Sector breakdown

04
Financials 18.1%
Industrials 15.4%
Technology 13.8%
Health Care 9.0%
Retail 6.0%
Energy 4.8%
Utilities 4.4%
Materials 4.2%
Communication Services 3.2%
Consumer Staples 2.9%
Consumer products 2.6%
Consumer Discretionary 2.2%
Real Estate 1.8%
Other/Unmapped 11.5%

Full portfolio 170 positions

05
Type Streak 8Q trend
MSFT Microsoft Corporation - Common Stock $82,669,000 3.58% 161,179 $82,638,016 Up ×2
AMZN Amazon.com, Inc. - Common Stock $78,517,000 3.40% 315,140 $78,466,018 Up ×3
RS Reliance, Inc. Common Stock $55,710,000 2.41% 144,796 $55,655,745 Down ×4
DELL Dell Technologies Inc. Class C Common Stock $53,368,000 2.31% 99,207 $53,299,786 Down ×6
JPM JP Morgan Chase & Co. Common Stock $52,975,000 2.29% 160,128 $52,922,937 Up ×1
CACI CACI International, Inc. Class A Common Stock $44,506,000 1.93% 73,067 $44,472,225 Up ×1
JBTM JBT Marel Corporation Common Stock $43,636,000 1.89% 413,255 $43,581,305 Up ×1
Unknown issuer (CUSIP: 30233Q108) $42,908,000 1.86% 263,642 Up ×1
LRCX Lam Research Corporation - Common Stock $42,764,000 1.85% 130,176 $42,707,833 Up ×1
MS Morgan Stanley Common Stock $42,197,000 1.83% 224,355 $42,150,269 Up ×1
BLBD Blue Bird Corporation - Common Stock $41,041,000 1.78% 739,478 $40,993,261 Up ×1
COF Capital One Financial Corporation Common Stock $40,803,000 1.77% 211,336 $40,768,193 Up ×2
RJF Raymond James Financial, Inc. Common Stock $40,350,000 1.75% 255,344 $40,311,331 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $40,162,000 1.74% 117,868 $40,120,698 Up ×1
HCA HCA Healthcare, Inc. Common Stock $39,872,000 1.73% 93,433 $39,835,964 Up ×1
MDU MDU Resources Group, Inc. Common Stock (Holding Company) $39,429,000 1.71% 2,126,689 $39,396,926 Up ×1
BDX Becton, Dickinson and Company Common Stock $38,542,000 1.67% 215,321 $38,509,672 Up ×1
SJM The J.M. Smucker Company Common Stock $38,490,000 1.67% 323,692 $38,453,893 Up ×2
CVX Chevron Corporation Common Stock $38,236,000 1.66% 187,240 $38,205,120 Up ×1
DTM DT Midstream, Inc. Common Stock $38,225,000 1.65% 319,956 $38,178,326 Up ×1
LH Labcorp Holdings Inc. Common Stock $38,054,000 1.65% 123,507 $38,019,468 Up ×2
CB Chubb Limited Common Stock $37,793,000 1.64% 116,196 $37,753,683 Up ×1
ZBRA Zebra Technologies Corporation - Class A Common Stock $36,709,000 1.59% 98,333 Up ×1
DAL Delta Air Lines, Inc. Common Stock $35,784,000 1.55% 428,752 $35,743,499 Down ×2
AZO AutoZone, Inc. Common Stock $35,387,000 1.53% 12,504 $35,347,418 Up ×2
STX Seagate Technology Holdings PLC - Ordinary Shares (Ireland) $35,353,000 1.53% 38,330 $35,315,604 Down ×4
SONO Sonos, Inc. - Common Stock $34,271,000 1.48% 1,915,664 $34,245,030 Down ×5
CI The Cigna Group Common Stock $33,565,000 1.45% 123,479 $33,531,421 Up ×2
Unknown issuer (CUSIP: 00846u101) $33,415,000 1.45% 193,926 $33,389,431 Up ×1
SOLS Solstice Advanced Materials Inc. - Common Stock $32,109,000 1.39% 570,114 $32,071,993 Up ×1
CVS CVS Health Corporation Common Stock $31,628,000 1.37% 369,096 $31,589,515 Down ×6
IDA IDACORP, Inc. Common Stock $31,245,000 1.35% 239,006 $31,208,974 Up ×1
RTX RTX Corporation Common Stock $30,355,000 1.31% 163,509 $30,324,352 Up ×1
CSL Carlisle Companies Incorporated Common Stock $29,999,000 1.30% 93,115 $29,965,168 Down ×6
TFC Truist Financial Corporation Common Stock $29,866,000 1.29% 645,045 $29,833,131 Down ×6
Unknown issuer (CUSIP: 60744m106) $29,554,000 1.28% 1,723,240 Up ×1
PNC PNC Financial Services Group, Inc. (The) Common Stock $29,226,000 1.27% 131,495 $29,193,867 Up ×1
CRM Salesforce, Inc. Common Stock $28,841,000 1.25% 125,629 $28,821,461 Up ×1
Unknown issuer (CUSIP: 438516205) $28,313,000 1.23% 134,221 $28,290,457 Up ×1
MAS Masco Corporation Common Stock $28,242,000 1.22% 419,014 $28,208,123 Up ×2
BC Brunswick Corporation Common Stock $26,477,000 1.15% 412,157 $26,442,413 Up ×2
CCC CCC Intelligent Solutions Holdings Inc. - Common Stock $26,319,000 1.14% 3,951,767 $26,314,174 Up ×1
Unknown issuer (CUSIP: 00206r102) $26,246,000 1.14% 1,075,644 $26,223,745 Up ×3
RHP Ryman Hospitality Properties, Inc. (REIT) $26,181,000 1.13% 219,029 $26,152,962 Up ×1
TOL Toll Brothers, Inc. Common Stock $26,179,000 1.13% 194,275 $26,146,989 Down ×5
PNW Pinnacle West Capital Corporation Common Stock $25,496,000 1.10% 274,036 $25,467,007 Up ×1
HWM Howmet Aerospace Inc. Common Stock $25,325,000 1.10% 111,970 $25,295,158 Up ×1
FHN First Horizon Corporation Common Stock $24,991,000 1.08% 1,085,629 $24,963,277 Up ×1
TTWO Take-Two Interactive Software, Inc. - Common Stock $24,825,000 1.07% 119,639 $24,795,354 Up ×2
Unknown issuer (CUSIP: 94106l109) $24,610,000 1.07% 120,684 $24,583,428 Up ×1
PGR Progressive Corporation (The) Common Stock $24,511,000 1.06% 118,232 $24,485,488 Up ×2
WTW Willis Towers Watson Public Limited Company - Ordinary Shares $24,104,000 1.04% 83,629 $24,082,328 Up ×1
ANF Abercrombie & Fitch Company Common Stock $23,325,000 1.01% 173,172 $23,296,840 Down ×4
VSH Vishay Intertechnology, Inc. Common Stock $23,249,000 1.01% 714,244 $23,214,048 Up ×1
AUB Atlantic Union Bankshares Corporation Common Stock $23,076,000 1.00% 608,055 $23,050,355 Up ×1
PEP PepsiCo, Inc. - Common Stock $22,644,000 0.98% 178,693 $22,620,109 Up ×1
AAPL Apple Inc. - Common Stock $22,549,000 0.98% 67,710 $22,529,645 Up ×1
RKT Rocket Companies, Inc. Class A Common Stock $21,655,000 0.94% 1,881,411 $21,626,147 Up ×1
Unknown issuer (CUSIP: 43849R105) $20,963,000 0.91% 135,274 $20,940,743 Up ×1
PRKS United Parks & Resorts Inc. Common Stock $16,538,000 0.72% 510,444 $16,513,693 Up ×1
MPLX MPLX LP Common Units Representing Limited Partner Interests $12,843,000 0.56% 228,032 $12,830,214 Up ×1
EPD Enterprise Products Partners L.P. Common Stock $10,624,000 0.46% 298,344 $10,613,132 Up ×1
SPY SPY $8,159,000 0.35% 10,698 Up ×1
MU Micron Technology, Inc. - Common Stock $7,752,000 0.34% 7,278 $7,684,557 Down ×6
GOOGL Alphabet Inc. - Class A Common Stock $6,917,000 0.30% 20,102 $6,910,602 Up ×1
WAT Waters Corporation Common Stock $6,777,000 0.29% 15,423 $6,770,965 Down ×2
MKSI MKS Inc. - Common Stock $5,965,000 0.26% 22,480 $5,954,512 Down ×2
FDP Fresh Del Monte Produce, Inc. Common Stock $5,758,000 0.25% 192,185 $5,752,511 Down ×1
TER Teradyne, Inc. - Common Stock $5,754,000 0.25% 14,353 $5,698,810 Down ×5
UHS Universal Health Services, Inc. Common Stock $5,716,000 0.25% 32,800 $5,710,889 Down ×2
CCK Crown Holdings, Inc. $5,663,000 0.25% 53,720 $5,656,780 Down ×1
STE STERIS plc (Ireland) Ordinary Shares $5,325,000 0.23% 25,355 $5,321,463 Up ×1
PSTL Postal Realty Trust, Inc. Class A Common Stock $5,241,000 0.23% 229,180 $5,235,226 Down ×2
PRSU Pursuit Attractions and Hospitality, Inc. Common Stock $5,213,000 0.23% 104,820 $5,206,851 Down ×2
OUT OUTFRONT Media Inc. Common Stock $5,053,000 0.22% 182,101 $5,046,697 Down ×6
Unknown issuer (CUSIP: 88422p109) $4,952,000 0.21% 116,810 $4,947,179 Down ×2
WEX WEX Inc. common stock $4,821,000 0.21% 28,575 $4,816,863 Down ×2
FITBM Fifth Third Bancorp - Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series M $4,714,000 0.20% 193,373 $4,709,281 Up ×2
ALK Alaska Air Group, Inc. Common Stock $4,655,000 0.20% 120,295 $4,648,583 Down ×2
RFPRF CUSIP: 7591EP860 $4,652,000 0.20% 188,320 $4,647,418 Up ×6
VNOM Viper Energy, Inc. - Class A Common Stock $4,611,000 0.20% 115,600 $4,605,962 Down ×4
VCSH Vanguard Short-Term Corporate Bond ETF $4,601,000 0.20% 59,555 $4,596,218 Down ×1
GLPI Gaming and Leisure Properties, Inc. - Common Stock $4,580,000 0.20% 120,625 $4,577,180 Up ×1
AGCO AGCO Corporation Common Stock $4,327,000 0.19% 37,881 $4,322,286 Down ×2
IGIC International General Insurance Holdings Ltd. - Ordinary Shares $4,325,000 0.19% 177,975 $4,320,164 Down ×2
EVR Evercore Inc. Class A Common Stock $4,130,000 0.18% 16,040 $4,124,506 Down ×1
NWE NorthWestern Energy Group, Inc. - Common Stock $4,123,000 0.18% 60,295 $4,118,660 Down ×2
BRO Brown & Brown, Inc. Common Stock $4,090,000 0.18% 67,155 $4,085,590 Down ×1
IUSV iShares Core S&P U.S. Value ETF $4,048,000 0.18% 36,703 $4,044,134 Up ×1
RYAM Rayonier Advanced Materials Inc. Common Stock $3,920,000 0.17% 491,800 $3,916,044 Down ×1
PSAPRL CUSIP: 74460W552 $3,809,000 0.16% 237,616 $3,804,947 Up ×3
NVDA NVIDIA Corporation - Common Stock $3,743,000 0.16% 16,392 $3,741,193 Up ×1
TXO TXO Partners, L.P. Common Units Representing Limited Partner Interests $3,609,000 0.16% 264,000 $3,605,912 Up ×3
CLH Clean Harbors, Inc. Common Stock $3,316,000 0.14% 10,690 $3,312,762 Down ×2
CSV Carriage Services, Inc. Common Stock $3,211,000 0.14% 103,025 $3,206,954 Down ×1
WFCPRL CUSIP: 949746804 $3,143,000 0.14% 2,913 $3,139,630
JKHY Jack Henry & Associates, Inc. - Common Stock $2,955,000 0.13% 20,632 $2,951,938 Down ×2
ENOV Enovis Corporation Common Stock $2,868,000 0.12% 156,955 $2,864,677 Down ×2
DINO HF Sinclair Corporation Common Stock $2,727,000 0.12% 25,409 $2,723,830 Down ×5
ROCK Gibraltar Industries, Inc. - Common Stock $2,488,000 0.11% 62,820 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
AMZN $78,517,000 3.40% up ×3
None $26,246,000 1.14% up ×3
RFPRF $4,652,000 0.20% up ×6
PSAPRL $3,809,000 0.16% up ×3
TXO $3,609,000 0.16% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 30233Q108) $42,908,000 263,642 1.86%
ZBRA $36,709,000 98,333 1.59%
Unknown issuer (CUSIP: 60744m106) $29,554,000 1,723,240 1.28%
SPY $8,159,000 10,698 0.35%
ROCK $2,488,000 62,820 0.11%
VO $506,000 6,453 0.02%
PANW $397,000 1,000 0.02%
SNDK $306,000 176 0.01%
ZION $219,000 3,500 0.01%
ANET $217,000 1,068 0.01%
TJX $216,000 1,629 0.01%
PSX $207,000 812 0.01%
CDZI $196,000 50,000 0.01%

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
XOM Sept. 30, 2026 263,378 $36,009 11.8%
HON June 30, 2026 146,253 $33,058 -2.1%
WBS March 31, 2026 498,503 $31,376 No longer tracked
EA March 31, 2026 147,647 $30,169 No longer tracked
PNR Sept. 30, 2026 348,180 $26,691 21.5%
DFS June 30, 2025 155,376 $26,523 No longer tracked
DOX Dec. 31, 2025 289,376 $23,743 -22.7%
OI June 30, 2026 2,111,387 $22,191 -41.5%
LKQ June 30, 2026 674,177 $19,801 -34.7%
ZBH March 31, 2026 206,256 $18,547 6.6%
ALE June 30, 2025 279,069 $18,335 No longer tracked
FISV Sept. 30, 2026 352,316 $17,281 5.9%
MDLZ Sept. 30, 2025 204,252 $13,775 -1.0%
FIX Sept. 30, 2026 3,742 $7,416 -18.6%
SNV Sept. 30, 2025 103,840 $5,374 No longer tracked
VTI Sept. 30, 2026 14,054 $5,201 0.3%
VNOM (filed as VNOMXXXX) Sept. 30, 2025 126,075 $4,807 21.6%
MUSA Dec. 31, 2025 11,116 $4,316 27.7%
CMAPRB March 31, 2026 161,850 $4,224 No longer tracked
CG Dec. 31, 2025 60,635 $3,802 -33.9%
TTWO Sept. 30, 2025 15,596 $3,787 -24.4%
NOMD Sept. 30, 2025 204,660 $3,477 -10.3%
HSIC Dec. 31, 2025 47,435 $3,148 12.4%
PR Sept. 30, 2025 187,455 $2,553 99.4%
CRC Sept. 30, 2026 40,170 $2,124 7.7%
MTCH June 30, 2026 68,825 $2,114 10.5%
SKX June 30, 2025 36,680 $2,083 No longer tracked
EMR Dec. 31, 2025 11,303 $1,483 26.4%
VEU Sept. 30, 2026 14,211 $1,190 -1.9%
FUN Sept. 30, 2025 37,735 $1,148 -66.8%
OLN Sept. 30, 2025 56,250 $1,130 -34.1%
MUB Dec. 31, 2025 8,305 $884
NFLX June 30, 2026 8,420 $810 -13.2%
PANW March 31, 2026 3,808 $701 146.1%
MPWR March 31, 2026 500 $453 10.8%
BKNG June 30, 2025 75 $346
VTWO Sept. 30, 2026 2,671 $324
EFX June 30, 2025 1,315 $320 -32.1%
UAL Sept. 30, 2026 2,250 $306 -6.8%
VNQ Sept. 30, 2026 3,100 $299 1.2%
MCD March 31, 2026 926 $283 -19.4%
SHW March 31, 2026 800 $259 0.1%
MA March 31, 2026 451 $257 22.1%
GD June 30, 2025 910 $248 21.5%
TXNM Dec. 31, 2025 4,307 $244 -0.5%
ITW Dec. 31, 2025 909 $237 12.1%
NVO June 30, 2025 3,408 $237 -44.5%
VICI Sept. 30, 2026 8,754 $232 2.4%
VTES June 30, 2025 2,280 $229
LHX Sept. 30, 2026 780 $227 10.1%
NSRGY Sept. 30, 2026 2,190 $225 No longer tracked
WDAY Dec. 31, 2025 935 $225 -4.9%
MCRI Sept. 30, 2026 1,700 $224 -2.4%
IAU June 30, 2026 2,500 $220 1.4%
PSX June 30, 2025 1,781 $220 129.5%
FDX June 30, 2026 610 $217 -2.7%
AMD March 31, 2026 1,000 $214 184.3%
CL June 30, 2025 2,275 $213 0.9%
TXN March 31, 2026 1,230 $213 59.6%
MCRI Dec. 31, 2025 2,000 $212 17.3%
BIV Sept. 30, 2026 2,751 $211
RSP March 31, 2026 1,104 $211 10.0%
NOC June 30, 2025 410 $210 10.6%
KVUE June 30, 2026 12,098 $209 1.2%
GSY Sept. 30, 2026 4,000 $201 0.0%
PINE Dec. 31, 2025 11,650 $165 -3.1%
NXP March 31, 2026 11,591 $163 -7.5%
APLE June 30, 2026 10,400 $120 10.7%