Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +14.5%
S&P 500 total return (same window) +37.0%
Excess return -22.5%

Annualized: +11.4% · 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: 98.3% · Options excluded: 0.0%

Sector breakdown

04
Technology 31.6%
Financials 18.0%
Communication Services 9.8%
Consumer Staples 8.9%
Energy 7.7%
Healthcare 7.5%
Retail 6.0%
Industrials 5.7%
Consumer Discretionary 2.6%
Materials 1.0%
Consumer products 0.9%
Real Estate 0.2%
Utilities 0.0%
Other/Unmapped 0.2%

Full portfolio 300 positions

05
Type Streak 8Q trend
AAPL Apple Inc. - Common Stock $4,059,800,212 9.54% 14,030,274 $536,764,293 Up ×1
MSFT Microsoft Corporation - Common Stock $3,084,821,430 7.25% 8,269,855 $235,248,134 Up ×2
GOOG Alphabet Inc. - Class C Capital Stock $2,770,541,219 6.51% 7,841,228 $536,366,837 Up ×1
NVDA NVIDIA Corporation - Common Stock $2,008,752,816 4.72% 10,039,246 $295,651,878 Up ×5
AMZN Amazon.com, Inc. - Common Stock $1,988,424,746 4.67% 8,342,808 $304,637,729 Up ×1
PM Philip Morris International Inc Common Stock $1,983,995,926 4.66% 10,966,757 $202,967,799 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $1,246,740,004 2.93% 2,213,318 $23,258,474 Up ×5
KO Coca-Cola Company (The) Common Stock $1,241,223,000 2.92% 15,272,831 $88,363,381 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $1,214,708,956 2.86% 2,543,520 $353,692,540 Down ×1
ASML ASML Holding N.V. - New York Registry Shares $1,166,541,622 2.74% 586,367 $288,891,634 Down ×3
XOM Exxon Mobil Corporation Common Stock $1,068,762,278 2.51% 7,817,161 $-294,674,383 Down ×4
JPM JP Morgan Chase & Co. Common Stock $1,052,240,851 2.47% 3,214,618 $131,778,409 Up ×1
CVX Chevron Corporation Common Stock $1,046,951,621 2.46% 6,316,069 $-229,159,380 Up ×1
V Visa Inc. $1,018,685,428 2.39% 2,969,149 $115,760,129 Down ×1
TXN Texas Instruments Incorporated - Common Stock $870,847,470 2.05% 2,921,621 $198,901,556 Down ×4
MCD McDonald's Corporation Common Stock $746,300,808 1.75% 2,760,907 $-94,188,163 Up ×1
ABBV AbbVie Inc. Common Stock $723,914,281 1.70% 2,876,785 $124,456,266 Up ×3
UNH UnitedHealth Group Incorporated Common Stock (DE) $654,741,900 1.54% 1,575,300 $220,777,247 Down ×1
ETN Eaton Corporation, PLC Ordinary Shares $631,962,691 1.49% 1,483,063 $97,598,313 Down ×1
SPGI S&P Global Inc. Common Stock $624,632,777 1.47% 1,533,744 $-24,962,907 Up ×5
MA Mastercard Incorporated Common Stock $617,435,968 1.45% 1,202,173 $15,517,141 Down ×1
BLK BlackRock, Inc. Common Stock $599,966,272 1.41% 623,951 $-12,350,630 Down ×1
EPD Enterprise Products Partners L.P. Common Stock $588,122,566 1.38% 15,998,982 $-24,854,538 Down ×4
AVGO Broadcom Inc. - Common Stock $535,133,429 1.26% 1,416,634 $514,674,508 Up ×2
PGR Progressive Corporation (The) Common Stock $524,126,159 1.23% 2,399,296 $35,603,550 Down ×2
LLY Eli Lilly and Company Common Stock $510,583,052 1.20% 425,688 $121,361,645 Up ×1
BX Blackstone Inc. Common Stock $475,667,863 1.12% 4,042,389 $110,016,112 Up ×5
TROW T. Rowe Price Group, Inc. - Common Stock $446,058,054 1.05% 3,923,459 $46,254,613 Down ×4
PG Procter & Gamble Company (The) Common Stock $383,450,332 0.90% 2,614,910 $-32,180,878 Down ×4
ISRG Intuitive Surgical, Inc. - Common Stock $373,279,455 0.88% 938,643 $-185,629,887 Down ×1
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $367,685,350 0.86% 491 $105,564,250 Up ×1
CP Canadian Pacific Kansas City Limited Common Shares $355,651,718 0.84% 4,104,463 $-7,844,667 Down ×3
CB Chubb Limited Common Stock $345,626,255 0.81% 1,014,340 $-2,789,112 Down ×4
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $339,010,024 0.80% 677,492 $11,026,865 Down ×4
MS Morgan Stanley Common Stock $328,872,180 0.77% 1,573,250 $59,794,141 Down ×4
MAR Marriott International - Class A Common Stock $306,715,898 0.72% 827,642 $25,515,582 Down ×3
ABT Abbott Laboratories Common Stock $297,474,217 0.70% 3,278,314 $-142,172,562 Down ×4
MO Altria Group, Inc. $295,451,359 0.69% 4,106,343 $5,429,524 Down ×4
ADP Automatic Data Processing, Inc. - Common Stock $294,392,212 0.69% 1,314,544 $16,090,759 Down ×2
HD Home Depot, Inc. (The) Common Stock $277,566,781 0.65% 787,022 $27,656,296 Up ×5
DE Deere & Company Common Stock $273,227,915 0.64% 430,735 $17,491,112 Down ×2
CME CME Group Inc. - Class A Common Stock $267,613,320 0.63% 1,211,852 $-93,305,303 Down ×2
BK The Bank of New York Mellon Corporation Common Stock $245,466,509 0.58% 1,697,438 $23,165,871 Down ×6
ICE Intercontinental Exchange Inc. Common Stock $238,797,427 0.56% 1,939,708 $-66,666,968 Down ×2
EOG EOG Resources, Inc. Common Stock $217,103,254 0.51% 1,673,501 $-32,811,780 Down ×4
MRK Merck & Company, Inc. Common Stock (new) $213,940,781 0.50% 1,664,909 $9,402,199 Down ×4
UNP Union Pacific Corporation Common Stock $210,193,917 0.49% 772,772 $31,915,187 Up ×1
SHW Sherwin-Williams Company (The) Common Stock $205,604,364 0.48% 597,132 $3,904,054 Down ×3
CAT Caterpillar, Inc. Common Stock $191,458,344 0.45% 179,790 $143,147,528 Up ×1
LIN Linde plc - Ordinary Shares $183,460,107 0.43% 353,529 $-12,515,149 Down ×4
NOW ServiceNow, Inc. Common Stock $179,416,631 0.42% 1,807,178 $-18,594,309 Down ×1
JNJ Johnson & Johnson Common Stock $174,868,959 0.41% 688,542 $15,658,092 Up ×1
INTU Intuit Inc. - Common Stock $170,263,624 0.40% 652,351 $-287,086,232 Down ×2
WMT Walmart Inc. - Common Stock $169,055,023 0.40% 1,492,628 $-25,672,144 Down ×4
NVO Novo Nordisk A/S Common Stock $140,200,531 0.33% 2,924,500 $15,416,685 Down ×4
PEP PepsiCo, Inc. - Common Stock $131,369,005 0.31% 970,229 $-30,946,831 Down ×4
RTX RTX Corporation Common Stock $119,672,936 0.28% 630,754 $-1,417,896 Up ×1
MDLZ Mondelez International, Inc. - Class A Common Stock $118,069,358 0.28% 2,041,310 $-4,684,806 Down ×4
TDY Teledyne Technologies Incorporated Common Stock $103,491,542 0.24% 155,183 $11,416,280 Up ×1
CW Curtiss-Wright Corporation Common Stock $81,835,806 0.19% 107,997 $-1,072,845 Down ×1
COST Costco Wholesale Corporation - Common Stock $81,769,866 0.19% 87,410 $66,675,944 Up ×2
COP ConocoPhillips Common Stock $76,049,819 0.18% 731,530 $-23,797,936 Down ×4
SPOT Spotify Technology S.A. Ordinary Shares $74,703,115 0.18% 162,706 $14,054,698 Up ×3
PSX Phillips 66 Common Stock $72,654,990 0.17% 429,784 $-12,921,083 Down ×4
KMI Kinder Morgan, Inc. Common Stock $69,255,942 0.16% 2,166,279 $-3,803,516 Down ×1
AXP American Express Company Common Stock $68,142,876 0.16% 201,457 $6,876,947 Down ×4
INTC Intel Corporation - Common Stock $51,586,199 0.12% 369,449 $35,294,804 Up ×1
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $40,793,329 0.10% 526,094 $-8,133,413
GOOGL Alphabet Inc. - Class A Common Stock $37,573,544 0.09% 105,139 $6,852,163 Down ×2
PAA Plains All American Pipeline, L.P. - Common Units representing Limited Partner Interests $36,895,438 0.09% 1,657,477 $-116,024
AZN AstraZeneca PLC - American Depositary Shares $34,054,410 0.08% 179,593
LECO Lincoln Electric Holdings, Inc. - Common Shares $32,981,652 0.08% 124,220 $7,388,432 Up ×1
APD Air Products and Chemicals, Inc. Common Stock $32,694,656 0.08% 111,517 $-1,123,128 Down ×4
PLD Prologis, Inc. Common Stock $25,791,998 0.06% 190,389 $-248,387 Down ×2
SPY SPY $22,813,289 0.05% 30,549 $320,138 Down ×2
RACE Ferrari N.V. Common Shares $21,635,248 0.05% 58,114 $1,291,948 Down ×1
SAP SAP SE ADS $19,787,262 0.05% 128,397 $-2,109,299 Up ×3
AMGN Amgen Inc. - Common Stock $19,697,155 0.05% 54,394 $1,451,270 Up ×1
DIS Walt Disney Company (The) Common Stock $19,204,763 0.05% 199,530 $-1,619,293 Down ×4
DUK Duke Energy Corporation (Holding Company) Common Stock $17,477,154 0.04% 138,072 $-181,938 Up ×1
VTI Vanguard Morningstar Total Stock Market ETF $17,378,559 0.04% 46,964 $3,622,547 Up ×1
BBVA Banco Bilbao Vizcaya Argentaria S.A. Common Stock $17,090,718 0.04% 681,992 $15,971,943 Up ×2
TGT Target Corporation Common Stock $16,879,644 0.04% 129,237 $-61,086 Down ×4
BR Broadridge Financial Solutions, Inc. Common Stock $15,798,803 0.04% 115,362 $-46,084,758 Down ×2
EL Estee Lauder Companies, Inc. (The) Common Stock $14,229,720 0.03% 180,237 $959,422 Down ×4
ZTS Zoetis Inc. Class A Common Stock $13,688,539 0.03% 190,489 $-11,450,430 Down ×3
KMPR Kemper Corporation $13,322,244 0.03% 494,149 $9,640,940 Up ×1
CPT Camden Property Trust Common Stock $13,102,236 0.03% 114,440 $4,954,950 Up ×3
ORCL Oracle Corporation Common Stock $12,780,039 0.03% 87,206 $-1,012,406 Down ×4
SBUX Starbucks Corporation - Common Stock $12,295,501 0.03% 120,320 $-1,114,330 Down ×4
VRSK Verisk Analytics, Inc. - Common Stock $12,172,826 0.03% 67,804 $-105,042,081 Down ×1
MSCI MSCI Inc. Common Stock $11,872,848 0.03% 21,200 $-5,504,295 Down ×2
Z Zillow Group, Inc. - Class C Capital Stock $11,713,430 0.03% 371,619 $-6,070,783 Down ×4
AON Aon plc Class A Ordinary Shares (Ireland) $11,162,032 0.03% 33,652 $310,168 Up ×5
AMD Advanced Micro Devices, Inc. - Common Stock $10,936,212 0.03% 18,826 $7,106,439
ACN Accenture plc Class A Ordinary Shares (Ireland) $10,559,356 0.02% 84,855 $-6,088,477 Up ×3
EMR Emerson Electric Company Common Stock $8,979,370 0.02% 62,727 $4,118,921 Up ×2
BSM Black Stone Minerals, L.P. Common units representing limited partner interests $8,848,095 0.02% 633,364 $-728,369
BUD Anheuser-Busch Inbev SA Sponsored ADR (Belgium) $8,734,894 0.02% 106,006 $1,381,258
OVV Ovintiv Inc. (DE) $8,730,634 0.02% 165,824 $-1,112,679

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
NVDA $2,008,752,816 4.72% up ×5
META $1,246,740,004 2.93% up ×5
ABBV $723,914,281 1.70% up ×3
SPGI $624,632,777 1.47% up ×5
BX $475,667,863 1.12% up ×5
HD $277,566,781 0.65% up ×5
SPOT $74,703,115 0.18% up ×3
SAP $19,787,262 0.05% up ×3
CPT $13,102,236 0.03% up ×3
AON $11,162,032 0.03% up ×5
ACN $10,559,356 0.02% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
AZN $34,054,410 179,593 0.08%
TTE $7,729,733 99,405 0.02%
GSLC $422,123 2,975 0.00%
Unknown issuer (CUSIP: 00NPWH832) $340,801 5,079 0.00%
BA $326,437 1,508 0.00%
HPE $314,868 6,980 0.00%
FDX $313,130 1,000 0.00%
AXON $280,305 500 0.00%
C $255,427 1,825 0.00%
CNP $253,891 5,765 0.00%
CXT $240,401 4,699 0.00%
USB $226,077 3,743 0.00%
KIM $213,675 8,429 0.00%
LUV $210,668 4,097 0.00%
HHH $209,537 2,931 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AAPL Bought more +149K +$536.8M
GOOG Bought more +53K +$536.4M
TSM Trimmed -4K +$353.7M
AMZN Bought more +258K +$304.6M
NVDA Bought more +216K +$295.7M
XOM Trimmed -219K -$294.7M
ASML Trimmed -78K +$288.9M
INTU Trimmed -405K -$287.1M
MSFT Bought more +572K +$235.2M
CVX Bought more +148K -$229.2M

1 position 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
AZN March 31, 2026 4,258,640 $391,496,747 -20.6%
HES Sept. 30, 2025 1,264,193 $175,141,358 No longer tracked
SCHD Sept. 30, 2025 820,000 $21,730,000 21.6%
HDB June 30, 2026 360,374 $8,966,105 -14.4%
TTE Dec. 31, 2025 146,086 $8,719,845 29.0%
CHKP June 30, 2026 45,011 $6,429,821 -1.4%
K Dec. 31, 2025 76,150 $6,245,823 No longer tracked
CNP June 30, 2025 100,766 $3,650,752 2.7%
BRCC Dec. 31, 2025 1,574,529 $2,456,265 -14.9%
WBA Sept. 30, 2025 120,634 $1,384,878 No longer tracked
HWC Dec. 31, 2025 16,347 $1,023,486 14.9%
CRM March 31, 2026 2,394 $634,195 23.1%
CYBR March 31, 2026 1,348 $601,289 No longer tracked
BRO Sept. 30, 2025 4,998 $554,128 -35.0%
VZ Dec. 31, 2025 11,680 $513,336 12.6%
PAYX March 31, 2026 4,336 $486,412 8.3%
TMUS Dec. 31, 2025 1,945 $465,594 -18.9%
IWB June 30, 2025 1,344 $412,510
ALC June 30, 2026 5,149 $387,977 -4.1%
CQP Dec. 31, 2025 6,829 $367,537 18.3%
DD Dec. 31, 2025 4,718 $367,532 225.1%
VTOL Dec. 31, 2025 10,000 $360,800 10.4%
OXY June 30, 2026 5,451 $354,315 20.1%
TSCO June 30, 2026 7,630 $345,640 -0.6%
BSX June 30, 2026 5,369 $336,905 -0.7%
GPC March 31, 2026 2,700 $331,992 19.4%
XYL June 30, 2026 2,764 $330,298 -13.4%
A June 30, 2026 2,724 $310,481 29.0%
LNG Sept. 30, 2025 1,242 $302,452 17.0%
HESM Sept. 30, 2025 7,650 $294,602 11.2%
KLG Sept. 30, 2025 17,973 $286,490 No longer tracked
CADE March 31, 2026 6,435 $275,675 No longer tracked
DOW June 30, 2025 7,677 $268,081 7.7%
NOMD Dec. 31, 2025 20,000 $263,000 -14.5%
CG June 30, 2026 5,399 $261,258 -6.6%
KVUE Sept. 30, 2025 12,309 $257,627 7.1%
BAX Sept. 30, 2025 8,000 $242,240 6.4%
CALM Sept. 30, 2025 2,423 $241,403 -30.9%
YUMC June 30, 2026 4,945 $241,217 -1.5%
BDX June 30, 2025 1,051 $240,742 33.4%
IJR Sept. 30, 2025 2,146 $234,536 16.4%
BMY June 30, 2025 3,838 $234,100 27.0%
HHH March 31, 2026 2,931 $233,806 13.3%
IRM Dec. 31, 2025 2,280 $232,423 35.4%
MELI March 31, 2026 115 $231,640 7.6%
CXT March 31, 2026 4,699 $221,182 21.1%
EQT June 30, 2025 4,107 $219,437 -12.3%
HHH June 30, 2025 2,931 $217,128 6.2%
ROP Dec. 31, 2025 434 $216,431 -18.4%
FICO Sept. 30, 2025 115 $210,215 -53.9%
POOL June 30, 2026 1,034 $209,209 -25.9%
AJG Dec. 31, 2025 659 $204,119 -12.2%
AIG Sept. 30, 2025 2,339 $200,195 -4.4%
HPQ Sept. 30, 2025 8,180 $200,083 15.6%
GLDD March 31, 2026 12,966 $170,114 No longer tracked
ONTF Dec. 31, 2025 16,428 $93,968 No longer tracked
RIO June 30, 2025 411 $24,693 64.0%