Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 -6.5%
S&P 500 total return (same window) +37.0%
Excess return -43.5%

Annualized: -5.2% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Technology 27.1%
Materials 16.7%
Communication Services 15.0%
Industrials 14.5%
Financials 9.9%
Consumer Discretionary 6.6%
Healthcare 6.4%
Retail 3.8%
Energy 0.1%

Full portfolio 28 positions

05
Type Streak 8Q trend
SW Smurfit WestRock plc Ordinary Shares $29,539,980 10.68% 558,692 $-8,855,971 Down ×1
FER Ferrovial SE - Ordinary Shares $25,232,250 9.12% 368,047 $-9,962,523 Down ×3
SPOT Spotify Technology S.A. Ordinary Shares $21,783,744 7.87% 41,511 $-6,662,733 Down ×1
DB Deutsche Bank AG Common Stock $19,133,742 6.92% 565,061
AZN AstraZeneca PLC - American Depositary Shares $17,692,638 6.39% 109,781 $-19,945,308 Down ×1
IFF International Flavors & Fragrances, Inc. Common Stock $16,787,288 6.07% 185,402 Up ×1
SNOW Snowflake Inc. Common Stock $15,008,054 5.42% 51,595 $11,343,672 Up ×1
DDOG Datadog, Inc. - Class A Common Stock $12,123,431 4.38% 40,740 $2,011,721 Down ×1
META Meta Platforms, Inc. - Class A Common Stock $11,433,543 4.13% 17,759 $-22,417,444 Down ×1
PANW Palo Alto Networks, Inc. - Common Stock $10,679,703 3.86% 27,400 Up ×1
DASH DoorDash, Inc. - Common Stock $10,655,595 3.85% 50,522 $-11,568,210 Down ×1
AMZN Amazon.com, Inc. - Common Stock $10,426,829 3.77% 38,276 $-20,797,366 Down ×1
SHOP Shopify Inc. - Class A Subordinate Voting Shares $10,221,625 3.69% 78,325 $147,719 Up ×1
FIG Figma, Inc. Class A Common Stock $8,902,731 3.22% 430,581 Up ×1
CRH CRH PLC Ordinary Shares $8,440,704 3.05% 69,018 $-25,334,606 Down ×2
UBS UBS Group AG Registered Ordinary Shares $8,276,194 2.99% 180,748 $-58,374,580 Down ×1
TTWO Take-Two Interactive Software, Inc. - Common Stock $8,213,769 2.97% 28,748 Up ×1
ABNB Airbnb, Inc. - Class A Common Stock $7,556,320 2.73% 46,200 Up ×1
AMRZ Amrize Ltd Ordinary Shares $6,348,018 2.29% 129,703 $-20,100,843 Down ×1
ZS Zscaler, Inc. - Common Stock $4,672,572 1.69% 28,963
CRWD CrowdStrike Holdings, Inc. - Class A Common Stock $4,545,223 1.64% 5,211 $370,538 Down ×1
GWRE Guidewire Software, Inc. Common Stock $4,274,084 1.54% 30,390 $4,095,292 Up ×1
CRM Salesforce, Inc. Common Stock $4,268,867 1.54% 23,841
TTE TotalEnergies SE Ordinary Shares $164,459 0.06% 2,115 $-1,151,486 Down ×1
LOGI Logitech International S.A. - Registered Shares $124,749 0.05% 1,441 $28,161 Up ×1
ACN Accenture plc Class A Ordinary Shares (Ireland) $104,657 0.04% 736 $-3,378,299 Down ×1
ALC Alcon Inc. Ordinary Shares $57,353 0.02% 919 $-30,553 Down ×1
INTU Intuit Inc. - Common Stock $13,720 0.00% 46 $-8,139,699 Down ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
DB $19,133,742 565,061 6.92%
IFF $16,787,288 185,402 6.07%
PANW $10,679,703 27,400 3.86%
FIG $8,902,731 430,581 3.22%
TTWO $8,213,769 28,748 2.97%
ABNB $7,556,320 46,200 2.73%
ZS $4,672,572 28,963 1.69%
CRM $4,268,867 23,841 1.54%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CRH Trimmed -210K -$25.3M
META Trimmed -34K -$22.4M
AMZN Trimmed -92K -$20.8M
AMRZ Trimmed -398K -$20.1M
AZN Trimmed -113K -$19.9M
DASH Trimmed -78K -$11.6M
SNOW Bought more +30K +$11.3M
FER Trimmed -183K -$10.0M
SW Trimmed -278K -$8.9M
SPOT Trimmed -9K -$6.7M

2 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
BAC March 31, 2026 830,029 $53,605,466 10.3%
LIN June 30, 2026 51,358 $29,322,781 -7.6%
TMUS Sept. 30, 2025 72,560 $20,284,892 -31.6%
GOOGL March 31, 2026 48,329 $17,762,579 19.5%
NFLX June 30, 2026 160,313 $17,751,721 -6.1%
CCEP Dec. 31, 2025 171,513 $15,537,791 11.4%
JPM June 30, 2025 49,243 $13,045,653 14.6%
QXO June 30, 2026 475,031 $10,624,054 -30.2%
CRM March 31, 2026 33,156 $10,313,679 25.7%
STLA June 30, 2026 1,408,564 $9,845,394 -23.3%
BSX Dec. 31, 2025 79,463 $9,115,618 -55.3%
T June 30, 2025 278,956 $8,519,986 -16.0%
BSX June 30, 2026 89,197 $6,445,952 -0.2%
BIRK June 30, 2026 153,015 $6,314,227 -22.5%
MDB June 30, 2026 22,041 $6,213,098 6.6%
TWLO March 31, 2026 34,835 $5,818,247 134.1%
NVDA March 31, 2026 21,769 $4,767,278 34.1%
RACE March 31, 2026 12,035 $4,503,900 14.7%
MSFT Sept. 30, 2025 7,049 $4,114,002 -0.1%
DT March 31, 2026 71,968 $3,662,527 60.4%
HUBS June 30, 2026 12,144 $3,413,896 17.5%
TEAM June 30, 2026 26,943 $2,117,716 141.5%
NOW June 30, 2026 15,947 $1,920,065 35.4%
ESTC March 31, 2026 19,702 $1,745,274 87.9%
CCC March 31, 2026 144,241 $1,346,501 9.3%
MS Sept. 30, 2025 3,291 $543,953 19.7%
CFLT March 31, 2026 13,780 $489,306 No longer tracked
S June 30, 2025 23,088 $453,319 37.1%
PFE Dec. 31, 2025 12,821 $383,848 11.6%
LIN June 30, 2025 587 $295,197 2.2%
DB June 30, 2025 6,974 $164,346 19.4%
ALC Dec. 31, 2025 1,499 $104,376 -19.1%
LLY Dec. 31, 2025 100 $89,652 6.3%
DB Dec. 31, 2025 2,318 $81,573 -9.3%
BKNG June 30, 2026 10 $48,490 -10.8%
VRTX Dec. 31, 2025 100 $46,018 11.3%
ZS Dec. 31, 2025 100 $35,210 -12.6%
HUBS Dec. 31, 2025 64 $35,179 -46.5%
JPM March 31, 2026 80 $30,267 13.0%
ABBV Dec. 31, 2025 103 $28,022 15.0%
PNC March 31, 2026 57 $13,971 6.2%
SNPS March 31, 2026 25 $13,787 23.6%
OMC June 30, 2025 133 $11,909 3.1%
DDOG Dec. 31, 2025 57 $9,537 103.9%
EW June 30, 2025 100 $7,828 8.9%
ORCL Dec. 31, 2025 15 $4,957 -27.0%
APGE March 31, 2026 52 $4,609 No longer tracked
PCOR June 30, 2026 59 $3,871 25.4%
APD Sept. 30, 2025 8 $2,648 1.8%