Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +116.7%
S&P 500 total return (same window) +37.0%
Excess return +79.7%

Annualized: +85.7% · 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: 98.1% · Options excluded: 0.0%

Sector breakdown

04
Communication Services 26.2%
Consumer Discretionary 20.8%
Consumer Staples 13.9%
Materials 13.0%
Energy 9.0%
Real Estate 6.3%
Industrials 5.2%
Retail 5.1%
Other/Unmapped 0.5%

Full portfolio 17 positions

05
Type Streak 8Q trend
EVC Entravision Communications Corporation Common Stock $93,342,002 24.19% 7,158,129 $61,988,570 Down ×5
ALCO Alico, Inc. - Common Stock $53,497,243 13.87% 1,293,141 $531,533 Up ×1
HOG Harley-Davidson, Inc. Common Stock $48,258,846 12.51% 1,972,970 $2,371,254 Down ×1
BTU Peabody Energy Corporation Common Stock $34,736,343 9.00% 1,502,437 $29,106,934 Up ×1
MOS Mosaic Company (The) Common Stock $27,547,000 7.14% 1,300,000
JAKK JAKKS Pacific, Inc. - Common Stock $24,627,167 6.38% 1,057,868 $5,362,256 Up ×3
IMKTA Ingles Markets, Incorporated - Class A Common Stock $19,611,523 5.08% 221,399 $-290,033
SEG Seaport Entertainment Group Inc. Common Stock $19,238,397 4.99% 723,248 $4,429,075 Up ×2
KELYA Kelly Services, Inc. - Class A Common Stock $15,095,337 3.91% 1,229,262 Up ×1
CLW Clearwater Paper Corporation Common Stock $14,715,617 3.81% 938,496 Up ×1
IPI Intrepid Potash, Inc Common Stock $8,006,777 2.08% 244,258 $-1,585,465 Up ×1
SGA Saga Communications, Inc. - Class A Common Stock $7,835,074 2.03% 863,845 $-2,271,913
CPHC Canterbury Park Holding Corporation - Common Stock $7,382,457 1.91% 468,430 $436,286 Up ×2
HTLD Heartland Express, Inc. - Common Stock $4,874,951 1.26% 320,299 $-11,542,843 Down ×2
DOUG Douglas Elliman Inc. Common Stock $3,769,548 0.98% 2,129,688 $30,161 Down ×1
CULP Culp, Inc. - Common Shares $1,939,171 0.50% 625,539 $-64,594 Down ×4
AXR AMREP Corporation Common Stock $1,334,516 0.35% 52,915 $-1,077,603 Down ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
JAKK $24,627,167 6.38% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
MOS $27,547,000 1,300,000 7.14%
KELYA $15,095,337 1,229,262 3.91%
CLW $14,715,617 938,496 3.81%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
EVC Trimmed -3.4M +$62.0M
HTLD Trimmed -1.3M -$11.5M
JAKK Bought more +91K +$5.4M
SEG Bought more +34K +$4.4M
HOG Trimmed -296K +$2.4M
SGA Price move only +0 -$2.3M
IPI Bought more +20K -$1.6M
AXR Trimmed -33K -$1.1M
ALCO Bought more +9K +$532K
CPHC Bought more +23K +$436K

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
MOS March 31, 2026 541,332 $13,040,688 -30.0%
HLX June 30, 2026 1,297,832 $12,835,558 No longer tracked
STRT June 30, 2025 250,260 $9,875,260 -1.9%
KSS June 30, 2025 941,850 $7,704,333 189.9%
FF March 31, 2026 1,104,149 $3,522,235 48.3%
HOFT June 30, 2026 236,671 $3,048,322 -28.3%
BSET Sept. 30, 2025 104,219 $1,584,129 41.5%
TG March 31, 2026 122,118 $876,807 -8.1%
DOUG Sept. 30, 2025 373,387 $866,258 -44.4%