Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +29.7%
S&P 500 total return (same window) +37.0%
Excess return -7.3%

Annualized: +23.1% · 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: 94.3% · Options excluded: 1.8%

Sector breakdown

04
Communication Services 28.5%
Healthcare 26.4%
Real Estate 7.9%
Industrials 7.6%
Consumer Discretionary 6.3%
Materials 6.0%
Technology 3.8%
Retail 3.0%
Energy 2.9%
Financials 2.5%
Other/Unmapped 5.1%

Full portfolio 31 positions

05
Type Streak 8Q trend
CMCSA Comcast Corporation - Class A Common Stock $316,291,325 18.39% 12,898,317 $129,311,498 Up ×1
BHC Bausch Health Companies Inc. Common Stock $170,706,865 9.92% 34,665,731 $-16,275,618
WAY Waystar Holding Corp. - Common Stock $126,275,710 7.34% 6,160,110 $19,300,197 Up ×1
CHTR Charter Communications, Inc. - Class A Common Stock $117,610,728 6.84% 828,085 Up ×1
CBRE CBRE Group Inc Common Stock Class A $74,362,329 4.32% 553,001 $-22,822,061 Down ×1
JAZZ Jazz Pharmaceuticals plc - Ordinary Shares $70,838,675 4.12% 294,435 $-18,923,916 Down ×1
ESTC Elastic N.V. Ordinary Shares $65,831,951 3.83% 1,156,383 $-5,502,879 Down ×1
PRKS United Parks & Resorts Inc. Common Stock $64,826,788 3.77% 1,359,953 $-2,393,190 Down ×2
REZI Resideo Technologies, Inc. Common Stock $58,762,086 3.42% 1,892,416 $1,835,158 Up ×2
TDS Telephone and Data Systems, Inc. Common Shares $56,094,914 3.26% 1,518,180 $34,406,693 Up ×1
HCC Warrior Met Coal, Inc. Common Stock $52,828,055 3.07% 652,071 Up ×1
CVNA Carvana Co. Class A Common Stock $50,885,752 2.96% 774,333 Up ×1
CE Celanese Corporation Common Stock $50,302,573 2.92% 1,095,392 $15,444,007 Up ×1
DVN Devon Energy Corporation Common Stock $47,176,986 2.74% 1,141,747 Up ×1
BLCO Bausch + Lomb Corporation Common Shares $43,961,788 2.56% 2,660,508 $1,751,524
LPLA LPL Financial Holdings Inc. - Common Stock $43,727,466 2.54% 155,495 Up ×1
MGM MGM Resorts International Common Stock $43,481,139 2.53% 909,457 $-133,125,585 Down ×1
CMI Cummins Inc. Common Stock $40,591,485 2.36% 57,000 Up ×1
COMP Compass, Inc. Class A Common Stock $35,015,223 2.04% 2,844,690 Up ×1
VSNT Versant Media Group, Inc. - Class A Common Stock $33,898,473 1.97% 942,874 $-14,363,889 Down ×1
COLL Collegium Pharmaceutical, Inc. - Common Stock $26,920,882 1.56% 744,889 Up ×1
EPR EPR Properties Common Stock $25,963,979 1.51% 448,299 Up ×1
Unknown issuer (CUSIP: 53229X101) $20,252,899 1.18% 844,505 Up ×1
CXW CoreCivic, Inc. Common Stock $16,283,680 0.95% 536,000 Up ×1
SMA SmartStop Self Storage REIT, Inc. Common Stock $16,279,825 0.95% 501,768 $-23,907,262 Down ×1
ARDT Ardent Health, Inc. Common Stock $15,526,017 0.90% 1,580,423 $-4,156,701 Down ×1
GEO Geo Group Inc (The) REIT $15,100,050 0.88% 511,000 Up ×1
VISN Vistance Networks, Inc. - Common Stock $7,727,783 0.45% 605,649 Up ×1
Unknown issuer (CUSIP: 530715AL5) $5,401,707 0.31% 107,665,000 $2,542,145 Up ×1
Unknown issuer (CUSIP: 530715AG6) $3,788,205 0.22% 75,030,000 $759,635
ET Energy Transfer LP Common Units $3,533,242 0.21% 184,793 $-1,480,763 Down ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CHTR $117,610,728 828,085 6.84%
HCC $52,828,055 652,071 3.07%
CVNA $50,885,752 774,333 2.96%
DVN $47,176,986 1,141,747 2.74%
LPLA $43,727,466 155,495 2.54%
CMI $40,591,485 57,000 2.36%
COMP $35,015,223 2,844,690 2.04%
COLL $26,920,882 744,889 1.56%
EPR $25,963,979 448,299 1.51%
Unknown issuer (CUSIP: 53229X101) $20,252,899 844,505 1.18%
CXW $16,283,680 536,000 0.95%
GEO $15,100,050 511,000 0.88%
VISN $7,727,783 605,649 0.45%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
MGM Trimmed -3.9M -$133.1M
CMCSA Bought more +6.4M +$129.3M
TDS Bought more +1.0M +$34.4M
SMA Trimmed -828K -$23.9M
CBRE Trimmed -166K -$22.8M
WAY Bought more +1.7M +$19.3M
JAZZ Trimmed -181K -$18.9M
BHC Price move only +0 -$16.3M
CE Bought more +564K +$15.4M
VSNT Trimmed -363K -$14.4M

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
IVV March 31, 2026 376,000 $257,537,440
NCLH June 30, 2026 5,194,517 $96,988,526 -28.5%
ALLY June 30, 2026 2,128,514 $83,367,857 -15.0%
BXP June 30, 2025 1,087,212 $72,930,058 -8.0%
OC June 30, 2025 479,068 $68,306,006 -16.9%
VSCO Dec. 31, 2025 2,448,507 $66,321,667 No longer tracked
COF March 31, 2026 235,684 $57,021,434 10.4%
VIK June 30, 2025 1,325,835 $52,596,770 54.3%
ANIP June 30, 2026 667,981 $51,295,618 -12.3%
SATS June 30, 2025 2,006,195 $51,232,440 No longer tracked
OVV June 30, 2026 825,502 $49,001,799 37.3%
NMIH June 30, 2025 1,345,857 $48,437,229 0.9%
SOLS March 31, 2026 975,345 $47,302,695 -22.0%
XLV Sept. 30, 2025 350,000 $47,080,512 28.8%
GPOR June 30, 2026 216,250 $45,752,012 -2.1%
INDV March 31, 2026 1,241,482 $44,460,908 13.1%
PHM Dec. 31, 2025 303,092 $39,972,009 3.4%
CRM Dec. 31, 2025 168,186 $39,784,344 -6.2%
MTDR June 30, 2025 770,000 $39,339,300 25.6%
SLM June 30, 2025 1,160,138 $33,995,599 -40.8%
TDW Sept. 30, 2025 731,333 $33,661,236 61.4%
BYD Sept. 30, 2025 403,815 $31,590,447 -17.1%
THC Sept. 30, 2025 179,183 $31,471,370 32.2%
FBIN June 30, 2026 806,332 $31,368,408 -21.7%
PFSI March 31, 2026 227,377 $29,917,270 -27.1%
WBD Sept. 30, 2025 2,331,096 $26,660,734 No longer tracked
UBER June 30, 2025 304,598 $22,155,776 -28.5%
WK June 30, 2026 358,248 $21,325,302 76.9%
OKTA June 30, 2025 195,294 $20,514,371 113.1%
LLYVK (filed as LLYVKXXXX) Sept. 30, 2025 249,530 $20,204,905 3.2%
QDEL June 30, 2025 570,966 $19,931,333 -52.4%
MPLX June 30, 2026 344,686 $19,671,230 5.0%
OC June 30, 2026 176,201 $19,038,677 -28.1%
TEVA June 30, 2025 1,179,215 $18,092,000 135.1%
AER June 30, 2025 136,596 $13,941,434 24.7%
LILAK Sept. 30, 2025 2,205,722 $13,719,591
MCY Sept. 30, 2025 162,718 $10,935,415 21.3%
ASTL March 31, 2026 2,493,548 $10,223,547 14.8%
XLF June 30, 2025 139,000 $6,912,047 6.7%
CABO June 30, 2026 73,180 $6,640,486 -90.9%
SNEX Dec. 31, 2025 57,191 $5,771,716 -10.8%
VOD June 30, 2026 300,000 $4,499,163 19.0%
NRP March 31, 2026 31,460 $3,284,424 -4.1%
JBS Sept. 30, 2025 135,659 $1,977,368 -16.8%
TIMB March 31, 2026 65,010 $1,264,444 -27.6%
VOD Sept. 30, 2025 60,328 $643,096 35.7%