Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +29.6%
S&P 500 total return (same window) +37.0%
Excess return -7.4%

Annualized: +23.1% · 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: 87.5% · Options excluded: 0.0%

Sector breakdown

04
Financials 18.2%
Health Care 17.1%
Industrials 14.9%
Communication Services 12.8%
Technology 10.8%
Retail 6.0%
Materials 3.9%
Energy 3.1%
Consumer Staples 2.2%
Consumer Discretionary 2.0%
Real Estate 1.6%
Consumer products 0.7%
Utilities 0.7%
Other/Unmapped 6.0%

Full portfolio 250 positions

05
Type Streak 8Q trend
HCA HCA Healthcare, Inc. Common Stock $152,150,679 8.77% 390,240 $-31,171,612 Up ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $129,529,855 7.47% 258,858 $3,028,339 Down ×6
VSAT ViaSat, Inc. - Common Stock $73,727,274 4.25% 820,925 $35,579,309 Down ×1
GOOG Alphabet Inc. - Class C Capital Stock $69,577,088 4.01% 196,918 $11,599,527 Down ×6
CXW CoreCivic, Inc. Common Stock $65,161,789 3.76% 2,144,891 $24,060,942 Down ×1
AAPL Apple Inc. - Common Stock $63,057,311 3.64% 217,920 $6,631,754 Down ×1
AMZN Amazon.com, Inc. - Common Stock $37,854,112 2.18% 158,824 $4,769,381 Down ×1
URI United Rentals, Inc. Common Stock $36,167,513 2.09% 31,925 $12,653,239 Down ×5
CAT Caterpillar, Inc. Common Stock $36,133,327 2.08% 33,931 $10,427,490 Down ×2
GS Goldman Sachs Group, Inc. (The) Common Stock $35,190,149 2.03% 34,795 $5,761,118 Up ×1
MSFT Microsoft Corporation - Common Stock $34,098,220 1.97% 91,411 $77,108 Down ×2
AEM Agnico Eagle Mines Limited Common Stock $32,266,419 1.86% 207,996 $-10,993,288 Down ×1
INTC Intel Corporation - Common Stock $31,696,673 1.83% 227,005 $21,479,605 Down ×1
JNJ Johnson & Johnson Common Stock $25,953,488 1.50% 102,191 $762,223 Down ×6
RTX RTX Corporation Common Stock $25,521,472 1.47% 134,515 $-474,454 Down ×6
V Visa Inc. $22,312,041 1.29% 65,033 $2,576,222 Down ×1
TIGO Millicom International Cellular S.A. - Common Stock $22,054,680 1.27% 243,000 $3,844,260
PNFP Pinnacle Financial Partners, Inc. - Common Stock $21,078,271 1.22% 208,944 $3,102,920 Up ×1
BKD Brookdale Senior Living Inc. Common Stock $20,959,960 1.21% 1,302,670 $3,112,074 Down ×1
GEO Geo Group Inc (The) REIT $20,256,525 1.17% 685,500 $8,733,270
Unknown issuer (CUSIP: 30233Q108) $19,809,515 1.14% 144,891 Up ×1
EHC Encompass Health Corporation Common Stock $18,497,640 1.07% 183,000 $796,050
FDX FedEx Corporation Common Stock $18,238,270 1.05% 58,245 $-2,658,098 Down ×2
CMP Compass Minerals Intl Inc Common Stock $18,078,748 1.04% 580,750 $3,934,485 Down ×1
L Loews Corporation Common Stock $17,593,734 1.01% 155,408 $-974,538 Down ×1
NVDA NVIDIA Corporation - Common Stock $16,562,683 0.96% 82,776 $2,716,369 Up ×5
SYY Sysco Corporation Common Stock $15,848,843 0.91% 189,625 $2,353,220 Up ×2
LOW Lowe's Companies, Inc. Common Stock $15,382,044 0.89% 69,763 $-1,138,181 Down ×4
ACN Accenture plc Class A Ordinary Shares (Ireland) $13,780,864 0.79% 110,743 $-6,816,716 Up ×2
PM Philip Morris International Inc Common Stock $13,257,810 0.76% 73,284 $1,156,929 Up ×4
WMT Walmart Inc. - Common Stock $13,227,103 0.76% 116,785 $-1,596,875 Down ×6
META Meta Platforms, Inc. - Class A Common Stock $13,212,557 0.76% 23,456 $27,249 Up ×3
UPS United Parcel Service, Inc. Common Stock $12,931,283 0.75% 120,291 $811,170 Down ×1
TRC Tejon Ranch Co Common Stock $12,630,448 0.73% 675,425 $-471,359 Down ×1
PG Procter & Gamble Company (The) Common Stock $12,582,979 0.73% 85,809 $153,102 Down ×1
MRK Merck & Company, Inc. Common Stock (new) $11,468,316 0.66% 89,248 $646,976 Down ×1
DIS Walt Disney Company (The) Common Stock $11,299,578 0.65% 117,398 $63,779 Up ×1
RSG Republic Services, Inc. Common Stock $11,295,158 0.65% 53,009 $-458,550 Down ×6
MDT Medtronic plc. Ordinary Shares $11,085,267 0.64% 141,701 $564,400 Up ×2
MDLZ Mondelez International, Inc. - Class A Common Stock $10,398,785 0.60% 179,785 $-154,137 Down ×6
GHC Graham Holdings Company Common Stock $9,987,425 0.58% 8,750 $313,496 Down ×1
ORCL Oracle Corporation Common Stock $9,810,529 0.57% 66,943 $878,421 Up ×3
BAC Bank of America Corporation Common Stock $9,573,082 0.55% 168,008 $1,357,927 Down ×2
CSCO Cisco Systems, Inc. - Common Stock $9,325,400 0.54% 79,392 $3,017,099 Down ×1
JPM JP Morgan Chase & Co. Common Stock $9,203,257 0.53% 28,116 $929,566 Down ×2
HD Home Depot, Inc. (The) Common Stock $9,157,689 0.53% 25,966 $804,212 Up ×2
CCJ Cameco Corporation Common Stock $8,658,100 0.50% 85,000 $-573,750
IRM Iron Mountain Incorporated (Delaware)Common Stock REIT $8,441,816 0.49% 66,834 $1,584,034 Down ×1
HAL Halliburton Company Common Stock $8,306,821 0.48% 244,678 $-1,555,388 Down ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $8,124,334 0.47% 19,547 $2,797,229 Down ×3
AMGN Amgen Inc. - Common Stock $7,905,876 0.46% 21,832 $181,361 Down ×1
AGI Alamos Gold Inc. Class A Common Shares $7,888,400 0.45% 260,000 $-3,663,400
RF Regions Financial Corporation Common Stock $7,780,728 0.45% 257,640 $1,051,171
JEF Jefferies Financial Group Inc. Common Stock $6,987,754 0.40% 139,811 $846,324 Down ×1
SRE DBA Sempra Common Stock $6,808,176 0.39% 73,435 $152,225 Up ×1
WTM White Mountains Insurance Group, Ltd. Common Stock $6,744,738 0.39% 3,253 $-292,125 Up ×2
GOOGL Alphabet Inc. - Class A Common Stock $6,477,740 0.37% 18,126 $1,142,352 Down ×3
PINK Simplify Exchange Traded Funds $6,419,112 0.37% 163,962 $849,156 Down ×1
BN Brookfield Corporation Class A Limited Voting Shares $6,345,825 0.37% 148,998 $315,876
DHR Danaher Corporation Common Stock $6,189,029 0.36% 32,492 $1,795,096 Up ×3
SLB SLB Limited Common Shares $6,181,961 0.36% 132,974 $-864,841 Down ×1
BBBY Bed Bath & Beyond, Inc. Common Stock $6,151,586 0.35% 1,062,450 $1,221,818
BA Boeing Company (The) Common Stock $6,049,417 0.35% 27,946 $443,711 Down ×1
SYK Stryker Corporation Common Stock $5,976,135 0.34% 18,982 $1,309,336 Up ×1
VTOL Bristow Group, Inc. Common Stock $5,826,120 0.34% 141,000 $-785,370
MMM 3M Company Common Stock $5,799,540 0.33% 35,820 $541,582 Down ×1
KO Coca-Cola Company (The) Common Stock $5,787,867 0.33% 71,218 $279,073 Down ×3
ADT ADT Inc. Common Stock $5,458,876 0.31% 839,827 $1,885,269 Up ×1
VTS Vitesse Energy, Inc. Common Stock $5,321,902 0.31% 337,470 $-969,993 Down ×1
IJR iShares Trust $5,252,118 0.30% 35,413 $785,895 Down ×1
ABBV AbbVie Inc. Common Stock $5,244,912 0.30% 20,843 $690,770 Down ×1
VWO Vanguard FTSE Emerging Markets ETF $5,221,625 0.30% 87,479 $412,306 Down ×2
PANW Palo Alto Networks, Inc. - Common Stock $5,220,334 0.30% 15,308 $2,750,765 Down ×1
NOV NOV Inc. Common Stock $5,208,840 0.30% 280,800 $-73,008
Unknown issuer (CUSIP: 438516205) $5,011,554 0.29% 22,383 Up ×1
CVS CVS Health Corporation Common Stock $4,959,454 0.29% 47,941 $1,467,422 Down ×6
Unknown issuer (CUSIP: 43849R105) $4,948,434 0.29% 22,383 Up ×1
CVX Chevron Corporation Common Stock $4,941,016 0.28% 29,808 $-1,859,787 Down ×1
TRV The Travelers Companies, Inc. Common Stock $4,783,448 0.28% 14,490 $388,122 Down ×4
IAK iShares U.S. Insurance ETF $4,762,173 0.27% 33,880 $326,161 Down ×4
SBUX Starbucks Corporation - Common Stock $4,735,603 0.27% 46,341 $565,726 Down ×6
FISV Fiserv, Inc. - Common Stock $4,626,739 0.27% 94,327 $-554,458 Up ×2
LUMN Lumen Technologies, Inc. Common Stock $4,620,979 0.27% 601,690 $435,376 Down ×1
WFC Wells Fargo & Company Common Stock $4,591,055 0.26% 55,555 $170,232 Up ×1
Unknown issuer (CUSIP: 314352105) $4,387,154 0.25% 29,054 Up ×1
CLF Cleveland-Cliffs Inc. Common Stock $4,244,280 0.24% 452,000 $424,880
HSIC Henry Schein, Inc. - Common Stock $4,178,088 0.24% 50,025 $392,119 Down ×1
SCHW Charles Schwab Corporation (The) Common Stock $4,066,740 0.23% 44,074 $2,674,035 Up ×3
ABT Abbott Laboratories Common Stock $3,984,752 0.23% 43,914 $504,654 Up ×2
SSP E.W. Scripps Company (The) - Class A Common Stock $3,926,306 0.23% 1,417,439 $-1,346,567
OC Owens Corning Inc Common Stock New $3,906,442 0.23% 24,575 $1,241,524 Down ×1
MTB M&T Bank Corporation Common Stock $3,765,083 0.22% 15,819 $-35,464 Down ×1
CRM Salesforce, Inc. Common Stock $3,737,124 0.22% 23,855 $-773,757 Down ×2
MCD McDonald's Corporation Common Stock $3,663,829 0.21% 13,554 $-563,280 Down ×1
NHI National Health Investors, Inc. Common Stock $3,600,997 0.21% 47,220 $-540,652 Down ×1
IBM International Business Machines Corporation Common Stock $3,557,029 0.21% 12,649 $468,851 Down ×1
TPR Tapestry, Inc. Common Stock $3,216,863 0.19% 21,976 $109,339 Down ×4
OIH VanEck ETF Trust $3,142,909 0.18% 8,448 $-273,878 Down ×1
TFC Truist Financial Corporation Common Stock $3,025,179 0.17% 60,722 $205,287 Down ×1
DAL Delta Air Lines, Inc. Common Stock $2,980,938 0.17% 31,827 $842,867 Down ×4

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
NVDA $16,562,683 0.96% up ×5
PM $13,257,810 0.76% up ×4
META $13,212,557 0.76% up ×3
ORCL $9,810,529 0.57% up ×3
DHR $6,189,029 0.36% up ×3
SCHW $4,066,740 0.23% up ×3
T $2,312,754 0.13% up ×6
VTI $1,151,935 0.07% up ×4
EMR $1,052,725 0.06% up ×3
GD $414,755 0.02% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 30233Q108) $19,809,515 144,891 1.14%
Unknown issuer (CUSIP: 438516205) $5,011,554 22,383 0.29%
Unknown issuer (CUSIP: 43849R105) $4,948,434 22,383 0.29%
Unknown issuer (CUSIP: 314352105) $4,387,154 29,054 0.25%
Unknown issuer (CUSIP: 84615Q103) $2,369,486 13,868 0.14%
XLV $215,302 1,357 0.01%
VXF $209,279 850 0.01%
ITOT $205,502 1,251 0.01%
XMMO $204,168 1,200 0.01%
YUM $203,187 1,271 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VSAT Trimmed -12K +$35.6M
HCA Bought more +3K -$31.2M
CXW Trimmed -29K +$24.1M
INTC Trimmed -5K +$21.5M
URI Trimmed -350 +$12.7M
GOOG Trimmed -5K +$11.6M
AEM Trimmed -5K -$11.0M
CAT Trimmed -2K +$10.4M
GEO Price move only +0 +$8.7M
ACN Bought more +7K -$6.8M

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
XOM June 30, 2026 150,986 $25,616,253 20.4%
HON June 30, 2026 39,118 $8,841,729 -5.2%
TGNA March 31, 2026 305,115 $5,922,282 No longer tracked
EHAB June 30, 2026 91,500 $1,289,235 No longer tracked
EQC June 30, 2025 301,500 $485,415 No longer tracked
KRE March 31, 2026 6,700 $434,227
NEM June 30, 2025 8,859 $427,713 99.8%
WBD Sept. 30, 2025 36,561 $418,989 58.5%
XLV March 31, 2026 2,182 $337,774 14.4%
INTU June 30, 2026 746 $322,555 11.0%
DFS June 30, 2025 1,825 $311,528 No longer tracked
BX March 31, 2026 1,638 $252,481 -1.4%
KHC June 30, 2025 8,112 $246,848 -14.7%
ECL March 31, 2026 940 $246,769 5.6%
VTEB Dec. 31, 2025 4,556 $228,119
SOLV Dec. 31, 2025 3,001 $219,073 9.8%
ZBH March 31, 2026 2,336 $210,053 -0.8%
VWOB June 30, 2025 3,266 $209,677
VCSH June 30, 2026 2,634 $208,797
KMB June 30, 2025 1,466 $208,495 -24.9%
NFE June 30, 2026 293,909 $173,406 1497.8%
MBOT March 31, 2026 10,250 $20,500 -55.6%