Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +6.5%
S&P 500 total return (same window) +37.0%
Excess return -30.5%

Annualized: +5.2% · 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: 92.0% · Options excluded: 0.0%

Sector breakdown

04
Industrials 50.1%
Financials 34.1%
Healthcare 5.4%
Consumer products 5.3%
Technology 3.1%
Energy 0.7%
Other/Unmapped 1.3%

Full portfolio 23 positions

05
Type Streak 8Q trend
SCHW Charles Schwab Corporation (The) Common Stock $43,530,194 20.27% 471,770 $330,533 Up ×3
HEI-A (filed as HEIA) HEICO Corporation Class A $22,600,207 10.53% 87,628 $8,770,800 Up ×3
V Visa Inc. $22,350,546 10.41% 65,145 $2,753,316 Up ×2
DE Deere & Company Common Stock $17,791,697 8.29% 28,048 $4,124,951 Up ×3
WSO Watsco, Inc. Common Stock $12,216,265 5.69% 29,315 $2,358,489 Up ×3
CHD Church & Dwight Company, Inc. Common Stock $11,417,082 5.32% 117,848 $868,562 Up ×1
KEYS Keysight Technologies Inc. Common Stock $10,137,677 4.72% 28,959 $-6,325,341 Down ×1
ROL Rollins, Inc. Common Stock $9,350,379 4.35% 224,015 $-2,243,515 Up ×2
NDSN Nordson Corporation - Common Stock $8,882,342 4.14% 29,442 $1,116,597 Up ×1
MTD Mettler-Toledo International, Inc. Common Stock $7,417,223 3.45% 5,806 $-175,201 Down ×1
MCO Moody's Corporation Common Stock $7,285,832 3.39% 16,086 $-20,016 Down ×1
SITE SiteOne Landscape Supply, Inc. Common Stock $5,876,441 2.74% 51,363 $-1,461,647 Down ×1
CAT Caterpillar, Inc. Common Stock $5,360,642 2.50% 5,034 $1,236,696 Down ×1
BR Broadridge Financial Solutions, Inc. Common Stock $5,242,881 2.44% 38,283 $-998,673 Down ×1
CPRT Copart, Inc. - Common Stock $5,203,508 2.42% 184,587 $-988,757 Down ×1
GE GE Aerospace Common Stock $4,885,585 2.28% 13,073 $1,176,002
IDXX IDEXX Laboratories, Inc. - Common Stock $4,154,664 1.93% 7,892 Up ×1
DSGX The Descartes Systems Group Inc. - Common Stock $3,094,890 1.44% 44,698 $-190,573 Down ×1
IT Gartner, Inc. Common Stock $3,037,385 1.41% 23,433 $-661,596 Up ×3
PFF iShares Preferred and Income Securities ETF $2,795,250 1.30% 91,678 $2,047,142 Up ×1
CVX Chevron Corporation Common Stock $1,050,339 0.49% 6,337 $366,419 Up ×3
XOM Exxon Mobil Corporation Common Stock $523,238 0.24% 3,827 $-121,665 Up ×3
AAPL Apple Inc. - Common Stock $516,508 0.24% 1,785 $63,493

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
SCHW $43,530,194 20.27% up ×3
HEI-A (filed as HEIA) $22,600,207 10.53% up ×3
DE $17,791,697 8.29% up ×3
WSO $12,216,265 5.69% up ×3
IT $3,037,385 1.41% up ×3
CVX $1,050,339 0.49% up ×3
XOM $523,238 0.24% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
IDXX $4,154,664 7,892 1.93%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
HEI-A (filed as HEIA) Bought more +22K +$8.8M
KEYS Trimmed -29K -$6.3M
DE Bought more +4K +$4.1M
V Bought more +305 +$2.8M
WSO Bought more +2K +$2.4M
ROL Bought more +7K -$2.2M
PFF Bought more +67K +$2.0M
SITE Trimmed -4K -$1.5M
CAT Trimmed -787 +$1.2M
GE Price move only +0 +$1.2M

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
SWK June 30, 2026 11,481 $815,846 -3.8%