Performance vs S&P 500

03
Tracked Q1 2025–Q4 2025 +38.2%
S&P 500 total return (same window) +26.1%
Excess return +12.1%

Annualized: +53.6% · S&P 500: +36.0%

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: 1.0%

Sector breakdown

04
Healthcare 100.0%

Full portfolio 27 positions

05
Type Streak 8Q trend
CRL Charles River Laboratories International, Inc. Common Stock $75,748,141 8.66% 379,728 $33,816,861 Up ×1
ISRG Intuitive Surgical, Inc. - Common Stock $53,497,799 6.12% 94,459
RGEN Repligen Corporation - Common Stock $52,512,870 6.00% 320,474 $16,421,970 Up ×1
JAZZ Jazz Pharmaceuticals plc - Ordinary Shares $49,668,900 5.68% 292,170 $29,898,900 Up ×1
VCYT Veracyte, Inc. - Common Stock $41,274,461 4.72% 980,391 $24,624,411 Up ×1
BSX Boston Scientific Corporation Common Stock $40,120,706 4.59% 420,773
WAT Waters Corporation Common Stock $39,945,582 4.57% 105,167 Up ×1
BKD Brookdale Senior Living Inc. Common Stock $37,675,044 4.31% 3,491,663 $13,634,126 Up ×2
LLY Eli Lilly and Company Common Stock $37,662,161 4.31% 35,045 $-148,304 Down ×1
BRKR Bruker Corporation - Common Stock $37,423,242 4.28% 794,380 Up ×1
VRTX Vertex Pharmaceuticals Incorporated - Common Stock $34,867,918 3.99% 76,910 Up ×1
CVS CVS Health Corporation Common Stock $34,319,788 3.92% 432,457 $-25,833,893 Down ×1
FTRE Fortrea Holdings Inc. - Common Stock $34,264,244 3.92% 1,986,333 Up ×1
MMSI Merit Medical Systems, Inc. - Common Stock $33,992,072 3.89% 385,660
BTSG BrightSpring Health Services, Inc. - Common Stock $33,608,641 3.84% 897,427 $-3,002,010 Down ×1
DOCS Doximity, Inc. Class A Common Stock $30,401,231 3.48% 686,568 $15,039,731 Up ×1
TECH Bio-Techne Corp - Common Stock $27,488,323 3.14% 467,409
ATEC Alphatec Holdings, Inc. - Common Stock $27,050,812 3.09% 1,285,685 Up ×1
AHCO AdaptHealth Corp. - Common Stock $25,985,670 2.97% 2,609,003 $8,764,689 Up ×3
NVST Envista Holdings Corporation Common Stock $25,763,344 2.95% 1,186,704
UNH UnitedHealth Group Incorporated Common Stock (DE) $23,149,294 2.65% 70,126 Up ×1
ABT Abbott Laboratories Common Stock $21,967,472 2.51% 175,333 Up ×1
IDYA IDEAYA Biosciences, Inc. - Common Stock $16,160,922 1.85% 467,484 $8,814,222 Up ×1
BHVN Biohaven Ltd. Common Shares $10,819,613 1.24% 958,336 Up ×1
XENE Xenon Pharmaceuticals Inc. - Common Shares $10,473,896 1.20% 233,688 Up ×1
DNTH Dianthus Therapeutics, Inc. - Common Stock $9,508,383 1.09% 230,730 Up ×1
MLYS Mineralys Therapeutics, Inc. - Common Stock $9,329,615 1.07% 257,085 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
AHCO $25,985,670 2.97% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ISRG $53,497,799 94,459 6.12%
BSX $40,120,706 420,773 4.59%
WAT $39,945,582 105,167 4.57%
BRKR $37,423,242 794,380 4.28%
VRTX $34,867,918 76,910 3.99%
FTRE $34,264,244 1,986,333 3.92%
MMSI $33,992,072 385,660 3.89%
TECH $27,488,323 467,409 3.14%
ATEC $27,050,812 1,285,685 3.09%
NVST $25,763,344 1,186,704 2.95%
UNH $23,149,294 70,126 2.65%
ABT $21,967,472 175,333 2.51%
BHVN $10,819,613 958,336 1.24%
XENE $10,473,896 233,688 1.20%
DNTH $9,508,383 230,730 1.09%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CRL Bought more +112K +$33.8M
JAZZ Bought more +142K +$29.9M
CVS Trimmed -365K -$25.8M
VCYT Bought more +495K +$24.6M
RGEN Bought more +50K +$16.4M
DOCS Bought more +477K +$15.0M
BKD Bought more +653K +$13.6M
IDYA Bought more +197K +$8.8M
AHCO Bought more +685K +$8.8M
BTSG Trimmed -341K -$3.0M

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
DXCM Dec. 31, 2025 850,000 $57,196,500 30.9%
DVA June 30, 2025 319,566 $48,884,011 25.5%
ABBV Dec. 31, 2025 200,326 $46,383,482 16.3%
MDT Dec. 31, 2025 453,347 $43,176,768 -8.4%
MMSI Sept. 30, 2025 392,783 $36,717,355 4.7%
ICLR Sept. 30, 2025 250,000 $36,362,500 -3.8%
TEVA June 30, 2025 2,217,730 $34,086,510 136.6%
BSX June 30, 2025 332,167 $33,509,007 -60.5%
ISRG Sept. 30, 2025 60,000 $32,604,600 -9.1%
GMED June 30, 2025 431,221 $31,565,377 29.7%
HCA Sept. 30, 2025 80,000 $30,648,000 2.0%
GKOS Dec. 31, 2025 342,804 $27,955,666 45.3%
THC Dec. 31, 2025 137,448 $27,907,442 30.6%
AZN June 30, 2025 376,330 $27,660,255 12.0%
EXAS Dec. 31, 2025 500,000 $27,355,000 No longer tracked
ADPT Dec. 31, 2025 1,820,915 $27,240,888 83.7%
MDGL Dec. 31, 2025 58,378 $26,775,653 -15.2%
GH Dec. 31, 2025 400,000 $24,992,000 83.3%
A June 30, 2025 208,438 $24,383,077 45.1%
CAH Dec. 31, 2025 138,011 $21,662,207 13.4%
PODD Sept. 30, 2025 68,041 $21,377,121 -56.1%
OSCR Sept. 30, 2025 900,000 $19,296,000 71.3%
NBIX Dec. 31, 2025 131,390 $18,444,528 1.7%
WST Dec. 31, 2025 70,000 $18,363,100 36.9%
NBIX June 30, 2025 146,836 $16,240,062 14.7%
JAZZ June 30, 2025 130,000 $16,139,500 122.4%
TWST Sept. 30, 2025 424,355 $15,612,020 628.5%
FOLD Dec. 31, 2025 1,971,260 $15,533,529 No longer tracked
TECH June 30, 2025 250,000 $14,657,500 41.1%
ONC Sept. 30, 2025 60,000 $14,524,200 6.1%
NVST Sept. 30, 2025 620,000 $12,114,800 14.6%
EHAB Sept. 30, 2025 1,027,972 $9,909,650 No longer tracked
ALNY Sept. 30, 2025 29,339 $9,567,155 -51.8%
TXG June 30, 2025 1,000,000 $8,730,000 744.0%
ARGX Dec. 31, 2025 9,900 $7,301,844 8.6%
INSM Sept. 30, 2025 70,000 $7,044,800 -27.9%