Performance vs S&P 500

03
Tracked Q1 2025–Q2 2025 +15.5%
S&P 500 total return (same window) +12.6%
Excess return +2.9%

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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Utilities 46.4%
Industrials 26.7%
Materials 23.0%
Energy 2.2%
Technology 1.7%

Full portfolio 27 positions

05
Type Streak 8Q trend
HBM Hudbay Minerals Inc. Ordinary Shares (Canada) $11,046,241 8.77% 1,041,116 $-1,853,617 Down ×1
GNRC Generac Holdlings Inc. Common Stock $11,014,138 8.74% 76,909 $3,619,044 Up ×1
XEL Xcel Energy Inc. - Common Stock $7,225,410 5.74% 106,100 $-249,943 Up ×2
FCX Freeport-McMoRan, Inc. Common Stock $6,251,070 4.96% 144,200 Up ×1
DTE DTE Energy Company Common Stock $6,225,620 4.94% 47,000 Up ×1
ETR Entergy Corporation Common Stock $6,186,372 4.91% 74,427 $1,399,616 Up ×1
ARRY Array Technologies, Inc. - Common Stock $5,934,232 4.71% 1,005,802 $3,814,949 Up ×1
VST Vistra Corp. Common Stock $5,890,661 4.68% 30,394 $1,486,661 Down ×2
WEC WEC Energy Group, Inc. Common Stock $5,593,456 4.44% 53,680 Up ×1
CNP CenterPoint Energy, Inc (Holding Co) Common Stock $5,226,926 4.15% 142,268 $3,252,391 Up ×1
SRE DBA Sempra Common Stock $5,015,974 3.98% 66,200
ATKR Atkore Inc. Common Stock $4,915,783 3.90% 69,678 $-94,702 Down ×1
SGML Sigma Lithium Corporation - common shares $4,549,145 3.61% 1,010,921 $-4,630,113 Up ×2
BHP BHP Group Limited American Depositary Shares (Each representing two Ordinary Shares) $4,402,399 3.49% 91,545 Up ×1
EVRG Evergy, Inc. - Common Stock $3,986,567 3.16% 57,835 $-1,446,693 Down ×1
MTZ MasTec, Inc. Common Stock $3,872,681 3.07% 22,723 $285,366 Down ×2
PNW Pinnacle West Capital Corporation Common Stock $3,727,589 2.96% 41,663 Up ×1
FE FirstEnergy Corp. Common Stock $3,353,255 2.66% 83,290
AAON AAON, Inc. - Common Stock $3,231,725 2.57% 43,820
BTU Peabody Energy Corporation Common Stock $2,818,200 2.24% 210,000 Call option Up ×1
ERO Ero Copper Corp. Common Shares $2,719,203 2.16% 160,900 $-6,023,964 Down ×1
FLR Fluor Corporation Common Stock $2,663,579 2.11% 51,952 $-4,181,910 Down ×1
AEE Ameren Corporation Common Stock $2,524,507 2.00% 26,286
NEE NextEra Energy, Inc. Common Stock $2,320,849 1.84% 33,432 $-3,775,762 Down ×1
FSLR First Solar, Inc. - Common Stock $2,135,466 1.70% 12,900 $-2,326,249 Down ×2
PRIM Primoris Services Corporation Common Stock $1,959,490 1.56% 25,141 $936,329 Up ×1
NRG NRG Energy, Inc. Common Stock $1,191,985 0.95% 7,423 $-39,449 Down ×2

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
FCX $6,251,070 144,200 4.96%
DTE $6,225,620 47,000 4.94%
WEC $5,593,456 53,680 4.44%
SRE $5,015,974 66,200 3.98%
BHP $4,402,399 91,545 3.49%
PNW $3,727,589 41,663 2.96%
FE $3,353,255 83,290 2.66%
AAON $3,231,725 43,820 2.57%
BTU $2,818,200 210,000 2.24%
AEE $2,524,507 26,286 2.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ERO Trimmed -561K -$6.0M
SGML Bought more +128K -$4.6M
FLR Trimmed -139K -$4.2M
ARRY Bought more +571K +$3.8M
NEE Trimmed -53K -$3.8M
GNRC Bought more +19K +$3.6M
CNP Bought more +88K +$3.3M
FSLR Trimmed -22K -$2.3M
HBM Trimmed -658K -$1.9M
VST Trimmed -7K +$1.5M

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
D June 30, 2025 165,402 $9,274,090 8.5%
PEG June 30, 2025 75,960 $6,251,508 -19.1%
EXC June 30, 2025 122,300 $5,635,584 -6.2%
MOD June 30, 2025 58,350 $4,478,363 80.9%
GEV June 30, 2025 10,800 $3,297,024 86.8%
EME June 30, 2025 6,724 $2,485,392 47.1%
LAC June 30, 2025 680,100 $1,843,071 -4.9%
OGE June 30, 2025 5,007 $230,122 2.2%