Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +24.6%
S&P 500 total return (same window) +37.0%
Excess return -12.4%

Annualized: +19.2% · 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: 93.7% · Options excluded: 0.0%

Sector breakdown

04
Technology 20.1%
Financials 18.6%
Retail 11.0%
Industrials 9.9%
Communication Services 9.1%
Energy 4.4%
Healthcare 4.4%
Consumer Discretionary 3.6%
Real Estate 2.4%
Consumer products 1.8%
Materials 0.7%
Consumer Staples 0.4%
Utilities 0.3%
Other/Unmapped 13.4%

Full portfolio 433 positions

05
Type Streak 8Q trend
NVDA NVIDIA Corporation - Common Stock $430,486,032 6.09% 2,151,462 $49,783,214 Down ×5
AAPL Apple Inc. - Common Stock $426,785,801 6.04% 1,474,930 $44,999,881 Down ×6
MSFT Microsoft Corporation - Common Stock $292,279,863 4.14% 783,550 $1,992,342 Down ×6
GOOG Alphabet Inc. - Class C Capital Stock $288,072,775 4.08% 815,308 $33,506,040 Down ×6
AMZN Amazon.com, Inc. - Common Stock $265,504,086 3.76% 1,113,972 $31,786,199 Down ×6
GOOGL Alphabet Inc. - Class A Common Stock $242,279,174 3.43% 677,951 $36,958,976 Down ×6
MS Morgan Stanley Common Stock $227,470,639 3.22% 1,088,168 $33,707,073 Down ×4
FIX Comfort Systems USA, Inc. Common Stock $222,755,323 3.15% 112,392 $37,545,934 Down ×3
MA Mastercard Incorporated Common Stock $200,078,529 2.83% 389,561 $4,180,830 Down ×6
WMB Williams Companies, Inc. (The) Common Stock $174,547,049 2.47% 2,347,956 $2,012,307 Down ×6
JPM JP Morgan Chase & Co. Common Stock $170,083,987 2.41% 519,610 $13,551,703 Down ×6
AZO AutoZone, Inc. Common Stock $164,868,957 2.33% 51,587 $-8,833,379 Up ×1
BX Blackstone Inc. Common Stock $158,756,716 2.25% 1,349,169 $4,018,698 Up ×2
VIK Viking Holdings Ltd Ordinary Shares $153,345,213 2.17% 1,465,035 $30,470,782 Down ×1
HD Home Depot, Inc. (The) Common Stock $151,410,555 2.14% 429,314 $9,264,572 Down ×6
CB Chubb Limited Common Stock $141,775,439 2.01% 416,081 $4,699,059 Down ×3
TMO Thermo Fisher Scientific Inc Common Stock $132,942,122 1.88% 265,163 $1,825,021 Down ×6
CBRE CBRE Group Inc Common Stock Class A $132,378,047 1.87% 982,835 $-1,331,945 Down ×6
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $125,848,584 1.78% 251,501 $2,378,870 Down ×6
GNRC Generac Holdlings Inc. Common Stock $108,484,641 1.53% 370,495 $33,058,157 Down ×4
SN SharkNinja, Inc. Ordinary Shares $107,698,439 1.52% 707,286 $36,701,915 Up ×2
BLK BlackRock, Inc. Common Stock $101,745,549 1.44% 105,813 $-359,202 Down ×6
VOO VANGUARD INDEX FUNDS $100,357,364 1.42% 146,121 $25,386,351 Up ×6
DLN WisdomTree Trust $99,735,892 1.41% 1,035,464 $6,258,300 Down ×1
APH Amphenol Corporation Common Stock $98,177,973 1.39% 556,817 $91,126,885 Up ×1
COST Costco Wholesale Corporation - Common Stock $93,084,878 1.32% 99,506 $-6,676,697 Down ×6
AVGO Broadcom Inc. - Common Stock $93,059,090 1.32% 246,351 $83,190,363 Up ×1
UBER Uber Technologies, Inc. Common Stock $88,002,512 1.25% 1,219,547 $4,849,131 Up ×2
SPY SPY $86,775,772 1.23% 116,201 $11,548,037 Up ×1
SPOT Spotify Technology S.A. Ordinary Shares $77,181,131 1.09% 168,103 $3,774,485 Up ×2
EOG EOG Resources, Inc. Common Stock $75,704,330 1.07% 583,553 $-3,693,948 Up ×1
CROX Crocs, Inc. - Common Stock $71,763,669 1.02% 594,858 $18,784,705 Down ×5
BLDR Builders FirstSource, Inc. Common Stock $68,823,185 0.97% 769,146 $2,735,412 Down ×5
PGR Progressive Corporation (The) Common Stock $67,386,801 0.95% 308,477 $4,471,372 Down ×1
VEU VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $61,582,529 0.87% 735,314 $16,435,129 Up ×5
IVV iShares Trust $60,456,820 0.86% 80,729 $8,238,839 Up ×4
NOW ServiceNow, Inc. Common Stock $58,482,572 0.83% 589,067 $57,956,686 Up ×1
ARCC Ares Capital Corporation - Closed End Fund $55,725,325 0.79% 3,007,303 $-515,239 Down ×1
DXJ WisdomTree Trust $53,923,943 0.76% 310,765 $5,140,929 Up ×2
IAU iShares Gold Trust Shares $47,417,562 0.67% 627,964 $-7,297,355 Up ×1
JAAA Janus Detroit Street Trust $44,607,612 0.63% 883,494 $5,543,108 Up ×4
TJX TJX Companies, Inc. (The) Common Stock $39,162,598 0.55% 258,499 $-4,264,622 Down ×6
GLDM SPDR Gold MiniShares Trust $34,807,801 0.49% 438,275 $-1,792,607 Up ×5
JNJ Johnson & Johnson Common Stock $33,043,783 0.47% 130,109 $503,441 Down ×6
SHW Sherwin-Williams Company (The) Common Stock $31,859,929 0.45% 92,530 $1,253,174 Down ×6
LLY Eli Lilly and Company Common Stock $30,942,895 0.44% 25,798 $6,059,438 Down ×2
AMT American Tower Corporation (REIT) Common Stock $30,376,094 0.43% 185,707 $-29,362,472 Down ×6
CASY Caseys General Stores, Inc. - Common Stock $29,899,204 0.42% 37,619 Up ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $28,613,632 0.40% 68,844 $5,705,483 Down ×6
IWF iShares Trust $28,608,601 0.40% 230,399 $3,134,529 Up ×1
GLD SPDR Gold Shares $25,904,481 0.37% 70,320 $-5,218,395 Down ×6
CVX Chevron Corporation Common Stock $23,612,906 0.33% 142,452 $-6,285,130 Down ×2
VEA VANGUARD TAX-MANAGED FUNDS $20,976,355 0.30% 294,405 $5,580,907 Up ×5
ABBV AbbVie Inc. Common Stock $20,081,878 0.28% 79,804 $2,274,014 Down ×6
CSCO Cisco Systems, Inc. - Common Stock $19,971,371 0.28% 170,027 $6,375,353 Down ×2
EFA iShares Trust $18,871,198 0.27% 181,663 $1,462,346 Up ×1
IBM International Business Machines Corporation Common Stock $17,018,013 0.24% 60,517 $1,795,655 Down ×1
AMAT Applied Materials, Inc. - Common Stock $16,400,532 0.23% 22,684 $8,388,633 Down ×6
NEE NextEra Energy, Inc. Common Stock $15,483,857 0.22% 176,414 $-756,861 Up ×5
RSP Invesco Exchange-Traded Fund Trust $15,130,500 0.21% 71,112 $3,899,342 Up ×2
TSLA Tesla, Inc. - Common Stock $13,200,952 0.19% 31,386 $-223,312 Down ×2
VWO VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $12,826,008 0.18% 214,877 $1,542,314 Up ×4
IWB iShares Trust $12,639,217 0.18% 30,865 $1,409,360 Down ×1
JBL Jabil Inc. Common Stock $12,235,135 0.17% 31,740 $3,523,534 Down ×4
ADP Automatic Data Processing, Inc. - Common Stock $12,205,722 0.17% 54,502 $1,146,228 Up ×1
VGK VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $12,050,206 0.17% 136,099 $906,165 Up ×2
XLK SELECT SECTOR SPDR TRUST $11,937,602 0.17% 62,658 $4,119,893 Up ×1
MRK Merck & Company, Inc. Common Stock (new) $11,704,936 0.17% 91,089 $662,676 Down ×6
IWM iShares Trust $11,654,456 0.16% 38,790 $2,000,064 Down ×2
V Visa Inc. $11,552,395 0.16% 33,672 $1,393,823 Up ×1
IJH iShares Trust $11,515,607 0.16% 149,340 $1,708,766 Up ×1
PEP PepsiCo, Inc. - Common Stock $11,200,152 0.16% 82,719 $-1,797,000 Down ×6
TXN Texas Instruments Incorporated - Common Stock $11,099,531 0.16% 37,238 $3,339,367 Down ×6
MDY State Street SPDR S&P MIDCAP 400 ETF Trust $10,637,739 0.15% 15,125 $1,146,070 Down ×6
RTX RTX Corporation Common Stock $10,439,703 0.15% 55,024 $-189,280 Down ×3
XOM Exxon Mobil Corporation Common Stock $10,323,727 0.15% 75,510 $-2,503,417 Down ×6
KO Coca-Cola Company (The) Common Stock $10,208,325 0.14% 125,610 $-16,749 Down ×6
ROP Roper Technologies, Inc. - Common Stock $10,070,487 0.14% 29,760 $-2,559,838 Down ×6
MCK McKesson Corporation Common Stock $9,979,965 0.14% 13,208 $-2,141,133 Down ×6
SYK Stryker Corporation Common Stock $9,274,242 0.13% 29,457 $-592,987 Down ×5
CAT Caterpillar, Inc. Common Stock $9,138,972 0.13% 8,582 $2,841,471 Down ×3
PG Procter & Gamble Company (The) Common Stock $8,878,174 0.13% 60,544 $-38,240 Down ×6
WMT Walmart Inc. - Common Stock $8,719,775 0.12% 76,989 $-1,006,129 Down ×4
MPLX MPLX LP Common Units Representing Limited Partner Interests $8,565,145 0.12% 152,053 $1,028,880 Up ×1
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $8,237,350 0.12% 11 $337,810
ORCL Oracle Corporation Common Stock $8,177,937 0.12% 55,803 $-649,112 Down ×6
EPD Enterprise Products Partners L.P. Common Stock $8,085,803 0.11% 219,962 $-237,559
IVW iShares Trust $7,508,450 0.11% 54,595 $1,333,210
MCD McDonald's Corporation Common Stock $7,425,145 0.11% 27,469 $-3,387,550 Down ×6
QQQ Invesco QQQ Trust, Series 1 $7,201,992 0.10% 9,780 $1,659,332 Up ×2
VTI VANGUARD INDEX FUNDS $7,000,567 0.10% 18,918 $1,000,143 Up ×3
VB VANGUARD INDEX FUNDS $6,980,247 0.10% 23,028 $1,029,163 Up ×1
LOW Lowe's Companies, Inc. Common Stock $6,959,987 0.10% 31,566 $-547,102 Down ×6
XLV SELECT SECTOR SPDR TRUST $6,706,082 0.09% 42,267 $412,115 Down ×6
ACN Accenture plc Class A Ordinary Shares (Ireland) $6,578,521 0.09% 52,865 $-12,651,841 Down ×6
AMGN Amgen Inc. - Common Stock $6,072,752 0.09% 16,770 $-190,530 Down ×6
SPTM SPDR SERIES TRUST $6,049,429 0.09% 66,631 $1,890,240 Up ×5
ECL Ecolab Inc. Common Stock $5,754,968 0.08% 20,656 $241,704 Down ×3
MELI MercadoLibre, Inc. - Common Stock $5,538,584 0.08% 3,263 $-40,455,077 Down ×1
IBIT iShares Bitcoin Trust ETF $5,509,994 0.08% 165,515 $-284,933 Up ×4

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
VOO $100,357,364 1.42% up ×6
VEU $61,582,529 0.87% up ×5
IVV $60,456,820 0.86% up ×4
JAAA $44,607,612 0.63% up ×4
GLDM $34,807,801 0.49% up ×5
VEA $20,976,355 0.30% up ×5
NEE $15,483,857 0.22% up ×5
VWO $12,826,008 0.18% up ×4
VTI $7,000,567 0.10% up ×3
SPTM $6,049,429 0.09% up ×5
IBIT $5,509,994 0.08% up ×4
AGG $4,132,415 0.06% up ×4
VT $2,332,120 0.03% up ×3
BXSL $1,192,542 0.02% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CASY $29,899,204 37,619 0.42%
LEU $2,220,920 13,230 0.03%
Unknown issuer (CUSIP: 438516205) $1,857,698 8,296 0.03%
Unknown issuer (CUSIP: 43849R105) $1,834,191 8,295 0.03%
GLNG $498,400 10,000 0.01%
PAA $445,200 20,000 0.01%
Unknown issuer (CUSIP: 09264B107) $432,600 20,000 0.01%
Unknown issuer (CUSIP: 84615Q103) $374,354 2,191 0.01%
CMS $275,400 3,600 0.00%
BETA $262,824 15,691 0.00%
BE $252,754 835 0.00%
CRWD $251,836 330 0.00%
HPE $250,992 5,564 0.00%
WLY $245,461 5,060 0.00%
Unknown issuer (CUSIP: 26614N201) $237,144 1,748 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
NVDA Trimmed -31K +$49.8M
AAPL Trimmed -29K +$45.0M
FIX Trimmed -22K +$37.5M
GOOGL Trimmed -36K +$37.0M
SN Bought more +37K +$36.7M
MS Trimmed -89K +$33.7M
GOOG Trimmed -72K +$33.5M
GNRC Trimmed -16K +$33.1M
AMZN Trimmed -8K +$31.8M
VIK Trimmed -207K +$30.5M

5 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
ANSS Sept. 30, 2025 215,284 $75,612,046 No longer tracked
FISV Dec. 31, 2025 238,221 $30,713,834 -34.0%
HON June 30, 2026 16,353 $3,696,269 -4.4%
BWA March 31, 2026 36,221 $1,632,119 11.5%
TDG June 30, 2025 906 $1,253,261 -28.3%
IOT March 31, 2026 25,215 $893,872 29.8%
EXE June 30, 2025 5,035 $560,496 -26.9%
EXE March 31, 2026 5,028 $554,890 -22.1%
SCHD June 30, 2025 16,709 $467,184 25.3%
WTM June 30, 2026 200 $439,392 -2.5%
FNDA June 30, 2025 15,565 $426,325 24.0%
GLNG June 30, 2025 10,000 $379,900 19.5%
NVT Dec. 31, 2025 3,542 $349,382 66.3%
BALL Sept. 30, 2025 6,183 $346,804 11.8%
AACT June 30, 2025 30,543 $340,554 No longer tracked
ACGL June 30, 2025 3,450 $331,821 2.8%
VGIT Dec. 31, 2025 5,197 $311,976
SDY June 30, 2025 2,267 $307,652
BSX March 31, 2026 3,210 $306,073 -32.1%
BBCA Dec. 31, 2025 3,487 $304,171
STZ Dec. 31, 2025 2,250 $303,007 -18.2%
AES June 30, 2025 24,394 $302,974 41.7%
FEZ Dec. 31, 2025 4,854 $301,530
GOVT June 30, 2025 13,031 $299,518
SNOW Sept. 30, 2025 1,326 $296,719 51.2%
JEPQ March 31, 2026 5,000 $290,600
XOP June 30, 2026 1,586 $288,382
HUBB Dec. 31, 2025 653 $280,992 7.1%
ROOT Sept. 30, 2025 2,145 $274,496 -48.3%
HE June 30, 2025 25,000 $273,750 -16.3%
IUSB June 30, 2025 5,811 $267,771
CTVA Dec. 31, 2025 3,902 $263,892 -82.2%
HOLX June 30, 2026 3,465 $261,919 No longer tracked
TTD Sept. 30, 2025 3,593 $258,660 -75.6%
DD June 30, 2026 5,571 $255,152 -4.2%
RIOT March 31, 2026 20,000 $253,400 59.6%
EMN Sept. 30, 2025 3,385 $252,724 2.9%
FXI June 30, 2026 7,000 $251,300 7.5%
JOBY June 30, 2025 40,486 $243,726 -43.6%
BIP March 31, 2026 6,896 $239,567 1.1%
ALNY March 31, 2026 600 $238,590 -33.6%
DOW June 30, 2025 6,820 $238,154 5.6%
CE Sept. 30, 2025 4,300 $237,919 5.0%
SLG Dec. 31, 2025 3,972 $237,565 6.4%
KR June 30, 2026 3,257 $235,677 6.3%
ADSK Dec. 31, 2025 735 $233,488 -28.4%
ELV Sept. 30, 2025 596 $231,820 19.6%
BAM June 30, 2026 5,136 $228,295 0.0%
BBJP Dec. 31, 2025 3,403 $225,687
LH Dec. 31, 2025 784 $225,055 23.0%
PNR June 30, 2026 2,577 $224,482 -30.8%
OKE Sept. 30, 2025 2,739 $223,585 20.4%
XYL March 31, 2026 1,639 $223,199 -14.8%
SOLV June 30, 2025 2,897 $220,287 15.8%
FDX June 30, 2026 616 $219,407 -7.3%
ROIV March 31, 2026 10,000 $217,000 29.0%
T March 31, 2026 8,710 $216,357 -16.2%
EQR March 31, 2026 3,421 $215,660 No longer tracked
CTAS Dec. 31, 2025 1,048 $215,112 2.6%
NVR Sept. 30, 2025 29 $214,184 -25.4%
EMN June 30, 2026 2,805 $214,078 -3.2%
EPI Sept. 30, 2025 4,475 $212,428
GIS June 30, 2026 5,669 $211,001 -8.0%
D June 30, 2025 3,762 $210,935 8.5%
CE June 30, 2026 3,195 $210,135 -3.9%
ETH June 30, 2026 10,550 $209,523 69.4%
VHT June 30, 2025 788 $208,607
OKE June 30, 2026 2,292 $207,174 1.1%
EPI March 31, 2026 4,475 $207,148
GAM Dec. 31, 2025 3,313 $206,102 8.6%
A March 31, 2026 1,508 $205,194 47.2%
WLY Dec. 31, 2025 5,060 $204,778 55.1%
FSLR March 31, 2026 783 $204,543 -11.5%
BAX Sept. 30, 2025 6,711 $203,209 3.2%
ELV March 31, 2026 579 $202,968 32.0%
MET March 31, 2026 2,570 $202,876 33.5%
WEX Dec. 31, 2025 1,286 $202,584 13.5%
WEX June 30, 2025 1,286 $201,928 15.1%
SKYY Dec. 31, 2025 1,500 $201,630
D Dec. 31, 2025 3,294 $201,494 4.6%
HYAC March 31, 2026 16,763 $190,763 No longer tracked
ALISU March 31, 2026 16,590 $173,365 11.3%
ALF June 30, 2026 15,400 $165,704 0.4%
ALF June 30, 2025 15,400 $157,696 3.8%
LEGT June 30, 2026 14,300 $157,157 No longer tracked
TWLVU June 30, 2026 13,610 $136,236 -0.9%
ANSC June 30, 2025 12,689 $135,368 No longer tracked
CAPN June 30, 2025 13,000 $132,600 9.0%
NETD Dec. 31, 2025 11,596 $129,991 No longer tracked
WLAC June 30, 2025 12,800 $128,256 No longer tracked
WBA Sept. 30, 2025 10,408 $119,484 No longer tracked
ETHM Sept. 30, 2025 10,270 $104,754 No longer tracked
CGCT March 31, 2026 10,100 $103,979 No longer tracked
SOUN June 30, 2026 13,200 $90,684 -9.7%
BRBS March 31, 2026 20,000 $85,400 No longer tracked
AUR June 30, 2026 12,000 $49,440 -16.9%