Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 -0.6%
S&P 500 total return (same window) +37.0%
Excess return -37.6%

Annualized: -0.5% · 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: 99.5% · Options excluded: 0.0%

Sector breakdown

04
Retail 36.8%
Financials 28.8%
Industrials 11.1%
Communication Services 7.5%
Consumer Discretionary 5.7%
Healthcare 3.8%
Technology 2.6%
Real Estate 2.4%
Energy 1.2%
Consumer products 0.1%

Full portfolio 48 positions

05
Type Streak 8Q trend
NU Nu Holdings Ltd. Class A Ordinary Shares $346,437,158 13.23% 25,930,925 $88,157,259 Up ×2
MELI MercadoLibre, Inc. - Common Stock $345,712,513 13.20% 203,673 $72,866,241 Up ×4
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $313,297,019 11.96% 3,269,300 $55,234,643 Up ×4
CPNG Coupang, Inc. Class A Common Stock $217,039,905 8.29% 12,495,101 $-5,201,974 Up ×3
GRAB Grab Holdings Limited - Class A Ordinary Shares $198,631,287 7.59% 52,687,344 $79,310,327 Up ×2
AMZN Amazon.com, Inc. - Common Stock $86,281,940 3.29% 362,012 $17,362,273 Up ×1
MMYT MakeMyTrip Limited - Ordinary Shares $82,389,218 3.15% 1,546,054 $25,253,405 Up ×4
META Meta Platforms, Inc. - Class A Common Stock $81,786,891 3.12% 145,195 $17,471,469 Up ×3
MA Mastercard Incorporated Common Stock $75,513,581 2.88% 147,028 $68,769,670 Up ×1
KSPI Joint Stock Company Kaspi.kz - American Depository Shares $70,592,799 2.70% 814,783 $6,466,696 Down ×2
LPLA LPL Financial Holdings Inc. - Common Stock $70,409,296 2.69% 249,962 $-16,964,672 Down ×1
MSFT Microsoft Corporation - Common Stock $60,277,794 2.30% 161,594 $8,970,011 Up ×3
GOOGL Alphabet Inc. - Class A Common Stock $51,878,331 1.98% 145,167 $11,958,101 Up ×1
SPOT Spotify Technology S.A. Ordinary Shares $47,655,857 1.82% 103,796 $-694,519 Up ×4
V Visa Inc. $45,739,386 1.75% 133,316 $8,086,629 Up ×2
SPGI S&P Global Inc. Common Stock $44,757,467 1.71% 109,899 $2,969,088 Up ×2
EMBJ Embraer S.A. Common Stock $39,127,902 1.49% 613,290 $18,877,830 Up ×2
ELV Elevance Health, Inc. Common Stock $37,434,691 1.43% 96,798 $15,660,824 Up ×1
SCHW Charles Schwab Corporation (The) Common Stock $35,571,100 1.36% 385,511 $-14,279,558 Down ×1
DASH DoorDash, Inc. - Common Stock $35,529,038 1.36% 192,538 $6,289,128 Down ×1
BAP Credicorp Ltd. Common Stock $34,845,204 1.33% 89,443 $12,745,592 Up ×1
UBER Uber Technologies, Inc. Common Stock $26,123,868 1.00% 362,027 $-1,453,950 Down ×1
EFX Equifax, Inc. Common Stock $21,936,850 0.84% 138,211 $20,861,652 Up ×1
BKNG Booking Holdings Inc. - Common Stock $20,600,445 0.79% 115,577 $-10,690,653 Up ×2
IQV IQVIA Holdings, Inc. Common Stock $19,606,613 0.75% 101,473 $2,463,591 Up ×4
TMO Thermo Fisher Scientific Inc Common Stock $18,950,907 0.72% 37,799 $15,059,464 Up ×1
ET Energy Transfer LP Common Units $18,570,319 0.71% 971,251 $4,244,354 Up ×2
HDB HDFC Bank Limited Common Stock $18,393,827 0.70% 712,111 $4,602,967 Up ×4
CPT Camden Property Trust Common Stock $18,287,144 0.70% 159,727 $2,688,205
EQR Equity Residential Common Shares of Beneficial Interest $16,379,553 0.63% 241,124 $2,117,068
DIS Walt Disney Company (The) Common Stock $16,151,616 0.62% 167,809 $106,563 Up ×1
MAA Mid-America Apartment Communities, Inc. Common Stock $14,241,072 0.54% 102,498 $1,724,016
Z Zillow Group, Inc. - Class C Capital Stock $13,765,005 0.53% 436,707 $-697,429 Up ×2
DHR Danaher Corporation Common Stock $12,184,053 0.47% 63,965 $10,076,080 Up ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $11,697,491 0.45% 28,144 $-4,057,341 Down ×2
KMI Kinder Morgan, Inc. Common Stock $11,687,145 0.45% 365,566 $-570,283
MLCO Melco Resorts & Entertainment Limited - American Depositary Shares $10,401,083 0.40% 1,973,640 $-53,608,802 Down ×1
MCO Moody's Corporation Common Stock $7,705,075 0.29% 17,012 Up ×1
CP Canadian Pacific Kansas City Limited Common Shares $3,906,009 0.15% 45,078 $360,174
TSM Taiwan Semiconductor Manufacturing Company Ltd. $3,195,898 0.12% 6,692 $801,860 Down ×2
IBKR Interactive Brokers Group, Inc. - Class A Common Stock $2,510,582 0.10% 28,844 $576,015
INTU Intuit Inc. - Common Stock $2,483,154 0.09% 9,514 Up ×1
NVDA NVIDIA Corporation - Common Stock $2,377,469 0.09% 11,882 $-2,182,916 Down ×1
PGR Progressive Corporation (The) Common Stock $2,159,160 0.08% 9,884 $199,756
CRH CRH PLC Ordinary Shares $2,044,021 0.08% 19,103 $35,914
LEN Lennar Corporation Class A Common Stock $1,748,900 0.07% 19,327 $70,543
JD JD.com, Inc. - American Depositary Shares $343,930 0.01% 13,498 $-17,652 Up ×2
IBN ICICI Bank Limited Common Stock $263,041 0.01% 9,061

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
MELI $345,712,513 13.20% up ×4
SE $313,297,019 11.96% up ×4
CPNG $217,039,905 8.29% up ×3
MMYT $82,389,218 3.15% up ×4
META $81,786,891 3.12% up ×3
MSFT $60,277,794 2.30% up ×3
SPOT $47,655,857 1.82% up ×4
IQV $19,606,613 0.75% up ×4
HDB $18,393,827 0.70% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
MCO $7,705,075 17,012 0.29%
INTU $2,483,154 9,514 0.09%
IBN $263,041 9,061 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
NU Bought more +8.0M +$88.2M
GRAB Bought more +20.1M +$79.3M
MELI Bought more +46K +$72.9M
SE Bought more +153K +$55.2M
MMYT Bought more +14K +$25.3M
EMBJ Bought more +272K +$18.9M
META Bought more +33K +$17.5M
AMZN Bought more +31K +$17.4M
LPLA Trimmed -40K -$17.0M
ELV Bought more +22K +$15.7M

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
TME June 30, 2025 4,498,333 $64,820,979 -60.3%
PDD June 30, 2025 428,116 $50,667,529 -28.0%
SKX June 30, 2025 797,248 $45,267,742 No longer tracked
STNE March 31, 2026 2,499,733 $36,971,052 -32.4%
WBD Dec. 31, 2025 1,620,341 $31,645,260 7.4%
RYAAY Sept. 30, 2025 484,623 $27,948,208 -8.6%
GTLB March 31, 2026 717,483 $26,927,137 130.0%
XYZ June 30, 2025 478,246 $25,983,105 9.4%
MNDY March 31, 2026 138,085 $20,375,823 14.0%
GPN June 30, 2025 191,768 $18,777,923 -2.1%
TPR Sept. 30, 2025 198,874 $17,463,126 4.3%
CVNA June 30, 2026 49,207 $15,469,697 -3.1%
Z June 30, 2025 225,227 $15,441,563 -60.9%
NFLX June 30, 2026 145,897 $14,027,997 -6.1%
REXR June 30, 2026 409,723 $13,410,234 9.5%
FMX June 30, 2025 117,750 $11,490,045 12.3%
DT March 31, 2026 262,572 $11,379,870 60.4%
NVDA Dec. 31, 2025 60,282 $11,247,416 25.4%
AVGO June 30, 2026 35,382 $10,951,083 -6.0%
CVS Dec. 31, 2025 110,183 $8,306,696 8.9%
CFLT Dec. 31, 2025 405,615 $8,031,177 No longer tracked
AU Dec. 31, 2025 99,754 $7,015,699 11.3%
EQR Sept. 30, 2025 95,478 $6,443,810 No longer tracked
CPT Sept. 30, 2025 55,660 $6,272,326 -10.1%
GEHC March 31, 2026 65,097 $5,339,256 -9.7%
V Sept. 30, 2025 12,082 $4,289,714 5.6%
PGR June 30, 2025 14,613 $4,135,625 -21.2%
GOOGL Dec. 31, 2025 15,386 $3,740,337 9.7%
FCNCA June 30, 2025 1,673 $3,101,943 6.0%
HUM March 31, 2026 10,031 $2,569,240 124.0%
MA June 30, 2025 4,315 $2,365,138 -1.7%
UNP June 30, 2026 7,801 $1,892,679 2.3%
CNI March 31, 2026 19,138 $1,891,791 16.5%
AMAT March 31, 2026 5,002 $1,285,464 58.0%
NKE June 30, 2026 22,131 $1,168,959 -17.5%
TRU June 30, 2026 13,957 $965,685 -12.1%
DKNG Sept. 30, 2025 12,040 $516,396 -50.3%
CME June 30, 2025 1,350 $358,142 -4.5%
NLOP June 30, 2026 25,260 $290,995 -12.3%
IBN March 31, 2026 8,075 $240,635 5.9%
SBUX June 30, 2025 2,313 $226,882 3.4%