Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +12.5%
S&P 500 total return (same window) +37.0%
Excess return -24.5%

Annualized: +9.9% · 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: 99.7% · Options excluded: 0.0%

Sector breakdown

04
Technology 19.8%
Health Care 18.4%
Industrials 15.8%
Communication Services 12.6%
Financials 10.0%
Consumer products 9.2%
Consumer Discretionary 7.8%
Consumer Staples 3.9%
Retail 2.6%

Full portfolio 41 positions

05
Type Streak 8Q trend
MAR Marriott International - Class A Common Stock $958,255,687 7.02% 2,585,757 $-144,255,418 Down ×6
SYK Stryker Corporation Common Stock $917,391,182 6.72% 2,913,833 $-88,559,501 Down ×6
WAT Waters Corporation Common Stock $852,702,945 6.25% 2,273,632 $-103,852,990 Down ×3
V Visa Inc. $692,976,613 5.08% 2,019,810 $-245,203,549 Down ×3
UBER Uber Technologies, Inc. Common Stock $645,337,776 4.73% 8,943,151 Up ×1
MA Mastercard Incorporated Common Stock $639,458,194 4.69% 1,245,051
GOOGL Alphabet Inc. - Class A Common Stock $633,743,519 4.64% 1,773,354 $-216,340,778 Down ×6
CHD Church & Dwight Company, Inc. Common Stock $625,518,702 4.58% 6,456,634 $5,733,175 Down ×6
PG Procter & Gamble Company (The) Common Stock $598,052,323 4.38% 4,078,371 $-8,583,255 Down ×3
MSFT Microsoft Corporation - Common Stock $595,614,836 4.36% 1,596,737 $-174,241,409 Down ×6
META Meta Platforms, Inc. - Class A Common Stock $592,511,232 4.34% 1,051,876 $-163,487,047 Down ×6
ADP Automatic Data Processing, Inc. - Common Stock $582,620,930 4.27% 2,601,567 $-200,659,304 Down ×6
FTNT Fortinet, Inc. - Common Stock $557,631,076 4.09% 3,629,938 $54,507,595 Down ×3
TSM Taiwan Semiconductor Manufacturing Company Ltd. $548,464,789 4.02% 1,148,449 Up ×1
IDXX IDEXX Laboratories, Inc. - Common Stock $536,909,312 3.93% 1,019,887 $-286,701,184 Down ×6
TXN Texas Instruments Incorporated - Common Stock $536,282,179 3.93% 1,799,182 $27,028,886 Down ×3
PM Philip Morris International Inc Common Stock $527,116,201 3.86% 2,913,693 $-318,294,169 Down ×6
NFLX Netflix, Inc. - Common Stock $499,110,633 3.66% 6,990,345 Up ×1
GEV GE Vernova Inc. Common Stock $481,498,748 3.53% 409,835 Up ×1
APP Applovin Corporation - Class A Common Stock $358,892,731 2.63% 696,568 Up ×1
TJX TJX Companies, Inc. (The) Common Stock $344,297,688 2.52% 2,272,592 Up ×1
NXT Nextpower Inc. - Class A Common Stock $340,274,801 2.49% 2,856,092 Up ×1
VEEV Veeva Systems Inc. Class A Common Stock $144,954,834 1.06% 816,785 Up ×1
YUM Yum! Brands, Inc. $88,899,265 0.65% 556,107 Up ×1
MSCI MSCI Inc. Common Stock $30,006,943 0.22% 53,580 $-4,914,437 Down ×2
MEDP Medpace Holdings, Inc. - Common Stock $27,735,687 0.20% 52,372 $-2,356,860 Down ×3
NTNX Nutanix, Inc. - Class A Common Stock $27,430,800 0.20% 538,281 $5,484,130 Down ×2
BMI Badger Meter, Inc. Common Stock $25,911,154 0.19% 174,627 $4,202,650 Up ×1
CLX Clorox Company (The) Common Stock $25,894,590 0.19% 271,318 $-760,808 Up ×1
ROL Rollins, Inc. Common Stock $25,876,087 0.19% 619,935 $-7,234,641
MANH Manhattan Associates, Inc. - Common Stock $24,087,047 0.18% 172,977 $7,994,436 Up ×1
NSSC NAPCO Security Technologies, Inc. - Common Stock $23,052,873 0.17% 606,974 $7,943,027 Up ×1
FICO Fair Isaac Corporation Common Stock $21,449,885 0.16% 17,953 Up ×1
SABR Sabre Corporation - Common Stock $18,838,806 0.14% 9,013,783 $5,768,821
IDCC InterDigital, Inc. - Common Stock $17,079,534 0.13% 60,324 Up ×1
ORLY O'Reilly Automotive, Inc. - Common Stock $14,982,214 0.11% 162,691 Up ×1
VRT Vertiv Holdings, LLC Class A Common Stock $14,026,614 0.10% 41,893 $-8,839,813 Down ×4
VRSN VeriSign, Inc. - Common Stock $14,015,162 0.10% 55,713 $-14,165,502 Down ×2
ADMA ADMA Biologics Inc - Common Stock $13,806,256 0.10% 1,649,493 $-1,055,676
DOCS Doximity, Inc. Class A Common Stock $13,549,940 0.10% 653,324 $-2,568,674 Down ×2
PAYC Paycom Software, Inc. Common Stock $12,663,894 0.09% 100,763 $-14,008,910 Down ×2

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
UBER $645,337,776 8,943,151 4.73%
MA $639,458,194 1,245,051 4.69%
TSM $548,464,789 1,148,449 4.02%
NFLX $499,110,633 6,990,345 3.66%
GEV $481,498,748 409,835 3.53%
APP $358,892,731 696,568 2.63%
TJX $344,297,688 2,272,592 2.52%
NXT $340,274,801 2,856,092 2.49%
VEEV $144,954,834 816,785 1.06%
YUM $88,899,265 556,107 0.65%
FICO $21,449,885 17,953 0.16%
IDCC $17,079,534 60,324 0.13%
ORLY $14,982,214 162,691 0.11%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
PM Trimmed -2.2M -$318.3M
IDXX Trimmed -446K -$286.7M
V Trimmed -1.1M -$245.2M
GOOGL Trimmed -1.2M -$216.3M
ADP Trimmed -1.3M -$200.7M
MSFT Trimmed -483K -$174.2M
META Trimmed -269K -$163.5M
MAR Trimmed -785K -$144.3M
WAT Trimmed -938K -$103.9M
SYK Trimmed -148K -$88.6M

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
MTD June 30, 2026 568,516 $717,012,379 16.3%
ZTS June 30, 2026 3,877,559 $458,366,249 -3.0%
INTU March 31, 2026 625,619 $414,422,538 -35.0%
NKE March 31, 2026 5,770,181 $367,618,232 -35.9%
BF-B (filed as BFB) June 30, 2025 9,637,881 $327,109,681 No longer tracked
OTIS June 30, 2026 2,731,635 $210,554,426 -10.5%
CHH Sept. 30, 2025 733,892 $93,116,217 -4.1%
ODD March 31, 2026 2,074,167 $83,340,030 41.3%
EFX June 30, 2025 235,505 $57,359,598 -46.0%
EXPO Sept. 30, 2025 746,820 $55,794,922 -3.1%
VRSK Sept. 30, 2025 176,195 $54,884,743 -34.8%
GGG March 31, 2026 579,016 $47,461,942 -7.9%
CPRX June 30, 2026 844,887 $20,919,402 No longer tracked
QLYS June 30, 2026 226,077 $19,860,864 40.4%
MA Sept. 30, 2025 27,663 $15,544,946 -2.9%
HD June 30, 2026 28,611 $9,409,872 -19.8%