Performance vs S&P 500

03
Tracked Q4 2025–Q3 2026 +13.2%
S&P 500 total return (same window) +11.0%
Excess return +2.3%

Annualized: +18.1% · S&P 500: +15.0%

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: 89.4% · Options excluded: 0.0%

Sector breakdown

04
Financials 28.1%
Healthcare 18.9%
Energy 16.9%
Industrials 8.3%
Communication Services 6.6%
Technology 5.5%
Consumer Staples 5.1%
Retail 3.9%
Consumer Discretionary 1.1%
Consumer products 0.3%
Materials 0.3%
Utilities 0.1%
Other/Unmapped 4.7%

Full portfolio 59 positions

05
Type Streak 8Q trend
TPL Texas Pacific Land Corporation Common Stock $35,958,273 9.99% 110,359 $-12,232,018 Up ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $21,593,104 6.00% 43,364 $-480,600 Down ×2
MSFT Microsoft Corporation - Common Stock $18,798,298 5.22% 36,651 $5,076,011 Down ×2
PSX Phillips 66 Common Stock $18,566,909 5.16% 72,723 $4,569,738 Down ×5
TMO Thermo Fisher Scientific Inc Common Stock $17,878,699 4.97% 26,485 $4,312,900 Down ×1
AJG Arthur J. Gallagher & Co. Common Stock $15,178,439 4.22% 66,540 $-52,153 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $13,821,096 3.84% 40,562 $-638,581 Down ×2
AFL AFLAC Incorporated Common Stock $13,664,434 3.79% 122,244 $-235,319 Up ×1
LECO Lincoln Electric Holdings, Inc. - Common Shares $11,636,493 3.23% 43,981 $872,718 Up ×1
HCA HCA Healthcare, Inc. Common Stock $11,267,216 3.13% 26,403 $980,748 Up ×2
JNJ Johnson & Johnson Common Stock $11,060,308 3.07% 41,778 $14,899 Down ×6
CB Chubb Limited Common Stock $10,750,163 2.99% 33,052 $-856,123 Down ×4
FITB Fifth Third Bancorp - Common Stock $10,726,349 2.98% 212,067 $-1,640,496 Down ×2
FRFHF CUSIP: 303901102 $10,286,713 2.86% 6,571 $-541,046 Down ×1
DIS Walt Disney Company (The) Common Stock $9,847,802 2.73% 93,878 $815,124 Up ×1
PEP PepsiCo, Inc. - Common Stock $9,044,260 2.51% 71,372 $133,180 Up ×3
ELV Elevance Health, Inc. Common Stock $8,727,454 2.42% 22,446 $-631,025 Down ×2
HSY The Hershey Company Common Stock $8,299,270 2.30% 52,657 $-644,996 Up ×1
NNI Nelnet, Inc. Common Stock $7,980,630 2.22% 64,841 $-825,417 Down ×2
CRL Charles River Laboratories International, Inc. Common Stock $7,857,296 2.18% 26,634 $1,506,269 Down ×6
CFR Cullen/Frost Bankers, Inc. Common Stock $7,846,169 2.18% 51,393 $-384,802 Down ×5
CP Canadian Pacific Kansas City Limited Common Shares $7,082,277 1.97% 83,223 $-676,191 Down ×4
BN Brookfield Corporation Class A Limited Voting Shares $6,207,825 1.72% 170,264 $-260,191 Up ×1
CVX Chevron Corporation Common Stock $6,170,614 1.71% 30,217 $1,065,372 Down ×6
ABG Asbury Automotive Group Inc Common Stock $6,155,073 1.71% 35,723 $-566,227 Up ×1
HZO MarineMax, Inc. (FL) Common Stock $5,784,223 1.61% 110,597 $1,472,145 Down ×5
BRKR Bruker Corporation - Common Stock $5,670,935 1.57% 87,582 $104,165 Down ×2
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $5,229,035 1.45% 7 $-12,915
PFE Pfizer, Inc. Common Stock $4,845,006 1.35% 169,881 $638,567 Down ×6
VMC Vulcan Materials Company (Holding Company) Common Stock $4,362,242 1.21% 17,832 $-1,287,790 Down ×5
CNI Canadian National Railway Company Common Stock $3,754,624 1.04% 31,578 $-65,349 Down ×3
SKYH Sky Harbour Group Corporation Class A Common Stock $2,814,617 0.78% 297,214 $58,541 Up ×2
SPY SPY $2,637,937 0.73% 3,459 $909,164 Up ×3
BAM Brookfield Asset Management Inc Class A Limited Voting Shares $2,159,767 0.60% 48,447 $-10,390 Up ×1
MCD McDonald's Corporation Common Stock $2,047,283 0.57% 8,865 $-373,343 Down ×1
LKQ LKQ Corporation - Common Stock $2,029,792 0.56% 88,909 $-504,392 Down ×6
KO Coca-Cola Company (The) Common Stock $1,161,219 0.32% 13,490 $64,887
COST Costco Wholesale Corporation - Common Stock $1,101,769 0.31% 1,210 $-76,855 Down ×2
CWGL CUSIP: 22662X100 $1,058,101 0.29% 250,142 $-55,910 Down ×5
PG Procter & Gamble Company (The) Common Stock $942,577 0.26% 6,488 $-8,823
DNOPY CUSIP: 25445T106 $893,029 0.25% 98,135 $149,166
AAPL Apple Inc. - Common Stock $832,550 0.23% 2,500 $94,682 Down ×2
CMREPRC CUSIP: Y1771G128 $831,948 0.23% 30,893 $9,576
CSTM Constellium SE Ordinary Shares (France) $607,653 0.17% 25,120 $-192,921
ABBV AbbVie Inc. Common Stock $459,875 0.13% 1,758 $17,492
FINN CUSIP: 335720108 $403,200 0.11% 21 $9,450
COHR Coherent Corp. Common Stock $402,934 0.11% 1,400 $-149,324
AMZN Amazon.com, Inc. - Common Stock $398,640 0.11% 1,600 $17,296
AZO AutoZone, Inc. Common Stock $387,713 0.11% 137 $-161,989 Down ×1
IVV iShares Core S&P 500 ETF $382,925 0.11% 500 $8,480
WPM Wheaton Precious Metals Corp Common Shares (Canada) $334,300 0.09% 2,500 $53,500
WMT Walmart Inc. - Common Stock $327,348 0.09% 3,150 $-29,421
NSRGY CUSIP: 641069406 $319,121 0.09% 3,505 $-54,747 Down ×6
D Dominion Energy, Inc. Common Stock $286,260 0.08% 4,730 $-36,752
CL Colgate-Palmolive Company Common Stock $284,201 0.08% 3,331 $-44,013 Down ×2
SMMD iShares Trust $251,429 0.07% 2,940 Up ×1
ABT Abbott Laboratories Common Stock $249,249 0.07% 2,522 $20,403
NEE NextEra Energy, Inc. Common Stock $227,220 0.06% 3,000 $-36,090
AMGN Amgen Inc. - Common Stock $203,168 0.06% 482

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
PEP $9,044,260 2.51% up ×3
SPY $2,637,937 0.73% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SMMD $251,429 2,940 0.07%
AMGN $203,168 482 0.06%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TPL Bought more +245 -$12.2M
MSFT Trimmed -136 +$5.1M
PSX Trimmed -10K +$4.6M
TMO Trimmed -573 +$4.3M
FITB Trimmed -7K -$1.6M
CRL Trimmed -1K +$1.5M
HZO Trimmed -7K +$1.5M
VMC Trimmed -1K -$1.3M
CVX Trimmed -582 +$1.1M
HCA Bought more +20 +$981K

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
CPRT Dec. 31, 2025 271,220 $12,196,763 -25.9%
ENOV Sept. 30, 2025 227,235 $7,126,090 -30.5%
GOOGL Dec. 31, 2025 26,954 $6,552,567 2.3%
BOC Dec. 31, 2025 479,208 $6,268,041 1.7%
ROST Dec. 31, 2025 32,085 $4,889,433 27.3%
KEYS March 31, 2026 20,785 $4,223,304 11.5%
ACN Dec. 31, 2025 16,880 $4,162,608 -7.1%
TJX Dec. 31, 2025 28,686 $4,146,274 -5.6%
MSM June 30, 2026 40,761 $3,761,017 -4.3%
DFH Dec. 31, 2025 123,489 $3,200,835 -40.1%
WAT Dec. 31, 2025 10,571 $3,169,292 19.4%
FWONA (filed as FWONAXXXX) Dec. 31, 2025 32,740 $3,117,503 -8.0%
CIVI March 31, 2026 99,147 $2,685,892 No longer tracked
WFC Dec. 31, 2025 29,395 $2,463,889 -11.6%
USB Dec. 31, 2025 45,836 $2,215,254 11.7%
MKL Dec. 31, 2025 1,052 $2,010,751 -13.0%
AXP Dec. 31, 2025 5,338 $1,773,070 -15.3%
ESAB Dec. 31, 2025 13,674 $1,527,932 -40.1%
UNH Dec. 31, 2025 4,031 $1,391,904 26.7%
BAC Dec. 31, 2025 26,006 $1,341,635 -8.1%
SCHX Dec. 31, 2025 41,328 $1,088,593 12.9%
MCO Dec. 31, 2025 2,070 $986,314 -5.4%
HD Dec. 31, 2025 2,289 $927,480 -7.1%
AMGN Dec. 31, 2025 2,723 $768,431 34.2%
VCSH Dec. 31, 2025 7,018 $560,949
CVS Dec. 31, 2025 7,224 $544,617 17.8%
SCHM Dec. 31, 2025 12,625 $374,217 14.9%
SHEL Dec. 31, 2025 5,039 $360,440 47.2%
ADP Dec. 31, 2025 1,198 $351,613 18.2%
SCHF Dec. 31, 2025 13,945 $324,639 16.1%
NVS Dec. 31, 2025 2,402 $308,032 9.6%
DEO March 31, 2026 3,331 $287,365 28.9%
JPM Dec. 31, 2025 842 $265,592 2.9%
UNP Dec. 31, 2025 1,119 $264,498 26.6%
SCHZ Dec. 31, 2025 10,731 $251,857 -4.8%
DOX Dec. 31, 2025 3,015 $247,381 -22.1%
DUK Dec. 31, 2025 1,991 $246,386 6.6%
STKL June 30, 2026 37,500 $243,000 No longer tracked
JCI Dec. 31, 2025 2,101 $231,005 20.2%
KMX Sept. 30, 2025 3,429 $230,463 14.9%
XOM Dec. 31, 2025 2,000 $225,500 52.2%
CAT Sept. 30, 2026 200 $212,980 -15.3%
MG Dec. 31, 2025 21,362 $210,202 70.2%
CDNL Sept. 30, 2026 100,000 $0 -54.9%