Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +21.0%
S&P 500 total return (same window) +37.0%
Excess return -16.0%

Annualized: +16.4% · 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: 97.5% · Options excluded: 0.0%

Sector breakdown

04
Industrials 15.8%
Financials 14.9%
Healthcare 12.3%
Real Estate 11.9%
Technology 9.3%
Energy 9.1%
Consumer products 7.2%
Retail 7.0%
Utilities 6.2%
Consumer Discretionary 3.8%
Consumer Staples 2.6%

Full portfolio 30 positions

05
Type Streak 8Q trend
CMI Cummins Inc. Common Stock $274,132,962 6.16% 384,365 $47,313,414 Down ×4
MS Morgan Stanley Common Stock $246,311,832 5.54% 1,178,300 $34,227,182 Down ×4
LAMR Lamar Advertising Company - Class A Common Stock $209,046,424 4.70% 1,340,213 $34,171,142 Down ×3
AVGO Broadcom Inc. - Common Stock $208,112,674 4.68% 550,927 $18,808,311 Down ×4
SPG Simon Property Group, Inc. Common Stock $193,810,617 4.36% 866,580 $26,309,288 Down ×3
ORI Old Republic International Corporation Common Stock $190,893,641 4.29% 4,665,045 $1,808,898 Down ×4
ABBV AbbVie Inc. Common Stock $185,858,788 4.18% 738,590 $3,935,798 Down ×4
SNA Snap-On Incorporated Common Stock $184,069,832 4.14% 457,430 $13,276,160 Down ×4
PEG Public Service Enterprise Group Incorporated Common Stock $182,304,351 4.10% 2,246,234 $-1,522,575 Down ×4
JNJ Johnson & Johnson Common Stock $181,542,835 4.08% 714,820 $1,514,975 Down ×5
CVS CVS Health Corporation Common Stock $177,686,548 4.00% 1,717,608 $59,711,712 Up ×1
EPD Enterprise Products Partners L.P. Common Stock $176,167,043 3.96% 4,792,357 $-7,860,456 Down ×2
DRI Darden Restaurants, Inc. Common Stock $169,460,736 3.81% 822,585 $2,623,246 Down ×4
UL Unilever PLC American Depositary Shares (each representing One Ordinary Share) $163,689,987 3.68% 2,722,721 $24,646,441 Up ×2
PG Procter & Gamble Company (The) Common Stock $155,345,577 3.49% 1,059,367 $1,170,754 Down ×1
COP ConocoPhillips Common Stock $150,879,435 3.39% 1,451,322 $-46,554,285 Down ×1
TXN Texas Instruments Incorporated - Common Stock $150,091,956 3.37% 503,546 $41,497,029 Down ×1
DKS Dick's Sporting Goods Inc Common Stock $146,206,035 3.29% 644,619 $14,561,701 Down ×2
HD Home Depot, Inc. (The) Common Stock $143,796,453 3.23% 407,725 $9,656,035 Down ×1
WSO Watsco, Inc. Common Stock $126,820,941 2.85% 304,324 $4,101,841 Down ×3
RHP Ryman Hospitality Properties, Inc. (REIT) $126,521,224 2.84% 984,218 $31,712,046 Down ×2
CME CME Group Inc. - Class A Common Stock $118,597,635 2.67% 537,054 $-94,631,184 Down ×5
PAYX Paychex, Inc. - Common Stock $117,678,492 2.65% 1,196,771 $12,922,392 Up ×1
PM Philip Morris International Inc Common Stock $114,817,064 2.58% 634,664 $-6,190,487 Down ×3
ARES Ares Management Corporation Class A Common Stock $106,816,861 2.40% 959,634 $3,684,522 Up ×1
UGI UGI Corporation Common Stock $91,753,058 2.06% 2,656,429 $-4,395,341 Up ×2
SLB SLB Limited Common Shares $76,430,769 1.72% 1,644,026 $21,354,102 Up ×1
IBM International Business Machines Corporation Common Stock $54,484,156 1.23% 193,749 Up ×1
PAG Penske Automotive Group, Inc. Common Stock $23,250,079 0.52% 129,925 $3,608,833 Down ×1
IEF iShares 7-10 Year Treasury Bond ETF $1,017,167 0.02% 10,756 $-9,358

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
IBM $54,484,156 193,749 1.23%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CME Trimmed -185K -$94.6M
CVS Bought more +75K +$59.7M
CMI Trimmed -37K +$47.3M
COP Trimmed -44K -$46.6M
TXN Trimmed -56K +$41.5M
MS Trimmed -110K +$34.2M
LAMR Trimmed -40K +$34.2M
RHP Trimmed -43K +$31.7M
SPG Trimmed -31K +$26.3M
UL Bought more +282K +$24.6M

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
KDP Sept. 30, 2025 4,448,801 $147,077,361 22.0%
UL (filed as ULXXXX) Dec. 31, 2025 2,430,412 $144,074,823 -7.0%
EXR Sept. 30, 2025 900,022 $132,699,244 -5.0%
MDLZ Dec. 31, 2025 1,738,638 $108,612,716 10.8%
MICC March 31, 2026 523,535 $8,298,030 14.9%
IWD June 30, 2026 2,299 $491,227