Sector breakdown

04
Energy 33.6%
Healthcare 10.4%
Financials 8.8%
Technology 7.1%
Communication Services 6.6%
Materials 4.1%
Industrials 3.6%
Retail 1.8%
Consumer Staples 0.7%
Consumer Discretionary 0.3%
Real Estate 0.1%
Consumer products 0.1%
Utilities 0.0%
Other/Unmapped 22.7%

Full portfolio 304 positions

05
Type Streak 8Q trend
PBF PBF Energy Inc. Class A Common Stock $9,937,532 5.24% 218,311 $-738,810 Down ×2
NBR Nabors Industries Ltd. $8,907,496 4.70% 106,029 $-766,681 Down ×3
VAL Valaris Limited Common Shares $8,568,833 4.52% 118,028 $-3,610,186 Down ×4
CNC Centene Corporation Common Stock $5,221,985 2.75% 81,352 $1,653,292 Down ×3
CRC California Resources Corporation Common Stock $4,825,075 2.54% 91,263 $-1,519,838 Down ×2
VGIT Vanguard Intermediate-Term Treasury ETF $4,666,498 2.46% 79,120 $-320,219 Down ×6
SOR Source Capital, Inc. Cmn Shs of BI $4,577,003 2.41% 99,565 $1,578,293 Up ×1
NE Noble Corporation plc A Ordinary Shares $4,289,612 2.26% 115,003 $-1,444,855 Down ×2
GLIBK GCI Liberty, Inc. - Series C GCI Group Common Stock $4,138,722 2.18% 191,963 $2,163,169 Up ×2
MSFT Microsoft Corporation - Common Stock $4,048,759 2.14% 10,854 $30,934
DINO HF Sinclair Corporation Common Stock $3,935,922 2.08% 56,510 $386,992 Down ×4
VGSH Vanguard Short-Term Treasury ETF $3,812,798 2.01% 65,512 $-1,311,033 Down ×4
ELV Elevance Health, Inc. Common Stock $3,753,215 1.98% 9,705 $838,596 Down ×1
PYPL PayPal Holdings, Inc. - Common Stock $3,571,547 1.88% 82,713 $-231,075 Down ×1
DTF DTF Tax-Free Income 2028 Term Fund Inc. Common Stock $3,553,808 1.87% 307,689 $73,134 Up ×6
TSI TCW Strategic Income Fund, Inc. Common Stock $3,405,564 1.80% 755,114 $91,432 Up ×4
NVO Novo Nordisk A/S Common Stock $3,258,002 1.72% 67,960 $-327,383 Down ×1
SLB SLB Limited Common Shares $2,992,322 1.58% 63,959 $-324,409 Down ×5
SDRL Seadrill Limited Common Shares $2,927,041 1.54% 77,394 $-379,626 Up ×3
TDW Tidewater Inc. Common Stock $2,894,940 1.53% 43,448 $-1,024,808 Down ×2
FXY Invesco CurrencyShares Japanese Yen Trust $2,773,687 1.46% 49,144 $-9,994 Up ×1
OIS Oil States International, Inc. Common Stock $2,689,902 1.42% 335,818 $-1,230,776 Down ×3
GOOGL Alphabet Inc. - Class A Common Stock $2,665,980 1.41% 7,460 $520,782
BTT BlackRock Municipal 2030 Target Term Trust $2,607,635 1.38% 114,387 $-128,416 Down ×2
DXC DXC Technology Company Common Stock $2,317,753 1.22% 261,893 $63,097 Up ×1
BIL SPDR SERIES TRUST $2,215,489 1.17% 24,176 $202,708 Up ×4
GBIL Goldman Sachs ETF Trust $2,181,485 1.15% 21,780 $-404,219 Down ×1
NEM Newmont Corporation $2,137,646 1.13% 22,887 $-339,872
CMCSA Comcast Corporation - Class A Common Stock $2,122,495 1.12% 86,456 $957,443 Up ×1
SABA Saba Capital Income & Opportunities Fund II Shares of Beneficial Interest $2,098,839 1.11% 251,358 $-245,454 Down ×1
BDX Becton, Dickinson and Company Common Stock $1,758,455 0.93% 11,620 $-37,112 Up ×2
HAL Halliburton Company Common Stock $1,754,909 0.93% 51,691 $-260,523
TSM Taiwan Semiconductor Manufacturing Company Ltd. $1,626,932 0.86% 3,400 $474,803
NTGR NETGEAR, Inc. - Common Stock $1,455,639 0.77% 62,340 $145,239 Up ×1
JPM JP Morgan Chase & Co. Common Stock $1,447,126 0.76% 4,421 $146,645
IMO CUSIP: 453038408 $1,388,768 0.73% 12,330 $-231,966
ADI Analog Devices, Inc. - Common Stock $1,372,620 0.72% 3,456 $273,128
ALK Alaska Air Group, Inc. Common Stock $1,287,513 0.68% 24,665 $371,139 Down ×1
VFVA Vanguard U.S. Value Factor ETF $1,272,787 0.67% 8,575 $248,270 Up ×5
AAPL Apple Inc. - Common Stock $1,261,610 0.67% 4,360 $155,086
AMZN Amazon.com, Inc. - Common Stock $1,227,451 0.65% 5,150 $154,860
DE Deere & Company Common Stock $1,204,593 0.64% 1,899 $131,810
PTEN Patterson-UTI Energy, Inc. - Common Stock $1,181,044 0.62% 128,654 $-137,552 Up ×1
CNQ Canadian Natural Resources Limited Common Stock $1,180,592 0.62% 29,559 $-273,364
JOF Japan Smaller Capitalization Fund Inc Common Stock $1,163,440 0.61% 98,764 $73,832 Down ×6
VLO Valero Energy Corporation Common Stock $1,144,634 0.60% 4,395 $58,717
TIPZ PIMCO Broad U.S. TIPS Index Exchange-Traded Fund $1,107,858 0.58% 21,174 $-132,483 Down ×4
KD Kyndryl Holdings, Inc. Common Stock $1,010,809 0.53% 89,373 Up ×1
VBF Invesco Bond Fund Common Stock $931,627 0.49% 61,453 $348,832 Up ×1
LIN Linde plc - Ordinary Shares $916,967 0.48% 1,767 $40,959
AMGN Amgen Inc. - Common Stock $907,835 0.48% 2,507 $25,747
MA Mastercard Incorporated Common Stock $879,797 0.46% 1,713 $23,879
HP Helmerich & Payne, Inc. Common Stock $878,643 0.46% 26,837 $-88,294
BIO Bio-Rad Laboratories, Inc. Class A Common Stock $875,251 0.46% 2,981 $42,903 Down ×1
CSX CSX Corporation - Common Stock $866,947 0.46% 18,240 $118,195
PAAS Pan American Silver Corp. Common Stock $841,738 0.44% 18,793 $-184,924
LBRT Liberty Energy Inc. Class A common stock $827,552 0.44% 31,598 $-82,470
DIS Walt Disney Company (The) Common Stock $826,149 0.44% 8,517 $5,281
COST Costco Wholesale Corporation - Common Stock $811,988 0.43% 868 $-52,913
RTX RTX Corporation Common Stock $804,455 0.42% 4,240 $-13,441
GMOI GMO International Value ETF $803,820 0.42% 21,360 $24,259 Down ×5
NEXT NextDecade Corporation - Common Stock $797,204 0.42% 105,730 $-12,688
POST Post Holdings, Inc. Common Stock $794,958 0.42% 9,007 $-33,192 Up ×3
B Barrick Mining Corporation Common Shares $779,190 0.41% 21,214 $-86,129
XOP SPDR SERIES TRUST $771,300 0.41% 5,000 $-137,850
ABBV AbbVie Inc. Common Stock $766,999 0.40% 3,048 $104,089
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $748,850 0.39% 1 $30,710
NOV NOV Inc. Common Stock $735,841 0.39% 39,668 $-17,838 Down ×6
FCX Freeport-McMoRan, Inc. Common Stock $710,971 0.37% 11,305 $46,463
NICE NICE Ltd - American Depositary Shares each representing one Ordinary Share $684,282 0.36% 7,532 $79,837 Up ×1
NDAQ Nasdaq, Inc. - Common Stock $650,265 0.34% 8,250 $-50,078
UNP Union Pacific Corporation Common Stock $643,280 0.34% 2,365 $69,484
CB Chubb Limited Common Stock $636,357 0.34% 1,862 $27,669
BCHI GMO ETF Trust $636,021 0.34% 15,999 $66,021 Down ×2
FIS Fidelity National Information Services, Inc. Common Stock $635,921 0.34% 16,356 $627,806 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $634,227 0.33% 1,795 $119,313
AEM Agnico Eagle Mines Limited Common Stock $610,281 0.32% 3,934 $-188,242
NSC Norfolk Southern Corporation Common Stock $604,013 0.32% 1,920 $52,973
SATS EchoStar Corporation - Common stock $592,963 0.31% 5,842 Up ×1
GS Goldman Sachs Group, Inc. (The) Common Stock $561,310 0.30% 555 $91,786
GMOD GMO Dynamic Allocation ETF $560,158 0.30% 20,365 $427,762 Up ×1
LOW Lowe's Companies, Inc. Common Stock $560,045 0.30% 2,540 $-40,106
HD Home Depot, Inc. (The) Common Stock $555,471 0.29% 1,575 $37,469
ITW Illinois Tool Works Inc. Common Stock $553,683 0.29% 2,035 $20,716
GOVT iShares Trust $546,082 0.29% 23,972 $-217,050 Down ×4
GDX VanEck Gold Miners ETF $517,361 0.27% 6,857 $971 Up ×1
ICE Intercontinental Exchange Inc. Common Stock $499,827 0.26% 4,060 $-138,730
CVX Chevron Corporation Common Stock $491,644 0.26% 2,966 $-122,021
GDXJ VanEck Junior Gold Miners ETF $485,650 0.26% 4,943 $-107,708
COF Capital One Financial Corporation Common Stock $479,482 0.25% 2,390 $43,474
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $471,367 0.25% 942 $19,961
TFPM Triple Flag Precious Metals Corp. Common Shares $462,707 0.24% 15,439 $-73,181
EXE Expand Energy Corporation - Common Stock $457,774 0.24% 5,020 $-82,344 Up ×2
TMO Thermo Fisher Scientific Inc Common Stock $456,665 0.24% 910 $8,945
SLVR Sprott Silver Miners & Physical Silver ETF $446,641 0.24% 8,899 $-80,002
CTVA Corteva, Inc. Common Stock $440,896 0.23% 5,206 $5,102
NG CUSIP: 66987E206 $433,106 0.23% 72,547 $-216,651 Up ×2
IVE iShares Trust $416,655 0.22% 1,835 $-76,380 Down ×1
INTC Intel Corporation - Common Stock $412,746 0.22% 2,956 $235,079 Down ×2
COP ConocoPhillips Common Stock $409,602 0.22% 3,940 $-110,478

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
DTF $3,553,808 1.87% up ×6
TSI $3,405,564 1.80% up ×4
SDRL $2,927,041 1.54% up ×3
BIL $2,215,489 1.17% up ×4
VFVA $1,272,787 0.67% up ×5
POST $794,958 0.42% up ×3
XLE $234,534 0.12% up ×3
PFE $54,138 0.03% up ×5
VDE $18,905 0.01% up ×5
T $16,014 0.01% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
KD $1,010,809 89,373 0.53%
SATS $592,963 5,842 0.31%
RYN $173,262 8,142 0.09%
Unknown issuer (CUSIP: 438516205) $117,548 525 0.06%
Unknown issuer (CUSIP: 43849R105) $116,067 525 0.06%
META $85,620 152 0.05%
VOO $11,816 17 0.01%
SCHD $3,073 97 0.00%
Unknown issuer (CUSIP: 05338N101) $626 1,250 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VAL Trimmed -6K -$3.6M
GLIBK Bought more +139K +$2.2M
CNC Trimmed -28K +$1.7M
SOR Bought more +35K +$1.6M
CRC Trimmed -400 -$1.5M
NE Trimmed -2K -$1.4M
VGSH Trimmed -22K -$1.3M
OIS Trimmed -1K -$1.2M
TDW Trimmed -3K -$1.0M
CMCSA Bought more +46K +$957K

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
XOM June 30, 2026 36,123 $6,128,555 19.4%
NE Sept. 30, 2025 194,482 $5,163,497 48.3%
MJDLF Sept. 30, 2025 168,436 $1,099,887 No longer tracked
JNJ March 31, 2026 5,037 $1,042,407 4.4%
HYI Sept. 30, 2025 81,423 $975,448 -17.8%
CAT March 31, 2026 1,465 $839,255 19.4%
DELL March 31, 2026 6,166 $776,176 238.1%
BRK-A (filed as BRKA) Sept. 30, 2025 1 $728,800 No longer tracked
KW June 30, 2026 55,746 $609,861 No longer tracked
GLD Dec. 31, 2025 1,500 $533,205
LVMUY Sept. 30, 2025 4,690 $492,731 No longer tracked
GOLD June 30, 2025 23,309 $453,127 90.4%
MITEY Sept. 30, 2025 23,079 $430,885 No longer tracked
PRNDY Sept. 30, 2025 15,690 $314,428 No longer tracked
MINT Sept. 30, 2025 3,005 $302,108
OR (filed as ORXXXX) June 30, 2025 13,975 $295,152 33.9%
RHHBY Sept. 30, 2025 7,217 $294,165 No longer tracked
LXU Sept. 30, 2025 32,877 $256,441 27.4%
ACDC June 30, 2025 31,616 $239,965 -37.7%
HON June 30, 2026 1,053 $238,010 -4.2%
ORCL June 30, 2025 1,580 $220,900 -33.4%
ANGPY Sept. 30, 2025 28,556 $212,171 No longer tracked
HEINY Sept. 30, 2025 4,341 $189,702 No longer tracked
KNBWY Sept. 30, 2025 12,693 $177,956 No longer tracked
META Sept. 30, 2025 214 $157,951 0.6%
UAL Sept. 30, 2025 1,770 $140,945 16.1%
KMTUY Sept. 30, 2025 3,670 $121,110 No longer tracked
NSRGY Sept. 30, 2025 1,135 $112,728 No longer tracked
NBRWF Sept. 30, 2025 170,122 $112,281 No longer tracked
UL (filed as ULXXXX) Dec. 31, 2025 1,882 $111,565 -8.7%
DANOY Sept. 30, 2025 6,590 $107,812 No longer tracked
CTRA June 30, 2026 2,932 $103,030 No longer tracked
KDDIY Sept. 30, 2025 5,400 $92,421 No longer tracked
IMPUY Sept. 30, 2025 10,000 $90,200 No longer tracked
IBTG March 31, 2026 3,346 $76,540
GBLBY Sept. 30, 2025 8,900 $74,805 No longer tracked
GLNCY Sept. 30, 2025 9,330 $72,587 No longer tracked
VIG March 31, 2026 244 $53,626
CWGL Sept. 30, 2025 9,200 $50,600 No longer tracked
IBTF Dec. 31, 2025 2,094 $48,926 No longer tracked
VPL Sept. 30, 2025 580 $47,664
FANUY Sept. 30, 2025 3,485 $47,361 No longer tracked
EWY March 31, 2026 442 $42,971
ALLW March 31, 2026 1,500 $41,235
DAL Sept. 30, 2025 800 $39,344 48.3%
TSCDY Sept. 30, 2025 2,275 $38,084 No longer tracked
XLV June 30, 2025 250 $36,503 23.3%
MLPA June 30, 2025 675 $35,930 8.7%
VPU June 30, 2026 165 $32,693
AMJB June 30, 2025 985 $31,993
VNQ June 30, 2026 344 $30,513
NHYDY Sept. 30, 2025 5,040 $28,778 No longer tracked
SII March 31, 2026 270 $26,438 -19.5%
PROSY Sept. 30, 2025 2,280 $25,376 No longer tracked
MTG June 30, 2025 990 $24,532 -2.4%
PXF June 30, 2026 347 $24,255
SLV Sept. 30, 2025 600 $19,686 30.5%
NGD March 31, 2026 2,000 $17,420 No longer tracked
BIIB June 30, 2026 84 $15,400 2.5%
STR June 30, 2025 768 $15,260 No longer tracked
PAASF Sept. 30, 2025 57,969 $14,202 No longer tracked
MLAC June 30, 2026 1,250 $13,163 No longer tracked
NGLOY Sept. 30, 2025 880 $12,971 No longer tracked
MTLHY Sept. 30, 2025 500 $12,380 No longer tracked
FLKR June 30, 2026 300 $11,961
EQT June 30, 2026 175 $11,137 -5.7%
MKTX June 30, 2025 50 $10,818 -26.5%
NVDA Sept. 30, 2025 65 $10,269 26.9%
IEI June 30, 2026 86 $10,200
LAD June 30, 2026 40 $9,989 2.6%
WHGLY Sept. 30, 2025 500 $9,635 No longer tracked
OLYMY Sept. 30, 2025 800 $9,424 No longer tracked
EFA March 31, 2026 91 $8,739
CSCO Sept. 30, 2025 110 $7,632 64.1%
MIELY Sept. 30, 2025 175 $7,525 No longer tracked
TRP March 31, 2026 135 $7,426 -5.5%
WBD June 30, 2026 264 $7,249 16.1%
IEMG March 31, 2026 102 $6,856
TTE Dec. 31, 2025 105 $6,267 28.9%
NOK June 30, 2026 700 $5,628 -22.5%
IPG Dec. 31, 2025 170 $4,745 No longer tracked
ENB March 31, 2026 90 $4,305 -15.2%
RBGLY Sept. 30, 2025 300 $4,119 No longer tracked
ZIMV Dec. 31, 2025 128 $2,424 No longer tracked
MS June 30, 2025 17 $1,983 33.5%
AJG June 30, 2025 5 $1,726 -29.3%
SHY March 31, 2026 20 $1,656
MLM June 30, 2025 3 $1,434 -12.6%
ETN June 30, 2025 5 $1,359 22.6%
EDNMY Sept. 30, 2025 85 $1,318 No longer tracked
NEE June 30, 2025 18 $1,276 9.7%
AMLP Sept. 30, 2025 25 $1,222
IIF June 30, 2025 50 $1,220 -25.0%
WCN June 30, 2025 6 $1,171 -18.0%
ISRG June 30, 2025 2 $991 -26.7%
JMHLY Sept. 30, 2025 20 $965 No longer tracked
IWD June 30, 2025 5 $941
SCHW June 30, 2026 10 $940 4.8%
SSRM Sept. 30, 2025 61 $779 35.2%
MLPX June 30, 2025 6 $383 13.2%