Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +190.2%
S&P 500 total return (same window) +37.0%
Excess return +153.2%

Annualized: +134.6% · 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: 99.6% · Options excluded: 0.4%

Sector breakdown

04
Industrials 39.9%
Technology 26.7%
Financials 15.6%
Communication Services 8.6%
Consumer Discretionary 3.5%
Retail 1.8%
Materials 1.7%
Health Care 0.7%
Other/Unmapped 1.6%

Full portfolio 73 positions

05
Type Streak 8Q trend
XMTR Xometry, Inc. - Class A Common Stock $30,734,284 5.60% 318,424 $15,790,356 Down ×1
BAND Bandwidth Inc. - Class A Common Stock $23,227,175 4.23% 366,938 Up ×1
DAVE Dave Inc. - Class A Common Stock $21,234,277 3.87% 56,991 $371,331 Down ×3
SEZL Sezzle Inc. - Common Stock $20,408,008 3.72% 118,907 $9,810,920 Down ×3
AEIS Advanced Energy Industries, Inc. - Common Stock $19,762,110 3.60% 53,000 $906,810 Down ×2
VIAV Viavi Solutions Inc. - Common Stock $17,805,975 3.24% 372,900 $-1,296,346 Down ×2
NAVN Navan, Inc. - Class A Common Stock $15,842,484 2.89% 692,719 $14,323,856 Up ×1
RELY Remitly Global, Inc. - Common stock $14,884,901 2.71% 664,208 $11,760,334 Up ×1
SMTC Semtech Corporation - Common Stock $14,256,234 2.60% 88,083 $10,804,027 Up ×1
DIOD Diodes Incorporated - Common Stock $14,219,539 2.59% 129,930 $11,830,439 Up ×1
FEIM Frequency Electronics, Inc. - Common Stock $13,446,159 2.45% 202,655 $8,476,248 Up ×2
DY Dycom Industries, Inc. Common Stock $12,639,750 2.30% 25,000 $-2,890,065 Down ×1
LFUS Littelfuse, Inc. - Common Stock $12,510,192 2.28% 27,475 Up ×1
MITK Mitek Systems, Inc. - Common Stock $12,501,052 2.28% 621,016 $5,764,552 Up ×1
TWLO Twilio Inc. Class A Common Stock $12,380,625 2.26% 60,004 Up ×1
TTMI TTM Technologies, Inc. - Common Stock $12,249,810 2.23% 65,500 $-25,889 Down ×1
VSH Vishay Intertechnology, Inc. Common Stock $11,955,294 2.18% 222,300 $9,314,640 Up ×1
MTSI MACOM Technology Solutions Holdings, Inc. - Common Stock $11,133,050 2.03% 29,269 $3,806,072 Down ×3
PRCH Porch Group, Inc. - Common Stock $11,070,132 2.02% 736,046 $8,487,104 Up ×1
TSEM Tower Semiconductor Ltd. - Ordinary Shares $10,686,240 1.95% 41,000 $370,297 Down ×3
NOVT Novanta Inc. - Common Shares $10,656,734 1.94% 65,685 $505,179 Down ×1
FLYW Flywire Corporation - Voting Common Stock $10,432,820 1.90% 593,786 Up ×1
AIR AAR Corp. Common Stock $10,290,960 1.87% 72,000 $3,780,826 Up ×3
PTRN Pattern Group Inc. - Series A Common Stock $9,447,384 1.72% 375,045 $3,863,455 Down ×1
KRNT Kornit Digital Ltd. - Ordinary Shares $9,254,603 1.69% 569,514 $8,301,703 Up ×1
PACK Ranpak Holdings Corp Class A Common Stock $9,137,500 1.66% 1,250,000 $-930,917 Down ×4
AIP Arteris, Inc. - Common Stock $8,910,726 1.62% 183,386 $-1,331,443 Down ×1
STRL Sterling Infrastructure, Inc. - Common Stock $8,477,536 1.54% 10,100 $-1,972,198 Down ×2
MOD Modine Manufacturing Company Common Stock $8,277,620 1.51% 31,000 $-6,848,738 Down ×2
LYTS LSI Industries Inc. - Common Stock $7,974,000 1.45% 300,000 $-27,441 Down ×1
VVX V2X, Inc. Common Stock $7,862,277 1.43% 105,449 $-1,033,339 Down ×1
ARX Accelerant Holdings Class A Common Shares $7,500,800 1.37% 640,000 $2,520,045 Up ×2
FPS Forgent Power Solutions, Inc. Class A Common Stock $7,239,735 1.32% 129,605 Up ×1
TREE LendingTree, Inc. - Common Stock $6,908,886 1.26% 155,992 $-609,650 Down ×1
UCTT Ultra Clean Holdings, Inc. - Common Stock $6,373,773 1.16% 44,700 $-4,877,138 Down ×1
ALLT Allot Ltd. - Ordinary Shares $6,273,880 1.14% 708,913 $1,631,194 Up ×1
CDNL Cardinal Infrastructure Group Inc. - Class A Common Stock $6,045,850 1.10% 64,181 $2,158,748 Down ×1
FROG JFrog Ltd. - Ordinary shares $5,998,080 1.09% 66,000 $2,933,786 Up ×1
CALX Calix, Inc Common Stock $5,971,200 1.09% 160,000 $-1,893,753 Down ×2
LGN Legence Corp. - Class A Common stock $5,113,800 0.93% 60,000 $2,016,066 Up ×1
OPRA Opera Limited - American Depositary Shares $4,461,750 0.81% 225,000
ARLO Arlo Technologies, Inc. Common Stock $4,448,400 0.81% 330,000 $434,501 Up ×2
CLS Celestica, Inc. Common Stock $4,439,251 0.81% 12,169 $-5,241,246 Down ×5
HNGE Hinge Health, Inc. Class A Common Stock $3,735,000 0.68% 45,000
SITM SiTime Corporation - Common Stock $3,727,800 0.68% 5,000 $-1,608,203 Down ×3
RNG RingCentral, Inc. Class A Common Stock $3,676,126 0.67% 94,308 $-777,153 Down ×1
VPG Vishay Precision Group, Inc. Common Stock $3,353,187 0.61% 22,368 $-4,762,923 Down ×1
NET Cloudflare, Inc. Class A Common Stock $3,311,280 0.60% 13,500 $-250,767 Down ×1
DCO Ducommun Incorporated Common Stock $3,198,577 0.58% 17,270 $758,577 Down ×1
MIAX Miami International Holdings, Inc. Common Stock $3,158,600 0.58% 85,000 $1,111,408 Up ×1
RBRK Rubrik, Inc. Class A Common Stock $3,138,948 0.57% 39,100
DSP Viant Technology Inc. - common stock $3,057,808 0.56% 241,533 $188,558 Down ×1
AMBQ Ambiq Micro, Inc. Common Stock $2,913,900 0.53% 33,000 Up ×1
WULF TeraWulf Inc. - Common Stock $2,840,500 0.52% 115,000 $-1,334,705 Down ×1
WATT Energous Corporation - Common Stock $2,765,750 0.50% 115,000 Up ×1
KN Knowles Corporation Common Stock $2,488,800 0.45% 60,000 $-354,618 Down ×1
AZZ AZZ Inc. $2,325,750 0.42% 15,000 Up ×1
APPS Digital Turbine, Inc. - Common Stock $2,257,500 0.41% 175,000 $-46,500 Down ×3
RSI Rush Street Interactive, Inc. Class A Common Stock $2,081,800 0.38% 70,000
PKE Park Aerospace Corp. Common Stock $2,074,836 0.38% 54,372 $-389,364 Down ×1
ALNT Allient Inc. - Common Stock $2,058,600 0.38% 20,000 $-681,817 Down ×1
FSLY Fastly, Inc. - Class A Common Stock $1,927,800 0.35% 105,000 $-6,487,046 Down ×1
IBEX IBEX Limited - Common Share $1,753,442 0.32% 57,736 $-3,865,777 Down ×1
AGYS Agilysys, Inc. - Common Stock $1,306,250 0.24% 12,500
LIFE Ethos Technologies Inc. - Class A Common Stock $1,302,452 0.24% 71,800 Up ×1
ROC Rank One Computing Corporation - Common stock $1,212,985 0.22% 230,168 $-1,928,468 Down ×1
GENI Genius Sports Limited Ordinary Shares $1,107,768 0.20% 182,800 $-664,232 Down ×3
GHM Graham Corporation Common Stock $1,052,215 0.19% 8,500
GLXY Galaxy Digital Inc. - Class A common stock $956,900 0.17% 35,000
EVLV Evolv Technologies Holdings, Inc. - Class A Common Stock $696,000 0.13% 120,000 $-3,077,385 Down ×2
DIBS 1stdibs.com, Inc. - Common Stock $472,840 0.09% 96,498 $-2,002,160 Down ×2
CHYM Chime Financial, Inc. - Class A Common Stock $368,640 0.07% 18,000 $-4,501,160 Down ×2
GAMB Gambling.com Group Limited - Ordinary Shares $128,250 0.02% 67,500 $-259,750 Down ×4

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
AIR $10,290,960 1.87% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
BAND $23,227,175 366,938 4.23%
LFUS $12,510,192 27,475 2.28%
TWLO $12,380,625 60,004 2.26%
FLYW $10,432,820 593,786 1.90%
FPS $7,239,735 129,605 1.32%
OPRA $4,461,750 225,000 0.81%
HNGE $3,735,000 45,000 0.68%
RBRK $3,138,948 39,100 0.57%
AMBQ $2,913,900 33,000 0.53%
WATT $2,765,750 115,000 0.50%
AZZ $2,325,750 15,000 0.42%
RSI $2,081,800 70,000 0.38%
AGYS $1,306,250 12,500 0.24%
LIFE $1,302,452 71,800 0.24%
GHM $1,052,215 8,500 0.19%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
XMTR Trimmed -47K +$15.8M
RELY Bought more +465K +$11.8M
SMTC Bought more +43K +$10.8M
SEZL Trimmed -49K +$9.8M
VSH Bought more +76K +$9.3M
PRCH Bought more +376K +$8.5M
FEIM Bought more +90K +$8.5M
MOD Trimmed -39K -$6.8M
FSLY Trimmed -185K -$6.5M
MITK Bought more +122K +$5.8M

3 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
CYBR Sept. 30, 2025 27,578 $11,220,937 No longer tracked
TPB Dec. 31, 2025 111,000 $10,973,460 -41.0%
PGY March 31, 2026 500,000 $10,450,000 63.8%
BRZE March 31, 2026 290,227 $9,951,884 94.3%
PEGA March 31, 2026 125,594 $7,500,474 -14.4%
MNTN Sept. 30, 2025 319,883 $6,995,841 -47.8%
HNGE March 31, 2026 150,000 $6,967,500 189.2%
ALGM June 30, 2026 208,569 $6,576,181 -54.8%
MAX March 31, 2026 496,916 $6,435,062 28.0%
DV Dec. 31, 2025 500,000 $5,990,000 18.4%
RDDT June 30, 2025 56,601 $5,937,445 -4.2%
QNST June 30, 2025 321,410 $5,733,954 2.6%
RELY Sept. 30, 2025 270,317 $5,073,850 52.3%
RSI Sept. 30, 2025 313,000 $4,663,700 -22.4%
WLDN Dec. 31, 2025 46,196 $4,466,691 -30.1%
ALGM Sept. 30, 2025 130,000 $4,444,700 7.8%
UPST Sept. 30, 2025 67,500 $4,365,900 -53.2%
OPRX March 31, 2026 310,000 $3,800,600 45.7%
SLAB Dec. 31, 2025 28,100 $3,684,753 69.3%
QTWO March 31, 2026 47,971 $3,461,587 46.7%
ALKT Sept. 30, 2025 110,000 $3,315,400 -35.5%
REAL June 30, 2026 362,525 $3,291,727 -8.1%
REAL June 30, 2025 580,000 $3,126,200 126.3%
GSHD June 30, 2025 25,400 $2,998,724 -54.0%
DOCS Dec. 31, 2025 38,000 $2,779,700 -24.6%
HUT June 30, 2026 58,000 $2,720,780 -47.0%
NEXN Sept. 30, 2025 260,000 $2,706,600 -4.0%
UTI March 31, 2026 103,000 $2,691,390 -39.5%
PAY March 31, 2026 85,100 $2,688,309 31.3%
COUR Dec. 31, 2025 227,535 $2,664,435 -31.0%
VISN March 31, 2026 144,800 $2,625,224 -66.5%
HIPO March 31, 2026 85,860 $2,582,669 47.5%
RBRK June 30, 2025 41,500 $2,530,670 43.7%
NPKI March 31, 2026 210,823 $2,513,010 -24.8%
KVYO June 30, 2025 80,666 $2,440,953 -37.1%
WLDN June 30, 2026 31,000 $2,373,360 -8.4%
ALAB June 30, 2026 21,514 $2,357,934 -46.8%
AMBA March 31, 2026 33,078 $2,343,246 29.2%
FIGR June 30, 2026 69,000 $2,342,550 -24.5%
LIF March 31, 2026 34,653 $2,222,643 10.8%
ODD March 31, 2026 55,000 $2,209,900 69.3%
INTA March 31, 2026 48,000 $2,199,360 86.8%
TDUP March 31, 2026 340,000 $2,172,600 -39.0%
LINC June 30, 2025 135,670 $2,153,083 -5.9%
LQDT June 30, 2025 67,984 $2,108,184 90.1%
SAIL June 30, 2025 111,375 $2,088,281 -4.7%
GLXY March 31, 2026 92,900 $2,077,244 -20.4%
CRSR June 30, 2025 219,812 $1,947,534 45.6%
OKTA June 30, 2025 18,000 $1,893,960 113.1%
AMPL June 30, 2026 270,000 $1,841,400 127.7%
CECO March 31, 2026 30,450 $1,822,433 No longer tracked
CAMT June 30, 2026 12,000 $1,819,320 -25.7%
OPRA March 31, 2026 109,849 $1,555,462 21.7%
AGYS March 31, 2026 12,342 $1,466,723 69.7%
AFRM June 30, 2026 32,000 $1,466,240 -14.1%
IMAX June 30, 2025 55,000 $1,449,250 90.9%
CORZ June 30, 2025 200,000 $1,448,000 -23.3%
LPTH March 31, 2026 130,292 $1,407,154 -27.3%
PAHC Sept. 30, 2025 55,000 $1,404,700 -4.1%
CGNT Dec. 31, 2025 162,500 $1,365,000 3.8%
NCNO Dec. 31, 2025 50,000 $1,355,500 -9.6%
CRCL Dec. 31, 2025 10,000 $1,325,800 8.3%
UPWK June 30, 2026 120,000 $1,315,200 13.4%
GHM March 31, 2026 20,414 $1,311,191 -16.2%
ONTO June 30, 2026 6,000 $1,230,420 -47.5%
LC June 30, 2025 110,000 $1,135,200 No longer tracked
REAX March 31, 2026 300,000 $1,095,000 -36.2%
EXOD Dec. 31, 2025 37,508 $1,041,972 No longer tracked
EVER March 31, 2026 37,000 $999,000 47.5%
QTWO Sept. 30, 2025 10,601 $992,148 -4.1%
CURI Dec. 31, 2025 177,200 $939,160 -25.0%
AEHR June 30, 2026 25,000 $927,000 -42.4%
CLFD Dec. 31, 2025 25,000 $859,500 -5.0%
MPTI Dec. 31, 2025 15,000 $832,200 No longer tracked
IBEX June 30, 2025 34,149 $831,528 62.3%
CLBT June 30, 2025 37,671 $731,948 -24.4%
GDYN June 30, 2025 46,011 $720,072 -25.1%
WULF June 30, 2025 260,000 $709,800 158.4%
LAW March 31, 2026 85,013 $659,701 32.7%
ROOT Dec. 31, 2025 6,800 $608,668 -26.8%
LC March 31, 2026 25,000 $473,500 No longer tracked
IBTA June 30, 2026 15,000 $449,550 42.3%
TATT March 31, 2026 10,000 $446,600 -22.1%
GOCO June 30, 2025 34,360 $421,597 No longer tracked
CLBT June 30, 2026 30,000 $413,400 -17.1%
CMRC June 30, 2025 63,900 $368,064 -28.8%
CDLX Dec. 31, 2025 128,132 $311,361
SLQT Sept. 30, 2025 128,426 $305,654 -84.4%
TRVG Dec. 31, 2025 25,840 $86,176 30.7%
MPTIWS Dec. 31, 2025 29,454 $51,545 No longer tracked