Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +27.2%
S&P 500 total return (same window) +37.0%
Excess return -9.8%

Annualized: +21.3% · 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: 0.0%

Sector breakdown

04
Financials 9.4%
Consumer Discretionary 4.6%
Healthcare 1.2%
Other/Unmapped 84.9%

Full portfolio 14 positions

05
Type Streak 8Q trend
IAU iShares Gold Trust Shares $99,206,624 65.20% 1,313,821 $-11,917,910 Up ×5
IBIT iShares Bitcoin Trust ETF $10,105,346 6.64% 303,555
Unknown issuer (CUSIP: 04965N104) $8,628,700 5.67% 641,539 Up ×1
ALTS ALT5 Sigma Corporation - Common Stock $7,431,665 4.88% 12,701,530 $-6,567,133 Up ×3
PLBY Playboy, Inc. - Common Stock $7,024,525 4.62% 5,757,807 $419,339 Up ×4
BTGO BitGo Holdings, Inc. Class A Common Stock $6,797,046 4.47% 1,312,171 Up ×1
SGOV iShares Trust $4,755,751 3.13% 47,241 Up ×1
VZLA CUSIP: 92859G608 $2,799,113 1.84% 848,216 Up ×1
BNR Burning Rock Biotech Limited - American Depositary Shares $1,774,415 1.17% 211,997 $-2,826,296 Down ×2
PCAP ProCap Acquisition Corp - Class A Ordinary Shares $1,651,544 1.09% 160,656 $98,924 Up ×1
PCSC Perceptive Capital Solutions Corp - Class A Ordinary Shares $1,058,243 0.70% 97,265 $-216,965 Down ×2
Unknown issuer (CUSIP: 337185102) $711,041 0.47% 35,340 Up ×1
USBC CUSIP: 499238202 $173,817 0.11% 555,325 $-40,594
PCAPW ProCap Acquisition Corp - Warrant $32,885 0.02% 102,735 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
IAU $99,206,624 65.20% up ×5
ALTS $7,431,665 4.88% up ×3
PLBY $7,024,525 4.62% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
IBIT $10,105,346 303,555 6.64%
Unknown issuer (CUSIP: 04965N104) $8,628,700 641,539 5.67%
BTGO $6,797,046 1,312,171 4.47%
SGOV $4,755,751 47,241 3.13%
VZLA $2,799,113 848,216 1.84%
Unknown issuer (CUSIP: 337185102) $711,041 35,340 0.47%
PCAPW $32,885 102,735 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
IAU Bought more +64K -$11.9M
ALTS Bought more +90K -$6.6M
BNR Trimmed -70K -$2.8M
PLBY Bought more +1.4M +$419K
PCSC Trimmed -19K -$217K
PCAP Bought more +8K +$99K
USBC Price move only +0 -$41K

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
IBIT Dec. 31, 2025 2,214,074 $143,914,810
GRAL March 31, 2026 1,072,374 $91,784,491 177.2%
HHH March 31, 2026 612,839 $48,886,167 12.3%
WBD March 31, 2026 1,500,000 $43,230,000 12.7%
RNA March 31, 2026 202,370 $14,596,948 -41.4%
CRML Sept. 30, 2025 2,039,358 $7,300,902 13.0%
STRK Dec. 31, 2025 22,784 $2,089,293 -3.2%
STAA June 30, 2026 100,000 $1,870,000 -21.7%
PCAPU Sept. 30, 2025 68,284 $732,005 -0.2%