Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +21.9%
S&P 500 total return (same window) +37.0%
Excess return -15.1%

Annualized: +17.2% · 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
Consumer Discretionary 38.0%
Financials 27.0%
Retail 14.9%
Technology 9.1%
Industrials 8.8%
Other/Unmapped 2.2%

Full portfolio 8 positions

05
Type Streak 8Q trend
VAC Marriott Vacations Worldwide Corporation Common Stock $420,762,770 30.02% 4,129,984 $151,818,212
WEX WEX Inc. common stock $240,876,326 17.19% 1,707,253 $-20,401,673
ABG Asbury Automotive Group Inc Common Stock $208,857,573 14.90% 1,038,679 $-755,607 Down ×2
SLM SLM Corporation - Common Stock $137,687,808 9.83% 5,307,934 $-29,793,287 Down ×1
GTLB GitLab Inc. - Class A Common Stock $126,920,049 9.06% 4,157,224 $42,199,536 Up ×1
WMS Advanced Drainage Systems, Inc. Common Stock $122,866,718 8.77% 782,790 $5,415,970 Down ×3
LRN Stride, Inc. Common Stock $112,425,569 8.02% 1,303,636 $14,260,001 Up ×1
IWM iShares Trust $31,001,332 2.21% 103,183 $-31,615,196 Down ×1

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VAC Price move only +0 +$151.8M
GTLB Bought more +242K +$42.2M
IWM Trimmed -149K -$31.6M
SLM Trimmed -2.5M -$29.8M
WEX Price move only +0 -$20.4M
LRN Bought more +190K +$14.3M
WMS Trimmed -74K +$5.4M
ABG Trimmed -34K -$756K

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
WDC Sept. 30, 2025 3,571,435 $228,536,126 245.9%
CNXC Dec. 31, 2025 4,375,125 $201,912,019 -40.1%
CRL June 30, 2025 1,211,538 $182,360,700 91.3%
ETSY March 31, 2026 3,042,874 $168,696,935 45.6%
CLVT March 31, 2026 36,413,920 $121,622,493 -41.5%
SITE June 30, 2025 993,578 $120,660,112 -25.9%
CART June 30, 2026 1,573,012 $58,925,030 -6.5%
ICLR June 30, 2026 450,540 $49,856,756 -6.7%