Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +33.9%
S&P 500 total return (same window) +37.0%
Excess return -3.1%

Annualized: +26.3% · 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: 99.4% · Options excluded: 5.0%

Sector breakdown

04
Technology 1.6%
Industrials 0.2%
Consumer Discretionary 0.1%
Other/Unmapped 98.2%

Full portfolio 37 positions

05
Type Streak 8Q trend
SPY SPY $81,185,847 51.54% 108,716 $10,483,484
VOO Vanguard S&P 500 ETF $52,479,839 33.31% 76,411 $6,953,700 Up ×3
EFA iShares Trust $19,033,932 12.08% 183,230 $1,236,802
CTWO Common units $978,910 0.62% 57,330 $74,529
QRVO Qorvo, Inc. - Common Stock $811,449 0.52% 8,700 $138,069
SVCO Silvaco Group, Inc. - Common Stock $768,475 0.49% 55,727 $90,728 Down ×1
ENPH Enphase Energy, Inc. - Common Stock $492,400 0.31% 10,000 $114,300
POWI Power Integrations, Inc. - Common Stock $418,800 0.27% 5,000 $-93,200 Down ×1
WETH Wetouch Technology Inc. - Common Stock $246,784 0.16% 203,954 $36,103 Up ×3
CLAR Clarus Corporation - Common Stock $175,455 0.11% 55,700 $29,391 Up ×1
OBAWW Oxley Bridge Acquisition Limited - Warrants $80,142 0.05% 370,000 $6,142
CUBWW Lionheart Holdings - Warrant $74,000 0.05% 200,000 $50,980
PACHW Pioneer Acquisition I Corp - Warrants $57,376 0.04% 266,000 $9,496
CHECW Chenghe Acquisition III Co. - Warrants $51,250 0.03% 250,000 $15,250 Up ×1
ITHAW ITHAX Acquisition Corp III - Warrants $48,000 0.03% 200,000 $24,000 Up ×1
GPATW GP-Act III Acquisition Corp. - Warrants $47,500 0.03% 250,000 $26,470 Up ×1
IPODW Dune Acquisition Corporation II - Warrants $47,282 0.03% 121,237 $12,160
BEBEWS CUSIP: G8773E118 $47,217 0.03% 121,100 $18,217 Up ×1
GPACW General Purpose Acquisition Corp. - Warrant $46,956 0.03% 180,600 $22,946 Up ×1
LWACW LightWave Acquisition Corp. - Warrants $43,386 0.03% 140,000 $30,507 Up ×2
FIGXW FIGX Capital Acquisition Corp. - one-half of one redeemable warrant. $42,000 0.03% 150,000 $1,470
Unknown issuer (CUSIP: G8775A114) $38,365 0.02% 126,200 Up ×1
Unknown issuer (CUSIP: G7341A111) $38,000 0.02% 100,000 Up ×1
SOCAW Solarius Capital Acquisition Corp. - Warrant $35,035 0.02% 120,809 $3,835 Up ×2
APXTW Apex Treasury Corporation - Warrants $30,000 0.02% 100,000 Up ×1
Unknown issuer (CUSIP: 68622D205) $28,450 0.02% 29,947 Up ×1
IRABWS CUSIP: G4940M117 $25,000 0.02% 100,000 Up ×1
Unknown issuer (CUSIP: G3R41C110) $24,980 0.02% 100,000 Up ×1
Unknown issuer (CUSIP: G9833K110) $23,920 0.02% 100,000 Up ×1
LFACW Leapfrog Acquisition Corporation - Warrants $21,593 0.01% 59,981 Up ×1
KOYNW CSLM Digital Asset Acquisition Corp III - Warrants $20,110 0.01% 100,000 Up ×1
COPLWS CUSIP: G24243126 $17,140 0.01% 200,000 $2,140 Up ×1
GTERW Globa Terra Acquisition Corporation - Warrants $15,061 0.01% 167,348 $-6,293
NOEMW CO2 Energy Transition Corp. - Warrant $11,547 0.01% 93,953 $1,212
Unknown issuer (CUSIP: G4727U118) $10,183 0.01% 29,950 Up ×1
VNMEW Vendome Acquisition Corporation I - Warrant $7,775 0.00% 25,918 $3,270 Up ×1
LPCVW Launchpad Cadenza Acquisition Corp I - Warrant $4,272 0.00% 10,950 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
VOO $52,479,839 33.31% up ×3
WETH $246,784 0.16% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: G8775A114) $38,365 126,200 0.02%
Unknown issuer (CUSIP: G7341A111) $38,000 100,000 0.02%
APXTW $30,000 100,000 0.02%
Unknown issuer (CUSIP: 68622D205) $28,450 29,947 0.02%
IRABWS $25,000 100,000 0.02%
Unknown issuer (CUSIP: G3R41C110) $24,980 100,000 0.02%
Unknown issuer (CUSIP: G9833K110) $23,920 100,000 0.02%
LFACW $21,593 59,981 0.01%
KOYNW $20,110 100,000 0.01%
Unknown issuer (CUSIP: G4727U118) $10,183 29,950 0.01%
LPCVW $4,272 10,950 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SPY Price move only +0 +$10.5M
VOO Bought more +223 +$7.0M
EFA Price move only +0 +$1.2M
QRVO Price move only +0 +$138K
ENPH Price move only +0 +$114K
POWI Trimmed -5K -$93K
SVCO Trimmed -40K +$91K
CTWO Price move only +0 +$75K
CUBWW Price move only +0 +$51K
WETH Bought more +40K +$36K

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
MX Dec. 31, 2025 1,027,093 $3,214,802 -5.5%
LFCR June 30, 2025 19,700 $138,688 -21.2%
XYLO Sept. 30, 2025 26,059 $132,385 No longer tracked
SQFT Sept. 30, 2025 14,412 $75,375 -85.0%
ENZB June 30, 2025 156,303 $57,832 No longer tracked
EPIX Sept. 30, 2025 33,700 $57,290 No longer tracked
LVTX Dec. 31, 2025 31,000 $48,360 No longer tracked
ANTX June 30, 2025 23,234 $31,598 234.9%
BRN June 30, 2025 15,000 $24,300 No longer tracked
DSWL June 30, 2025 10,000 $23,550 12.0%
BCARW March 31, 2026 25,000 $9,083 No longer tracked
LGLWS June 30, 2025 26,200 $8,381 No longer tracked