Performance vs S&P 500

03
Tracked Q3 2025–Q2 2026 +8.4%
S&P 500 total return (same window) +13.0%
Excess return -4.6%

Annualized: +11.4% · 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: 99.9% · Options excluded: 0.0%

Sector breakdown

04
Financials 37.6%
Technology 25.2%
Retail 12.0%
Industrials 9.2%
Consumer Discretionary 8.5%
Communication Services 7.4%

Full portfolio 13 positions

05
Type Streak 8Q trend
TSM Taiwan Semiconductor Manufacturing Company Ltd. $108,462,833 18.80% 227,114 $28,235,530 Down ×4
AMZN Amazon.com, Inc. - Common Stock $69,179,376 11.99% 290,255 $8,727,967
BN Brookfield Corporation Class A Limited Voting Shares $65,883,722 11.42% 1,547,195 $3,549,357 Up ×1
SCHW Charles Schwab Corporation (The) Common Stock $65,078,400 11.28% 705,304 $-1,039,255 Up ×1
V Visa Inc. $57,377,685 9.94% 167,238 $6,831,672
UBER Uber Technologies, Inc. Common Stock $53,133,790 9.21% 736,333 $615,323 Up ×4
FLUT Flutter Entertainment plc Ordinary Shares $43,894,377 7.61% 429,621 $10,307,969 Up ×3
GOOGL Alphabet Inc. - Class A Common Stock $42,940,507 7.44% 120,157 $8,507,497 Up ×1
ASML ASML Holding N.V. - New York Registry Shares $36,961,806 6.40% 18,579 $11,940,002 Down ×5
MA Mastercard Incorporated Common Stock $27,971,683 4.85% 54,462 $759,200
LVS Las Vegas Sands Corp. Common Stock $5,150,970 0.89% 111,517 $-11,713,470 Down ×2
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $750,585 0.13% 1,500 $31,785
COST Costco Wholesale Corporation - Common Stock $294,673 0.05% 315 $-19,202

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
UBER $53,133,790 9.21% up ×4
FLUT $43,894,377 7.61% up ×3

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TSM Trimmed -10K +$28.2M
ASML Trimmed -365 +$11.9M
LVS Trimmed -201K -$11.7M
FLUT Bought more +100K +$10.3M
AMZN Price move only +0 +$8.7M
GOOGL Bought more +415 +$8.5M
V Price move only +0 +$6.8M
BN Bought more +6K +$3.5M
SCHW Bought more +2K -$1.0M
MA Price move only +0 +$759K

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
FLUT June 30, 2025 237,115 $51,918,957 -72.0%
BAM Sept. 30, 2025 15,511 $856,897 -17.4%
MCO June 30, 2025 1,341 $624,490 -3.6%
CIGI June 30, 2026 4,400 $469,483 -1.0%
AAPL June 30, 2025 2,070 $459,809 69.5%
UNP Dec. 31, 2025 845 $199,733 26.6%