Sector breakdown

04
Technology 22.8%
Financials 20.9%
Retail 15.2%
Communication Services 13.4%
Healthcare 11.5%
Consumer Discretionary 3.0%
Industrials 2.3%
Energy 2.0%
Consumer products 2.0%
Consumer Staples 1.0%
Utilities 0.8%
Materials 0.3%
Real Estate 0.2%
Other/Unmapped 4.6%

Full portfolio 292 positions

05
Type Streak 8Q trend
AAPL Apple Inc. - Common Stock $1,182,611,896 14.53% 4,086,992 $139,254,568 Down ×6
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $1,061,120,450 13.03% 1,417 $44,952,350 Up ×1
COST Costco Wholesale Corporation - Common Stock $687,130,207 8.44% 734,529 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $676,593,065 8.31% 1,914,904 $121,532,799 Down ×6
MSFT Microsoft Corporation - Common Stock $542,769,692 6.67% 1,455,069 $4,057,303 Down ×6
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $318,120,362 3.91% 635,745 $11,895,819 Down ×6
NVO Novo Nordisk A/S Common Stock $310,441,319 3.81% 6,475,622 $74,335,027 Up ×3
AMZN Amazon.com, Inc. - Common Stock $243,392,726 2.99% 1,021,200 $30,427,003 Down ×2
VHT VANGUARD WORLD FUND $219,353,724 2.69% 733,600 $21,586,326 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $196,667,501 2.42% 550,319 $36,748,484 Down ×6
TJX TJX Companies, Inc. (The) Common Stock $169,471,230 2.08% 1,118,622 $-10,320,225 Down ×6
BAC Bank of America Corporation Common Stock $156,914,249 1.93% 2,753,848 $22,389,461 Down ×6
ABT Abbott Laboratories Common Stock $131,785,524 1.62% 1,452,342 $-17,366,894 Down ×6
ABBV AbbVie Inc. Common Stock $128,975,817 1.58% 512,541 $17,318,408 Down ×6
JNJ Johnson & Johnson Common Stock $119,211,503 1.46% 469,392 $4,343,345 Down ×6
DIS Walt Disney Company (The) Common Stock $111,184,680 1.37% 1,155,166 $-204,240 Down ×6
MCD McDonald's Corporation Common Stock $105,962,090 1.30% 392,002 $-15,468,053 Up ×1
SBUX Starbucks Corporation - Common Stock $95,437,544 1.17% 933,923 $9,519,253 Down ×6
CVX Chevron Corporation Common Stock $88,074,421 1.08% 531,337 $-23,754,201 Down ×6
UL Unilever PLC American Depositary Shares (each representing One Ordinary Share) $85,294,829 1.05% 1,418,743 $5,108,358 Up ×1
BDX Becton, Dickinson and Company Common Stock $84,132,408 1.03% 555,953 $-2,967,014 Up ×3
WMT Walmart Inc. - Common Stock $81,296,933 1.00% 717,790 $-10,886,183 Down ×6
CL Colgate-Palmolive Company Common Stock $71,324,261 0.88% 777,970 $4,855,341 Down ×2
CMCSA Comcast Corporation - Class A Common Stock $57,918,160 0.71% 2,359,192 $13,932,109 Up ×2
ACN Accenture plc Class A Ordinary Shares (Ireland) $55,483,814 0.68% 445,868 Up ×1
PEP PepsiCo, Inc. - Common Stock $48,309,536 0.59% 356,791 $-8,870,482 Down ×6
PGR Progressive Corporation (The) Common Stock $44,266,926 0.54% 202,641 $18,248,719 Up ×1
AWK American Water Works Company, Inc. Common Stock $40,347,691 0.50% 306,640 $-1,464,056 Down ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $39,988,369 0.49% 83,733 $11,147,040 Down ×6
FDS FactSet Research Systems Inc. Common Stock $36,949,007 0.45% 160,592 $3,806,605 Up ×3
HD Home Depot, Inc. (The) Common Stock $36,899,369 0.45% 104,626 $2,469,968 Down ×1
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $35,037,147 0.43% 451,859 $-5,198,931 Up ×6
LH Labcorp Holdings Inc. Common Stock $34,912,920 0.43% 124,689 $19,987,569 Up ×3
VUG VANGUARD INDEX FUNDS $33,752,453 0.41% 391,833 $5,007,291 Up ×1
EXPD Expeditors International of Washington, Inc. Common Stock $31,799,517 0.39% 195,113 $3,061,134 Down ×6
MRK Merck & Company, Inc. Common Stock (new) $28,403,126 0.35% 221,036 Up ×1
UNP Union Pacific Corporation Common Stock $26,738,840 0.33% 98,305 $4,932,262 Up ×3
LMT Lockheed Martin Corporation Common Stock $24,972,710 0.31% 49,018 $-5,090,253 Down ×6
NKE Nike, Inc. Common Stock $24,959,485 0.31% 608,026 $-29,753,040 Down ×5
VZ Verizon Communications Inc. Common Stock $23,166,779 0.28% 547,161 Up ×1
SCHW Charles Schwab Corporation (The) Common Stock $21,928,611 0.27% 237,657 $655,768 Up ×2
MA Mastercard Incorporated Common Stock $21,290,444 0.26% 41,453 Up ×1
ECL Ecolab Inc. Common Stock $20,565,597 0.25% 73,815 $997,964 Up ×1
RTX RTX Corporation Common Stock $19,932,659 0.24% 105,058 $-1,896,295 Down ×4
BUD Anheuser-Busch Inbev SA Sponsored ADR (Belgium) $19,851,066 0.24% 240,911 $3,308,194 Up ×1
J Jacobs Solutions Inc. Common Stock $19,506,690 0.24% 154,815 Up ×1
BACPRL CUSIP: 060505682 $17,707,267 0.22% 14,115 $757,326 Down ×6
HSIC Henry Schein, Inc. - Common Stock $16,551,743 0.20% 198,177 $3,045,334 Up ×4
QQQ Invesco QQQ Trust, Series 1 $16,090,386 0.20% 21,850 $3,478,967
NEE NextEra Energy, Inc. Common Stock $11,549,918 0.14% 131,593 $-588,848 Up ×1
WAT Waters Corporation Common Stock $11,247,828 0.14% 29,991 $-10,184,858 Down ×1
D Dominion Energy, Inc. Common Stock $11,078,090 0.14% 162,221 Up ×1
LLY Eli Lilly and Company Common Stock $10,263,523 0.13% 8,557 $2,149,312 Down ×2
JPM JP Morgan Chase & Co. Common Stock $10,079,473 0.12% 30,793 Up ×1
VOO VANGUARD INDEX FUNDS $9,132,349 0.11% 13,297 $1,139,032 Down ×2
TTI Tetra Technologies, Inc. Common Stock $9,107,790 0.11% 803,865 $2,260,462 Up ×2
OKE ONEOK, Inc. Common Stock $9,040,543 0.11% 103,986 $-337,871 Up ×1
VSCO Victorias Secret & Co. Common Stock $8,907,233 0.11% 106,699 $4,036,095 Up ×5
IEMG iShares, Inc. $8,763,180 0.11% 105,784 $1,130,519 Down ×6
SPG Simon Property Group, Inc. Common Stock $8,621,167 0.11% 38,548 $1,289,994 Down ×6
AMGN Amgen Inc. - Common Stock $8,435,948 0.10% 23,296 $300,472 Up ×1
PG Procter & Gamble Company (The) Common Stock $8,089,258 0.10% 55,164 $100,417 Down ×2
META Meta Platforms, Inc. - Class A Common Stock $7,947,459 0.10% 14,109 Up ×1
TMO Thermo Fisher Scientific Inc Common Stock $7,915,973 0.10% 15,789 $312,495 Up ×1
NVDA NVIDIA Corporation - Common Stock $7,906,182 0.10% 39,513 Up ×1
KO Coca-Cola Company (The) Common Stock $7,618,551 0.09% 93,744 $-30,379 Down ×4
EW Edwards Lifesciences Corporation Common Stock $7,267,647 0.09% 80,341 Up ×1
ALSN Allison Transmission Holdings, Inc. Common Stock $6,832,833 0.08% 60,607 Up ×1
PFE Pfizer, Inc. Common Stock $6,824,320 0.08% 283,402 $-1,042,966 Up ×6
VGSH Vanguard Short-Term Treasury ETF $6,770,406 0.08% 116,330 $1,538,101 Up ×3
INTC Intel Corporation - Common Stock $6,760,186 0.08% 48,415 $4,612,600 Down ×2
CP Canadian Pacific Kansas City Limited Common Shares $6,713,989 0.08% 77,484 $647,337 Up ×1
LVS Las Vegas Sands Corp. Common Stock $6,537,317 0.08% 141,531 $2,089,685 Up ×3
UPS United Parcel Service, Inc. Common Stock $5,935,101 0.07% 55,210 $17,520 Down ×6
SPY SPY $5,699,657 0.07% 7,632 Up ×1
VCSH Vanguard Short-Term Corporate Bond ETF $5,542,374 0.07% 70,130 $-977 Up ×1
VSAT ViaSat, Inc. - Common Stock $5,422,728 0.07% 60,380 Up ×1
EMR Emerson Electric Company Common Stock $5,155,834 0.06% 36,017 $430,336 Down ×5
VUSB VANGUARD BOND INDEX FUNDS $4,853,550 0.06% 97,500 $-2,477,291 Down ×1
QCOM QUALCOMM Incorporated - Common Stock $4,850,553 0.06% 26,249 $1,475,229 Up ×1
MDT Medtronic plc. Ordinary Shares $4,775,027 0.06% 61,038 Up ×1
V Visa Inc. $4,657,019 0.06% 13,574 $567,484 Up ×1
CSW CSW Industrials, Inc. Common Stock $4,632,582 0.06% 16,646 $227,477 Down ×6
BLK BlackRock, Inc. Common Stock $4,444,330 0.05% 4,622 $101,248 Up ×2
VVV Valvoline Inc. Common Stock $4,391,510 0.05% 111,065 Up ×1
KMI Kinder Morgan, Inc. Common Stock $4,260,942 0.05% 133,279 Up ×1
VYM VANGUARD WHITEHALL FUNDS $4,219,751 0.05% 26,702 $-504,725 Down ×2
CAT Caterpillar, Inc. Common Stock $4,091,346 0.05% 3,842 $1,326,935 Down ×3
WY Weyerhaeuser Company Common Stock $4,067,813 0.05% 169,917 $436,000 Up ×3
CSCO Cisco Systems, Inc. - Common Stock $3,932,208 0.05% 33,477 $1,334,728
C Citigroup, Inc. Common Stock $3,706,001 0.05% 26,479 $674,665 Down ×4
IFF International Flavors & Fragrances, Inc. Common Stock $3,665,113 0.05% 46,265 $677,141 Up ×4
SYY Sysco Corporation Common Stock $3,502,253 0.04% 41,903 $197,035 Down ×6
BATRK Atlanta Braves Holdings, Inc. - Series C Common Stock $3,479,057 0.04% 67,034 $1,436,979 Up ×2
AMJB Alerian MLP Index ETN $3,425,202 0.04% 99,310 $11,587 Up ×1
YUM Yum! Brands, Inc. $3,183,452 0.04% 19,914 $-173,983 Down ×5
GE GE Aerospace Common Stock $3,162,503 0.04% 8,462 $761,241
BAX Baxter International Inc. Common Stock $3,116,001 0.04% 146,154 $516,152 Down ×6
EPD Enterprise Products Partners L.P. Common Stock $2,918,108 0.04% 79,383 $-91,423 Down ×3
PM Philip Morris International Inc Common Stock $2,757,611 0.03% 15,243 $237,333

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
NVO $310,441,319 3.81% up ×3
BDX $84,132,408 1.03% up ×3
FDS $36,949,007 0.45% up ×3
SHEL $35,037,147 0.43% up ×6
LH $34,912,920 0.43% up ×3
UNP $26,738,840 0.33% up ×3
HSIC $16,551,743 0.20% up ×4
VSCO $8,907,233 0.11% up ×5
PFE $6,824,320 0.08% up ×6
VGSH $6,770,406 0.08% up ×3
LVS $6,537,317 0.08% up ×3
WY $4,067,813 0.05% up ×3
IFF $3,665,113 0.05% up ×4
RSP $1,336,851 0.02% up ×6
FBTC $444,594 0.01% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
COST $687,130,207 734,529 8.44%
ACN $55,483,814 445,868 0.68%
MRK $28,403,126 221,036 0.35%
VZ $23,166,779 547,161 0.28%
MA $21,290,444 41,453 0.26%
J $19,506,690 154,815 0.24%
D $11,078,090 162,221 0.14%
JPM $10,079,473 30,793 0.12%
META $7,947,459 14,109 0.10%
NVDA $7,906,182 39,513 0.10%
EW $7,267,647 80,341 0.09%
ALSN $6,832,833 60,607 0.08%
SPY $5,699,657 7,632 0.07%
VSAT $5,422,728 60,380 0.07%
MDT $4,775,027 61,038 0.06%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AAPL Trimmed -24K +$139.3M
GOOG Trimmed -20K +$121.5M
NVO Bought more +51K +$74.3M
BRK-A (filed as BRKA) Bought more +2 +$45.0M
GOOGL Trimmed -6K +$36.7M
AMZN Trimmed -1K +$30.4M
NKE Trimmed -428K -$29.8M
CVX Trimmed -9K -$23.8M
BAC Trimmed -6K +$22.4M
VHT Bought more +7K +$21.6M

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
UL (filed as ULXXXX) Dec. 31, 2025 1,596,472 $94,638,860 -8.7%
ARWR (filed as ARWRXXXX) June 30, 2026 104,908 $6,577,732 -21.2%
PSYTF June 30, 2026 667,489 $6,352,920 No longer tracked
ALEX March 31, 2026 238,535 $4,923,362 No longer tracked
ENZL June 30, 2025 1,000,000 $2,069,062
WFCPRL Sept. 30, 2025 1,566 $1,838,688 No longer tracked
HON June 30, 2026 6,104 $1,379,687 -4.4%
BBWI March 31, 2026 68,585 $1,377,192 -14.0%
KMTUY June 30, 2026 33,900 $1,330,914 No longer tracked
DBSDY June 30, 2026 5,800 $1,039,766 No longer tracked
LRCX March 31, 2026 5,913 $1,012,187 62.6%
ICSH March 31, 2026 20,000 $1,011,600
OTCM June 30, 2026 18,545 $992,714 No longer tracked
K Dec. 31, 2025 11,746 $963,407 No longer tracked
PFX June 30, 2026 45,000 $803,250 5.5%
VEA March 31, 2026 12,450 $777,745
SDXAY June 30, 2026 72,380 $747,685 No longer tracked
CDE June 30, 2026 39,300 $737,661 8.2%
ACGBY June 30, 2026 41,000 $733,900 No longer tracked
BWEL June 30, 2026 1,295 $712,250 No longer tracked
AGM June 30, 2026 4,772 $707,926 7.8%
MSI Sept. 30, 2025 1,571 $660,543 -2.2%
SBGSY June 30, 2026 11,530 $627,578 No longer tracked
SIEGY June 30, 2026 4,726 $576,005 No longer tracked
BND March 31, 2026 7,547 $559,006
ES Sept. 30, 2025 7,700 $489,874 -9.3%
RHHBY June 30, 2026 8,962 $445,501 No longer tracked
TFC June 30, 2026 9,080 $417,408 -6.8%
AOS June 30, 2025 6,100 $398,696 -13.5%
VGK June 30, 2026 4,694 $386,950
FELV June 30, 2025 11,575 $355,815
HRCR June 30, 2026 89 $351,550 No longer tracked
TORXF June 30, 2026 6,800 $312,113 No longer tracked
CRM March 31, 2026 1,165 $308,620 25.7%
FMS March 31, 2026 12,839 $305,825 -1.4%
VXF June 30, 2026 1,426 $293,471
PEG March 31, 2026 3,625 $291,087 -15.9%
CMDXF June 30, 2026 94,110 $287,977 No longer tracked
AEP June 30, 2026 2,079 $272,478 -12.6%
EIX Dec. 31, 2025 4,835 $267,279 -10.2%
OXY Dec. 31, 2025 5,530 $261,292 41.2%
SA June 30, 2026 9,000 $255,060 4.8%
TPRP June 30, 2026 10 $250,000 No longer tracked
PREF March 31, 2026 13,000 $247,910 -1.9%
TCEHY June 30, 2026 3,920 $247,822 No longer tracked
FNF June 30, 2026 5,295 $245,582 -16.8%
MAG Sept. 30, 2025 11,600 $245,108 No longer tracked
AMTM Sept. 30, 2025 10,085 $238,101 -24.3%
ORI Dec. 31, 2025 5,500 $233,585 -16.6%
OXY June 30, 2026 3,563 $231,601 19.6%
ARKB Dec. 31, 2025 6,000 $228,120 -3.8%
FISV June 30, 2025 1,032 $227,897 -74.3%
FBIN June 30, 2025 3,737 $227,509 -25.1%
BDORY June 30, 2026 50,000 $225,000 No longer tracked
EFX March 31, 2026 1,033 $224,140 -22.3%
ESLOY March 31, 2026 1,414 $224,006 No longer tracked
HRB March 31, 2026 5,000 $217,900 31.3%
ENPH June 30, 2025 3,450 $214,072 -15.6%
CMG Dec. 31, 2025 5,350 $209,666 -12.5%
TMUS Dec. 31, 2025 874 $209,218 -19.4%
A March 31, 2026 1,520 $206,826 47.2%
INTU Sept. 30, 2025 261 $205,571 -58.8%
CTAS Dec. 31, 2025 996 $204,439 2.6%
CI Sept. 30, 2025 608 $200,993 -6.1%
FRPH June 30, 2025 7,034 $200,961 -24.6%
PRU March 31, 2026 1,777 $200,588 15.3%
MSTR Dec. 31, 2025 621 $200,092 5.3%
ET Dec. 31, 2025 10,697 $183,561 24.1%
MSTY Dec. 31, 2025 10,729 $149,774 -44.3%
F March 31, 2026 10,425 $136,776 4.9%
OPEN March 31, 2026 12,000 $69,960 -47.9%
HERC June 30, 2026 15,000 $0 No longer tracked