Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +28.7%
S&P 500 total return (same window) +37.0%
Excess return -8.3%

Annualized: +22.4% · 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: 97.4% · Options excluded: 0.8%

Sector breakdown

04
Technology 24.2%
Consumer Discretionary 16.4%
Communication Services 15.0%
Industrials 8.1%
Financials 7.6%
Health Care 3.5%
Retail 3.4%
Energy 2.6%
Consumer products 1.9%
Consumer Staples 1.4%
Real Estate 0.9%
Other/Unmapped 15.0%

Full portfolio 32 positions

05
Type Streak 8Q trend
NCLH Norwegian Cruise Line Holdings Ltd. Ordinary Shares $141,326,658 16.38% 6,694,773 $34,491,875 Up ×3
Unknown issuer (CUSIP: G2004J103) $127,194,269 14.74% 4,452,022 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $101,955,490 11.82% 181,000
NVDA NVIDIA Corporation - Common Stock $97,228,933 11.27% 485,926 $11,020,571 Down ×1
GS Goldman Sachs Group, Inc. (The) Common Stock $63,716,310 7.38% 63,000
NBIS Nebius Group N.V. - Class A Ordinary Shares $55,234,000 6.40% 200,000 Up ×1
CRH CRH PLC Ordinary Shares $51,895,000 6.01% 485,000 Up ×1
IREN IREN Limited - Ordinary Shares $37,269,950 4.32% 815,000 Up ×1
GLNG Golar LNG Limited - Common Shares $22,386,832 2.59% 449,174 $4,007,559 Up ×1
AMZN Amazon.com, Inc. - Common Stock $20,602,110 2.39% 86,440 $3,500,019 Up ×2
ENSG The Ensign Group, Inc. - Common Stock $20,567,292 2.38% 128,305 $9,347,570 Up ×1
MSFT Microsoft Corporation - Common Stock $19,045,655 2.21% 51,058 $1,548,830 Up ×2
MHK Mohawk Industries, Inc. Common Stock $16,242,204 1.88% 133,868 $6,373,952 Up ×2
FOX Fox Corporation - Class B Common Stock $15,510,410 1.80% 331,136 $-1,172,814 Up ×2
LLYVA Liberty Live Holdings, Inc. - Series A Liberty Live Group Common Stock $12,312,912 1.43% 121,597 $2,044,742 Up ×1
CALM Cal-Maine Foods, Inc. - Common Stock $11,849,248 1.37% 147,086 $-4,285,559 Down ×1
BELFA Bel Fuse Inc. - Class A Common Stock $8,168,419 0.95% 28,048 $1,894,936 Down ×2
TBBB BBB Foods Inc. Class A Common Shares $7,260,664 0.84% 174,242 Up ×1
UBER Uber Technologies, Inc. Common Stock $7,237,287 0.84% 100,295 $569,520 Up ×2
BIO Bio-Rad Laboratories, Inc. Class A Common Stock $6,600,646 0.76% 22,481 $-20,639,919 Down ×1
DLR Digital Realty Trust, Inc. Common Stock $6,285,300 0.73% 35,000 Up ×1
ANDG Andersen Group Inc. Class A Common Stock $2,263,200 0.26% 60,000 $631,200
QQQM Invesco NASDAQ 100 ETF $1,969,305 0.23% 6,500 Up ×1
NP Neptune Insurance Holdings Inc. Class A Common Stock $1,590,750 0.18% 50,500 $369,155
CURB Curbline Properties Corp. Common Stock $1,520,000 0.18% 50,000 Up ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $1,290,947 0.15% 3,106 $51,645 Down ×1
BOBS Bob's Discount Furniture, Inc. Common Stock $1,139,040 0.13% 72,000 $-294,460 Down ×1
HUM Humana Inc. Common Stock $983,120 0.11% 2,475 $-89,644 Down ×1
ELV Elevance Health, Inc. Common Stock $948,649 0.11% 2,453 $-203,322 Down ×1
Unknown issuer (CUSIP: 98585C100) $527,800 0.06% 26,000 Up ×1
OFRM Once Upon a Farm, PBC Common Stock $409,600 0.05% 20,000 $82,600
AERO Grupo Aeromexico, S.A.B. de C.V. American Depositary Shares (each representing ten (10) Common Shares) $360,000 0.04% 20,000 $79,800

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
NCLH $141,326,658 16.38% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: G2004J103) $127,194,269 4,452,022 14.74%
META $101,955,490 181,000 11.82%
GS $63,716,310 63,000 7.38%
NBIS $55,234,000 200,000 6.40%
CRH $51,895,000 485,000 6.01%
IREN $37,269,950 815,000 4.32%
TBBB $7,260,664 174,242 0.84%
DLR $6,285,300 35,000 0.73%
QQQM $1,969,305 6,500 0.23%
CURB $1,520,000 50,000 0.18%
Unknown issuer (CUSIP: 98585C100) $527,800 26,000 0.06%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
NCLH Bought more +982K +$34.5M
BIO Trimmed -75K -$20.6M
NVDA Trimmed -8K +$11.0M
ENSG Bought more +73K +$9.3M
MHK Bought more +34K +$6.4M
CALM Trimmed -57K -$4.3M
GLNG Bought more +110K +$4.0M
AMZN Bought more +4K +$3.5M
LLYVA Bought more +10K +$2.0M
BELFA Trimmed -7K +$1.9M

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
CCL June 30, 2026 4,514,839 $116,844,033 -9.8%
GS Dec. 31, 2025 116,000 $92,376,600 2.7%
PLTR June 30, 2026 543,000 $79,430,040 61.8%
HOOD June 30, 2026 1,055,555 $73,149,962 12.4%
META March 31, 2026 77,000 $50,826,930 27.3%
BRK-B (filed as BRKB) June 30, 2026 103,500 $49,597,200 No longer tracked
EXPE Dec. 31, 2025 226,375 $48,387,656 -6.5%
SE June 30, 2026 500,000 $41,405,000 -0.7%
NFLX June 30, 2026 284,500 $27,354,675 -6.1%
AAPL Sept. 30, 2025 123,000 $25,235,910 31.0%
MS June 30, 2026 141,570 $23,298,175 -9.0%
LLYVK (filed as LLYVKXXXX) Dec. 31, 2025 144,022 $13,965,813 17.7%
ICLR March 31, 2026 75,000 $13,666,500 46.4%
ENTG March 31, 2026 159,450 $13,433,663 42.0%
ONON March 31, 2026 250,000 $11,620,000 -9.3%
KEX March 31, 2026 99,767 $10,992,328 3.8%
ARW June 30, 2026 55,099 $7,901,748 13.4%
HCA Dec. 31, 2025 18,265 $7,784,543 -8.6%
PATH June 30, 2026 639,400 $7,097,340 20.7%
WDAY March 31, 2026 32,584 $6,998,392 43.3%
DG March 31, 2026 47,228 $6,270,462 0.2%
MTN June 30, 2026 38,624 $4,956,232 3.7%
FISV March 31, 2026 65,509 $4,400,240 -20.5%
UNH Sept. 30, 2025 13,437 $4,191,941 7.7%
GIII June 30, 2026 115,853 $3,209,128 -18.8%
FPS June 30, 2026 100,000 $2,927,000 -27.8%
RPD Dec. 31, 2025 154,920 $2,904,750 -19.8%
TTAN Sept. 30, 2025 20,000 $2,143,600 -33.5%
WBI March 31, 2026 100,000 $2,001,000 7.7%
ALH June 30, 2026 85,000 $1,762,900 -19.7%
NTSK June 30, 2026 206,500 $1,753,185 62.2%
IVV March 31, 2026 2,000 $1,369,880
MIAX March 31, 2026 25,000 $1,109,500 -15.2%
SBET March 31, 2026 119,684 $1,069,975 45.0%
OS Sept. 30, 2025 30,000 $849,000 No longer tracked
AMBQ March 31, 2026 20,000 $570,000 168.3%
ASIC Sept. 30, 2025 10,000 $215,200 32.4%