Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +14.9%
S&P 500 total return (same window) +37.0%
Excess return -22.1%

Annualized: +11.8% · 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: 96.6% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 33.8%
Communication Services 22.4%
Technology 14.0%
Financials 13.1%
Industrials 4.2%
Utilities 1.7%
Retail 1.5%
Energy 0.5%
Consumer Discretionary 0.4%
Materials 0.2%
Real Estate 0.1%
Other/Unmapped 8.1%

Full portfolio 67 positions

05
Type Streak 8Q trend
ICLR ICON plc - Ordinary Shares $39,026,557 17.60% 224,665 $23,262,487 Up ×5
FWONK Liberty Media Corporation - Series C Liberty Formula One Common Stock $17,760,735 8.01% 186,680 $8,974,513 Up ×6
ELV Elevance Health, Inc. Common Stock $16,599,999 7.49% 42,924 $1,740,887 Down ×2
Unknown issuer (CUSIP: 866966104) $15,508,487 6.99% 207,305 $7,362,343 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $15,089,591 6.80% 42,224 $-3,575,641 Down ×1
GOOG Alphabet Inc. - Class C Capital Stock $13,471,766 6.08% 38,128 $-1,600,432 Down ×5
TSM Taiwan Semiconductor Manufacturing Company Ltd. $13,140,339 5.93% 27,515 $3,841,645
AON Aon plc Class A Ordinary Shares (Ireland) $9,951,032 4.49% 30,001 $2,526,769 Up ×1
ROP Roper Technologies, Inc. - Common Stock $7,613,775 3.43% 22,500 $-348,075
UNH UnitedHealth Group Incorporated Common Stock (DE) $7,238,612 3.26% 17,416 $-1,974,707 Down ×2
VERX Vertex, Inc. - Class A Common Stock $7,232,400 3.26% 630,000 $1,525,200 Up ×1
GMED Globus Medical, Inc. Class A Common Stock $5,647,319 2.55% 71,476 $-6,488,231 Down ×2
KSPI Joint Stock Company Kaspi.kz - American Depository Shares $4,835,378 2.18% 55,810 $701,531
ZTS Zoetis Inc. Class A Common Stock $4,799,314 2.16% 66,787 $-3,095,577
RYAAY Ryanair Holdings plc - American Depositary Shares, each representing five Ordinary Shares $4,621,531 2.08% 71,375 $496,056
CACC Credit Acceptance Corporation - Common Stock $4,552,691 2.05% 7,150 $-1,399,463 Down ×6
BIP Brookfield Infrastructure Partners LP Limited Partnership Units $3,503,733 1.58% 96,019 $35,527
ICE Intercontinental Exchange Inc. Common Stock $3,072,949 1.39% 24,961 $-7,152,610 Down ×2
NFLX Netflix, Inc. - Common Stock $2,821,442 1.27% 39,516 $-4,432,979 Down ×2
AAPL Apple Inc. - Common Stock $1,868,687 0.84% 6,458 $229,711
TJX TJX Companies, Inc. (The) Common Stock $1,449,401 0.65% 9,567 $-94,100 Down ×1
UHALB CUSIP: 023586506 $1,440,942 0.65% 24,973 $119,916 Down ×1
CPA Copa Holdings, S.A. Class A Common Stock $1,306,788 0.59% 8,400 $352,464
AMZN Amazon.com, Inc. - Common Stock $1,167,866 0.53% 4,900 $480,575 Up ×1
MSFT Microsoft Corporation - Common Stock $884,430 0.40% 2,371 $413,944 Up ×2
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $877,684 0.40% 1,754 $37,167
BUR Burford Capital Limited Ordinary Shares $832,300 0.38% 203,000 $-85,260
SCHW Charles Schwab Corporation (The) Common Stock $808,931 0.36% 8,767 $-14,992
THO Thor Industries, Inc. Common Stock $765,129 0.35% 10,180 $-48,151
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $748,850 0.34% 1 $30,710
GLD SPDR Gold Shares $732,339 0.33% 1,988 $-123,078
WST West Pharmaceutical Services, Inc. Common Stock $728,411 0.33% 2,029 $194,548 Down ×1
AVT Avnet, Inc. - Common Stock $639,504 0.29% 7,200 $195,840
WAT Waters Corporation Common Stock $619,941 0.28% 1,653 $127,678
BRO Brown & Brown, Inc. Common Stock $570,935 0.26% 8,900 $-9,434
RBLX Roblox Corporation Class A Common Stock $562,833 0.25% 10,350 $-22,563
EPD Enterprise Products Partners L.P. Common Stock $488,908 0.22% 13,300 $-14,364
EXP Eagle Materials Inc Common Stock $450,000 0.20% 2,000 $71,100
LIN Linde plc - Ordinary Shares $447,845 0.20% 863 $20,004
TDY Teledyne Technologies Incorporated Common Stock $433,485 0.20% 650 $40,228
BSM Black Stone Minerals, L.P. Common units representing limited partner interests $380,291 0.17% 27,222 $-31,306
EQH Equitable Holdings, Inc. Common Stock $377,851 0.17% 8,611 $58,297
NBN Northeast Bank - Common Stock $371,084 0.17% 2,800 $56,448
BAC Bank of America Corporation Common Stock $364,672 0.16% 6,400 $52,672
FND Floor & Decor Holdings, Inc. Common Stock $356,160 0.16% 6,000 Up ×1
MSA MSA Safety Incorporated Common Stock $349,160 0.16% 2,000 $21,260
CB Chubb Limited Common Stock $339,036 0.15% 995 $14,736
AER AerCap Holdings N.V. Ordinary Shares $335,294 0.15% 2,300 $19,780
SGU Star Group L.P. Common Stock $326,136 0.15% 25,400 $14,224
ADI Analog Devices, Inc. - Common Stock $317,736 0.14% 800 $63,224
AXP American Express Company Common Stock $314,573 0.14% 930 $33,267
USB U.S. Bancorp Common Stock $302,000 0.14% 5,000 $41,950
EXE Expand Energy Corporation - Common Stock $300,927 0.14% 3,300 $37,455 Up ×1
LOW Lowe's Companies, Inc. Common Stock $286,637 0.13% 1,300 $-20,527
FERG Ferguson Enterprises Inc. Common Stock $284,796 0.13% 1,200 $4,884
TECH Bio-Techne Corp - Common Stock $282,600 0.13% 4,000 Up ×1
FAST Fastenal Company - Common Stock $274,732 0.12% 5,720 $9,324
DAL Delta Air Lines, Inc. Common Stock $269,273 0.12% 2,875 $-179,467 Down ×1
SPY SPY $262,863 0.12% 352 $33,943
UNP Union Pacific Corporation Common Stock $244,800 0.11% 900 $26,442
SBAC SBA Communications Corporation - Class A Common Stock $229,927 0.10% 1,303 $5,668
COF Capital One Financial Corporation Common Stock $214,864 0.10% 1,071
MTB M&T Bank Corporation Common Stock $214,209 0.10% 900 Up ×1
JPM JP Morgan Chase & Co. Common Stock $204,254 0.09% 624
AMBP Ardagh Metal Packaging S.A. Ordinary Shares $94,800 0.04% 20,000 $-87,450 Down ×1
STLA Stellantis N.V. Common Shares $86,100 0.04% 15,000 $-20,250
BLND Blend Labs, Inc. Class A Common Stock $51,040 0.02% 29,848 $298

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
ICLR $39,026,557 17.60% up ×5
FWONK $17,760,735 8.01% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
FND $356,160 6,000 0.16%
TECH $282,600 4,000 0.13%
COF $214,864 1,071 0.10%
MTB $214,209 900 0.10%
JPM $204,254 624 0.09%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ICLR Bought more +82K +$23.3M
FWONK Bought more +83K +$9.0M
· Bought more +82K +$7.4M
ICE Trimmed -40K -$7.2M
GMED Trimmed -69K -$6.5M
NFLX Trimmed -36K -$4.4M
TSM Price move only +0 +$3.8M
GOOGL Trimmed -23K -$3.6M
ZTS Price move only +0 -$3.1M
AON Bought more +7K +$2.5M

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
META Dec. 31, 2025 14,087 $10,345,211 12.4%
AMTM June 30, 2026 303,576 $7,917,262 -11.8%
LSPD June 30, 2025 650,000 $5,687,500 -12.8%
VOO Sept. 30, 2025 7,449 $4,231,255 16.3%
LBRDK March 31, 2026 63,301 $3,076,429 No longer tracked
MA June 30, 2025 4,231 $2,319,096 0.5%
ANET June 30, 2025 24,228 $1,877,185 102.2%
HG June 30, 2025 87,959 $1,823,390 58.0%
KMX June 30, 2025 16,327 $1,272,200 -18.4%
XP March 31, 2026 61,067 $999,667 47.8%
BKNG June 30, 2025 155 $714,071 -97.3%
GLIBK June 30, 2026 16,682 $620,737 9.2%
HDB March 31, 2026 14,840 $542,254 -11.1%
DE March 31, 2026 900 $419,013 21.1%
ING June 30, 2026 15,791 $411,356 10.8%
ATAI Sept. 30, 2025 168,416 $368,831 No longer tracked
IBKR June 30, 2025 2,113 $349,892 60.7%
HCA Dec. 31, 2025 800 $340,960 -6.8%
ACN June 30, 2026 1,500 $297,435 56.7%
COF March 31, 2026 1,071 $259,568 7.0%
TBRG Sept. 30, 2025 10,000 $234,200 No longer tracked
PRKS Dec. 31, 2025 4,500 $232,650 -5.3%
LEN March 31, 2026 2,203 $226,468 -14.3%
OMF June 30, 2026 4,000 $213,960 -7.8%
NRP June 30, 2026 1,700 $205,700 13.2%
JPM March 31, 2026 624 $201,065 13.0%