Performance vs S&P 500

03
Tracked Q1 2025–Q3 2025 +13.1%
S&P 500 total return (same window) +21.3%
Excess return -8.1%

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: 95.2% · Options excluded: 0.0%

Sector breakdown

04
Retail 39.1%
Communication Services 31.9%
Consumer Discretionary 28.5%
Financials 0.4%

Full portfolio 20 positions

05
Type Streak 8Q trend
GAP Gap, Inc. (The) Common Stock $72,496,785 39.08% 3,389,284 $-1,423,499
LEVI Levi Strauss & Co Class A Common Stock $50,337,204 27.13% 2,160,395 $10,391,500
T AT&T Inc. $15,288,543 8.24% 541,379 $-378,965
CMCSA Comcast Corporation - Class A Common Stock $10,817,152 5.83% 344,276 $-1,470,058
SIRI SiriusXM Holdings Inc. - Common Stock $6,098,818 3.29% 262,033 $79,920
LLYVK (filed as LLYVKXXXX) Liberty Live Holdings, Inc. - Series C Liberty Live Group Common Stock $5,379,993 2.90% 55,481 $877,155
LBRDK Liberty Broadband Corporation - Class C Common Stock $5,338,567 2.88% 84,019 $-2,927,222
WBD Warner Bros. Discovery, Inc. - Series A Common Stock $5,332,374 2.87% 273,035 $2,203,393
LBTYK Liberty Global Ltd. - Class C Common Shares $2,861,278 1.54% 243,513 $350,659
EXPE Expedia Group, Inc. - Common Stock $2,597,063 1.40% 12,150 $547,601
LLYVA Liberty Live Holdings, Inc. - Series A Liberty Live Group Common Stock $2,221,991 1.20% 23,563 $349,204
FWONK Liberty Media Corporation - Series C Liberty Formula One Common Stock $2,014,318 1.09% 19,285 $-965
LBRDA Liberty Broadband Corporation - Class A Common Stock $1,606,619 0.87% 25,369 $-874,977
LBTYA Liberty Global Ltd. - Class A Common Shares $923,390 0.50% 80,575 $116,834
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $754,200 0.41% 1 $25,400
GLIBK GCI Liberty, Inc. - Series C GCI Group Common Stock $626,248 0.34% 16,803 Up ×1
DIS Walt Disney Company (The) Common Stock $515,708 0.28% 4,504 $-45,085
GLIBA GCI Liberty, Inc. - Series A GCI Group Common Stock $190,517 0.10% 5,073 Up ×1
QVCGA QVC Group, Inc. - Series A Common Stock $106,301 0.06% 7,880 $84,631
BATRK Atlanta Braves Holdings, Inc. - Series C Common Stock $23,207 0.01% 558 $-2,891

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
GLIBK $626,248 16,803 0.34%
GLIBA $190,517 5,073 0.10%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
LEVI Price move only +0 +$10.4M
LBRDK Price move only +0 -$2.9M
WBD Price move only +0 +$2.2M
CMCSA Price move only +0 -$1.5M
GAP Price move only +0 -$1.4M
LLYVK (filed as LLYVKXXXX) Price move only +0 +$877K
LBRDA Price move only +0 -$875K
EXPE Price move only +0 +$548K
T Price move only +0 -$379K
LBTYK Price move only +0 +$351K

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
SNREY Sept. 30, 2025 64,817 $3,665,401 No longer tracked
QVCGA (filed as QVCGAXXXX) June 30, 2025 394,036 $79,241 No longer tracked