISV Sept. 30, 2025 390,000 $67,239,900 -65.6%
ELV June 30, 2026 227,900 $66,717,725 -0.1%
STKL June 30, 2026 9,300,000 $60,264,000 No longer tracked
LVS June 30, 2025 1,500,000 $57,945,000 -16.7%
AESI June 30, 2026 4,083,175 $53,571,256 -27.5%
AMRZ March 31, 2026 880,000 $47,590,400 -33.5%
MSFT June 30, 2025 105,705 $39,680,600 4.0%
OXY March 31, 2026 700,000 $28,784,000 -10.6%
GOOGL June 30, 2026 75,000 $21,567,000 -3.9%
AVBP Dec. 31, 2025 421,278 $7,772,579 40.5%
MSGS June 30, 2025 20,000 $3,894,400 94.8%
BBDC June 30, 2025 2,643 $25,214 -5.6%
HSPT June 30, 2026 1,100 $242 No longer tracked