Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +12.0%
S&P 500 total return (same window) +37.0%
Excess return -25.0%

Annualized: +9.5% · 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: 99.3% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 23.0%
Financials 21.6%
Industrials 16.5%
Communication Services 10.5%
Technology 5.6%
Energy 4.3%
Materials 3.7%
Retail 3.6%
Consumer Discretionary 2.8%
Consumer Staples 2.2%
Real Estate 2.1%
Utilities 1.3%
Consumer products 0.0%
Other/Unmapped 2.8%

Full portfolio 222 positions

05
Type Streak 8Q trend
JCI Johnson Controls International plc Ordinary Share $8,149,432,237 4.27% 55,776,006 $618,993,514 Down ×6
SCHW Charles Schwab Corporation (The) Common Stock $7,101,867,203 3.72% 76,968,323 $53,096,406 Up ×1
RTX RTX Corporation Common Stock $6,662,036,733 3.49% 35,113,249 $-180,778,076 Down ×6
CVS CVS Health Corporation Common Stock $5,173,820,539 2.71% 50,012,765 $1,454,972,608 Down ×5
MSFT Microsoft Corporation - Common Stock $4,788,170,142 2.51% 12,836,229 $360,961,003 Up ×2
BKNG Booking Holdings Inc. - Common Stock $4,551,705,968 2.38% 25,536,950 $351,920,189 Up ×3
HUM Humana Inc. Common Stock $4,345,737,744 2.28% 10,940,380 $2,372,442,853 Down ×1
GOOG Alphabet Inc. - Class C Capital Stock $4,226,214,403 2.21% 11,961,097 $718,341,730 Down ×6
MET MetLife, Inc. Common Stock $4,097,759,602 2.15% 48,431,150 $482,922,643 Down ×3
Unknown issuer (CUSIP: 866966104) $4,096,716,044 2.14% 54,761,610 $640,316,823 Up ×1
AMZN Amazon.com, Inc. - Common Stock $3,982,306,988 2.08% 16,708,513 $835,368,323 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $3,809,156,798 1.99% 10,658,860 $754,000,021 Up ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $3,770,702,593 1.97% 9,072,258 $1,209,093,087 Down ×1
META Meta Platforms, Inc. - Class A Common Stock $3,655,332,449 1.91% 6,489,255 $786,490,120 Up ×1
OXY Occidental Petroleum Corporation Common Stock $3,534,193,330 1.85% 72,764,944 $-1,281,368,850 Down ×5
TEL TE Connectivity plc Ordinary Shares $3,421,097,106 1.79% 16,968,886 $350,812,777 Up ×1
CI The Cigna Group Common Stock $3,356,093,871 1.76% 12,173,875 $273,587,678 Up ×6
REGN Regeneron Pharmaceuticals, Inc. - Common Stock $3,037,348,765 1.59% 4,871,137 $-407,264,243 Up ×1
GILD Gilead Sciences, Inc. - Common Stock $2,991,423,815 1.57% 23,677,567 $-388,413,805 Down ×6
IFF International Flavors & Fragrances, Inc. Common Stock $2,931,697,471 1.53% 37,007,037 $285,585,529 Up ×2
AON Aon plc Class A Ordinary Shares (Ireland) $2,850,259,933 1.49% 8,593,144 $230,546,789 Up ×3
CMCSA Comcast Corporation - Class A Common Stock $2,845,421,719 1.49% 115,903,125 $-401,915,966 Up ×6
APD Air Products and Chemicals, Inc. Common Stock $2,753,984,278 1.44% 9,393,493 $72,304,056 Up ×1
FTV Fortive Corporation Common Stock $2,686,724,271 1.41% 43,979,772 $301,049,701 Up ×1
BN Brookfield Corporation Class A Limited Voting Shares $2,606,961,626 1.36% 61,210,651 $211,669,604 Up ×2
WFC Wells Fargo & Company Common Stock $2,588,952,219 1.36% 31,328,076 $107,641,371 Up ×1
GSK GSK plc American Depositary Shares (Each representing two Ordinary Shares) $2,526,513,684 1.32% 48,197,514 $-711,095,851 Down ×4
FISV Fiserv, Inc. - Common Stock $2,462,062,101 1.29% 50,194,946 $-342,498,909 Down ×1
BUD Anheuser-Busch Inbev SA Sponsored ADR (Belgium) $2,428,933,475 1.27% 29,477,348 $369,772,709 Down ×5
GEHC GE HealthCare Technologies Inc. - Common Stock $2,423,685,138 1.27% 37,864,164 $194,892,422 Up ×5
BK The Bank of New York Mellon Corporation Common Stock $2,401,736,386 1.26% 16,608,370 $-374,418,436 Down ×6
ROP Roper Technologies, Inc. - Common Stock $2,389,230,681 1.25% 7,060,583 $1,206,031,122 Up ×1
FDX FedEx Corporation Common Stock $2,264,953,408 1.19% 7,233,269 $-1,290,951,327 Down ×3
SBAC SBA Communications Corporation - Class A Common Stock $2,174,561,401 1.14% 12,323,254 $95,423,722 Up ×6
AJG Arthur J. Gallagher & Co. Common Stock $2,149,609,457 1.13% 9,363,634 $556,681,966 Up ×2
CHTR Charter Communications, Inc. - Class A Common Stock $2,137,731,153 1.12% 15,032,214 $-1,019,990,726 Up ×4
WTW Willis Towers Watson Public Limited Company - Ordinary Shares $2,097,596,707 1.10% 8,025,392 $-33,936,043 Up ×4
ZBH Zimmer Biomet Holdings, Inc. Common Stock $2,076,898,436 1.09% 24,124,735 $-51,832,498 Up ×6
CARR Carrier Global Corporation Common Stock $2,015,335,480 1.06% 27,475,603 $516,235,287 Up ×2
BKR Baker Hughes Company - Common Stock $1,934,423,751 1.01% 34,854,482 $-255,534,865 Down ×6
FIS Fidelity National Information Services, Inc. Common Stock $1,907,805,830 1.00% 49,069,080 $-394,215,965 Down ×2
V Visa Inc. $1,858,630,377 0.97% 5,417,326 $1,858,370,753 Up ×1
COF Capital One Financial Corporation Common Stock $1,829,238,314 0.96% 9,117,926 $228,427,469 Up ×1
TRU TransUnion Common Stock $1,745,514,662 0.91% 24,196,211 $625,362,396 Up ×2
UBS UBS Group AG Registered Ordinary Shares $1,666,001,775 0.87% 33,630,342 $357,426,707 Down ×6
ELAN Elanco Animal Health Incorporated Common Stock $1,658,640,785 0.87% 67,397,025 $8,808,472 Down ×6
TMO Thermo Fisher Scientific Inc Common Stock $1,531,543,498 0.80% 3,054,778 $1,518,891,024 Up ×1
HLN Haleon plc American Depositary Shares (Each representing two Ordinary Shares) $1,398,888,950 0.73% 149,934,507 $-67,973,077 Up ×1
SU Suncor Energy Inc. Common Stock $1,361,676,619 0.71% 25,366,554 $-374,534,215 Down ×3
INCY Incyte Corporation - Common Stock $1,355,482,475 0.71% 11,957,326 $202,290,728 Down ×6
LPLA LPL Financial Holdings Inc. - Common Stock $1,289,722,301 0.68% 4,578,679 $42,316,567 Up ×6
CPNG Coupang, Inc. Class A Common Stock $1,254,013,601 0.66% 72,194,220 $-105,499,705 Up ×6
D Dominion Energy, Inc. Common Stock $1,249,943,966 0.65% 18,303,470 $45,843,680 Down ×5
BAX Baxter International Inc. Common Stock $1,244,796,875 0.65% 58,386,345 $282,920,099 Up ×2
SNY Sanofi - American Depositary Shares $1,198,245,769 0.63% 28,088,274 $-223,287,401 Down ×6
AVTR Avantor, Inc. Common Stock $1,188,207,643 0.62% 120,020,974 $250,164,744 Up ×2
AEP American Electric Power Company, Inc. - Common Stock $1,186,738,508 0.62% 8,674,355 $41,120,936 Down ×6
SUI Sun Communities, Inc. Common Stock $1,139,238,650 0.60% 9,500,781 $-657,710,489 Down ×2
Unknown issuer (CUSIP: 314352105) $1,084,598,421 0.57% 7,182,771 Up ×1
ADM Archer-Daniels-Midland Company Common Stock $1,083,529,630 0.57% 14,182,325 $-61,856,877 Down ×2
TDY Teledyne Technologies Incorporated Common Stock $1,075,600,995 0.56% 1,612,837 $105,004,627 Up ×1
TMUS T-Mobile US, Inc. - Common Stock $1,062,700,883 0.56% 6,335,783 $-230,621,641 Up ×1
RAL Ralliant Corporation Common Stock $1,031,203,097 0.54% 14,005,203 $459,442,451 Up ×3
BAP Credicorp Ltd. Common Stock $1,018,484,838 0.53% 2,614,315 $-138,178,319 Down ×6
NVO Novo Nordisk A/S Common Stock $977,837,453 0.51% 20,397,110 $267,322,140 Up ×1
COP ConocoPhillips Common Stock $963,322,885 0.50% 9,266,284 $-309,930,371 Down ×4
CX Cemex, S.A.B. de C.V. Sponsored ADR $962,251,644 0.50% 80,187,637 $-12,854,717 Down ×1
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $955,765,961 0.50% 9,957,970 $-288,517,463 Up ×1
NBIX Neurocrine Biosciences, Inc. - Common Stock $941,218,594 0.49% 5,584,707 $221,781,580 Up ×1
HPQ HP Inc. Common Stock $935,254,546 0.49% 42,627,828 $136,261,833 Up ×2
BMRN BioMarin Pharmaceutical Inc. - Common Stock $849,426,895 0.44% 14,844,930 $26,833,129 Up ×1
FCNCA First Citizens BancShares, Inc. - Class A Common Stock $841,086,530 0.44% 404,215 $100,251,185 Up ×2
NSC Norfolk Southern Corporation Common Stock $789,031,988 0.41% 2,508,128 $-1,006,942,262 Down ×3
TIGO Millicom International Cellular S.A. - Common Stock $745,913,964 0.39% 8,218,532 $134,221,310 Up ×2
TAP Molson Coors Beverage Company Class B Common Stock $742,789,309 0.39% 19,065,434 $-54,813,181 Up ×1
KKR KKR & Co. Inc. Common Stock $739,794,067 0.39% 8,060,515 Up ×1
CE Celanese Corporation Common Stock $702,982,764 0.37% 15,282,234 $-306,317,737 Down ×1
LIN Linde plc - Ordinary Shares $688,420,615 0.36% 1,326,590 $30,750,357
TSM Taiwan Semiconductor Manufacturing Company Ltd. $688,067,096 0.36% 1,440,767 $651,636,086 Up ×1
ADBE Adobe Inc. - Common Stock $638,623,359 0.33% 3,114,932 $31,994,126 Up ×4
MDT Medtronic plc. Ordinary Shares $616,131,501 0.32% 7,875,898 $-50,606,282 Up ×1
GLPI Gaming and Leisure Properties, Inc. - Common Stock $613,317,702 0.32% 13,773,135 $16,179,276 Up ×1
ALNY Alnylam Pharmaceuticals, Inc. - Common Stock $588,631,955 0.31% 1,955,393 $-49,699,985 Up ×1
FOXA Fox Corporation - Class A Common Stock $585,396,687 0.31% 11,223,096 $-50,978,886 Up ×1
CTSH Cognizant Technology Solutions Corporation - Class A Common Stock $563,230,754 0.29% 14,542,493 $-312,412,090 Up ×1
XP XP Inc. - Class A Common Stock $529,495,713 0.28% 32,564,312 $-93,620,427 Down ×3
MCHP Microchip Technology Incorporated - Common Stock $504,642,341 0.26% 5,533,359 $108,601,390 Down ×4
AEG Aegon Ltd. New York Registry Shares $376,720,953 0.20% 44,635,184 $9,680,698 Down ×6
VFC V.F. Corporation Common Stock $373,734,999 0.20% 22,406,175 $-187,353,380 Down ×3
PDD PDD Holdings Inc. - American Depositary Shares $347,074,000 0.18% 4,550,000 $-116,577,968 Up ×2
BNTX BioNTech SE - American Depositary Shares $342,199,843 0.18% 3,677,591 $15,406,659 Up ×2
YUMC Yum China Holdings, Inc. Common Stock $341,900,519 0.18% 8,365,562 $-65,498,431 Up ×1
FOX Fox Corporation - Class B Common Stock $340,343,796 0.18% 7,266,093 $-40,855,475 Up ×1
TRP TC Energy Corporation Common Stock $333,756,892 0.17% 5,034,800 $-222,907,348 Down ×3
NWSA News Corporation - Class A Common Stock $311,323,258 0.16% 12,538,190 $5,775,045 Up ×1
JD JD.com, Inc. - American Depositary Shares $310,719,631 0.16% 12,194,648 $-49,876,110
NTES NetEase, Inc. - American Depositary Shares, each representing 5 ordinary shares $277,099,675 0.15% 2,162,476 $35,647,782 Up ×2
GE GE Aerospace Common Stock $223,509,974 0.12% 598,052 $14,087,998 Down ×6
COHR Coherent Corp. Common Stock $214,654,795 0.11% 544,160 $81,514,462 Down ×6
HDB HDFC Bank Limited Common Stock $172,510,821 0.09% 6,678,700 $30,985,917 Up ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
BKNG $4,551,705,968 2.38% up ×3
CI $3,356,093,871 1.76% up ×6
AON $2,850,259,933 1.49% up ×3
CMCSA $2,845,421,719 1.49% up ×6
GEHC $2,423,685,138 1.27% up ×5
SBAC $2,174,561,401 1.14% up ×6
CHTR $2,137,731,153 1.12% up ×4
WTW $2,097,596,707 1.10% up ×4
ZBH $2,076,898,436 1.09% up ×6
LPLA $1,289,722,301 0.68% up ×6
CPNG $1,254,013,601 0.66% up ×6
RAL $1,031,203,097 0.54% up ×3
ADBE $638,623,359 0.33% up ×4
KSPI $21,904,845 0.01% up ×5
ZH $1,568,418 0.00% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 314352105) $1,084,598,421 7,182,771 0.57%
KKR $739,794,067 8,060,515 0.39%
SE $2,199,299 22,950 0.00%
Unknown issuer (CUSIP: 438516205) $897,727 4,010 0.00%
Unknown issuer (CUSIP: 43849R105) $886,310 4,009 0.00%
Unknown issuer (CUSIP: 26614N201) $638,141 4,705 0.00%
FUTU $393,708 4,200 0.00%
VOO $206,168 300 0.00%
AMG $203,040 600 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
HUM Trimmed -440K +$2.4B
CVS Trimmed -1.8M +$1.5B
FDX Trimmed -2.8M -$1.3B
OXY Trimmed -1.3M -$1.3B
UNH Trimmed -394K +$1.2B
ROP Bought more +3.7M +$1.2B
CHTR Bought more +405K -$1.0B
NSC Trimmed -3.7M -$1.0B
AMZN Bought more +1.6M +$835.4M
META Bought more +1.5M +$786.5M

4 positions 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
LYB June 30, 2026 16,839,152 $1,356,562,085 11.3%
NTR Sept. 30, 2025 10,076,659 $586,864,620 19.3%
TECK Dec. 31, 2025 7,871,440 $345,477,502 43.2%
AMRZ March 31, 2026 5,385,441 $293,371,528 -33.5%
IEX March 31, 2026 1,262,550 $224,658,147 22.9%
TV Dec. 31, 2025 64,208,690 $172,721,376 -21.3%
SNREY Sept. 30, 2025 2,289,925 $129,495,259 No longer tracked
GAP Dec. 31, 2025 5,429,526 $116,137,561 -12.1%
LBTYK June 30, 2026 5,255,568 $61,647,813 -20.5%
HES Sept. 30, 2025 44,525 $6,168,494 No longer tracked
SATS March 31, 2026 32,443 $3,526,554 No longer tracked
IWD June 30, 2025 17,100 $3,217,536
JNPR Sept. 30, 2025 66,959 $2,673,673 No longer tracked
HMC Sept. 30, 2025 78,950 $2,276,129 1.8%
HON June 30, 2026 8,019 $1,812,535 -4.4%
UL (filed as ULXXXX) Dec. 31, 2025 23,900 $1,416,792 -8.7%
EBAY June 30, 2026 11,750 $1,069,485 -4.8%
PSMT June 30, 2026 6,156 $926,478 -12.6%
CIB (filed as CIBXXXX) June 30, 2025 20,946 $842,029 99.0%
LOMA June 30, 2026 72,182 $800,498 -20.0%
CIB March 31, 2026 12,046 $766,246 26.2%
DD June 30, 2026 14,677 $672,207 -4.2%
AMG Dec. 31, 2025 2,400 $572,232 28.8%
VOO March 31, 2026 600 $376,392
HAL Dec. 31, 2025 14,700 $361,620 12.7%
PYPL March 31, 2026 4,475 $261,251 16.7%
RIO Sept. 30, 2025 4,000 $233,320 42.7%
ISRG June 30, 2026 500 $230,495 -1.4%
BDX June 30, 2025 980 $224,479 30.6%
ZTS Dec. 31, 2025 1,500 $219,480 -44.6%
HAL June 30, 2026 5,500 $214,445 -6.2%
QVCGA (filed as QVCGAXXXX) June 30, 2025 22,000 $4,424 No longer tracked