Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +87.9%
S&P 500 total return (same window) +37.0%
Excess return +50.9%

Annualized: +65.7% · 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: 96.5% · Options excluded: 3.5%

Sector breakdown

04
Industrials 50.2%
Technology 22.0%
Financials 7.1%
Consumer Discretionary 7.0%
Communication Services 3.0%
Real Estate 1.1%
Healthcare 0.8%
Energy 0.7%
Materials 0.5%
Consumer Staples 0.4%
Retail 0.3%
Utilities 0.1%
Consumer products 0.1%
Other/Unmapped 6.6%

Full portfolio 165 positions

05
Type Streak 8Q trend
VRT Vertiv Holdings, LLC Class A Common Stock $191,732,329 23.96% 572,643 $47,109,581 Down ×6
GPGI GPGI, Inc. Class A Common Stock $135,008,065 16.87% 8,517,859 $-9,756,927 Up ×2
LAUR Laureate Education, Inc. - Common Stock $46,184,766 5.77% 1,271,607 $-17,599,958 Down ×6
FLEX Flex Ltd. - Ordinary Shares $43,183,389 5.40% 266,449 Up ×1
RHLD Resolute Holdings Management - Common Stock $38,977,139 4.87% 269,682 $-3,073,330 Up ×3
SPY SPY $28,449,697 3.56% 38,097 $3,407,055 Down ×1
APG APi Group Corporation Common Stock $28,188,541 3.52% 665,609 $-525,147 Down ×3
SPXC SPX Technologies, Inc. Common Stock $26,303,554 3.29% 107,287 $6,777,014 Up ×1
LMB Limbach Holdings, Inc. - Common Stock $22,151,745 2.77% 287,685 $-2,148,576 Down ×1
MIR Mirion Technologies, Inc. Class A Common Stock $15,557,323 1.94% 867,670 $-2,705,846 Down ×1
GOOG Alphabet Inc. - Class C Capital Stock $13,496,435 1.69% 37,766
AON Aon plc Class A Ordinary Shares (Ireland) $12,729,931 1.59% 38,379 $-213,870 Down ×1
OPFI OppFi Inc. Class A Common Stock $10,460,053 1.31% 1,053,379 $10,231,220 Up ×1
MU Micron Technology, Inc. - Common Stock $10,389,764 1.30% 9,001 $7,011,026 Down ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $10,282,014 1.28% 20,548 $435,892 Up ×1
QQQ Invesco QQQ Trust, Series 1 $9,825,049 1.23% 13,342 $2,124,313
MSFT Microsoft Corporation - Common Stock $8,378,029 1.05% 22,460 $-300,236 Down ×1
IREN IREN Limited - Ordinary Shares $5,743,505 0.72% 125,596 $1,283,163 Down ×3
FLEX Flex Ltd. - Ordinary Shares $5,672,450 0.71% 35,000 Call option Up ×1
SMH SMH $5,575,065 0.70% 8,500 Up ×1
NBIS Nebius Group N.V. - Class A Ordinary Shares $5,001,715 0.63% 18,111 $2,966,878 Down ×1
WLFC Willis Lease Finance Corporation - Common Stock $4,294,118 0.54% 18,768 $1,229,097 Up ×3
VPG Vishay Precision Group, Inc. Common Stock $3,748,050 0.47% 25,002 $2,401,943 Down ×1
IWO iShares Trust $3,342,357 0.42% 8,484 $679,993
EVC Entravision Communications Corporation Common Stock $3,084,012 0.39% 236,504 $2,440,995 Up ×1
CNVS Cineverse Corp. - Class A Common Stock $2,732,846 0.34% 920,150 $45,686 Down ×1
FEIM Frequency Electronics, Inc. - Common Stock $2,724,995 0.34% 41,070 $66,297 Down ×1
VOYA Voya Financial, Inc. Common Stock $2,701,144 0.34% 29,837 $662,680
SPGI S&P Global Inc. Common Stock $2,655,335 0.33% 6,520 $-121,710 Down ×2
BELFB Bel Fuse Inc. - Class B Common Stock $2,409,211 0.30% 7,234 $977,024
AAPL Apple Inc. - Common Stock $2,405,160 0.30% 8,312 $124,603 Down ×1
LODE CUSIP: 205750409 $2,184,491 0.27% 525,118 $582,881
SPCB SuperCom, Ltd. - Ordinary Shares $2,085,020 0.26% 182,257 $1,020,367 Up ×4
ALIT Alight, Inc. Class A Common Stock $2,072,449 0.26% 3,700,801 $-142,278 Down ×2
TPB Turning Point Brands, Inc. Common Stock $1,973,868 0.25% 23,274 $-46,082
IWP iShares Trust $1,860,378 0.23% 15,833 $1,072,222 Up ×1
CHDN Churchill Downs, Incorporated - Common Stock $1,643,370 0.21% 18,333 $-3,483
MS Morgan Stanley Common Stock $1,633,648 0.20% 7,815 $347,533
DAC Danaos Corporation Common Stock $1,541,984 0.19% 12,601 $122,607
IOVA Iovance Biotherapeutics, Inc. - Common Stock $1,539,200 0.19% 370,000 $310,700 Up ×2
VALE VALE S.A. American Depositary Shares Each Representing one common share $1,534,080 0.19% 102,000 Up ×1
ALTO Alto Ingredients, Inc. - Common Stock $1,521,136 0.19% 266,866 $261,768 Up ×2
APO Apollo Global Management, Inc. (New) Common Stock $1,518,154 0.19% 12,832 $88,413
AMZN Amazon.com, Inc. - Common Stock $1,430,278 0.18% 6,001 $180,450
CBL CBL & Associates Properties, Inc. Common Stock $1,425,891 0.18% 26,858 $381,248 Down ×1
CIFR Cipher Mining Inc. - Common Stock $1,392,948 0.17% 56,855 $532,524 Down ×1
VBNK VersaBank - Common Shares $1,384,917 0.17% 59,669 $1,037,596 Up ×1
GLNG Golar LNG Limited - Common Shares $1,354,003 0.17% 27,167 $-134,184 Down ×1
GLD SPDR Gold Shares $1,340,903 0.17% 3,640 $-225,353
BGC BGC Group, Inc. - Class A Common Stock $1,306,040 0.16% 122,174 $95,882 Down ×2
JOE St. Joe Company (The) Common Stock $1,252,851 0.16% 20,004 $-3,400
VISN Vistance Networks, Inc. - Common Stock $1,252,440 0.16% 98,000 $-749,560 Down ×1
RMR The RMR Group Inc. - Class A Common Stock $1,231,800 0.15% 60,000 Up ×1
RDDT Reddit, Inc. Class A Common Stock $1,215,060 0.15% 7,000 $541,810 Up ×1
GTX Garrett Motion Inc. - Common Stock $1,196,677 0.15% 33,030 $369,397 Down ×3
LQDA Liquidia Corporation - Common Stock $1,195,950 0.15% 15,000 $629,850
AER AerCap Holdings N.V. Ordinary Shares $1,159,097 0.14% 7,951 $68,379
ILPT Industrial Logistics Properties Trust - Common Shares of Beneficial Interest $1,122,490 0.14% 126,549 $403,692
ZD Ziff Davis, Inc. - Common Stock $1,047,400 0.13% 20,000 $-840,800 Down ×1
ACMR ACM Research, Inc. - Class A Common Stock $1,015,120 0.13% 8,000 Up ×1
NPK National Presto Industries, Inc. Common Stock $1,002,670 0.13% 8,022 $-96,825
NVDA NVIDIA Corporation - Common Stock $1,000,650 0.13% 5,001 $128,476
COF Capital One Financial Corporation Common Stock $999,288 0.12% 4,981 $90,604
INTC Intel Corporation - Common Stock $977,969 0.12% 7,004 $668,882
AM Antero Midstream Corporation Common Stock $955,591 0.12% 42,004 $-2,100
OPY Oppenheimer Holdings, Inc. Class A Common Stock (DE) $943,633 0.12% 8,941 $146,185
MSGS Madison Square Garden Sports Corp. Class A Common Stock (New) $932,671 0.12% 2,321 $186,702
VVX V2X, Inc. Common Stock $894,720 0.11% 12,000 $-338,280 Down ×1
OFLX Omega Flex, Inc. - Common Stock $872,391 0.11% 27,792 $9,727
ELMD CUSIP: 285409108 $870,280 0.11% 20,574 $271,593 Down ×1
CRDO Credo Technology Group Holding Ltd - Ordinary Shares $843,045 0.11% 3,100 $373,695 Down ×1
TPC Tutor Perini Corporation Common Stock $829,700 0.10% 10,000 Up ×1
IRDM Iridium Communications Inc - Common Stock $822,750 0.10% 15,000 $267,950 Down ×1
FTAI FTAI Aviation Ltd. - Common Stock $811,590 0.10% 3,000
HROW Harrow, Inc. - Common Stock $806,930 0.10% 19,000 $136,990
MRX Marex Group plc - Ordinary Shares $796,007 0.10% 13,060 $213,792
ADEA Adeia Inc. - Common Stock $790,320 0.10% 24,000 Up ×1
CHCI Comstock Holding Companies, Inc. - Class A Common Stock $787,284 0.10% 49,236 $-145,246
INVH Invitation Homes Inc. Common Stock $785,460 0.10% 26,000 $139,360
ACTG Acacia Research Corporation - Common Stock $776,692 0.10% 166,672 $-25,000
AMH American Homes 4 Rent Common Shares of Beneficial Interest $770,960 0.10% 23,000 $128,800
TLN Talen Energy Corporation - Common Stock $768,520 0.10% 2,000 $130,060
CACC Credit Acceptance Corporation - Common Stock $764,088 0.10% 1,200 $255,936
Unknown issuer (CUSIP: 416906204) $755,282 0.09% 122,810 $147,457 Down ×1
CNX CNX Resources Corporation Common Stock $744,153 0.09% 21,932 $-101,326
KKR KKR & Co. Inc. Common Stock $719,005 0.09% 7,834 $-5,640
PUMP ProPetro Holding Corp. Common Stock $717,000 0.09% 50,000 $-3,500
MHO M/I Homes, Inc. Common Stock $702,331 0.09% 4,368 $167,469
TIPT Tiptree Inc. - Common Stock $688,576 0.09% 38,425 $38,425
UNFI United Natural Foods, Inc. Common Stock $685,050 0.09% 15,000 $9,150
BEAT Heartbeam, Inc. - Common Stock $684,375 0.09% 912,500 Up ×1
BTI British American Tobacco Industries, p.l.c. Common Stock ADR $679,545 0.08% 11,003
TDY Teledyne Technologies Incorporated Common Stock $666,900 0.08% 1,000 $61,890
MPTI CUSIP: 55380K109 $651,217 0.08% 6,568 $267,832 Up ×1
RTX RTX Corporation Common Stock $644,323 0.08% 3,396 $-10,765
PDEX Pro-Dex, Inc. - Common Stock $634,389 0.08% 10,835 $102,174
TECK Teck Resources Ltd Ordinary Shares $623,676 0.08% 10,489 $80,870
APP Applovin Corporation - Class A Common Stock $618,276 0.08% 1,200 $379,476 Up ×1
JAKK JAKKS Pacific, Inc. - Common Stock $616,222 0.08% 26,470 $138,740 Up ×3
PESI Perma-Fix Environmental Services, Inc. - Common Stock $609,454 0.08% 42,649 $206,986 Up ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
RHLD $38,977,139 4.87% up ×3
WLFC $4,294,118 0.54% up ×3
SPCB $2,085,020 0.26% up ×4
JAKK $616,222 0.08% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
FLEX $43,183,389 266,449 5.40%
GOOG $13,496,435 37,766 1.69%
FLEX $5,672,450 35,000 0.71%
SMH $5,575,065 8,500 0.70%
VALE $1,534,080 102,000 0.19%
RMR $1,231,800 60,000 0.15%
ACMR $1,015,120 8,000 0.13%
TPC $829,700 10,000 0.10%
FTAI $811,590 3,000 0.10%
ADEA $790,320 24,000 0.10%
BEAT $684,375 912,500 0.09%
BTI $679,545 11,003 0.08%
FOUR $583,680 12,000 0.07%
KBR $517,950 15,000 0.06%
CORZ $511,800 20,000 0.06%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VRT Trimmed -5K +$47.1M
LAUR Trimmed -559K -$17.6M
GPGI Bought more +52K -$9.8M
MU Trimmed -1K +$7.0M
SPXC Bought more +10K +$6.8M
SPY Trimmed -410 +$3.4M
RHLD Bought more +11K -$3.1M
NBIS Trimmed -2K +$3.0M
MIR Trimmed -115K -$2.7M
EVC Bought more +20K +$2.4M

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
GOOGL June 30, 2026 39,440 $11,341,366 -10.4%
GOOG Dec. 31, 2025 39,437 $9,587,135 1.1%
IWP Dec. 31, 2025 18,000 $2,563,380 4.5%
ITRG March 31, 2026 475,000 $1,904,750 No longer tracked
SARK Dec. 31, 2025 65,000 $1,864,850
ALIT June 30, 2025 262,759 $1,558,161
ALEX March 31, 2026 70,000 $1,444,800 No longer tracked
TSLA Dec. 31, 2025 3,137 $1,395,087 -17.2%
CORZ Dec. 31, 2025 66,858 $1,199,433 -10.0%
OWL March 31, 2026 75,000 $1,120,500 2.5%
AIOT June 30, 2025 183,793 $1,009,024 -38.3%
NVRI March 31, 2026 50,000 $896,000 No longer tracked
ACOG Dec. 31, 2025 134,898 $878,186 28.3%
DFS June 30, 2025 4,889 $834,552 No longer tracked
DUOT March 31, 2026 70,022 $787,748 -14.7%
IJK March 31, 2026 7,833 $758,861 9.9%
HBIO March 31, 2026 1,108,692 $741,493 69.0%
AZ Dec. 31, 2025 92,000 $735,080 -14.0%
GDDY June 30, 2026 8,662 $716,088 32.9%
GSRT Sept. 30, 2025 60,212 $649,687 No longer tracked
HALO June 30, 2026 10,000 $646,300 60.5%
FOUR March 31, 2026 10,059 $633,415 -11.3%
BTI March 31, 2026 11,003 $622,990 1.7%
DLO June 30, 2026 48,015 $622,755 15.9%
CE June 30, 2026 9,000 $591,930 3.7%
METCB Sept. 30, 2025 71,495 $584,829
AACT June 30, 2025 51,503 $574,258 No longer tracked
IAC March 31, 2026 14,325 $560,108 No longer tracked
TSM Dec. 31, 2025 2,000 $558,580 37.7%
MMS Dec. 31, 2025 6,000 $548,220 -27.0%
GPN June 30, 2026 8,000 $538,400 14.1%
BANL Dec. 31, 2025 17,176 $525,242 -41.2%
GLXY Dec. 31, 2025 15,068 $509,449 -34.3%
EEFT Sept. 30, 2025 5,000 $506,900 -25.3%
EVLV March 31, 2026 70,087 $501,823 -23.6%
PRTH March 31, 2026 90,432 $492,854 65.7%
FTAI March 31, 2026 2,500 $492,125 -37.0%
KSPI Dec. 31, 2025 6,000 $490,080 17.4%
FIP June 30, 2026 2,000 $490,000 -45.3%
NMM Sept. 30, 2025 12,959 $488,295 98.4%
ASRT June 30, 2026 25,549 $486,964 No longer tracked
NATH June 30, 2026 4,746 $478,065 0.4%
ONIT June 30, 2026 12,003 $471,358 -35.3%
KZIA March 31, 2026 70,000 $470,246 5.0%
SATS June 30, 2026 4,000 $468,280 No longer tracked
KODK March 31, 2026 54,603 $461,941 3.4%
FONR June 30, 2025 32,972 $461,938 No longer tracked
PYPL June 30, 2026 10,000 $452,300 32.1%
SVIIU Dec. 31, 2025 43,500 $447,180 No longer tracked
DFIN Dec. 31, 2025 8,655 $445,127 18.9%
CNNE Sept. 30, 2025 20,000 $417,000 -11.0%
CCCX March 31, 2026 25,000 $390,000 No longer tracked
SNCR June 30, 2025 35,751 $389,328 No longer tracked
AMD Sept. 30, 2025 2,500 $354,750 219.4%
TIPT Sept. 30, 2025 15,000 $353,700 -15.0%
LITE June 30, 2026 500 $351,380 -11.9%
IP Sept. 30, 2025 14,521 $348,794 -28.5%
IGIC Dec. 31, 2025 14,521 $336,887 -1.4%
CRH March 31, 2026 2,644 $329,971 -19.2%
CUBI Dec. 31, 2025 5,000 $326,850 15.6%
CCLD March 31, 2026 110,011 $321,232 -51.5%
AIV Dec. 31, 2025 40,291 $319,508 -72.6%
HOOD March 31, 2026 2,800 $316,680 37.2%
ICAD June 30, 2025 151,034 $311,130 No longer tracked
NVGS Dec. 31, 2025 20,000 $309,800 26.5%
MOS June 30, 2026 12,000 $306,000 -15.8%
RIOT Sept. 30, 2025 25,000 $282,500 -34.2%
UNFI Sept. 30, 2025 12,000 $279,720 24.6%
GTN Sept. 30, 2025 60,877 $275,773 -20.8%
VELO March 31, 2026 20,000 $274,800 -29.3%
WLAC June 30, 2026 25,728 $274,003 No longer tracked
QUIK March 31, 2026 43,930 $264,019 -6.2%
SOC June 30, 2025 10,000 $253,700 -85.2%
MRVL June 30, 2026 2,504 $248,021 -23.3%
ISSC Dec. 31, 2025 19,844 $247,852 No longer tracked
VLO June 30, 2026 1,000 $247,080 61.0%
SMC Dec. 31, 2025 11,692 $240,154 17.0%
MTCH Dec. 31, 2025 6,376 $225,200 41.6%
CLPT Dec. 31, 2025 10,000 $217,900 -33.2%
AIP Sept. 30, 2025 22,557 $214,968 88.7%
AHH Dec. 31, 2025 30,000 $210,300 No longer tracked
SOFI March 31, 2026 8,002 $209,492 -8.0%
PROF March 31, 2026 26,420 $207,925 -14.2%
DGXX March 31, 2026 80,000 $204,000 10.6%
DCTH March 31, 2026 20,000 $202,000 55.4%
MTCH June 30, 2025 6,376 $198,931 48.0%
LPTH Dec. 31, 2025 25,000 $198,250 -32.5%
BLDR June 30, 2025 1,552 $193,907 -51.3%
CRNC Dec. 31, 2025 15,000 $186,900 -22.0%
LAKE June 30, 2025 9,198 $186,811 -29.5%
SBGI Sept. 30, 2025 13,301 $183,820 -17.9%
LFT Dec. 31, 2025 89,631 $181,055 -69.9%
NXST June 30, 2025 1,000 $179,220 -3.2%
MIND Dec. 31, 2025 20,292 $164,162 -53.6%
GGRP Dec. 31, 2025 100,000 $164,000 No longer tracked
AZ June 30, 2025 22,266 $157,198 -47.0%
AWRE Dec. 31, 2025 62,512 $150,654 -53.3%
LQDA June 30, 2025 10,000 $147,500 242.3%
LFCR Dec. 31, 2025 20,000 $147,200 -21.8%
GILT Sept. 30, 2025 20,000 $141,800 -42.9%
BWEN March 31, 2026 50,000 $141,500 39.4%
MAIA June 30, 2026 100,000 $140,000 No longer tracked
PAR June 30, 2026 10,000 $133,300 2.5%
DJT March 31, 2026 10,000 $132,400 -31.0%
MFI Sept. 30, 2025 20,926 $126,812 -77.3%
THRY March 31, 2026 20,000 $121,000 -56.6%
GAMB Sept. 30, 2025 10,000 $118,900 No longer tracked
RNXT Dec. 31, 2025 93,473 $118,711 53.6%
VAL June 30, 2025 2,929 $114,993 131.1%
APLD Sept. 30, 2025 10,000 $100,700 -20.4%
BNED Dec. 31, 2025 10,000 $99,500 47.7%
BB Dec. 31, 2025 20,000 $97,600 135.4%
ECOR June 30, 2025 14,481 $96,878 33.5%
BULL March 31, 2026 12,000 $93,240 17.7%
MYO Dec. 31, 2025 100,000 $89,200 No longer tracked
FEAM Dec. 31, 2025 24,928 $86,999 -24.9%
SNES March 31, 2026 38,166 $81,675 -48.8%
ASPI March 31, 2026 15,000 $80,250 -56.0%
NRXS June 30, 2026 10,000 $74,000 No longer tracked
GSRTR Sept. 30, 2025 10,000 $68,301 No longer tracked
CLVT March 31, 2026 20,000 $66,800 -26.1%
OPRT Dec. 31, 2025 10,000 $61,700 73.7%
BTBT Dec. 31, 2025 20,000 $60,000 -55.3%
ALTO Sept. 30, 2025 50,500 $58,075 234.3%
KSCP Dec. 31, 2025 10,000 $57,700 -85.8%
MOB Sept. 30, 2025 20,000 $50,400 -66.1%
PPSI Dec. 31, 2025 10,000 $43,200 -48.2%
ZDGE March 31, 2026 13,170 $43,198 No longer tracked
RMTI Dec. 31, 2025 35,000 $42,000
CVU June 30, 2026 10,000 $39,200 No longer tracked
RR Sept. 30, 2025 20,000 $39,000 -73.0%
MODD March 31, 2026 100,000 $36,410 -66.9%
YTRA March 31, 2026 20,000 $35,600 -17.1%
BLNE Sept. 30, 2025 20,000 $29,600 -83.4%
AREC Dec. 31, 2025 10,000 $27,000 -54.0%
XELB Sept. 30, 2025 14,801 $26,790 -79.7%
FTEK Sept. 30, 2025 10,000 $25,200 -54.3%
ETHZ Dec. 31, 2025 10,000 $24,100 No longer tracked
HTCR June 30, 2025 29,186 $21,890
INVZ March 31, 2026 25,000 $21,328 -64.6%
IINN Sept. 30, 2025 25,000 $21,250 No longer tracked
RNAZ June 30, 2025 40,000 $19,800 -77.3%
ALLR June 30, 2025 20,000 $18,738 -14.3%
SOAR Dec. 31, 2025 10,000 $17,700 No longer tracked
VYNE Dec. 31, 2025 50,000 $16,750 No longer tracked
GNS Sept. 30, 2025 10,000 $13,600 No longer tracked
NMTC Sept. 30, 2025 18,094 $12,273
GNPX June 30, 2025 10,000 $2,453