Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +12.7%
S&P 500 total return (same window) +37.0%
Excess return -24.3%

Annualized: +10.0% · 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: 99.9% · Options excluded: 0.0%

Sector breakdown

04
Industrials 44.2%
Technology 21.7%
Financials 10.6%
Retail 7.5%
Health Care 6.0%
Communication Services 5.3%
Consumer Discretionary 1.9%
Consumer products 0.9%
Materials 0.9%
Consumer Staples 0.7%
Energy 0.3%

Full portfolio 152 positions

05
Type Streak 8Q trend
WWD Woodward, Inc. - Common Stock $120,404,200 3.84% 283,011 $29,130,663 Up ×3
CDNS Cadence Design Systems, Inc. - Common Stock $91,690,676 2.93% 244,300 $23,807,035
HEI Heico Corporation Common Stock $89,651,954 2.86% 251,697 $1,168,437 Down ×4
RBC RBC Bearings Incorporated Common Stock $87,785,378 2.80% 136,300 $26,630,066 Up ×6
TDY Teledyne Technologies Incorporated Common Stock $83,962,710 2.68% 125,900 $9,001,971 Up ×2
CACI CACI International, Inc. Class A Common Stock $81,626,412 2.61% 176,200 $-14,205,114 Down ×2
AMD Advanced Micro Devices, Inc. - Common Stock $77,560,199 2.48% 133,515 $42,161,345 Down ×4
CASY Caseys General Stores, Inc. - Common Stock $73,000,668 2.33% 91,849 $-22,384,657 Down ×2
LII Lennox International, Inc. Common Stock $71,790,635 2.29% 125,300 $8,993,846 Down ×3
WRB W.R. Berkley Corporation Common Stock $63,932,906 2.04% 906,464 $-17,622,248 Down ×2
MU Micron Technology, Inc. - Common Stock $61,761,447 1.97% 53,506 $40,473,810 Down ×1
CTAS Cintas Corporation - Common Stock $59,806,107 1.91% 351,635 $330,541
WCN Waste Connections, Inc. Common Shares $57,084,991 1.82% 342,462 $-38,870,429 Down ×1
AZO AutoZone, Inc. Common Stock $55,289,762 1.77% 17,300 $569,726 Up ×2
FIX Comfort Systems USA, Inc. Common Stock $54,709,792 1.75% 27,604 $3,538,176 Down ×4
WTS Watts Water Technologies, Inc. Class A Common Stock $54,319,972 1.73% 138,766 $16,911,450 Up ×6
MSI Motorola Solutions, Inc. Common Stock $53,323,236 1.70% 128,400 $-7,475,961 Down ×2
RSG Republic Services, Inc. Common Stock $52,994,061 1.69% 248,705 $-3,645,168 Down ×6
NVDA NVIDIA Corporation - Common Stock $49,256,871 1.57% 246,174 $4,580,585 Down ×5
ITT ITT Inc. Common Stock $49,242,240 1.57% 249,000 $23,330,160 Up ×1
TYL Tyler Technologies, Inc. Common Stock $46,817,582 1.49% 160,082 $-23,740,773 Down ×2
AIT Applied Industrial Technologies, Inc. Common Stock $45,562,331 1.45% 134,740 $10,343,754 Up ×6
MPWR Monolithic Power Systems, Inc. - Common Stock $45,171,410 1.44% 32,677 $-18,983,109 Down ×4
GOOGL Alphabet Inc. - Class A Common Stock $43,956,510 1.40% 123,000 $6,573,710 Down ×4
NOW ServiceNow, Inc. Common Stock $40,339,450 1.29% 406,320 $-2,141,306
ENSG The Ensign Group, Inc. - Common Stock $39,000,990 1.25% 243,300 $1,159,290 Up ×4
FSS Federal Signal Corporation Common Stock $37,562,274 1.20% 292,336 $9,247,316 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $36,335,054 1.16% 64,505 $-1,142,352 Down ×2
SPXC SPX Technologies, Inc. Common Stock $35,770,303 1.14% 145,900 $6,599,057
AVGO Broadcom Inc. - Common Stock $34,022,591 1.09% 90,066 $4,598,618 Down ×1
AMZN Amazon.com, Inc. - Common Stock $32,417,815 1.03% 136,015 $2,843,475 Down ×2
MSCI MSCI Inc. Common Stock $31,157,351 0.99% 55,634 $-54,536,672 Down ×4
BRO Brown & Brown, Inc. Common Stock $28,540,335 0.91% 444,900 $-471,594
MDGL Madrigal Pharmaceuticals, Inc. - Common Stock $27,921,400 0.89% 52,000 $2,271,370 Up ×1
APP Applovin Corporation - Class A Common Stock $27,823,966 0.89% 54,003 $6,330,772
RUSHA Rush Enterprises, Inc. - Class A Common Stock $27,786,780 0.89% 380,719 $3,146,327 Up ×2
PRI Primerica, Inc. Common Stock $26,986,495 0.86% 94,956 $7,635,412 Up ×2
AAON AAON, Inc. - Common Stock $26,450,310 0.84% 208,500 $9,196,935
MUSA Murphy USA Inc. Common Stock $26,084,004 0.83% 48,405 Up ×1
EXEL Exelixis, Inc. - Common Stock $25,901,500 0.83% 476,043 $4,797,776 Down ×4
FN Fabrinet Ordinary Shares $25,124,976 0.80% 44,700 $1,813,032
COST Costco Wholesale Corporation - Common Stock $24,789,955 0.79% 26,500 $-3,807,586 Down ×2
GATX GATX Corporation Common Stock $24,585,290 0.78% 138,751 $1,168,128 Up ×6
TT Trane Technologies plc $23,575,680 0.75% 48,000 $3,572,160
MSFT Microsoft Corporation - Common Stock $23,313,750 0.74% 62,500 $2,392,302 Up ×1
TSLA Tesla, Inc. - Common Stock $22,922,700 0.73% 54,500 $4,149,325 Up ×1
CRWD CrowdStrike Holdings, Inc. - Class A Common Stock $22,741,572 0.73% 29,800 $10,170,370 Down ×2
TDG Transdigm Group Incorporated Common Stock $22,454,198 0.72% 16,857 $-5,658,695 Down ×6
HOOD Robinhood Markets, Inc. - Class A Common Stock $22,061,600 0.70% 220,000 $7,300,700 Up ×1
CW Curtiss-Wright Corporation Common Stock $21,380,969 0.68% 28,216 Up ×1
GWW W.W. Grainger, Inc. Common Stock $21,090,359 0.67% 15,503 Up ×1
UBER Uber Technologies, Inc. Common Stock $20,926,400 0.67% 290,000 $-77,160 Down ×2
POST Post Holdings, Inc. Common Stock $20,390,267 0.65% 231,025 $-1,857,385 Up ×2
NFLX Netflix, Inc. - Common Stock $19,849,200 0.63% 278,000 $-6,399,750 Up ×1
COIN Coinbase Global, Inc. - 3Class A Common Stock $18,273,750 0.58% 125,000 $-2,155,620 Up ×1
MEDP Medpace Holdings, Inc. - Common Stock $17,216,441 0.55% 32,509 $1,604,504 Down ×2
CRWV CoreWeave, Inc. - Class A Common Stock $16,523,640 0.53% 166,000 $3,508,680 Down ×2
INSM Insmed Incorporated - Common Stock $15,993,000 0.51% 150,000 $949,160 Up ×2
V Visa Inc. $15,105,063 0.48% 44,027 $893,892 Down ×6
EXLS ExlService Holdings, Inc. - Common Stock $15,103,921 0.48% 584,065 $-2,680,858
MA Mastercard Incorporated Common Stock $14,718,821 0.47% 28,658 $402,014 Up ×3
SNX TD SYNNEX Corporation Common Stock $14,413,370 0.46% 53,914 $10,802,470 Up ×2
ROL Rollins, Inc. Common Stock $14,051,980 0.45% 336,655 $-3,931,004 Down ×1
ROP Roper Technologies, Inc. - Common Stock $13,761,983 0.44% 40,669 $-34,245,849 Down ×1
CVCO Cavco Industries, Inc. - Common Stock $13,454,922 0.43% 21,900 $2,848,971
BLD TopBuild Corp. Common Stock $13,401,234 0.43% 37,800 $122,094
RLI RLI Corp. Common Stock (DE) $13,172,610 0.42% 223,000 $-10,441,950 Down ×1
NPO Enpro Inc. Common Stock $13,117,164 0.42% 34,800 $5,196,624 Up ×2
FICO Fair Isaac Corporation Common Stock $13,025,492 0.42% 10,902 $-12,488,714 Down ×4
SYK Stryker Corporation Common Stock $13,025,246 0.42% 41,371 $-15,829,228 Down ×3
MSA MSA Safety Incorporated Common Stock $12,849,088 0.41% 73,600 $126,568 Down ×1
BMI Badger Meter, Inc. Common Stock $12,493,596 0.40% 84,200 $-1,400,724 Down ×1
MSTR Strategy Inc - Class A Common Stock $11,996,340 0.38% 138,000 $-5,226,060
BR Broadridge Financial Solutions, Inc. Common Stock $11,777,700 0.38% 86,000 $-2,195,580
AFG American Financial Group, Inc. Common Stock $11,306,032 0.36% 80,792 $-35,268,783 Down ×2
KAI Kadant Inc Common Stock $11,249,434 0.36% 35,800 $783,304
CRM Salesforce, Inc. Common Stock $11,125,685 0.36% 71,018 $-3,811,662 Down ×1
SF Stifel Financial Corporation Common Stock $10,928,284 0.35% 156,633 $-650,027
LLY Eli Lilly and Company Common Stock $10,806,903 0.35% 9,010 $2,059,874 Down ×1
SIGI Selective Insurance Group, Inc. - Common Stock $10,689,823 0.34% 110,193 $2,382,373
MAR Marriott International - Class A Common Stock $10,376,520 0.33% 28,000 $-12,518,380 Down ×1
ORI Old Republic International Corporation Common Stock $10,028,519 0.32% 245,076 Up ×1
MTSI MACOM Technology Solutions Holdings, Inc. - Common Stock $9,907,117 0.32% 26,046 $-762,458 Down ×2
SPGI S&P Global Inc. Common Stock $9,852,434 0.31% 24,192 $-14,473,611 Down ×1
SHOP Shopify Inc. - Class A Subordinate Voting Shares $9,705,300 0.31% 85,000 $1,639,140 Up ×1
VRTX Vertex Pharmaceuticals Incorporated - Common Stock $9,686,235 0.31% 19,500 $308,895 Down ×2
SSD Simpson Manufacturing Company, Inc. Common Stock $9,671,970 0.31% 46,200 $1,743,126
MMSI Merit Medical Systems, Inc. - Common Stock $9,568,920 0.31% 138,000 $56,580
PLUS ePlus inc. - Common Stock $9,288,468 0.30% 111,600 $-486,507 Down ×2
APPF AppFolio, Inc. - Class A Common Stock $8,893,011 0.28% 55,460 $142,050 Up ×1
PH Parker-Hannifin Corporation Common Stock $8,803,080 0.28% 9,000 $-12,682,680 Down ×1
AAPL Apple Inc. - Common Stock $8,716,867 0.28% 30,125 $823,604 Down ×1
ATR AptarGroup, Inc. Common Stock $8,676,360 0.28% 69,300 $-56,826
GPI Group 1 Automotive, Inc. Common Stock $8,157,128 0.26% 28,015 $-1,105,471
TXRH Texas Roadhouse, Inc. - Common Stock $8,038,368 0.26% 41,600 $1,168,544
CAH Cardinal Health, Inc. Common Stock $8,013,911 0.26% 33,734 Up ×1
RIVN Rivian Automotive, Inc. - Class A Common Stock $7,807,500 0.25% 450,000 $-18,500 Down ×3
IDXX IDEXX Laboratories, Inc. - Common Stock $7,695,500 0.25% 14,618 $-19,959,602 Down ×3
AMKR Amkor Technology, Inc. - Common Stock $7,240,156 0.23% 83,963 Up ×1
ACIW ACI Worldwide, Inc. - Common Stock $7,131,122 0.23% 141,800 $1,314,961 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
WWD $120,404,200 3.84% up ×3
RBC $87,785,378 2.80% up ×6
WTS $54,319,972 1.73% up ×6
AIT $45,562,331 1.45% up ×6
ENSG $39,000,990 1.25% up ×4
GATX $24,585,290 0.78% up ×6
MA $14,718,821 0.47% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
MUSA $26,084,004 48,405 0.83%
CW $21,380,969 28,216 0.68%
GWW $21,090,359 15,503 0.67%
ORI $10,028,519 245,076 0.32%
CAH $8,013,911 33,734 0.26%
AMKR $7,240,156 83,963 0.23%
HPE $6,741,825 149,453 0.22%
R $6,071,467 23,018 0.19%
TTMI $5,410,676 28,931 0.17%
NTRS $5,310,430 30,548 0.17%
LRCX $5,049,748 11,653 0.16%
ALL $4,782,594 20,100 0.15%
MPC $4,711,616 18,429 0.15%
CNC $4,664,559 72,668 0.15%
STLD $3,900,820 17,000 0.12%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
MSCI Trimmed -103K -$54.5M
AMD Trimmed -40K +$42.2M
MU Trimmed -10K +$40.5M
WCN Trimmed -248K -$38.9M
AFG Trimmed -284K -$35.3M
ROP Trimmed -95K -$34.2M
WWD Bought more +28K +$29.1M
RBC Bought more +24K +$26.6M
CDNS Price move only +0 +$23.8M
TYL Trimmed -46K -$23.7M

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
CDW Dec. 31, 2025 343,735 $54,750,165 -1.7%
POOL March 31, 2026 146,261 $33,457,204 -21.2%
WST March 31, 2026 104,616 $28,784,046 50.3%
ADBE June 30, 2025 67,401 $25,850,306 -38.3%
ACN Sept. 30, 2025 82,123 $24,545,743 -20.9%
WSO Dec. 31, 2025 55,900 $22,600,370 -13.3%
MTD March 31, 2026 14,100 $19,658,079 22.2%
ZTS Dec. 31, 2025 125,000 $18,290,000 -43.2%
CHE March 31, 2026 36,605 $15,661,826 35.4%
EXAS Dec. 31, 2025 266,000 $14,552,860 No longer tracked
IQV June 30, 2026 75,034 $12,796,298 37.7%
JKHY Sept. 30, 2025 66,708 $12,018,780 -2.6%
INTU June 30, 2026 27,410 $11,851,536 9.1%
EPAM June 30, 2025 68,660 $11,592,554 -37.8%
DHR Dec. 31, 2025 54,600 $10,824,996 -3.4%
SLGN Dec. 31, 2025 217,600 $9,358,976 -13.3%
IT March 31, 2026 36,209 $9,134,807 18.6%
G March 31, 2026 180,000 $8,420,400 -10.0%
ROKU June 30, 2026 85,000 $8,042,700 11.1%
FFIN Dec. 31, 2025 206,496 $6,948,590 7.2%
ANSS Sept. 30, 2025 18,900 $6,638,058 No longer tracked
FCN June 30, 2025 37,500 $6,153,000 -14.5%
SAIC March 31, 2026 59,600 $5,999,336 33.7%
SPSC Dec. 31, 2025 57,600 $5,998,464 -9.7%
LULU June 30, 2025 20,000 $5,661,200 -60.8%
AJG June 30, 2026 25,400 $5,501,132 -1.0%
PGR June 30, 2026 25,347 $5,024,789 -2.7%
FELE March 31, 2026 44,800 $4,279,744 7.5%
LSTR Dec. 31, 2025 33,800 $4,142,528 19.2%
SNAP Sept. 30, 2025 460,000 $3,997,400 -27.2%
TNET March 31, 2026 63,300 $3,742,929 75.4%
AYI June 30, 2026 13,000 $3,642,860 -19.1%
CROX Dec. 31, 2025 39,121 $3,268,560 38.2%
CMG Sept. 30, 2025 53,000 $2,975,950 -21.3%
QLYS March 31, 2026 21,714 $2,885,791 126.2%
TREX Dec. 31, 2025 48,000 $2,480,160 26.0%
WING June 30, 2026 15,800 $2,448,526 -38.4%
STZ June 30, 2025 13,000 $2,385,760 -30.3%
PYPL Sept. 30, 2025 32,000 $2,378,240 -18.9%
AWR June 30, 2026 30,500 $2,306,410 -1.1%
BMRN Sept. 30, 2025 38,000 $2,088,860 6.2%
DKNG March 31, 2026 60,000 $2,067,600 -9.3%
JJSF March 31, 2026 20,800 $1,879,696 -1.4%
DXCM Dec. 31, 2025 27,000 $1,816,830 30.9%
PBH Sept. 30, 2025 19,400 $1,549,090 -26.9%
CHDN June 30, 2026 16,272 $1,461,714 -13.5%
USPH June 30, 2025 19,100 $1,382,076 7.4%
SNPS June 30, 2026 3,300 $1,308,384 9.5%
QCOM March 31, 2026 7,024 $1,201,524 40.4%
TMO June 30, 2026 2,400 $1,179,672 35.0%
HRI Sept. 30, 2025 8,100 $1,066,689 16.2%
ASGN Sept. 30, 2025 20,100 $1,003,593 No longer tracked
WK Sept. 30, 2025 11,900 $814,555 -16.5%
LFUS Dec. 31, 2025 3,013 $780,407 78.5%
NSIT March 31, 2026 8,910 $725,898 137.9%
WD March 31, 2026 8,600 $517,290 -25.5%