Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +44.3%
S&P 500 total return (same window) +37.0%
Excess return +7.3%

Annualized: +34.1% · 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: 93.7% · Options excluded: 5.0%

Sector breakdown

04
Technology 28.2%
Financials 17.0%
Industrials 14.3%
Healthcare 10.6%
Retail 10.3%
Communication Services 7.0%
Energy 5.0%
Materials 2.3%
Utilities 2.0%
Consumer Staples 1.0%
Consumer Discretionary 0.4%
Other/Unmapped 1.8%

Full portfolio 73 positions

05
Type Streak 8Q trend
ASML ASML Holding N.V. - New York Registry Shares $109,419,200 6.49% 55,000 $36,773,550
GEV GE Vernova Inc. Common Stock $83,415,060 4.95% 71,000 $3,981,160 Down ×2
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $82,373,500 4.89% 110 $3,378,100
AAPL Apple Inc. - Common Stock $76,884,399 4.56% 265,705 $9,451,127
GOOG Alphabet Inc. - Class C Capital Stock $74,172,094 4.40% 209,923 $13,953,582
TJX TJX Companies, Inc. (The) Common Stock $73,439,928 4.36% 484,752 $-3,974,966
RSG Republic Services, Inc. Common Stock $71,514,975 4.24% 335,625 $-1,993,613
AMZN Amazon.com, Inc. - Common Stock $69,356,940 4.11% 291,000 $9,791,720 Up ×1
AVGO Broadcom Inc. - Common Stock $52,129,500 3.09% 138,000 $9,417,120
ACGL Arch Capital Group Ltd. - Common Stock $51,461,212 3.05% 530,200 $567,314
MSFT Microsoft Corporation - Common Stock $49,014,828 2.91% 131,400 $2,225,340 Up ×1
EG Everest Group, Ltd. Common Stock $43,906,782 2.60% 122,909 $1,679,069 Down ×1
NVDA NVIDIA Corporation - Common Stock $41,214,338 2.44% 205,979 $13,139,600 Up ×1
CCJ Cameco Corporation Common Stock $34,553,968 2.05% 339,230 $-2,289,802
MRVL Marvell Technology, Inc. - Common Stock $33,363,680 1.98% 112,000 $18,308,080 Down ×1
COST Costco Wholesale Corporation - Common Stock $30,870,510 1.83% 33,000 $-2,011,680
NNI Nelnet, Inc. Common Stock $30,798,963 1.83% 230,998 $618,970 Down ×2
RTX RTX Corporation Common Stock $30,356,800 1.80% 160,000 $1,421,800 Up ×1
SOLV Solventum Corporation Common Stock $29,112,553 1.73% 377,350 $4,471,598
AEM Agnico Eagle Mines Limited Common Stock $27,810,465 1.65% 179,272 $-10,607,966 Down ×1
MRK Merck & Company, Inc. Common Stock (new) $26,255,891 1.56% 204,326 $1,677,516
JPM JP Morgan Chase & Co. Common Stock $26,186,400 1.55% 80,000 $2,653,600
MTB M&T Bank Corporation Common Stock $24,062,811 1.43% 101,100 $3,163,419
ONTO Onto Innovation Inc. Common Stock $22,707,000 1.35% 60,000 $6,301,400 Down ×1
REGN Regeneron Pharmaceuticals, Inc. - Common Stock $22,673,161 1.34% 36,362 $-1,558,375 Up ×1
D Dominion Energy, Inc. Common Stock $19,804,100 1.17% 290,000 $1,876,300
ET Energy Transfer LP Common Units $19,502,974 1.16% 1,020,030 $-183,605
LHX L3Harris Technologies, Inc. Common Stock $19,116,463 1.13% 65,785 $-3,589,230
UBER Uber Technologies, Inc. Common Stock $18,803,669 1.12% 260,583 $3,656,434 Up ×2
GILD Gilead Sciences, Inc. - Common Stock $18,306,666 1.09% 144,900 $1,596,203 Up ×1
BA Boeing Company (The) Common Stock $18,216,816 1.08% 84,154 $7,856,508 Up ×1
AMAT Applied Materials, Inc. - Common Stock $18,112,596 1.07% 25,052 $3,876,359 Down ×1
META Meta Platforms, Inc. - Class A Common Stock $18,025,280 1.07% 32,000 $-282,880
PEP PepsiCo, Inc. - Common Stock $17,602,000 1.04% 130,000 $-2,585,700
T AT&T Inc. $16,035,027 0.95% 774,639 $-6,421,758
NOW ServiceNow, Inc. Common Stock $15,750,000 0.93% 150,000 Call option Up ×1
XOM Exxon Mobil Corporation Common Stock $15,736,472 0.93% 115,100 $-3,791,394
TYL Tyler Technologies, Inc. Common Stock $15,114,625 0.90% 51,681 $-868,016 Up ×1
CVX Chevron Corporation Common Stock $14,320,172 0.85% 86,391 $-3,554,126
AEP American Electric Power Company, Inc. - Common Stock $13,681,000 0.81% 100,000 $573,000
RVMD Revolution Medicines, Inc. - Common Stock $11,713,428 0.69% 62,545 $5,630,927
NN NextNav Inc. - Common stock $11,586,184 0.69% 649,814 $1,650,420 Up ×1
IDYA IDEAYA Biosciences, Inc. - Common Stock $11,488,105 0.68% 308,240 $2,149,808 Up ×1
MRVI Maravai LifeSciences Holdings, Inc. - Class A common stock $10,709,044 0.64% 1,716,193 $5,852,218
VEEV Veeva Systems Inc. Class A Common Stock $10,294,325 0.61% 58,006 $104,991
MA Mastercard Incorporated Common Stock $10,000,000 0.59% 20,000 Put option Up ×1
PFE Pfizer, Inc. Common Stock $9,771,857 0.58% 405,808 $-4,431,232 Down ×1
ANET Arista Networks, Inc. Common Stock $9,367,523 0.56% 55,142 $-5,997,412 Down ×4
SPRY ARS Pharmaceuticals, Inc. - Common Stock $9,075,698 0.54% 1,133,046 $3,236,651 Up ×2
NOW ServiceNow, Inc. Common Stock $8,438,800 0.50% 85,000 $2,165,800 Up ×1
MA Mastercard Incorporated Common Stock $7,704,000 0.46% 15,000 Up ×1
MET MetLife, Inc. Common Stock $7,642,567 0.45% 90,327 $1,254,642
INDI indie Semiconductor, Inc. - Class A Common Stock $7,382,040 0.44% 1,644,107 $1,409,426 Down ×2
AMGN Amgen Inc. - Common Stock $7,242,400 0.43% 20,000 $-3,313,100 Down ×1
AGI Alamos Gold Inc. Class A Common Shares $7,166,884 0.43% 236,219 $-2,217,576 Up ×1
ARCO Arcos Dorados Holdings Inc. Class A Shares $6,933,035 0.41% 860,178 $-905,934 Down ×1
RSP Invesco Exchange-Traded Fund Trust $6,513,102 0.39% 30,611 $638,239
DGX Quest Diagnostics Incorporated Common Stock $5,994,794 0.36% 28,284 Up ×1
MRVL Marvell Technology, Inc. - Common Stock $5,700,000 0.34% 30,000 Put option Up ×1
OLED Universal Display Corporation - Common Stock $5,022,999 0.30% 58,009 $-935,726 Down ×1
NVO Novo Nordisk A/S Common Stock $5,000,000 0.30% 100,000 Call option Up ×1
UEC CUSIP: 916896103 $4,849,127 0.29% 454,890 $-1,291,888
IAUX CUSIP: 44955L106 $4,840,944 0.29% 3,361,767 $2,560,944 Up ×1
BB BlackBerry Limited Common Stock $4,199,749 0.25% 331,996 $872,282 Down ×1
ADX Adams Diversified Equity Fund Inc. $3,350,218 0.20% 131,124 $479,914
RVT Royce Small-Cap Trust, Inc. Common Stock $2,786,698 0.17% 150,877 $282,140
Unknown issuer (CUSIP: 31943F200) $2,748,703 0.16% 207,606 Up ×1
COLB Columbia Banking System, Inc. - Common Stock $2,742,070 0.16% 85,556 $-976,231 Down ×2
VOE Vanguard Morningstar Mid-Cap Value ETF $2,707,120 0.16% 13,700 $182,484
GSM Ferroglobe PLC - Ordinary Shares $2,631,739 0.16% 827,591 $-1,107,536 Down ×2
NOBL ProShares Trust $2,527,200 0.15% 45,000 $141,975 Up ×1
VALN Valneva SE - American Depositary Shares $1,853,308 0.11% 354,361 $-361,448
CLF Cleveland-Cliffs Inc. Common Stock $944,568 0.06% 100,593 $94,557

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
NOW $15,750,000 150,000 0.93%
MA $10,000,000 20,000 0.59%
MA $7,704,000 15,000 0.46%
DGX $5,994,794 28,284 0.36%
MRVL $5,700,000 30,000 0.34%
NVO $5,000,000 100,000 0.30%
Unknown issuer (CUSIP: 31943F200) $2,748,703 207,606 0.16%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ASML Price move only +0 +$36.8M
MRVL Trimmed -40K +$18.3M
GOOG Price move only +0 +$14.0M
NVDA Bought more +45K +$13.1M
AEM Trimmed -10K -$10.6M
AMZN Bought more +5K +$9.8M
AAPL Price move only +0 +$9.5M
AVGO Price move only +0 +$9.4M
BA Bought more +32K +$7.9M
T Price move only +0 -$6.4M

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
THC March 31, 2026 60,000 $11,811,600 42.3%
DHR Dec. 31, 2025 50,010 $9,914,983 0.7%
CRM March 31, 2026 30,000 $7,947,300 33.2%
ADBE Dec. 31, 2025 20,006 $7,057,117 -24.6%
ENB June 30, 2025 140,000 $5,950,000 6.2%
VYX June 30, 2026 669,912 $4,240,543 2.7%
SIGA Sept. 30, 2025 539,738 $3,519,092 -65.9%
INMD June 30, 2025 67,784 $1,202,488 -3.3%
EXPE June 30, 2026 5,000 $1,154,450 12.9%
ASTL Dec. 31, 2025 280,136 $995,883 15.6%
ALM Dec. 31, 2025 40,721 $245,548 0.5%