Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +83.7%
S&P 500 total return (same window) +37.0%
Excess return +46.7%

Annualized: +62.7% · 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
Industrials 52.5%
Consumer Discretionary 20.6%
Materials 14.0%
Technology 12.9%

Full portfolio 11 positions

05
Type Streak 8Q trend
AXTA Axalta Coating Systems Ltd. Common Shares $119,596,847 14.02% 3,494,940 $8,586,909 Down ×1
TEL TE Connectivity plc Ordinary Shares $117,255,570 13.75% 581,596 $10,056,946 Up ×1
HOG Harley-Davidson, Inc. Common Stock $106,942,765 12.54% 4,372,149 $63,868,099 Up ×2
ALLE Allegion plc Ordinary Shares $89,016,571 10.44% 633,615 $52,444,317 Up ×1
ALSN Allison Transmission Holdings, Inc. Common Stock $85,735,839 10.05% 760,474 $31,551,809 Up ×1
APH Amphenol Corporation Common Stock $85,612,529 10.04% 485,552 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $76,165,729 8.93% 159,486 $2,583,538 Down ×1
OTIS Otis Worldwide Corporation Common Stock $70,253,204 8.24% 981,190 $-1,214,601 Up ×3
VC Visteon Corporation - Common Stock $40,819,260 4.79% 411,443 $-15,148,429 Down ×1
ADI Analog Devices, Inc. - Common Stock $33,521,148 3.93% 84,400 Up ×1
GM General Motors Company Common Stock $27,956,916 3.28% 362,700

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
OTIS $70,253,204 8.24% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
APH $85,612,529 485,552 10.04%
ADI $33,521,148 84,400 3.93%
GM $27,956,916 362,700 3.28%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
HOG Bought more +2.2M +$63.9M
ALLE Bought more +382K +$52.4M
ALSN Bought more +298K +$31.6M
VC Trimmed -203K -$15.1M
TEL Bought more +69K +$10.1M
AXTA Trimmed -513K +$8.6M
TSM Trimmed -58K +$2.6M
OTIS Bought more +54K -$1.2M

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
BB June 30, 2026 26,445,027 $85,681,887 -26.5%
NXPI June 30, 2026 294,292 $57,934,323 -13.3%
CMI March 31, 2026 97,776 $49,909,759 -1.8%
ON March 31, 2026 841,849 $45,586,123 37.1%
TSM June 30, 2025 264,000 $43,824,000 108.7%
BWA Sept. 30, 2025 1,103,191 $36,934,835 37.7%
HUN Sept. 30, 2025 3,497,455 $36,443,481 -5.0%
DOW June 30, 2025 850,157 $29,687,482 5.6%
VC Sept. 30, 2025 314,710 $29,362,443 -25.9%
PHIN Sept. 30, 2025 659,280 $29,331,367 4.0%
AMBA June 30, 2026 546,538 $28,133,044 -20.0%
GM June 30, 2025 594,300 $27,949,929 59.1%
QCOM March 31, 2026 148,490 $25,399,215 43.6%
PPG June 30, 2025 178,400 $19,508,040 -7.6%
ALGM June 30, 2025 505,600 $12,705,728 15.6%
CNH March 31, 2026 1,051,700 $9,696,674 22.5%
MBLY Sept. 30, 2025 317,944 $5,716,633 -47.5%
INVZ June 30, 2025 4,546,387 $2,963,790 -78.0%