Sector breakdown

04
Communication Services 45.8%
Real Estate 6.3%
Materials 3.2%
Utilities 0.9%
Technology 0.5%
Financials 0.4%
Other/Unmapped 43.1%

Full portfolio 17 positions

05
Type Streak 8Q trend
Unknown issuer (CUSIP: G2R11M108) $100,290,905 20.69% 2,044,250 Up ×1
Unknown issuer (CUSIP: 140501AE7) $70,010,710 14.44% 66,836,000 $40,597,590 Up ×2
IAC IAC Inc. - Common Stock $61,955,998 12.78% 1,342,201 $50,961,758 Up ×1
TDS Telephone and Data Systems, Inc. Common Shares $52,024,291 10.73% 1,405,682 $12,411,264 Up ×1
SATS EchoStar Corporation - Common stock $44,674,819 9.22% 440,146 $28,519,042 Up ×1
Unknown issuer (CUSIP: 12685JAG0) $38,359,860 7.91% 58,121,000 Up ×1
VSAT ViaSat, Inc. - Common Stock $36,030,784 7.43% 401,189 Up ×1
SVC Service Properties Trust - Shares of Beneficial Interest $22,229,969 4.59% 13,153,828 Up ×1
IHRT iHeartMedia, Inc. - Class A Common Stock $16,802,789 3.47% 3,916,734 $9,228,002 Up ×1
METC Ramaco Resources, Inc. - Class A Common Stock $11,268,785 2.33% 851,760 $-1,281,025 Up ×2
SBGI Sinclair, Inc. - Class A Common Stock $8,242,927 1.70% 578,451 Up ×1
STHO Star Holdings - Shares of Beneficial Interest $8,069,980 1.67% 883,897 $1,378,880
DOW Dow Inc. Common Stock $4,172,400 0.86% 152,500 Put option $-6,989,800 Down ×1
XIFR XPLR Infrastructure, LP Common Units representing limited partner interests $4,151,676 0.86% 351,539 Up ×1
BTDR Bitdeer Technologies Group - Ordinary Shares $2,380,500 0.49% 150,000 Up ×1
WBD Warner Bros. Discovery, Inc. - Series A Common Stock $2,292,760 0.47% 86,000 Up ×1
BUR Burford Capital Limited Ordinary Shares $1,715,850 0.35% 418,500 Put option $728,230 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: G2R11M108) $100,290,905 2,044,250 20.69%
Unknown issuer (CUSIP: 12685JAG0) $38,359,860 58,121,000 7.91%
VSAT $36,030,784 401,189 7.43%
SVC $22,229,969 13,153,828 4.59%
SBGI $8,242,927 578,451 1.70%
XIFR $4,151,676 351,539 0.86%
BTDR $2,380,500 150,000 0.49%
WBD $2,292,760 86,000 0.47%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
· Bought more +38.0M +$40.6M
SATS Bought more +302K +$28.5M
TDS Bought more +465K +$12.4M
IHRT Bought more +1.3M +$9.2M
DOW Trimmed -116K -$7.0M
STHO Price move only +0 +$1.4M
METC Bought more +40K -$1.3M
BUR Bought more +200K +$728K

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
IWM June 30, 2025 400,000 $79,796,000 30.7%
VISN June 30, 2026 3,037,598 $55,284,284 -51.4%
HOLX June 30, 2026 619,600 $46,835,564 No longer tracked
LITE Dec. 31, 2025 205,368 $33,415,427 194.5%
CIEN Dec. 31, 2025 198,499 $28,915,349 67.3%
JWN June 30, 2025 740,500 $18,105,225 No longer tracked
TLN June 30, 2025 87,564 $17,483,904 10.3%
TDAY June 30, 2026 2,306,441 $16,260,409 -17.5%
ROIV Dec. 31, 2025 938,175 $14,194,588 64.6%
CAR June 30, 2026 90,000 $13,126,500 -24.8%
ABUS Dec. 31, 2025 1,978,975 $8,984,547 -7.5%
ABR Sept. 30, 2025 412,500 $4,413,750 -70.8%
NBIS June 30, 2025 171,000 $3,609,810 338.8%
PPTA March 31, 2026 105,743 $2,560,038 -27.5%
HOUS Sept. 30, 2025 545,115 $1,973,316 No longer tracked
NB March 31, 2026 352,063 $1,865,934 -22.2%
OPTU June 30, 2026 1,310,063 $1,703,082 -36.8%
CODI March 31, 2026 182,500 $876,000 39.1%
KSS Sept. 30, 2025 100,000 $848,000 22.4%
MPT June 30, 2025 44,000 $265,320 -24.1%
MDAIW June 30, 2026 11,666 $6,532 18.3%
BAERW June 30, 2026 10,000 $3,900 -83.1%
SDAWW June 30, 2026 10,000 $2,500 -4.6%