Performance vs S&P 500

03
Tracked Q3 2025–Q2 2026 +9.3%
S&P 500 total return (same window) +13.0%
Excess return -3.7%

Annualized: +12.7% · S&P 500: +17.7%

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: 95.6% · Options excluded: 0.0%

Sector breakdown

04
Materials 32.1%
Energy 4.5%
Technology 4.2%
Communication Services 3.7%
Industrials 2.4%
Retail 1.5%
Consumer Discretionary 0.2%
Other/Unmapped 51.4%

Full portfolio 42 positions

05
Type Streak 8Q trend
Unknown issuer (CUSIP: 84615Q103) $1,366,880,000 23.92% 8,000,000 Up ×1
QQQ Invesco QQQ Trust, Series 1 $940,904,908 16.46% 1,277,709 $203,436,827
MP MP Materials Corp. Common Stock $832,376,484 14.57% 14,861,212 $115,174,393
TECK Teck Resources Ltd Ordinary Shares $612,336,502 10.72% 10,298,293 $79,399,839
HBM Hudbay Minerals Inc. Ordinary Shares (Canada) $374,393,430 6.55% 15,885,729 $41,191,179
VOO VANGUARD INDEX FUNDS $130,493,900 2.28% 190,000
IVV iShares Trust $130,306,860 2.28% 174,000
AIQ Global X Artificial Intelligence & Technology ETF $98,056,376 1.72% 1,494,534 $28,306,474
SPMD SPDR SERIES TRUST $95,291,353 1.67% 1,410,470 $11,763,320
NXE Nexgen Energy Ltd. Common Shares $85,096,568 1.49% 9,078,245 $-20,406,654
AMZN Amazon.com, Inc. - Common Stock $83,657,340 1.46% 351,000 $10,554,570
EQT EQT Corporation Common Stock $82,575,243 1.44% 1,553,042 $43,977,456 Up ×1
ARTY iShares Trust $80,363,270 1.41% 1,055,190 $31,265,279
GOOGL Alphabet Inc. - Class A Common Stock $71,474,000 1.25% 200,000 $13,962,000
META Meta Platforms, Inc. - Class A Common Stock $60,835,320 1.06% 108,000 $-954,720
MSFT Microsoft Corporation - Common Stock $59,310,180 1.04% 159,000 $453,150
FOX Fox Corporation - Class B Common Stock $57,621,022 1.01% 1,230,167 $3,772,524 Up ×2
AVGO Broadcom Inc. - Common Stock $52,885,000 0.93% 140,000 $9,553,600
CRWD CrowdStrike Holdings, Inc. - Class A Common Stock $49,565,180 0.87% 64,949 $33,422,117 Up ×1
NVDA NVIDIA Corporation - Common Stock $45,378,411 0.79% 226,790 $5,826,235
GPOR Gulfport Energy Corporation Common Shares $38,606,750 0.68% 227,500 Up ×1
LHX L3Harris Technologies, Inc. Common Stock $35,393,862 0.62% 121,800 $11,233,362 Up ×1
RTX RTX Corporation Common Stock $34,834,428 0.61% 183,600 $10,143,228 Up ×1
LMT Lockheed Martin Corporation Common Stock $34,643,280 0.61% 68,000 $11,072,070 Up ×1
ARKQ ARK ETF Trust $33,385,550 0.58% 252,500 $4,991,925
DELL Dell Technologies Inc. Class C Common Stock $33,174,959 0.58% 76,890 $20,555,003
NOC Northrop Grumman Corporation Common Stock $31,730,013 0.56% 62,300 $7,510,493 Up ×1
EXE Expand Energy Corporation - Common Stock $25,241,757 0.44% 276,804 $6,381,114 Up ×1
SPSM SPDR SERIES TRUST $19,771,583 0.35% 342,840 $3,205,554
Unknown issuer (CUSIP: 75381A108) $19,072,557 0.33% 1,248,204 Up ×1
NEM Newmont Corporation $17,746,000 0.31% 190,000 $-2,821,500
AR Antero Resources Corporation Common Stock $15,027,375 0.26% 427,643 $-3,121,794
NFLX Netflix, Inc. - Common Stock $13,851,600 0.24% 194,000 $-4,801,500
INR Infinity Natural Resources, Inc. Class A Common Stock $13,296,900 0.23% 1,047,000 Up ×1
WTAI WisdomTree Trust $13,030,752 0.23% 274,505 $5,281,476
TSLA Tesla, Inc. - Common Stock $8,764,042 0.15% 20,837 $1,017,887
DJT Trump Media & Technology Group Corp. - Common Stock $6,733,800 0.12% 870,000 $2,743,400 Up ×1
THNQ EXCHANGE TRADED CONCEPTS TRUST $4,538,245 0.08% 49,756 $1,602,064
ROBO EXCHANGE TRADED CONCEPTS TRUST $1,866,788 0.03% 21,793 $375,493
BOTZ Global X Robotics & Artificial Intelligence ETF $1,736,362 0.03% 45,766 $216,015
ROBT First Trust Nasdaq Artificial Intelligence and Robotics ETF $1,544,900 0.03% 27,460 $277,341
NIKL Sprott Nickel Miners ETF $888,566 0.02% 70,000 $-232,134

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 84615Q103) $1,366,880,000 8,000,000 23.92%
VOO $130,493,900 190,000 2.28%
IVV $130,306,860 174,000 2.28%
GPOR $38,606,750 227,500 0.68%
Unknown issuer (CUSIP: 75381A108) $19,072,557 1,248,204 0.33%
INR $13,296,900 1,047,000 0.23%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
QQQ Price move only +0 +$203.4M
MP Price move only +0 +$115.2M
TECK Price move only +0 +$79.4M
EQT Bought more +947K +$44.0M
HBM Price move only +0 +$41.2M
CRWD Bought more +24K +$33.4M
ARTY Price move only +0 +$31.3M
AIQ Price move only +0 +$28.3M
DELL Price move only +0 +$20.6M
NXE Price move only +0 -$20.4M

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
VOO Sept. 30, 2025 798,474 $453,557,186
DIA Sept. 30, 2025 849,769 $374,450,710
IVV Sept. 30, 2025 364,361 $226,231,745
SQM March 31, 2026 610,100 $41,974,880 -20.3%
PYPL Sept. 30, 2025 110,000 $8,175,200 -21.3%
LAC Sept. 30, 2025 2,508,600 $6,723,048 -55.3%
LAR Sept. 30, 2025 2,508,600 $5,217,888 64.4%
ETSY Sept. 30, 2025 75,000 $3,762,000 9.6%
ALB Sept. 30, 2025 57,200 $3,584,724 29.0%
DRIV Dec. 31, 2025 43,655 $1,234,563
LIT Sept. 30, 2025 24,870 $955,008 21.4%
LI Sept. 30, 2025 8,642 $234,285 -57.8%
GM Sept. 30, 2025 2,570 $126,470 28.4%
XPEV Sept. 30, 2025 7,000 $125,160 -60.5%
LAZRQ Sept. 30, 2025 43,353 $124,423 No longer tracked
STLA Sept. 30, 2025 6,948 $69,688 -52.9%
NIO Sept. 30, 2025 10,972 $37,634 -55.8%