Sector breakdown

04
Energy 30.8%
Technology 4.1%
Financials 2.4%
Industrials 2.1%
Healthcare 1.8%
Consumer products 1.1%
Utilities 0.8%
Retail 0.7%
Consumer Staples 0.6%
Communication Services 0.5%
Real Estate 0.4%
Materials 0.3%
Consumer Discretionary 0.2%
Other/Unmapped 54.3%

Full portfolio 185 positions

05
Type Streak 8Q trend
SPY SPY $403,255,800 23.59% 540,000 Call option $45,568,800 Down ×1
ET Energy Transfer LP Common Units $79,614,399 4.66% 4,163,933 $-2,290,227 Down ×1
SUN Sunoco LP Common Units representing limited partner interests $67,216,095 3.93% 995,794 $4,004,508 Up ×3
PAA Plains All American Pipeline, L.P. - Common Units representing Limited Partner Interests $66,677,782 3.90% 2,995,408 $-2,321,739 Down ×1
ETPRI CUSIP: 29273V704 $60,182,199 3.52% 5,251,455 $2,197,455 Up ×1
EPD Enterprise Products Partners L.P. Common Stock $54,842,428 3.21% 1,491,905 $-3,745,547 Down ×1
KKRPRD CUSIP: 48251W500 $54,174,379 3.17% 1,359,456 $10,326,900 Up ×1
WES Western Midstream Partners, LP Common Units Representing Limited Partner Interests $53,263,884 3.12% 1,217,182 $2,423,916 Down ×1
MPLX MPLX LP Common Units Representing Limited Partner Interests $52,769,099 3.09% 936,785 $-8,195,985 Down ×1
RLJPRA CUSIP: 74965L200 $49,844,820 2.92% 2,032,823 $3,650,711 Up ×6
BAPRA CUSIP: 097023204 $49,570,965 2.90% 744,868 $41,844,454 Up ×1
Unknown issuer (CUSIP: 02079K404) $49,415,869 2.89% 971,033 Up ×1
ORCLPRD CUSIP: 68389X204 $38,060,505 2.23% 862,265 $35,142,822 Up ×1
HPEPRC CUSIP: 42824C208 $34,508,318 2.02% 298,360 $29,788,508 Up ×5
ALBPRA CUSIP: 012653200 $29,096,989 1.70% 525,687 $-8,712,441 Down ×1
BTSGU BrightSpring Health Services, Inc. - Tangible Equity Unit $24,665,699 1.44% 107,734 Up ×1
HESM Hess Midstream LP Class A Representing Limited Partner Interests $22,731,494 1.33% 604,561 $-3,262,391 Down ×3
APOPRA CUSIP: 03769M304 $22,686,159 1.33% 372,392 $-16,850,746 Down ×2
ARESPRB CUSIP: 03990B309 $22,166,140 1.30% 604,806 $5,335,168 Up ×3
MCHPP Microchip Technology Incorporated - Depositary Shares Each Representing a 1/20th Interest in a Share of 7.50% Series A Mandatory Convertible Preferred Stock $20,520,769 1.20% 267,511 Up ×1
LNG Cheniere Energy, Inc. Common Stock $19,751,786 1.16% 82,640 $-3,570,449 Up ×1
IWM iShares Russell 2000 Index Fund $19,529,250 1.14% 65,000 Call option
PEBPRF CUSIP: 70509V704 $18,628,382 1.09% 959,237 $616,039 Up ×5
GTLS Chart Industries, Inc. Common Stock $16,999,358 0.99% 81,360 $1,864,224 Up ×2
WMB Williams Companies, Inc. (The) Common Stock $15,277,093 0.89% 205,503 $-6,707,998 Down ×1
CQP Cheniere Energy Partners, LP Common Units $14,065,005 0.82% 230,763 $-580,864 Up ×2
KMI Kinder Morgan, Inc. Common Stock $13,695,117 0.80% 428,374 $-4,893,814 Down ×3
FLGPRU CUSIP: 64944P307 $11,915,464 0.70% 290,371 $-31,051,362 Down ×1
Unknown issuer (CUSIP: 02079K602) $11,317,500 0.66% 225,000 Up ×1
STRK Strategy Inc - 8.00% Series A Perpetual Strike Preferred Stock $11,227,326 0.66% 190,876 $410,155 Up ×2
TRGP Targa Resources, Inc. Common Stock $10,107,537 0.59% 37,695 $-13,358,534 Down ×1
AMZN Amazon.com, Inc. - Common Stock $9,692,812 0.57% 40,668 $2,941,740 Up ×2
BHRPRB CUSIP: 10482B200 $9,280,226 0.54% 674,435 $539,883 Up ×6
GEL Genesis Energy, L.P. Common Units $9,117,488 0.53% 643,436 $-2,148,594 Up ×3
USAC USA Compression Partners, LP Common Units Representing Limited Partner Interests $9,114,077 0.53% 345,361 $580,579 Up ×2
AVGO Broadcom Inc. - Common Stock $8,529,596 0.50% 22,580 $7,501,094 Up ×2
TOL Toll Brothers, Inc. Common Stock $8,348,542 0.49% 50,674 $4,087,130 Up ×1
DKL Delek Logistics Partners, L.P. Common Units representing Limited Partner Interests $7,205,910 0.42% 139,812 $-580,336 Down ×1
RPTPRC CUSIP: 38983D862 $6,786,563 0.40% 272,498 $681,388 Up ×1
LMT Lockheed Martin Corporation Common Stock $6,395,760 0.37% 12,554 $5,481,923 Up ×2
OKE ONEOK, Inc. Common Stock $6,310,801 0.37% 72,588 $-1,935,388 Down ×2
BAC Bank of America Corporation Common Stock $6,185,065 0.36% 108,548
PFFA ETFis Series Trust I $6,046,565 0.35% 283,867 $158,031 Down ×1
CFG Citizens Financial Group, Inc. Common Stock $5,889,664 0.34% 84,054 $959,410 Up ×2
MSFT Microsoft Corporation - Common Stock $5,884,764 0.34% 15,776 $3,767,392 Up ×2
DHI D.R. Horton, Inc. Common Stock $5,536,943 0.32% 33,994 $4,835,612 Up ×1
CELH Celsius Holdings, Inc. - Common Stock $5,494,714 0.32% 187,661 $1,147,207 Up ×2
VSECU VSE Corporation - Tangible Equity Units $5,434,821 0.32% 94,240 Up ×1
GLP Global Partners LP Common Units representing Limited Partner Interests $5,228,703 0.31% 112,228 $588,946 Up ×3
Unknown issuer (CUSIP: 65339F655) $4,936,478 0.29% 102,972 $1,525,208 Up ×1
KKR KKR & Co. Inc. Common Stock $4,828,913 0.28% 52,614 $900,068 Up ×4
LEN Lennar Corporation Class A Common Stock $4,826,737 0.28% 53,340 $1,971,351 Up ×1
TRP TC Energy Corporation Common Stock $4,490,021 0.26% 67,733 $-1,222,667 Down ×1
NVDA NVIDIA Corporation - Common Stock $4,363,163 0.26% 21,806 $1,775,762 Up ×2
GEV GE Vernova Inc. Common Stock $4,218,922 0.25% 3,591 $3,781,599 Up ×1
KKR KKR & Co. Inc. Common Stock $3,702,400 0.22% 40,000 Call option $-2,217,600 Down ×1
EPRPRE CUSIP: 26884U307 $3,536,001 0.21% 111,300 $494,234 Up ×1
WHRDL CUSIP: 963320205 $3,502,799 0.20% 99,738 $-187,533 Up ×1
MRK Merck & Company, Inc. Common Stock (new) $3,382,634 0.20% 26,324 $739,021 Up ×5
NEE NextEra Energy, Inc. Common Stock $3,286,372 0.19% 37,443 $-421,397 Down ×1
APO Apollo Global Management, Inc. (New) Common Stock $3,277,779 0.19% 27,705 $-57,913 Down ×1
MPC Marathon Petroleum Corporation Common Stock $3,128,378 0.18% 12,236 $-2,879,427 Down ×2
LXPPRC CUSIP: 529043309 $2,980,040 0.17% 65,481 $268,018 Up ×6
ZION Zions Bancorporation N.A. - Common Stock $2,825,650 0.17% 40,839 $861,442 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $2,803,495 0.16% 4,977 $48,689 Up ×1
XOM Exxon Mobil Corporation Common Stock $2,755,045 0.16% 20,151 $2,511,074 Up ×1
GS Goldman Sachs Group, Inc. (The) Common Stock $2,714,517 0.16% 2,684 $-789,834 Down ×1
PEBPRE CUSIP: 70509V605 $2,691,513 0.16% 138,168 $-1,158,690 Down ×1
ORCL Oracle Corporation Common Stock $2,517,583 0.15% 17,179
VST Vistra Corp. Common Stock $2,490,332 0.15% 15,699 $519,957 Up ×3
MS Morgan Stanley Common Stock $2,481,514 0.15% 11,871 $1,007,461 Up ×2
XEL Xcel Energy Inc. - Common Stock $2,448,106 0.14% 30,487 $427,311 Up ×4
RTX RTX Corporation Common Stock $2,357,964 0.14% 12,428
AMD Advanced Micro Devices, Inc. - Common Stock $2,332,935 0.14% 4,016 $2,088,616 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $2,323,262 0.14% 6,501 Up ×1
PSX Phillips 66 Common Stock $2,322,240 0.14% 13,737 $-385,866 Down ×2
FCX Freeport-McMoRan, Inc. Common Stock $2,301,334 0.13% 36,593 $169,207 Up ×1
CVX Chevron Corporation Common Stock $2,229,306 0.13% 13,449 $2,025,509 Up ×1
BX Blackstone Inc. Common Stock $1,831,769 0.11% 15,567 $625,754 Up ×3
AMZA ETFis Series Trust I $1,788,128 0.10% 38,712 $440 Down ×1
MU Micron Technology, Inc. - Common Stock $1,651,789 0.10% 1,431 Up ×1
LNT Alliant Energy Corporation - Common Stock $1,598,123 0.09% 20,948 $342,897 Up ×3
KHC The Kraft Heinz Company - Common Stock $1,591,539 0.09% 67,381 $326,926 Up ×6
VLO Valero Energy Corporation Common Stock $1,581,913 0.09% 6,074 $7,025 Down ×2
DINO HF Sinclair Corporation Common Stock $1,538,151 0.09% 22,084 $-269,038 Down ×1
REXR Rexford Industrial Realty, Inc. Common Stock $1,525,322 0.09% 45,532 $281,615 Up ×5
PM Philip Morris International Inc Common Stock $1,411,822 0.08% 7,804 $30,902 Down ×3
FITB Fifth Third Bancorp - Common Stock $1,401,133 0.08% 24,856 $436,995 Up ×6
NFLX Netflix, Inc. - Common Stock $1,400,368 0.08% 19,613 Up ×1
LLY Eli Lilly and Company Common Stock $1,344,561 0.08% 1,121
CCI Crown Castle Inc. Common Stock $1,328,304 0.08% 17,540 $293,959 Up ×6
KRC Kilroy Realty Corporation Common Stock $1,269,408 0.07% 33,878 $-573,439 Down ×1
VZ Verizon Communications Inc. Common Stock $1,204,150 0.07% 28,440 $12,302 Up ×3
SAFE Safehold Inc. New Common Stock $1,138,376 0.07% 72,508 $355,896 Up ×4
SO Southern Company (The) Common Stock $1,134,451 0.07% 11,853 $815,452 Up ×1
SCAP Series Portfolios Trust $1,101,848 0.06% 28,575 $110,092 Up ×2
Unknown issuer (CUSIP: 81752T361) $1,077,923 0.06% 10,508 Up ×1
INTC Intel Corporation - Common Stock $987,463 0.06% 7,072 Up ×1
TPG TPG Inc. - Class A Common Stock $987,149 0.06% 24,344 $163,945 Up ×2
AMZN Amazon.com, Inc. - Common Stock $953,360 0.06% 4,000 Call option $-2,954,720 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
SUN $67,216,095 3.93% up ×3
RLJPRA $49,844,820 2.92% up ×6
HPEPRC $34,508,318 2.02% up ×5
ARESPRB $22,166,140 1.30% up ×3
PEBPRF $18,628,382 1.09% up ×5
BHRPRB $9,280,226 0.54% up ×6
GEL $9,117,488 0.53% up ×3
GLP $5,228,703 0.31% up ×3
KKR $4,828,913 0.28% up ×4
MRK $3,382,634 0.20% up ×5
LXPPRC $2,980,040 0.17% up ×6
VST $2,490,332 0.15% up ×3
XEL $2,448,106 0.14% up ×4
BX $1,831,769 0.11% up ×3
LNT $1,598,123 0.09% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 02079K404) $49,415,869 971,033 2.89%
BTSGU $24,665,699 107,734 1.44%
MCHPP $20,520,769 267,511 1.20%
IWM $19,529,250 65,000 1.14%
Unknown issuer (CUSIP: 02079K602) $11,317,500 225,000 0.66%
BAC $6,185,065 108,548 0.36%
VSECU $5,434,821 94,240 0.32%
ORCL $2,517,583 17,179 0.15%
RTX $2,357,964 12,428 0.14%
GOOGL $2,323,262 6,501 0.14%
MU $1,651,789 1,431 0.10%
NFLX $1,400,368 19,613 0.08%
LLY $1,344,561 1,121 0.08%
Unknown issuer (CUSIP: 81752T361) $1,077,923 10,508 0.06%
INTC $987,463 7,072 0.06%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SPY Trimmed -10K +$45.6M
FLGPRU Trimmed -818K -$31.1M
APOPRA Trimmed -304K -$16.9M
TRGP Trimmed -56K -$13.4M
KKRPRD Bought more +269K +$10.3M
ALBPRA Trimmed -543 -$8.7M
MPLX Trimmed -131K -$8.2M
WMB Trimmed -97K -$6.7M
ARESPRB Bought more +140K +$5.3M
KMI Trimmed -126K -$4.9M

6 positions hidden — reported move looks larger than the position itself (data completeness check)

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
DIA June 30, 2025 40,000 $16,795,200
QQQ March 31, 2026 25,000 $15,357,750 29.0%
DIA Dec. 31, 2025 30,000 $13,912,200
GTLSPRB Dec. 31, 2025 172,605 $12,241,147 No longer tracked
DINO June 30, 2025 288,609 $8,234,015 175.9%
TRP June 30, 2025 659,382 $6,791,635 21.1%
RPTPRC Dec. 31, 2025 223,044 $5,509,187 No longer tracked
MCD March 31, 2026 11,927 $3,645,249 -25.4%
IWM March 31, 2026 11,824 $2,910,596 13.7%
NEEPRR Sept. 30, 2025 62,617 $2,488,399 No longer tracked
C March 31, 2026 19,140 $2,233,447 13.3%
AB June 30, 2025 48,880 $1,872,593 -14.3%
UGI June 30, 2025 50,290 $1,663,090 2.1%
JNJ March 31, 2026 7,986 $1,652,703 4.7%
MPC Sept. 30, 2025 9,884 $1,641,831 119.1%
ENB June 30, 2025 32,039 $1,419,648 1.4%
VOD Dec. 31, 2025 117,111 $1,411,188 27.3%
FANG June 30, 2025 8,275 $1,323,007 34.4%
CTRA June 30, 2026 37,334 $1,311,917 No longer tracked
HON March 31, 2026 6,550 $1,277,840 -5.3%
CFG Sept. 30, 2025 25,695 $1,149,851 21.0%
RTX June 30, 2025 8,678 $1,149,488 26.5%
MTB March 31, 2026 5,138 $1,035,204 6.0%
ARES Sept. 30, 2025 5,708 $988,626 -26.5%
O March 31, 2026 17,117 $964,885 -11.5%
MSTR March 31, 2026 6,001 $911,852 28.2%
KVUE June 30, 2026 52,501 $905,117 -10.0%
TFC March 31, 2026 18,096 $890,504 1.0%
NEEPRS June 30, 2025 17,958 $858,572 No longer tracked
SPH March 31, 2026 44,707 $828,868 -15.3%
TSLA June 30, 2026 2,200 $817,850 -11.9%
NWN March 31, 2026 16,917 $790,701 -11.0%
CAT June 30, 2025 2,297 $757,551 117.8%
CSCO March 31, 2026 9,606 $736,012 44.6%
CAT June 30, 2026 1,013 $717,670 -20.6%
EQIX Sept. 30, 2025 897 $713,537 31.0%
GNL June 30, 2026 68,204 $638,389 -7.7%
JPM Sept. 30, 2025 2,063 $598,084 5.4%
SOBO Sept. 30, 2025 22,486 $582,612 19.5%
MSTR June 30, 2025 2,000 $576,252 -60.4%
DLR March 31, 2026 3,711 $574,129 -0.9%
EIX June 30, 2026 7,748 $566,999 -27.6%
LYFT March 31, 2026 26,342 $510,245 16.2%
PFBC June 30, 2026 5,513 $499,974 0.2%
EPRPRC June 30, 2025 21,660 $499,913 No longer tracked
FSLR June 30, 2026 2,531 $499,265 -26.0%
PAGP Dec. 31, 2025 28,530 $492,713 36.2%
SPXC March 31, 2026 2,457 $491,547 -13.4%
NVDA Sept. 30, 2025 3,000 $473,970 25.4%
OKTA June 30, 2026 5,948 $468,167 55.0%
RRR June 30, 2025 10,673 $462,888 -3.3%
SLM Sept. 30, 2025 13,999 $459,027 -17.8%
DOW Sept. 30, 2025 17,299 $458,078 22.0%
NVT March 31, 2026 4,472 $456,010 43.4%
HR Sept. 30, 2025 28,737 $455,769 -3.1%
AMT Sept. 30, 2025 1,844 $407,561 -15.7%
ORCL March 31, 2026 2,001 $390,015 -3.3%
ARE Dec. 31, 2025 6,529 $380,118 -3.2%
TPR June 30, 2025 5,296 $372,891 34.5%
PNFP Sept. 30, 2025 3,346 $369,432 2.5%
ASIX June 30, 2026 14,748 $359,851 -18.4%
IBM March 31, 2026 1,173 $347,454 -8.1%
UNH Dec. 31, 2025 1,001 $345,645 12.7%
FCFS June 30, 2025 2,750 $330,880 55.7%
HRI Dec. 31, 2025 2,319 $329,414 -6.7%
AMD Dec. 31, 2025 2,001 $323,742 196.0%
BRX Sept. 30, 2025 12,346 $321,490 -1.0%
POR June 30, 2025 7,088 $316,125 9.6%
LAZ June 30, 2026 7,391 $313,970 -14.0%
BAC March 31, 2026 5,566 $306,130 10.3%
CASY June 30, 2026 413 $300,606 -22.3%
MCBS June 30, 2025 10,703 $295,082 23.3%
CHRD June 30, 2026 2,040 $290,047 19.9%
ESI Dec. 31, 2025 10,830 $289,378 51.8%
APD Sept. 30, 2025 1,020 $285,875 1.8%
JEF Sept. 30, 2025 5,193 $284,005 -29.7%
VIAV June 30, 2026 8,355 $278,054 -1.4%
BNDS June 30, 2026 5,580 $277,131
COOP Sept. 30, 2025 1,843 $274,994 No longer tracked
RRX June 30, 2026 1,440 $269,654 -32.9%
MUR June 30, 2025 9,490 $269,516 67.4%
CRM June 30, 2025 1,001 $268,628 -13.9%
UNH June 30, 2025 501 $262,399 19.2%
VZ June 30, 2025 5,678 $257,554 6.1%
JNK Sept. 30, 2025 2,650 $256,346 -4.5%
HYG Sept. 30, 2025 3,183 $255,514
NRG June 30, 2025 2,600 $248,196 -40.7%
MGM Sept. 30, 2025 7,010 $241,074 -12.1%
RRR March 31, 2026 3,875 $240,056 -5.7%
WAL June 30, 2026 3,349 $237,277 -7.1%
FROG June 30, 2026 4,962 $232,867 5.1%
NTST June 30, 2025 14,606 $231,505 3.5%
EPRT June 30, 2025 6,932 $226,260 -18.8%
AAPL March 31, 2026 811 $220,479 31.5%
LLY March 31, 2026 201 $216,011 24.3%
SEE June 30, 2026 5,000 $210,250 No longer tracked
WWD Dec. 31, 2025 802 $210,212 9.7%
ORI Dec. 31, 2025 5,079 $200,417 -16.6%
LYFT June 30, 2025 15,600 $185,172 -1.9%
CHCT Sept. 30, 2025 11,021 $183,279 -11.0%
SBUX Dec. 31, 2025 2,100 $177,660 12.5%
OGN June 30, 2026 28,001 $167,726 1.3%
TSM Dec. 31, 2025 501 $139,924 55.6%
TOL Dec. 31, 2025 1,001 $138,278 1.0%
FSK June 30, 2026 10,000 $101,800 4.5%
KRNY Sept. 30, 2025 13,898 $89,781 41.9%
WBD Dec. 31, 2025 4,000 $78,120 7.4%
PLTR Dec. 31, 2025 101 $18,424 6.2%