Performance vs S&P 500

03
Tracked Q4 2025–Q2 2026 +9.4%
S&P 500 total return (same window) +8.7%
Excess return +0.7%

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: 88.6% · Options excluded: 1.1%

Sector breakdown

04
Communication Services 15.7%
Industrials 11.5%
Financials 11.5%
Energy 10.2%
Consumer Staples 4.8%
Healthcare 4.7%
Real Estate 4.0%
Materials 3.5%
Consumer products 3.4%
Technology 1.7%
Utilities 1.5%
Consumer Discretionary 1.1%
Other/Unmapped 26.4%

Full portfolio 122 positions

05
Type Streak 8Q trend
VSAT ViaSat, Inc. - Common Stock $174,411,020 5.76% 1,942,000 $122,290,620 Up ×1
AER AerCap Holdings N.V. Ordinary Shares $131,202,000 4.33% 900,000 $-5,978,000 Down ×3
BTI British American Tobacco Industries, p.l.c. Common Stock ADR $118,888,000 3.93% 1,925,000 $6,333,250
MPC Marathon Petroleum Corporation Common Stock $101,143,052 3.34% 395,600 $3,934,994 Down ×3
ENVA Enova International, Inc. Common Stock $94,125,430 3.11% 391,000 $40,599,717 Down ×2
AAMI Acadian Asset Management Inc. Common Stock $93,548,160 3.09% 1,308,000 $22,356,460 Down ×4
NSC Norfolk Southern Corporation Common Stock $88,022,282 2.91% 279,800 $-2,985,418 Down ×1
UNP Union Pacific Corporation Common Stock $76,758,400 2.54% 282,200 $18,942,054 Up ×1
NMRK Newmark Group, Inc. - Class A Common Stock $65,881,867 2.18% 4,360,150 $523,219
SPY SPY $65,342,375 2.16% 87,500 Put option $-2,943,325 Down ×1
Unknown issuer (CUSIP: 09264B107) $64,565,550 2.13% 2,985,000 Up ×1
APO Apollo Global Management, Inc. (New) Common Stock $63,887,400 2.11% 540,000 $27,319,356 Up ×1
COF Capital One Financial Corporation Common Stock $60,186,000 1.99% 300,000 $30,997,200 Up ×1
CCXI Churchill Capital Corp XI - Class A Ordinary Shares $54,967,500 1.82% 3,150,000 Up ×1
IWM iShares Trust $54,081,000 1.79% 180,000 Put option
SGI Somnigroup International Inc. Common Stock $49,548,800 1.64% 632,000 Up ×1
WBD Warner Bros. Discovery, Inc. - Series A Common Stock $47,537,099 1.57% 1,783,087 $-23,392,081 Down ×1
TXNM TXNM Energy, Inc. Common Stock $46,136,816 1.52% 812,554 $-38,194,891 Down ×1
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $45,259,168 1.50% 583,688 $-60,918,932 Down ×3
ROKU Roku, Inc. - Class A Common Stock $44,204,800 1.46% 320,000 Up ×1
VTOL Bristow Group, Inc. Common Stock $44,109,100 1.46% 1,067,500 $-10,752,200 Down ×3
CAH Cardinal Health, Inc. Common Stock $43,758,552 1.45% 184,200 $-8,604,066 Down ×1
BCSS Bain Capital GSS Investment Corp. Class A Ordinary Shares $40,977,300 1.35% 3,990,000 $631,218
WAT Waters Corporation Common Stock $39,566,720 1.31% 105,500 $12,169,120 Up ×1
ASH Ashland Inc. Common Stock $35,712,380 1.18% 542,000 $5,571,760
QQQ Invesco QQQ Trust, Series 1 $33,138,000 1.09% 45,000 Put option Up ×1
KVUE Kenvue Inc. Common Stock $33,098,520 1.09% 1,732,000 $3,238,840
SMH SMH $32,794,500 1.08% 50,000 Put option Up ×1
EA Electronic Arts Inc. - Common Stock $31,166,080 1.03% 152,000 $-15,112,410 Down ×1
NNI Nelnet, Inc. Common Stock $30,799,230 1.02% 231,000 $1,009,470
LBRDK Liberty Broadband Corporation - Class C Common Stock $30,625,176 1.01% 920,781 $-15,690,108
Unknown issuer (CUSIP: 00182CAC7) $29,749,665 0.98% 23,000,000 $662,267 Down ×1
Unknown issuer (CUSIP: G2131M128) $29,160,000 0.96% 2,700,000 Up ×1
QRVO Qorvo, Inc. - Common Stock $28,820,430 0.95% 309,000 $4,903,830
CCIX Churchill Capital Corp IX - Ordinary Shares $28,679,708 0.95% 2,633,582 $553,052
Unknown issuer (CUSIP: 69553PAD2) $27,994,887 0.92% 29,850,000 $-1,493,724 Down ×1
AESI Atlas Energy Solutions Inc. Common Stock $26,874,980 0.89% 1,618,000 Up ×1
PEN Penumbra, Inc. Common Stock $26,838,750 0.89% 85,000 $-1,072,700
KBON Karbon Capital Partners Corp. - Class A Ordinary Shares $26,590,795 0.88% 2,632,752 $105,310
PSX Phillips 66 Common Stock $25,289,880 0.84% 149,600 $-17,741,036 Down ×2
STZ Constellation Brands, Inc. Common Stock $25,216,739 0.83% 181,298 $-65,713,261 Down ×1
FVAV Fortress Value Acquisition Corp. V - Class A Ordinary Shares $25,022,250 0.83% 2,475,000 $198,000
Unknown issuer (CUSIP: 03209RAB9) $22,020,488 0.73% 24,265,000 $3,799,564 Up ×3
WULF TeraWulf Inc. - Common Stock $21,785,400 0.72% 882,000 Up ×1
UNF Unifirst Corporation Common Stock $21,421,260 0.71% 81,000 $1,042,470
Unknown issuer (CUSIP: G3793T112) $20,580,000 0.68% 2,000,000 Up ×1
KMB Kimberly-Clark Corporation - Common Stock $20,548,944 0.68% 187,200 $2,489,760
SIRI SiriusXM Holdings Inc. - Common Stock $20,464,574 0.68% 692,775 $4,475,327
Unknown issuer (CUSIP: 25809KAB1) $20,258,307 0.67% 20,500,000 Up ×1
B Barrick Mining Corporation Common Shares $20,201,500 0.67% 550,000 $-7,038,062 Down ×2
Unknown issuer (CUSIP: G60420109) $20,097,000 0.66% 1,980,000 Up ×1
Unknown issuer (CUSIP: 43849R105) $19,897,421 0.66% 90,001 Up ×1
Unknown issuer (CUSIP: 163072AC5) $19,677,750 0.65% 15,500,000 $3,880,480
AMBP Ardagh Metal Packaging S.A. Ordinary Shares $18,960,000 0.63% 4,000,000 $2,760,000
ALGT Allegiant Travel Company - Common Stock $18,941,950 0.63% 161,071 Up ×1
Unknown issuer (CUSIP: 18915MAF4) $18,816,927 0.62% 14,756,000 Up ×1
Unknown issuer (CUSIP: 76954AAB9) $17,708,975 0.59% 15,000,000 Up ×1
Unknown issuer (CUSIP: 875372AD6) $17,667,500 0.58% 18,500,000 Up ×1
LBRDA Liberty Broadband Corporation - Class A Common Stock $16,640,000 0.55% 500,000 $-8,470,000
Unknown issuer (CUSIP: 82982TAA4) $16,600,500 0.55% 15,000,000 Up ×1
BP BP p.l.c. Common Stock $16,073,250 0.53% 435,000 $5,733,250 Up ×1
CPT Camden Property Trust Common Stock $15,685,130 0.52% 137,000 $6,505,090 Up ×1
FWONK Liberty Media Corporation - Series C Liberty Formula One Common Stock $15,602,960 0.52% 164,000 Up ×1
GTEN Gores Holdings X, Inc. - Class A ordinary shares $15,384,250 0.51% 1,475,000 $280,250
INVH Invitation Homes Inc. Common Stock $15,195,630 0.50% 503,000 $5,628,380 Up ×1
Unknown issuer (CUSIP: G4802J103) $15,169,880 0.50% 1,499,000 Up ×1
AVB AvalonBay Communities, Inc. Common Stock $15,095,200 0.50% 80,000 $5,620,900 Up ×1
LLYVK Liberty Live Holdings, Inc. - Series C Liberty Live Group Common Stock $14,187,452 0.47% 134,300 $1,548,479
RVMD Revolution Medicines, Inc. - Common Stock $14,120,912 0.47% 75,400 $4,162,512 Down ×1
PPTA Perpetua Resources Corp. - Common Shares $14,054,520 0.46% 677,000 $-9,566,280 Down ×3
NG CUSIP: 66987E206 $13,810,401 0.46% 2,313,300 $-10,435,599 Down ×4
Unknown issuer (CUSIP: G6S74K106) $13,676,470 0.45% 1,358,140 Up ×1
TFX Teleflex Incorporated Common Stock $13,563,320 0.45% 107,000
DK Delek US Holdings, Inc. Common Stock $13,479,232 0.45% 265,287 $4,073,123 Up ×1
SBGI Sinclair, Inc. - Class A Common Stock $13,459,025 0.44% 944,493 $-56,714 Down ×1
AEXA American Exceptionalism Acquisition Corp. A Class A Ordinary Shares $13,002,000 0.43% 1,100,000 $-318,900 Down ×1
CTRI Centuri Holdings, Inc. Common Stock $12,521,779 0.41% 414,080 $925,409 Up ×1
SATS EchoStar Corporation - Common stock $12,078,500 0.40% 119,000 $-14,613,460 Down ×1
AXTA Axalta Coating Systems Ltd. Common Shares $11,532,140 0.38% 337,000 $-45,252,860 Down ×1
TRIP TripAdvisor, Inc. - Common Stock $11,338,170 0.37% 827,000 Up ×1
Unknown issuer (CUSIP: G2284A103) $10,250,000 0.34% 1,000,000 Up ×1
SNAP Snap Inc. Class A Common Stock $10,212,000 0.34% 2,300,000 $-15,088,000 Down ×1
OACC Oaktree Acquisition Corp. III Life Sciences - Class A Ordinary Share $9,630,000 0.32% 900,000 $72,000
ARI Apollo Commercial Real Estate Finance, Inc $9,438,461 0.31% 883,751 $106,050
Unknown issuer (CUSIP: 465741AQ9) $9,152,397 0.30% 9,162,000 $2,858,079 Up ×2
TDS Telephone and Data Systems, Inc. Common Shares $9,067,450 0.30% 245,000 $-3,562,550 Down ×1
LION Lionsgate Studios Corp Common Shares $7,563,140 0.25% 494,000 Up ×1
LLYVA Liberty Live Holdings, Inc. - Series A Liberty Live Group Common Stock $7,316,035 0.24% 72,250 $695,045
OPTU Optimum Communications, Inc. Class A common stock $6,402,703 0.21% 14,039,012 $-25,549,226 Down ×2
EQT EQT Corporation Common Stock $5,869,968 0.19% 110,400 $-1,155,888
Unknown issuer (CUSIP: 29786AAQ9) $5,785,838 0.19% 5,000,000 Up ×1
DVN Devon Energy Corporation Common Stock $5,553,408 0.18% 134,400 Up ×1
INFQWS CUSIP: 45676K111 $5,238,375 0.17% 762,500 $1,864,313
OXY Occidental Petroleum Corporation Common Stock $5,094,993 0.17% 104,900 $-5,038,507 Down ×1
VG Venture Global, Inc. Class A common stock $5,019,630 0.17% 451,000 $-8,076,930 Down ×1
Unknown issuer (CUSIP: 011642AD7) $4,735,690 0.16% 5,000,000 Up ×1
TDAY USA TODAY Co., Inc. Common Stock $4,275,000 0.14% 500,000 Up ×1
RRC Range Resources Corporation Common Stock $3,767,347 0.12% 101,300 $-809,387
AR Antero Resources Corporation Common Stock $3,563,196 0.12% 101,400 $-740,220
EXE Expand Energy Corporation - Common Stock $3,146,055 0.10% 34,500 $-641,355

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
None $22,020,488 0.73% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 09264B107) $64,565,550 2,985,000 2.13%
CCXI $54,967,500 3,150,000 1.82%
IWM $54,081,000 180,000 1.79%
SGI $49,548,800 632,000 1.64%
ROKU $44,204,800 320,000 1.46%
QQQ $33,138,000 45,000 1.09%
SMH $32,794,500 50,000 1.08%
Unknown issuer (CUSIP: G2131M128) $29,160,000 2,700,000 0.96%
AESI $26,874,980 1,618,000 0.89%
WULF $21,785,400 882,000 0.72%
Unknown issuer (CUSIP: G3793T112) $20,580,000 2,000,000 0.68%
Unknown issuer (CUSIP: 25809KAB1) $20,258,307 20,500,000 0.67%
Unknown issuer (CUSIP: G60420109) $20,097,000 1,980,000 0.66%
Unknown issuer (CUSIP: 43849R105) $19,897,421 90,001 0.66%
ALGT $18,941,950 161,071 0.63%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VSAT Bought more +804K +$122.3M
STZ Trimmed -425K -$65.7M
SHEL Trimmed -558K -$60.9M
AXTA Trimmed -1.7M -$45.3M
ENVA Trimmed -3K +$40.6M
TXNM Trimmed -630K -$38.2M
COF Bought more +140K +$31.0M
APO Bought more +212K +$27.3M
OPTU Trimmed -10.5M -$25.5M
WBD Trimmed -800K -$23.4M

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
HYG Sept. 30, 2025 5,500,000 $443,575,000
IWM Sept. 30, 2025 1,750,000 $377,632,500 15.3%
HES Sept. 30, 2025 906,000 $125,517,240 No longer tracked
PCG March 31, 2026 5,900,000 $94,813,000 -28.1%
CVS March 31, 2026 1,160,000 $92,057,600 30.1%
SPY Sept. 30, 2025 124,848 $77,137,337 No longer tracked
VISN June 30, 2026 3,732,000 $67,922,400 -52.3%
APG June 30, 2025 1,800,000 $64,368,000 15.9%
UNH March 31, 2026 193,000 $63,711,230 54.5%
FTAI June 30, 2025 554,320 $61,546,150 34.2%
SKX Sept. 30, 2025 821,000 $51,805,100 No longer tracked
BCSSU March 31, 2026 3,990,000 $40,777,800 No longer tracked
CMCSA June 30, 2026 1,345,000 $38,614,950 -7.6%
FOXA June 30, 2026 622,000 $36,324,800 27.7%
CCXIU June 30, 2026 3,500,000 $35,875,000 -40.0%
CCCX Dec. 31, 2025 2,640,000 $33,950,400 No longer tracked
JHX (filed as JHXXXXX) Sept. 30, 2025 1,257,000 $33,800,730 36.1%
IAC June 30, 2026 820,000 $32,824,600 No longer tracked
THS March 31, 2026 1,320,000 $31,138,800 No longer tracked
CCCXU Sept. 30, 2025 3,000,000 $30,902,100 No longer tracked
RIG June 30, 2026 4,570,463 $30,302,170 31.1%
ITCI June 30, 2025 228,000 $30,077,760 No longer tracked
MCW June 30, 2026 4,250,000 $29,622,500 No longer tracked
UNH Sept. 30, 2025 94,000 $29,325,180 21.1%
DFS June 30, 2025 168,000 $28,677,600 No longer tracked
KBONU March 31, 2026 2,632,752 $26,498,649 0.1%
CRL March 31, 2026 121,500 $24,236,820 100.2%
IQV March 31, 2026 104,650 $23,589,157 63.8%
RAC June 30, 2026 2,230,000 $23,192,000 1.1%
NN June 30, 2026 1,432,000 $22,940,640 -43.5%
IGV June 30, 2026 286,000 $22,894,300 17.0%
MDLZ March 31, 2026 418,000 $22,500,940 10.7%
TECK Dec. 31, 2025 500,000 $21,945,000 23.3%
BXSL March 31, 2026 765,000 $20,142,450 -1.5%
SBAC June 30, 2026 102,000 $17,555,220 4.7%
SNCY June 30, 2026 1,034,499 $17,089,923 No longer tracked
LLYVK (filed as LLYVKXXXX) Dec. 31, 2025 175,771 $17,044,514 20.3%
AKAM June 30, 2025 200,000 $16,100,000 17.3%
ALIT Dec. 31, 2025 4,930,000 $16,071,800
IEAGU June 30, 2026 1,499,000 $15,214,850 0.0%
FIP Sept. 30, 2025 2,372,000 $14,635,240 -41.7%
TFX March 31, 2026 118,000 $14,400,720 13.9%
VSNT June 30, 2026 384,748 $14,243,371 -12.7%
OIMAU June 30, 2026 1,358,140 $13,730,795 0.2%
LBRT June 30, 2026 400,000 $11,520,000 -40.5%
DSACU March 31, 2026 1,132,000 $11,365,280 2.4%
SDRL Dec. 31, 2025 374,420 $11,311,228 51.3%
DSAC June 30, 2026 1,132,000 $11,218,120 0.3%
GLIBK June 30, 2026 293,218 $10,910,642 0.0%
SWTX June 30, 2025 245,000 $10,811,850 No longer tracked
RNA March 31, 2026 143,000 $10,314,590 -38.7%
CLBRU June 30, 2026 1,000,000 $10,180,000 No longer tracked
EVACU Dec. 31, 2025 1,000,000 $10,010,000 No longer tracked
HCICU June 30, 2026 1,000,000 $10,000,000 0.7%
VHCPU June 30, 2026 950,000 $9,500,000 0.4%
NGD Dec. 31, 2025 1,309,428 $9,401,693 No longer tracked
VAL Dec. 31, 2025 191,700 $9,349,209 93.1%
BTBT Sept. 30, 2025 4,250,000 $9,307,500 -71.8%
CCI June 30, 2026 107,000 $8,700,170 13.5%
BP Dec. 31, 2025 245,000 $8,442,700 47.8%
HNRG June 30, 2026 500,000 $8,140,000 -36.5%
SOCAU Dec. 31, 2025 700,000 $7,378,000 1.9%
HNRG Dec. 31, 2025 354,476 $6,937,095 -42.0%
CTRA June 30, 2026 192,000 $6,746,880 No longer tracked
NXE Dec. 31, 2025 751,000 $6,721,450 -11.4%
APA June 30, 2026 142,000 $6,026,480 59.3%
CCCXW March 31, 2026 762,500 $5,871,250 No longer tracked
VCIC June 30, 2026 540,817 $5,775,926 No longer tracked
VAL June 30, 2025 140,000 $5,496,400 131.1%
LAD March 31, 2026 15,400 $5,117,882 18.4%
MAGN Dec. 31, 2025 436,260 $5,112,967 -21.2%
AEM March 31, 2026 27,700 $4,695,981 -14.3%
ORCLPRD June 30, 2026 100,000 $4,501,000 No longer tracked
BUR June 30, 2025 340,000 $4,491,400 -76.4%
AKAM Dec. 31, 2025 58,000 $4,394,080 7.2%
NE Dec. 31, 2025 137,000 $3,874,360 68.9%
GLIBA June 30, 2026 99,999 $3,684,963 -2.5%
FG June 30, 2025 102,000 $3,677,100 -35.4%
CRC June 30, 2026 48,000 $3,322,560 3.1%
ULCC Dec. 31, 2025 723,439 $3,193,983 4.9%
CEPS June 30, 2026 309,050 $3,121,405 -2.4%
ASTL Sept. 30, 2025 452,148 $3,115,300 33.3%
PCSC June 30, 2026 282,100 $3,094,637 No longer tracked
CEPF June 30, 2026 300,000 $3,057,000 -1.2%
BACCU Sept. 30, 2025 300,000 $3,012,000 6.8%
AMN Dec. 31, 2025 150,000 $2,904,000 204.6%
CAEP June 30, 2026 250,000 $2,577,500 No longer tracked
SM June 30, 2026 74,000 $2,307,320 53.7%
YSS June 30, 2026 95,000 $2,106,150 -74.4%
FCRSU Dec. 31, 2025 175,000 $1,855,000 No longer tracked
ARKO June 30, 2026 327,155 $1,818,982 -52.6%
BDCIU Dec. 31, 2025 150,000 $1,515,000 1.5%
TONX Dec. 31, 2025 192,621 $1,356,052 48.5%
SARO June 30, 2025 35,000 $932,400 -31.2%
PCGPRX June 30, 2025 20,000 $894,800 No longer tracked
SABR Dec. 31, 2025 400,000 $732,000 11.8%
UMAC June 30, 2026 50,000 $620,000 No longer tracked
FPS June 30, 2026 20,000 $585,400 -56.6%
DSACW June 30, 2026 283,000 $116,030 0.0%