Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +43.7%
S&P 500 total return (same window) +37.0%
Excess return +6.7%

Annualized: +33.6% · 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: 99.7% · Options excluded: 0.0%

Sector breakdown

04
Industrials 47.0%
Technology 16.9%
Health Care 13.2%
Retail 11.2%
Financials 5.1%
Real Estate 1.5%
Consumer Discretionary 1.1%
Consumer products 0.7%
Consumer Staples 0.7%
Materials 0.1%
Other/Unmapped 2.6%

Full portfolio 75 positions

05
Type Streak 8Q trend
KAI Kadant Inc Common Stock $66,313,842 15.35% 211,036 $33,102,005 Up ×4
MPWR Monolithic Power Systems, Inc. - Common Stock $57,681,736 13.35% 41,727 $1,379,678 Down ×2
ITT ITT Inc. Common Stock $36,566,220 8.46% 184,902 $8,669,008 Up ×1
NVT nVent Electric plc Ordinary Shares $23,827,491 5.51% 140,484 $3,691,622 Down ×2
TBBB BBB Foods Inc. Class A Common Shares $22,643,436 5.24% 543,399 $-13,806,410 Down ×3
LFUS Littelfuse, Inc. - Common Stock $19,058,748 4.41% 41,857 $-325,263 Down ×5
ATRC AtriCure, Inc. - Common Stock $16,435,424 3.80% 587,399 $5,539,760 Up ×3
LMAT LeMaitre Vascular, Inc. - Common Stock $15,450,520 3.58% 161,010 $4,672,930 Up ×1
OLLI Ollie's Bargain Outlet Holdings, Inc. - Common Stock $14,565,915 3.37% 189,463
BELFB Bel Fuse Inc. - Class B Common Stock $10,847,113 2.51% 32,570 $3,543,235 Down ×2
PJT PJT Partners Inc. Class A Common Stock $8,743,350 2.02% 57,926 $1,518,429 Up ×5
PNTG The Pennant Group, Inc. - Common Stock $6,643,684 1.54% 179,802 $1,125,036 Down ×5
FROG JFrog Ltd. - Ordinary shares $6,170,479 1.43% 67,897 $1,505,215 Down ×5
VTMX Corporacion Inmobiliaria Vesta, S.A.B de C.V. American Depositary Shares, each representing ten (10) Common Shares $5,764,011 1.33% 167,998 $37,466 Down ×3
FSS Federal Signal Corporation Common Stock $5,623,493 1.30% 43,766 $2,701,766 Up ×1
MPTI CUSIP: 55380K109 $5,619,921 1.30% 56,681 $2,220,732 Up ×2
PTRN Pattern Group Inc. - Series A Common Stock $5,413,986 1.25% 214,926 $-785,837 Down ×1
HLI Houlihan Lokey, Inc. Class A Common Stock $5,346,824 1.24% 39,863 $-316,974 Up ×1
DG Dollar General Corporation Common Stock $5,298,053 1.23% 46,026 $1,550,934 Up ×1
LOAR Loar Holdings Inc. Common Stock $4,838,776 1.12% 60,027 $2,154,969 Up ×1
MWA MUELLER WATER PRODUCTS Common Stock $4,522,058 1.05% 175,070 Up ×1
BMI Badger Meter, Inc. Common Stock $4,352,579 1.01% 29,334 $3,760,090 Up ×1
DSGX The Descartes Systems Group Inc. - Common Stock $4,117,657 0.95% 59,500 $2,126,876 Up ×1
LMB Limbach Holdings, Inc. - Common Stock $3,619,539 0.84% 47,007 Up ×1
RBRK Rubrik, Inc. Class A Common Stock $3,534,327 0.82% 44,025 $1,604,468 Up ×1
RXST RxSight, Inc. - Common Stock $3,482,161 0.81% 722,440 $614,114 Up ×2
ENSG The Ensign Group, Inc. - Common Stock $3,354,117 0.78% 20,924 $-29,270 Up ×1
CSW CSW Industrials, Inc. Common Stock $3,281,992 0.76% 11,793 $700,165 Up ×1
CNM Core & Main, Inc. Class A Common Stock $3,260,253 0.75% 67,570 $-537,520 Down ×5
DXCM DexCom, Inc. - Common Stock $3,102,680 0.72% 46,068 $251,183 Up ×1
KRMN Karman Holdings Inc. Common Stock $2,946,528 0.68% 59,025 $565,521 Up ×1
IBP Installed Building Products, Inc. Common Stock $2,799,451 0.65% 12,180 $626,282 Up ×1
IWM iShares Trust $2,789,979 0.65% 9,286 Up ×1
Unknown issuer (CUSIP: 04339D105) $2,739,978 0.63% 59,384 Up ×1
ICLR ICON plc - Ordinary Shares $2,416,306 0.56% 13,910 $870,718 Down ×1
MOD Modine Manufacturing Company Common Stock $2,378,080 0.55% 8,906 $149,434 Down ×2
ABX Abacus Global Management, Inc. Class A Common Stock $2,203,979 0.51% 205,787 $972,020 Up ×1
SPXC SPX Technologies, Inc. Common Stock $1,989,064 0.46% 8,113 $714,047 Up ×2
XPEL XPEL, Inc. - Common Stock $1,875,971 0.43% 37,822 $1,516,713 Up ×1
RBC RBC Bearings Incorporated Common Stock $1,692,590 0.39% 2,628 $185,975 Down ×1
ALG Alamo Group, Inc. Common Stock $1,634,208 0.38% 9,935 $-572,266 Down ×2
VSEC VSE Corporation - Common Stock $1,591,274 0.37% 6,964 $-276,882 Down ×1
MAMA Mama's Creations, Inc. - Common Stock $1,578,047 0.37% 88,406 $280,160 Up ×1
FRPT Freshpet, Inc. - Common Stock $1,543,209 0.36% 26,103 $254,402 Up ×1
GNTX Gentex Corporation - Common Stock $1,429,120 0.33% 56,554 $379,686 Up ×1
PWP Perella Weinberg Partners - Class A Common Stock $1,421,972 0.33% 89,096 $-6,268,970 Down ×2
GIC Global Industrial Company Common Stock $1,408,298 0.33% 42,089 $702,691 Up ×2
NEOG Neogen Corporation - Common Stock $1,332,821 0.31% 148,256 $-44,477
ESQ Esquire Financial Holdings, Inc. - Common Stock $1,221,235 0.28% 10,253 $-12,650 Down ×1
IDXX IDEXX Laboratories, Inc. - Common Stock $1,173,435 0.27% 2,229 $141,805 Up ×1
MRVL Marvell Technology, Inc. - Common Stock $1,081,639 0.25% 3,631 $903,745 Up ×1
HAE Haemonetics Corporation Common Stock $988,875 0.23% 13,185 $-439,513 Down ×1
RHI Robert Half Inc. Common Stock $974,725 0.23% 31,750 $227,863 Up ×2
KIDS OrthoPediatrics Corp. - Common Stock $953,707 0.22% 49,854 $-539,501 Down ×1
BWMN Bowman Consulting Group Ltd. - Common Stock $798,649 0.18% 27,351 $-79,578 Down ×1
HDB HDFC Bank Limited Common Stock $757,413 0.18% 29,323 $82,966 Up ×1
UFPT UFP Technologies, Inc. - Common Stock $755,090 0.17% 2,848 $370,213 Up ×1
MIAX Miami International Holdings, Inc. Common Stock $706,709 0.16% 19,018 $92,902 Up ×1
KRUS Kura Sushi USA, Inc. - Class A Common Stock $690,029 0.16% 11,988 $321,817 Up ×1
CODA Coda Octopus Group, Inc. - Common stock $671,033 0.16% 68,683 $-35,432 Up ×1
FSV FirstService Corporation - Common Shares $667,772 0.15% 4,700 Up ×1
HROW Harrow, Inc. - Common Stock $609,572 0.14% 14,353 Up ×1
NP Neptune Insurance Holdings Inc. Class A Common Stock $583,128 0.13% 18,512 $216,093 Up ×1
EPAC Enerpac Tool Group Corp. Common Stock $564,329 0.13% 15,737 $68,264 Up ×1
KNSL Kinsale Capital Group, Inc. Common Stock $461,734 0.11% 1,400 $-387,633 Down ×1
TW Tradeweb Markets Inc. - Class A Common Stock $460,529 0.11% 4,621 $-696,892 Down ×3
HQY HealthEquity, Inc. - Common Stock $440,310 0.10% 4,875 $-2,605,399 Down ×5
PWR Quanta Services, Inc. Common Stock $396,742 0.09% 551 $128,820 Up ×1
PRM Perimeter Solutions, SA Common Stock $363,880 0.08% 10,207 $103,270 Down ×2
RACE Ferrari N.V. Common Shares $356,065 0.08% 961 $72,914 Up ×1
FORM FormFactor, Inc. - Common Stock $276,839 0.06% 1,731 $71,802 Down ×2
TXRH Texas Roadhouse, Inc. - Common Stock $260,474 0.06% 1,348 $-9,034 Down ×3
BURL Burlington Stores, Inc. Common Stock $254,707 0.06% 804 $-52,452 Down ×4
LOVE The Lovesac Company - Common Stock $235,997 0.05% 14,140 $27,149
RRX Regal Rexnord Corporation Common Stock $96,229 0.02% 404 $21,325 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
KAI $66,313,842 15.35% up ×4
ATRC $16,435,424 3.80% up ×3
PJT $8,743,350 2.02% up ×5

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
OLLI $14,565,915 189,463 3.37%
MWA $4,522,058 175,070 1.05%
LMB $3,619,539 47,007 0.84%
IWM $2,789,979 9,286 0.65%
Unknown issuer (CUSIP: 04339D105) $2,739,978 59,384 0.63%
FSV $667,772 4,700 0.15%
HROW $609,572 14,353 0.14%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
KAI Bought more +97K +$33.1M
TBBB Trimmed -487K -$13.8M
ITT Bought more +38K +$8.7M
ATRC Bought more +205K +$5.5M
LMAT Bought more +62K +$4.7M
NVT Trimmed -30K +$3.7M
BELFB Trimmed -4K +$3.5M
FSS Bought more +17K +$2.7M
MPTI Bought more +6K +$2.2M
LOAR Bought more +13K +$2.2M

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
MRX June 30, 2026 1,325,195 $59,077,193 14.8%
CYBR Dec. 31, 2025 79,870 $38,589,191 No longer tracked
GLOB June 30, 2025 313,147 $36,863,665 -50.4%
LULU Sept. 30, 2025 85,346 $20,276,503 -44.4%
NET March 31, 2026 83,878 $16,536,548 57.9%
PRIM June 30, 2026 109,967 $15,729,680 -34.4%
SLAB March 31, 2026 95,513 $12,483,549 6.3%
STN March 31, 2026 114,200 $10,781,218 -17.7%
TECH June 30, 2026 135,646 $7,088,860 2.7%
NVEE June 30, 2025 345,602 $6,659,751 No longer tracked
RDVT March 31, 2026 84,302 $4,800,999 133.5%
SPSC March 31, 2026 50,675 $4,516,663 66.4%
RPC March 31, 2026 453,283 $4,446,706 19.6%
QLYS March 31, 2026 33,263 $4,420,653 146.7%
SKX June 30, 2025 73,442 $4,170,037 No longer tracked
GSHD March 31, 2026 50,389 $3,711,150 13.7%
NTSK March 31, 2026 209,534 $3,675,226 186.0%
ZS March 31, 2026 15,915 $3,579,602 81.9%
MKTX Dec. 31, 2025 20,408 $3,556,094 -9.1%
TWFG March 31, 2026 116,348 $3,347,332 53.8%
SITM June 30, 2025 20,738 $3,170,218 116.0%
BOOT Sept. 30, 2025 19,650 $2,986,800 -30.5%
TPG March 31, 2026 45,327 $2,893,676 10.2%
WAL June 30, 2025 34,639 $2,661,314 -2.4%
MANH March 31, 2026 14,381 $2,492,371 78.9%
TREX Dec. 31, 2025 44,286 $2,288,258 43.6%
AMKR Dec. 31, 2025 79,850 $2,267,740 -0.5%
YETI March 31, 2026 49,899 $2,204,039 16.9%
ACVA Dec. 31, 2025 215,043 $2,131,076 No longer tracked
BRBR Sept. 30, 2025 36,320 $2,104,018 -73.7%
REXR June 30, 2025 53,657 $2,100,672 8.8%
VVV Dec. 31, 2025 55,967 $2,009,775 8.8%
KLIC March 31, 2026 40,916 $1,864,133 12.2%
HLNE June 30, 2025 8,605 $1,279,305 -42.1%
CAVA March 31, 2026 21,795 $1,279,149 -33.9%
MSCI June 30, 2025 2,110 $1,193,205 6.7%
MBUU June 30, 2025 38,105 $1,169,061 -29.7%
OLLI June 30, 2025 9,913 $1,153,477 -33.4%
BRKR Dec. 31, 2025 34,097 $1,107,812 22.2%
MORN Dec. 31, 2025 4,766 $1,105,760 3.5%
DECK Dec. 31, 2025 10,679 $1,082,530 -21.8%
IRMD Dec. 31, 2025 15,036 $1,069,962 -11.8%
PAX June 30, 2026 79,584 $1,002,758 6.9%
YUMC Sept. 30, 2025 22,000 $984,835 3.8%
SHLS June 30, 2025 283,154 $940,071 78.4%
CROX June 30, 2026 9,664 $802,305 -1.2%
BUR June 30, 2026 175,780 $794,526 -18.0%
GO June 30, 2026 111,496 $786,047 33.3%
STVN June 30, 2025 37,587 $767,527 -20.2%
ODD March 31, 2026 18,583 $746,665 69.3%
ARES Dec. 31, 2025 4,438 $709,592 -24.5%
FIVE June 30, 2026 2,780 $635,174 24.2%
RYAN June 30, 2026 17,910 $604,283 15.7%
KIDS Dec. 31, 2025 32,295 $598,426 38.0%
CWAN March 31, 2026 23,903 $576,540 No longer tracked
BBSI March 31, 2026 15,345 $555,642 13.8%
UPWK June 30, 2026 50,134 $549,469 13.4%
WIX Dec. 31, 2025 3,053 $542,304 -21.1%
CPNG Sept. 30, 2025 17,962 $538,142 -56.8%
ARX June 30, 2026 39,573 $528,695 68.7%
DAVA Sept. 30, 2025 34,085 $522,182 -76.6%
OWL Dec. 31, 2025 29,056 $491,918 -37.3%
FTV June 30, 2026 8,572 $473,860 -1.4%
MNDY Sept. 30, 2025 1,445 $454,424 -45.0%
DT March 31, 2026 10,359 $448,959 73.2%
STAA June 30, 2025 25,439 $448,490 34.7%
S June 30, 2025 24,087 $437,902 31.3%
FTLF March 31, 2026 21,554 $350,684 -41.2%
HCKT March 31, 2026 17,270 $339,010 -5.6%
ULTA Sept. 30, 2025 664 $310,632 14.2%
FIGS March 31, 2026 24,213 $275,060 36.8%
NSP Sept. 30, 2025 4,518 $271,622 10.7%
DOCN Sept. 30, 2025 8,925 $254,898 172.9%
TMCI Dec. 31, 2025 37,399 $250,947 74.3%
GLBE Sept. 30, 2025 7,464 $250,343 15.7%
PLBC Sept. 30, 2025 5,155 $229,191 46.5%
ESTC June 30, 2026 4,129 $206,409 79.6%
POWI June 30, 2026 3,782 $193,638 -43.9%
SARO June 30, 2026 7,079 $182,851 -27.2%
ETSY June 30, 2025 3,321 $156,685 73.3%
JYNT March 31, 2026 17,690 $154,257 -18.6%
QGEN June 30, 2025 3,481 $139,764 4.8%
MEDP March 31, 2026 239 $134,234 39.4%
APPF June 30, 2026 832 $131,306 31.4%
DCBO June 30, 2025 4,525 $130,183 6.8%
CRWD June 30, 2026 305 $119,075 35.0%
PODD June 30, 2025 432 $113,448 -52.6%
BILL June 30, 2025 2,310 $106,006 9.6%
POOL June 30, 2025 306 $97,415 -31.7%
FATN June 30, 2026 24,470 $59,707 -15.4%