Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +28.8%
S&P 500 total return (same window) +37.0%
Excess return -8.2%

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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Retail 79.1%
Technology 8.5%
Real Estate 8.2%
Consumer products 4.1%

Full portfolio 7 positions

05
Type Streak 8Q trend
BNED Barnes & Noble Education, Inc Common Stock $140,781,850 78.77% 11,208,746 $41,808,623
FPH Five Point Holdings, LLC Class A Common Shares $14,719,537 8.24% 2,793,081 $1,201,025
UEIC Universal Electronics Inc. - Common Stock $7,365,581 4.12% 1,544,647 $1,001,635
BILL BILL Holdings, Inc. Common Stock $6,508,800 3.64% 180,000 Up ×1
XPER Xperi Inc. Common Stock $4,465,976 2.50% 542,646 $-6,278,940 Down ×1
RMNI Rimini Street, Inc. - Common Stock $4,260,000 2.38% 1,000,000 $-2,605,299 Down ×1
PLCE Children's Place, Inc. (The) - Common Stock $626,366 0.35% 205,366 $-966,116 Down ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
BILL $6,508,800 180,000 3.64%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
BNED Price move only +0 +$41.8M
XPER Trimmed -1.4M -$6.3M
RMNI Trimmed -1.1M -$2.6M
FPH Price move only +0 +$1.2M
UEIC Price move only +0 +$1.0M
PLCE Trimmed -269K -$966K

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
NNDM Dec. 31, 2025 5,294,665 $8,312,624 5.8%
MRAM Sept. 30, 2025 798,438 $5,022,175 102.3%
MX June 30, 2026 1,383,402 $3,873,526 -22.2%
PLCE Sept. 30, 2025 571,000 $2,529,973 -68.0%
MRVI Sept. 30, 2025 990,000 $2,387,915 175.3%
OSG Sept. 30, 2025 300,000 $2,130,000 -44.8%
BXSL June 30, 2026 79,204 $1,876,343 -0.4%
ALIT June 30, 2026 1,521,831 $886,771 -21.0%