Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +34.9%
S&P 500 total return (same window) +37.0%
Excess return -2.1%

Annualized: +27.1% · 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: 92.8% · Options excluded: 0.0%

Sector breakdown

04
Financials 29.1%
Technology 16.1%
Real Estate 13.7%
Communication Services 11.4%
Industrials 8.6%
Health Care 7.6%
Consumer Discretionary 4.7%
Consumer products 3.1%
Other/Unmapped 5.7%

Full portfolio 28 positions

05
Type Streak 8Q trend
L Loews Corporation Common Stock $20,440,718 14.33% 179,116 $10,389,471 Up ×1
SNDA Sonida Senior Living, Inc. Common Stock $10,897,706 7.64% 261,148 $3,359,856 Up ×6
LRCX Lam Research Corporation - Common Stock $10,192,323 7.15% 26,050 $4,761,958 Up ×2
RSG Republic Services, Inc. Common Stock $9,609,346 6.74% 44,755 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $9,513,185 6.67% 21,415 Up ×1
IBKR Interactive Brokers Group, Inc. - Class A Common Stock $8,004,580 5.61% 85,840 $1,064,857 Down ×4
WSR Whitestone REIT Common Shares $7,421,912 5.20% 117,689 $-2,784,888 Down ×2
MCO Moody's Corporation Common Stock $6,330,156 4.44% 13,515 $955,101 Up ×1
MAR Marriott International - Class A Common Stock $5,563,474 3.90% 15,105 Up ×1
JLL Jones Lang LaSalle Incorporated Common Stock $4,803,902 3.37% 15,090 Up ×1
LLYVK Liberty Live Holdings, Inc. - Series C Liberty Live Group Common Stock $4,754,635 3.33% 44,324 $451,365 Down ×2
GLD SPDR Gold Shares $4,467,583 3.13% 12,055 $-810,337
SGI Somnigroup International Inc. Common Stock $4,362,034 3.06% 56,525 $-2,691,644 Down ×1
CBL CBL & Associates Properties, Inc. Common Stock $3,653,234 2.56% 66,086 $-1,302,345 Down ×1
ZG Zillow Group, Inc. - Class A Common Stock $3,637,210 2.55% 111,400
GRND Grindr Inc. Common Stock $3,476,904 2.44% 221,600 $-225,087 Down ×1
NYT New York Times Company (The) Common Stock $3,442,331 2.41% 47,950 $-4,195,805 Down ×2
BOX Box, Inc. Class A Common Stock $3,215,383 2.25% 117,136 $-4,202,795 Down ×1
CME CME Group Inc. - Class A Common Stock $2,794,176 1.96% 12,096 $-6,924,967 Down ×3
GEO Geo Group Inc (The) REIT $2,725,666 1.91% 89,867 Up ×1
IDT IDT Corporation Class B Common Stock $2,536,240 1.78% 43,766 $463,057 Up ×2
XOP SPDR SERIES TRUST $2,390,813 1.68% 15,550
CNK Cinemark Holdings Inc Cinemark Holdings, Inc. Common Stock $2,047,820 1.44% 64,600 Up ×1
TOST Toast, Inc. Class A Common Stock $1,975,248 1.39% 68,800 Up ×1
CASS Cass Information Systems, Inc - Common Stock $1,540,024 1.08% 29,401 $-4,114,666 Down ×2
Unknown issuer (CUSIP: G9723Y105) $1,298,301 0.91% 468,819 Up ×1
MCRI Monarch Casino & Resort, Inc. - Common Stock $1,151,947 0.81% 8,855 $-3,954,986 Down ×1
PGR Progressive Corporation (The) Common Stock $360,480 0.25% 1,600 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
SNDA $10,897,706 7.64% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
RSG $9,609,346 44,755 6.74%
TSM $9,513,185 21,415 6.67%
MAR $5,563,474 15,105 3.90%
JLL $4,803,902 15,090 3.37%
ZG $3,637,210 111,400 2.55%
GEO $2,725,666 89,867 1.91%
XOP $2,390,813 15,550 1.68%
CNK $2,047,820 64,600 1.44%
TOST $1,975,248 68,800 1.39%
Unknown issuer (CUSIP: G9723Y105) $1,298,301 468,819 0.91%
PGR $360,480 1,600 0.25%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
L Bought more +85K +$10.4M
CME Trimmed -21K -$6.9M
LRCX Bought more +2K +$4.8M
BOX Trimmed -196K -$4.2M
NYT Trimmed -42K -$4.2M
CASS Trimmed -98K -$4.1M
MCRI Trimmed -44K -$4.0M
SNDA Bought more +26K +$3.4M
WSR Trimmed -514K -$2.8M
SGI Trimmed -39K -$2.7M

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
LOW Dec. 31, 2025 81,844 $8,196,677 -17.6%
SPOT June 30, 2026 15,143 $7,117,361 27.2%
LLYVK (filed as LLYVKXXXX) Dec. 31, 2025 71,827 $6,788,370 20.3%
AGS June 30, 2025 489,350 $5,916,242 No longer tracked
HLT March 31, 2026 17,519 $5,132,717 15.0%
HAL June 30, 2026 115,150 $4,375,700 2.9%
Z June 30, 2026 96,236 $3,896,596 4.6%
ARMK March 31, 2026 106,332 $3,889,625 29.6%
YEXT Dec. 31, 2025 373,663 $3,149,979 -8.8%
NWSA June 30, 2025 112,009 $3,024,243 3.4%
OSW June 30, 2025 179,194 $2,988,956 17.0%
ZG March 31, 2026 40,179 $2,636,144 -17.7%
PM Dec. 31, 2025 16,090 $2,588,237 24.4%
SITC Sept. 30, 2025 176,594 $2,027,299 -58.5%
GRND Dec. 31, 2025 132,285 $1,968,401 1.0%
PM June 30, 2026 12,500 $1,966,625 10.3%
GBTG Dec. 31, 2025 229,404 $1,826,056 No longer tracked
CBRE June 30, 2026 13,025 $1,751,732 -8.5%
JOE June 30, 2026 26,618 $1,712,868 7.9%
BTI Sept. 30, 2025 35,800 $1,671,502 12.1%
NHI June 30, 2025 21,246 $1,577,940 -4.4%
OTIS June 30, 2026 19,525 $1,512,211 5.0%
BKD March 31, 2026 128,000 $1,387,520 -26.3%
XOP June 30, 2025 9,850 $1,304,633
AN March 31, 2026 4,820 $995,234 -17.5%
CEPO Sept. 30, 2025 80,633 $943,406 3.1%
KRC June 30, 2025 18,500 $607,910 8.6%
CEPT Sept. 30, 2025 27,000 $295,110 No longer tracked