Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +42.1%
S&P 500 total return (same window) +37.0%
Excess return +5.1%

Annualized: +32.5% · 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: 100.0% · Options excluded: 2.0%

Sector breakdown

04
Industrials 35.5%
Technology 31.8%
Consumer Discretionary 12.0%
Consumer products 11.1%
Financials 6.3%
Health Care 3.4%

Full portfolio 11 positions

05
Type Streak 8Q trend
ZETA Zeta Global Holdings Corp. Class A Common Stock $182,138,400 19.89% 9,255,000 $16,570,400 Down ×1
RUN Sunrun Inc. - Common Stock $178,009,942 19.44% 13,304,181 $15,289,942 Up ×2
OKTA Okta, Inc. - Class A Common Stock $109,160,001 11.92% 800,000 $22,579,001 Down ×1
SN SharkNinja, Inc. Ordinary Shares $101,259,550 11.06% 665,000 $654,550 Down ×4
FCN FTI Consulting, Inc. Common Stock $98,346,600 10.74% 660,000 $11,729,300 Up ×2
ACEL Accel Entertainment, Inc. $71,023,303 7.76% 5,632,300 $7,095,590 Down ×2
KSPI Joint Stock Company Kaspi.kz - American Depository Shares $57,666,718 6.30% 665,590 $9,521,218 Up ×1
SHLS Shoals Technologies Group, Inc. - Class A Common Stock $42,075,000 4.60% 4,250,000 Up ×1
TXRH Texas Roadhouse, Inc. - Common Stock $38,646,000 4.22% 200,000 Up ×1
WAY Waystar Holding Corp. - Common Stock $30,795,000 3.36% 1,500,000 Up ×1
RUN Sunrun Inc. - Common Stock $6,516,060 0.71% 487,000 Call option

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SHLS $42,075,000 4,250,000 4.60%
TXRH $38,646,000 200,000 4.22%
WAY $30,795,000 1,500,000 3.36%
RUN $6,516,060 487,000 0.71%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
OKTA Trimmed -300K +$22.6M
ZETA Trimmed -1.1M +$16.6M
RUN Bought more +1.3M +$15.3M
FCN Bought more +170K +$11.7M
KSPI Bought more +16K +$9.5M
ACEL Trimmed -227K +$7.1M
SN Trimmed -285K +$655K

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
RBLX Dec. 31, 2025 1,075,000 $148,909,000 -45.0%
GT Sept. 30, 2025 10,250,000 $106,292,500 -37.4%
VRNS Dec. 31, 2025 1,725,000 $99,135,750 46.8%
PLNT June 30, 2025 800,000 $77,288,000 -61.4%
PWR June 30, 2025 300,000 $76,254,000 80.8%
ENPH March 31, 2026 2,350,000 $75,317,501 -11.5%
CYBR Sept. 30, 2025 185,000 $75,272,800 No longer tracked
BIRK Sept. 30, 2025 1,350,000 $66,393,000 -25.4%
BA Dec. 31, 2025 300,000 $64,749,000 -11.2%
ZS June 30, 2025 300,000 $59,526,000 -35.7%
ADSK March 31, 2026 185,000 $54,761,850 -7.5%
CPRI June 30, 2026 3,100,000 $54,622,000 -22.0%
TOST June 30, 2026 2,000,000 $53,020,000 8.0%
RBRK June 30, 2026 1,020,000 $49,949,400 52.8%
PAYO March 31, 2026 7,084,000 $39,812,080 48.0%
ZS March 31, 2026 175,000 $39,361,000 43.8%
ZIM March 31, 2026 1,500,000 $31,845,000 9.8%
FSS June 30, 2026 254,588 $27,531,147 -9.4%
FSS Sept. 30, 2025 239,536 $25,491,421 -2.2%
FROG June 30, 2026 275,000 $12,905,750 7.7%
SPY Dec. 31, 2025 15,000 $9,992,700 No longer tracked
CSGP March 31, 2026 100,000 $6,724,000 -31.4%
PLNT Dec. 31, 2025 60,000 $6,228,000 -61.2%
UDMY Sept. 30, 2025 838,897 $5,897,446 No longer tracked