Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +83.8%
S&P 500 total return (same window) +37.0%
Excess return +46.8%

Annualized: +62.8% · 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: 98.3% · Options excluded: 1.3%

Sector breakdown

04
Communication Services 30.2%
Real Estate 26.2%
Technology 23.9%
Industrials 12.1%
Retail 4.0%
Health Care 0.8%
Consumer products 0.1%
Other/Unmapped 2.7%

Full portfolio 61 positions

05
Type Streak 8Q trend
EQIX Equinix, Inc. - Common Stock $113,302,581 6.78% 108,695 $-20,993,239 Down ×1
DOX Amdocs Limited - Ordinary Shares $90,358,041 5.41% 1,787,852 $-5,839,117 Up ×5
AMT American Tower Corporation (REIT) Common Stock $82,577,171 4.94% 504,843
ANET Arista Networks, Inc. Common Stock $69,345,526 4.15% 408,203 $7,697,811 Down ×1
AMZN Amazon.com, Inc. - Common Stock $66,235,877 3.96% 277,905 $3,871,925 Down ×1
CIEN Ciena Corporation Common Stock $63,750,235 3.82% 129,954 $12,472,430 Down ×6
AXON Axon Enterprise, Inc. - Common Stock $63,289,506 3.79% 112,894 Up ×1
VRT Vertiv Holdings, LLC Class A Common Stock $60,699,183 3.63% 181,289 $8,881,745 Down ×3
LYV Live Nation Entertainment, Inc. Common Stock $59,175,477 3.54% 323,169 $6,733,998 Down ×1
SMTC Semtech Corporation - Common Stock $58,462,161 3.50% 361,212 $15,318,336 Down ×1
IRM Iron Mountain Incorporated (Delaware)Common Stock REIT $57,739,586 3.46% 457,126 $6,258,880 Down ×1
SBAC SBA Communications Corporation - Class A Common Stock $56,512,726 3.38% 320,258 $-43,869,227 Down ×1
ENTG Entegris, Inc. - Common Stock $54,244,156 3.25% 301,591 $30,235,162 Up ×1
LITE Lumentum Holdings Inc. - Common Stock $53,938,509 3.23% 62,861 $6,131,855 Down ×5
NVDA NVIDIA Corporation - Common Stock $53,128,896 3.18% 265,525 $74,673 Down ×1
STX Seagate Technology Holdings PLC - Ordinary Shares (Ireland) $53,101,055 3.18% 55,027 $10,743,573 Down ×6
HPE Hewlett Packard Enterprise Company Common Stock $51,346,953 3.07% 1,138,261 $-5,005,675 Down ×1
TMUS T-Mobile US, Inc. - Common Stock $50,645,906 3.03% 301,949 Up ×1
WMG Warner Music Group Corp. - Class A Common Stock $48,148,623 2.88% 1,778,671 $8,496,905 Up ×4
NFLX Netflix, Inc. - Common Stock $46,941,503 2.81% 657,444 $65,974 Up ×1
DIS Walt Disney Company (The) Common Stock $44,441,319 2.66% 461,728 $1,781,122 Up ×4
PWR Quanta Services, Inc. Common Stock $39,971,581 2.39% 55,513 $-8,772,611 Down ×1
BE Bloom Energy Corporation Class A Common Stock $37,969,175 2.27% 125,435 $2,436,924 Down ×4
CRM Salesforce, Inc. Common Stock $37,898,561 2.27% 241,916 $-6,031,237 Up ×4
CMCSA Comcast Corporation - Class A Common Stock $31,570,415 1.89% 1,285,964 $2,631,453 Up ×1
RCI Rogers Communication, Inc. Common Stock $29,481,278 1.76% 908,269 $-13,947,911 Down ×1
INVH Invitation Homes Inc. Common Stock $17,724,207 1.06% 586,700 $286,962 Down ×1
UHALB CUSIP: 023586506 $15,922,950 0.95% 275,961 $382,257 Down ×1
GLPI Gaming and Leisure Properties, Inc. - Common Stock $15,585,500 0.93% 350,000 $233,480 Up ×1
Unknown issuer (CUSIP: 471024109) $15,556,962 0.93% 541,300 $5,847,701 Up ×1
SNDA Sonida Senior Living, Inc. Common Stock $12,643,920 0.76% 309,900 $5,342,520 Up ×1
AVB AvalonBay Communities, Inc. Common Stock $12,557,320 0.75% 66,550 $11,740,570 Up ×1
CPT Camden Property Trust Common Stock $8,712,689 0.52% 76,100 $235,801 Down ×1
TRNO Terreno Realty Corporation Common Stock $8,484,870 0.51% 131,000 $260,732 Down ×3
MAC Macerich Company (The) Common Stock $7,423,493 0.44% 294,700 $-571,207 Down ×2
NXRT NexPoint Residential Trust, Inc. Common Stock $7,236,975 0.43% 259,204 $2,304,475 Up ×2
TDS Telephone and Data Systems, Inc. Common Shares $6,988,636 0.42% 188,831 $3,586,956 Up ×1
EXR Extra Space Storage Inc Common Stock $6,371,405 0.38% 43,850 Up ×1
CIGI Colliers International Group Inc. - Subordinate Voting Shares $6,237,035 0.37% 66,500 $-1,170,442 Down ×1
SMA SmartStop Self Storage REIT, Inc. Common Stock $5,921,500 0.35% 182,200
PSTL Postal Realty Trust, Inc. Class A Common Stock $5,865,823 0.35% 238,061 $1,660,665 Up ×2
LXP LXP Industrial Trust Common Stock (Maryland REIT) $4,746,828 0.28% 88,100 $-6,684,018 Down ×1
PLD Prologis, Inc. Common Stock $4,470,511 0.27% 33,000 $2,838,088 Up ×1
PLD Prologis, Inc. Common Stock $4,389,228 0.26% 32,400 Call option $106,596
GMRE CUSIP: 37954A303 $4,236,496 0.25% 112,913 Up ×1
AHR American Healthcare REIT, Inc. Common Stock $4,067,699 0.24% 78,000 Up ×1
DLR Digital Realty Trust, Inc. Common Stock $2,621,868 0.16% 14,600 $-6,568,842 Down ×2
EPRPRE CUSIP: 26884U307 $1,969,740 0.12% 62,000 $-99,563 Down ×2
EPRPRC CUSIP: 26884U208 $1,921,500 0.12% 75,000 $-778,089 Down ×2
LAMR Lamar Advertising Company - Class A Common Stock $1,871,760 0.11% 12,000 $-66,138 Down ×1
EGP EastGroup Properties, Inc. Common Stock $1,741,758 0.10% 8,600 $112,966 Down ×1
JLL Jones Lang LaSalle Incorporated Common Stock $1,487,760 0.09% 4,800 $270,480 Up ×2
O Realty Income Corporation Common Stock $1,462,256 0.09% 23,600 Put option $-311,964 Down ×2
ELS Equity Lifestyle Properties, Inc. Common Stock $1,430,790 0.09% 22,200 $769,138 Up ×1
FR First Industrial Realty Trust, Inc. Common Stock $1,379,475 0.08% 22,500 $286,110 Up ×2
SPG Simon Property Group, Inc. Common Stock $1,118,250 0.07% 5,000 Put option $-299,378 Down ×3
NN NextNav Inc. - Common stock $1,034,140 0.06% 58,000 $-880,250 Down ×1
NVR NVR, Inc. Common Stock $953,876 0.06% 140 Up ×1
CP Canadian Pacific Kansas City Limited Common Shares $875,165 0.05% 10,100 $167,225 Up ×1
STWD STARWOOD PROPERTY TRUST, INC. Starwood Property Trust Inc. $733,824 0.04% 44,800 Put option $-37,632
AD Array Digital Infrastructure, Inc. Common Shares $529,396 0.03% 14,600 $-3,510,161 Down ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
DOX $90,358,041 5.41% up ×5
WMG $48,148,623 2.88% up ×4
DIS $44,441,319 2.66% up ×4
CRM $37,898,561 2.27% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
AMT $82,577,171 504,843 4.94%
AXON $63,289,506 112,894 3.79%
TMUS $50,645,906 301,949 3.03%
EXR $6,371,405 43,850 0.38%
SMA $5,921,500 182,200 0.35%
GMRE $4,236,496 112,913 0.25%
AHR $4,067,699 78,000 0.24%
NVR $953,876 140 0.06%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SBAC Trimmed -263K -$43.9M
ENTG Bought more +97K +$30.2M
EQIX Trimmed -28K -$21.0M
SMTC Trimmed -200K +$15.3M
RCI Trimmed -221K -$13.9M
CIEN Trimmed -2K +$12.5M
STX Trimmed -53K +$10.7M
VRT Trimmed -26K +$8.9M
PWR Trimmed -33K -$8.8M
WMG Bought more +226K +$8.5M

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
T June 30, 2026 2,980,032 $86,391,127 17.4%
TKO June 30, 2026 174,562 $35,200,428 -12.8%
ERIC Sept. 30, 2025 3,893,867 $33,019,992 12.3%
MRVL March 31, 2026 370,864 $31,516,023 174.9%
AVGO March 31, 2026 90,839 $31,439,379 14.7%
AMT June 30, 2025 112,000 $24,371,200 -26.6%
CCOI June 30, 2026 1,142,952 $21,533,215 -39.0%
HPE June 30, 2025 887,485 $13,693,892 239.0%
UDR March 31, 2026 372,500 $13,663,300 -1.5%
CUBE June 30, 2026 251,050 $9,200,983 -5.7%
SPY Dec. 31, 2025 13,800 $9,193,284 No longer tracked
OUT March 31, 2026 367,200 $8,849,520 8.3%
CBRE March 31, 2026 51,400 $8,264,606 -4.3%
AIV Sept. 30, 2025 1,044,753 $7,158,129 -75.7%
BRDG Sept. 30, 2025 687,981 $6,886,689 No longer tracked
LXP (filed as LXPXXXX) Dec. 31, 2025 919,900 $6,827,546 22.9%
PLYM Dec. 31, 2025 334,802 $6,411,174 No longer tracked
NTST March 31, 2026 339,300 $5,985,252 -7.0%
EGP June 30, 2025 32,500 $5,724,875 17.1%
RHP June 30, 2025 62,100 $5,678,424 23.3%
CZR Dec. 31, 2025 209,400 $5,659,036 26.8%
KRG June 30, 2026 207,900 $5,103,945 -14.1%
ELME June 30, 2025 298,461 $4,786,480 -88.9%
APO Dec. 31, 2025 34,300 $4,571,161 -21.2%
WSR June 30, 2026 283,000 $4,570,450 No longer tracked
ALEX March 31, 2026 213,621 $4,409,137 No longer tracked
VRE March 31, 2026 246,519 $3,668,202 No longer tracked
UNIT (filed as UNITXXXX) June 30, 2025 620,910 $3,129,386 12.0%
PK Dec. 31, 2025 268,300 $2,972,764 48.5%
GLIBK March 31, 2026 72,000 $2,679,120 -37.5%
CCI March 31, 2026 28,100 $2,497,247 -18.3%
SMA Dec. 31, 2025 68,400 $2,243,261 5.1%
HPP June 30, 2025 725,700 $2,140,816 -40.1%
WELL June 30, 2026 6,850 $1,354,314 0.3%
FPS June 30, 2026 45,582 $1,334,184 -27.8%
ILPT June 30, 2026 213,427 $1,212,266 -20.2%
FUN Dec. 31, 2025 45,000 $1,022,400 -24.4%
CCO March 31, 2026 450,300 $995,163 0.8%
CCO June 30, 2025 823,833 $914,455 104.3%
CSGP March 31, 2026 11,700 $786,708 -32.1%
ELS Dec. 31, 2025 12,300 $746,610 -3.9%
KIMPRN June 30, 2026 11,000 $657,250 No longer tracked
PSA March 31, 2026 2,400 $622,800 4.8%
OHI Sept. 30, 2025 16,800 $615,720 8.3%
VNQ March 31, 2026 6,300 $557,487
PEBPRF March 31, 2026 20,000 $381,000 No longer tracked
IWM June 30, 2026 1,500 $372,000 -6.2%
OBDC June 30, 2025 16,500 $241,890 -28.2%
PEBPRE March 31, 2026 10,000 $190,800 No longer tracked