Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +18.4%
S&P 500 total return (same window) +37.0%
Excess return -18.6%

Annualized: +14.5% · 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: 0.0%

Sector breakdown

04
Financials 94.3%
Healthcare 3.2%
Communication Services 2.5%

Full portfolio 5 positions

05
Type Streak 8Q trend
GPN Global Payments Inc. Common Stock $3,139,529,069 80.36% 43,268,041 $227,589,896
AJG Arthur J. Gallagher & Co. Common Stock $544,947,068 13.95% 2,373,773 $30,835,312
MRVI Maravai LifeSciences Holdings, Inc. - Class A common stock $125,736,031 3.22% 20,150,005 $68,711,517
GOGO Gogo Inc. - Common Stock $72,040,934 1.84% 23,239,011 $-21,379,890
SEAT Vivid Seats Inc. - Class A common stock $24,571,487 0.63% 3,768,633 $2,298,866

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
GPN Price move only +0 +$227.6M
MRVI Price move only +0 +$68.7M
AJG Price move only +0 +$30.8M
GOGO Price move only +0 -$21.4M
SEAT Price move only +0 +$2.3M

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
SHC June 30, 2026 12,735,301 $182,624,216 2.6%