Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +12.9%
S&P 500 total return (same window) +37.0%
Excess return -24.1%

Annualized: +10.2% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Industrials 46.1%
Technology 15.7%
Retail 11.9%
Financials 9.0%
Consumer Discretionary 7.5%
Health Care 4.5%
Other/Unmapped 5.3%

Full portfolio 36 positions

05
Type Streak 8Q trend
RBC RBC Bearings Incorporated Common Stock $1,100,647,659 10.70% 1,708,921 $-135,295,765 Down ×3
DASH DoorDash, Inc. - Common Stock $766,571,389 7.46% 4,154,183 $124,529,088 Down ×1
Q Qnity Electronics, Inc. Common Stock $743,618,040 7.23% 4,553,414 $156,552,139 Down ×1
FERG Ferguson Enterprises Inc. Common Stock $707,180,508 6.88% 2,979,735 $195,880,419 Up ×3
MELI MercadoLibre, Inc. - Common Stock $523,921,490 5.10% 308,663 $-82,696,532 Down ×1
APG APi Group Corporation Common Stock $513,761,106 5.00% 12,131,313 $-84,931,457 Down ×2
XPO XPO, Inc. Common Stock $497,811,622 4.84% 2,424,919 $-73,374,338 Down ×3
CVNA Carvana Co. Class A Common Stock $442,368,453 4.30% 6,720,882 $129,327,397 Up ×3
Unknown issuer (CUSIP: 55658T105) $397,662,954 3.87% 10,196,486 Up ×1
TWLO Twilio Inc. Class A Common Stock $380,916,748 3.70% 1,846,153
AFRM Affirm Holdings, Inc. - Class A Common Stock $360,891,859 3.51% 4,425,406 $102,034,793 Down ×1
FN Fabrinet Ordinary Shares $339,125,347 3.30% 603,340 $226,230,870 Up ×1
PRVA Privia Health Group, Inc. - Common Stock $299,392,942 2.91% 11,635,948 $50,746,011 Down ×1
ULS UL Solutions Inc. Class A Common Stock $299,212,528 2.91% 2,937,488 $17,096,692 Down ×1
CRH CRH PLC Ordinary Shares $285,186,672 2.77% 2,665,296 $129,842,754 Up ×1
SHOP Shopify Inc. - Class A Subordinate Voting Shares $266,689,541 2.59% 2,335,694 $151,412,964 Up ×1
CLH Clean Harbors, Inc. Common Stock $266,605,994 2.59% 892,405 $-34,739,494 Down ×1
RKT Rocket Companies, Inc. Class A Common Stock $259,689,749 2.53% 16,488,238 $-15,416,832 Down ×1
VSEC VSE Corporation - Common Stock $224,000,835 2.18% 980,310 $-35,038,937 Down ×1
FLS Flowserve Corporation Common Stock $215,880,057 2.10% 2,911,004 $145,913,386 Up ×1
FOUR Shift4 Payments, Inc. Class A Common Stock $215,165,509 2.09% 4,423,633 $-54,464,619 Down ×2
WRBY Warby Parker Inc. Class A Common Stock $194,070,204 1.89% 6,396,513 $59,295,675
OPCH Option Care Health, Inc. - Common Stock $129,253,250 1.26% 6,163,722 $-112,791,308 Down ×1
MDLN Medline Inc. - Class A common stock $103,621,540 1.01% 2,627,321 $-219,708,919 Down ×1
XMTR Xometry, Inc. - Class A Common Stock $97,965,484 0.95% 1,014,976 $95,702,744 Up ×1
WIX Wix.com Ltd. - Ordinary Shares $92,631,385 0.90% 2,041,688 $-91,263,453
GSHD Goosehead Insurance, Inc. - Class A Common Stock $89,101,824 0.87% 1,837,151 $22,425,566 Up ×1
AUR Aurora Innovation, Inc. - Class A Common Stock $74,265,810 0.72% 10,889,415 $68,143,342 Up ×1
CPNG Coupang, Inc. Class A Common Stock $67,429,037 0.66% 3,881,925 $-175,496,260 Down ×3
ANDG Andersen Group Inc. Class A Common Stock $63,010,694 0.61% 1,670,485 $17,573,502
AIT Applied Industrial Technologies, Inc. Common Stock $54,803,971 0.53% 162,070 $-23,890,206 Down ×1
ENTG Entegris, Inc. - Common Stock $52,723,981 0.51% 293,139 $-61,198,244 Down ×1
ROL Rollins, Inc. Common Stock $48,655,191 0.47% 1,165,673 Up ×1
Unknown issuer (CUSIP: 00857U206) $47,228,010 0.46% 440,642 Up ×1
TECH Bio-Techne Corp - Common Stock $35,463,686 0.34% 501,963 $-197,407,762 Down ×1
AYI Acuity Inc. Common Stock $25,856,202 0.25% 68,646 $-73,826,178 Down ×3

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
FERG $707,180,508 6.88% up ×3
CVNA $442,368,453 4.30% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 55658T105) $397,662,954 10,196,486 3.87%
TWLO $380,916,748 1,846,153 3.70%
ROL $48,655,191 1,165,673 0.47%
Unknown issuer (CUSIP: 00857U206) $47,228,010 440,642 0.46%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
FN Bought more +387K +$226.2M
MDLN Trimmed -4.6M -$219.7M
FERG Bought more +788K +$195.9M
CPNG Trimmed -9.0M -$175.5M
Q Trimmed -535K +$156.6M
SHOP Bought more +1.4M +$151.4M
FLS Bought more +2.0M +$145.9M
RBC Trimmed -567K -$135.3M
CRH Bought more +1.2M +$129.8M
CVNA Bought more +5.7M +$129.3M

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
IWM Sept. 30, 2025 2,596,668 $560,334,988 16.0%
ENTG Dec. 31, 2025 3,765,035 $348,115,136 96.6%
FLUT Dec. 31, 2025 1,243,988 $315,972,952 -64.6%
WST Dec. 31, 2025 1,172,583 $307,603,698 33.5%
INTU Dec. 31, 2025 437,256 $298,606,495 -56.6%
IWM June 30, 2026 1,027,614 $254,848,272 -6.6%
DSGX Sept. 30, 2025 2,253,704 $229,077,743 -14.0%
ESAB Dec. 31, 2025 1,945,854 $217,429,726 -36.2%
VEEV March 31, 2026 951,896 $212,491,744 58.0%
WIX Dec. 31, 2025 1,031,844 $183,286,450 -28.6%
MOH Sept. 30, 2025 535,967 $159,664,569 -0.7%
IDXX June 30, 2025 364,757 $153,179,702 -3.0%
HUBS Dec. 31, 2025 326,711 $152,835,406 -45.8%
DSGX March 31, 2026 1,710,202 $149,916,307 13.2%
YOU June 30, 2026 2,971,595 $143,854,914 -26.1%
SRAD March 31, 2026 5,956,331 $141,581,988 -27.8%
TWLO March 31, 2026 962,089 $136,847,539 132.6%
FND Dec. 31, 2025 1,645,369 $121,263,695 -25.5%
FERG June 30, 2025 730,754 $117,088,713 0.8%
APP March 31, 2026 163,405 $110,105,557 -29.0%
ONON June 30, 2025 2,265,569 $99,503,790 -39.9%
BKNG March 31, 2026 18,274 $97,863,300 -7.9%
WIX June 30, 2025 580,808 $94,892,411 -53.2%
MASI Dec. 31, 2025 620,619 $91,572,333 No longer tracked
CIGI June 30, 2026 828,839 $88,594,601 -4.0%
CBZ March 31, 2026 1,631,969 $82,332,836 103.9%
TOST March 31, 2026 2,299,023 $81,638,307 15.9%
EVH Sept. 30, 2025 6,423,293 $72,326,279 -58.2%
BFAM June 30, 2025 568,078 $72,168,629 -47.7%
FSV March 31, 2026 436,598 $67,904,087 -7.8%
ALHC June 30, 2025 3,589,745 $66,841,052 -40.7%
FIG March 31, 2026 1,727,263 $64,547,818 2.1%
MNDY Sept. 30, 2025 189,684 $59,651,824 -58.0%
PCOR June 30, 2025 825,120 $54,474,422 -19.3%
TTAN June 30, 2025 516,403 $49,115,089 -34.6%
PTC Sept. 30, 2025 278,710 $48,032,881 -4.3%
RH Dec. 31, 2025 221,434 $44,986,531 -34.7%
BIRK Dec. 31, 2025 886,660 $40,121,365 -18.2%
RBLX June 30, 2026 646,429 $36,562,024 -20.6%
XMTR Dec. 31, 2025 669,274 $36,455,355 76.6%
ROP Dec. 31, 2025 56,448 $28,150,053 -20.0%
DUOL March 31, 2026 119,181 $20,916,266 46.9%
KRMN June 30, 2025 575,000 $19,216,500 -32.7%
BIRK June 30, 2025 326,630 $14,975,986 -31.9%
OM Dec. 31, 2025 1,023,706 $14,454,729 7.8%
CHWY June 30, 2025 351,266 $11,419,658 -57.7%
VIA Dec. 31, 2025 200,000 $9,616,000 5.1%
SG Dec. 31, 2025 663,890 $5,297,842 36.1%
ESAB June 30, 2026 34,315 $3,316,888 -27.8%