Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +43.1%
S&P 500 total return (same window) +37.0%
Excess return +6.1%

Annualized: +33.2% · 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: 98.6% · Options excluded: 4.0%

Sector breakdown

04
Healthcare 26.8%
Communication Services 22.1%
Industrials 15.6%
Consumer Discretionary 13.7%
Utilities 13.6%
Retail 6.6%
Technology 1.6%

Full portfolio 25 positions

05
Type Streak 8Q trend
ILMN Illumina, Inc. - Common Stock $497,695,958 15.20% 2,830,552 $25,658,476 Down ×1
WGS GeneDx Holdings Corp. - Class A Common Stock $328,460,731 10.03% 4,784,570 $121,149,002 Up ×2
VSTS Vestis Corporation Common Stock $287,698,743 8.79% 19,813,963 $131,960,994
SWX Southwest Gas Holdings, Inc. Common Stock (DE) $284,533,150 8.69% 3,208,538 $-90,715,041 Down ×2
MGM MGM Resorts International Common Stock $255,686,828 7.81% 5,347,978 $57,758,162
AMZN Amazon.com, Inc. - Common Stock $215,872,165 6.59% 905,732 $32,025,571 Up ×1
DIS Walt Disney Company (The) Common Stock $207,955,921 6.35% 2,160,581 $-280,876
VST Vistra Corp. Common Stock $161,838,768 4.94% 1,020,228 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $157,721,200 4.82% 280,000 $156,348,088 Up ×1
IAC IAC Inc. - Common Stock $128,957,884 3.94% 2,793,715 $-5,345,768 Down ×1
LLYVA Liberty Live Holdings, Inc. - Series A Liberty Live Group Common Stock $101,810,247 3.11% 1,005,434 $9,672,275
CX Cemex, S.A.B. de C.V. Sponsored ADR $99,783,300 3.05% 8,315,275 $1,396,154 Down ×1
PLNT Planet Fitness, Inc. Common Stock $98,796,311 3.02% 1,893,738 Up ×1
QSR Restaurant Brands International Inc. Common Shares $91,738,057 2.80% 1,265,178 $-24,894,914 Down ×2
UNP Union Pacific Corporation Common Stock $88,761,760 2.71% 326,330 $-28,746,385 Down ×2
META Meta Platforms, Inc. - Class A Common Stock $56,329,000 1.72% 100,000 Call option Up ×1
FTRE Fortrea Holdings Inc. - Common Stock $52,000,787 1.59% 2,988,551 $8,252,489 Down ×1
MSFT Microsoft Corporation - Common Stock $49,112,186 1.50% 131,661 $375,234
FWONK Liberty Media Corporation - Series C Liberty Formula One Common Stock $38,141,626 1.16% 400,900 Up ×1
MEG Montrose Environmental Group, Inc. Common Stock $35,771,700 1.09% 1,770,000 Up ×1
FWONA Liberty Media Corporation - Series A Liberty Formula One Common Stock $27,868,359 0.85% 318,350 Up ×1
LLYVK Liberty Live Holdings, Inc. - Series C Liberty Live Group Common Stock $3,414,496 0.10% 32,322 $372,673
NVDA NVIDIA Corporation - Common Stock $3,251,463 0.10% 16,250 $417,463
TSLA Tesla, Inc. - Common Stock $1,198,710 0.04% 2,850 $139,222
FLYXWS CUSIP: 343928115 $42,174 0.00% 200,827 $-6,024

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
VST $161,838,768 1,020,228 4.94%
PLNT $98,796,311 1,893,738 3.02%
META $56,329,000 100,000 1.72%
FWONK $38,141,626 400,900 1.16%
MEG $35,771,700 1,770,000 1.09%
FWONA $27,868,359 318,350 0.85%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VSTS Price move only +0 +$132.0M
WGS Bought more +1.6M +$121.1M
SWX Trimmed -1.1M -$90.7M
MGM Price move only +0 +$57.8M
AMZN Bought more +23K +$32.0M
UNP Trimmed -158K -$28.7M
ILMN Trimmed -999K +$25.7M
QSR Trimmed -313K -$24.9M
LLYVA Price move only +0 +$9.7M
FTRE Trimmed -1.7M +$8.3M

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
QQQ March 31, 2026 150,000 $92,146,500 29.0%
KOF June 30, 2025 998,713 $91,172,510 10.1%
SRE Sept. 30, 2025 1,056,110 $80,021,455 -12.9%
ORCL March 31, 2026 403,200 $78,587,712 -3.3%
NSC Sept. 30, 2025 297,431 $76,133,413 5.7%
MDU Dec. 31, 2025 4,183,151 $74,501,919 -4.7%
UGI June 30, 2025 1,960,815 $64,844,152 2.1%
CSX Sept. 30, 2025 1,753,068 $57,202,609 33.6%
TSM June 30, 2025 310,354 $51,518,764 108.7%
DLTR Dec. 31, 2025 541,300 $51,082,481 -8.8%
CCL Dec. 31, 2025 1,740,810 $50,326,817 -15.7%
HSII Dec. 31, 2025 1,002,462 $49,892,534 No longer tracked
GOOGL Sept. 30, 2025 225,709 $39,776,697 41.3%
AQN March 31, 2026 6,183,855 $38,030,708 -16.9%
CSGP June 30, 2026 851,734 $34,358,950 -3.3%
IAS Sept. 30, 2025 2,618,000 $21,755,580 No longer tracked
PLTR June 30, 2025 200,000 $16,880,000 38.5%
LION June 30, 2026 1,622,551 $15,560,264 -27.1%
LNG Sept. 30, 2025 57,863 $14,090,798 14.9%
IBIT June 30, 2025 196,750 $9,209,868
LLYVK (filed as LLYVKXXXX) Dec. 31, 2025 32,322 $3,134,264 17.7%
CRM June 30, 2026 14,500 $2,706,715 49.8%
IWM June 30, 2026 5,000 $1,240,000 -6.2%
AMBP June 30, 2026 280,854 $1,137,459 -6.3%
IWM Sept. 30, 2025 5,000 $1,078,950 16.5%
LAB June 30, 2026 44,340 $40,762 -9.2%