Sector breakdown

04
Technology 23.6%
Industrials 19.2%
Financials 16.5%
Real Estate 9.6%
Materials 8.9%
Health Care 8.1%
Consumer Discretionary 6.1%
Communication Services 4.1%
Retail 2.7%
Consumer Staples 1.2%

Full portfolio 36 positions

05
Type Streak 8Q trend
SPSC SPS Commerce, Inc. - Common Stock $35,054,871 6.92% 613,169 $10,467,158 Up ×2
CBT Cabot Corporation Common Stock $32,245,302 6.37% 382,779 $1,520,282 Down ×2
WTFC Wintrust Financial Corporation - Common Stock $27,285,595 5.39% 169,771 $2,224,848 Down ×2
JBL Jabil Inc. Common Stock $22,225,234 4.39% 57,656 $5,272,196 Down ×2
AKAM Akamai Technologies, Inc. - Common Stock $22,165,793 4.38% 187,512 $2,587,313 Up ×1
FSLR First Solar, Inc. - Common Stock $20,656,399 4.08% 604,980 $5,756,420 Up ×1
RNR RenaissanceRe Holdings Ltd. Common Stock $18,961,697 3.74% 1,340,997 $2,640,538 Up ×3
AYI Acuity Inc. Common Stock $17,628,817 3.48% 46,803 $5,074,120 Up ×2
BLKB Blackbaud, Inc. - Common Stock $17,000,280 3.36% 573,946 Up ×1
ENS EnerSys Common Stock $16,820,318 3.32% 166,406 $1,865,280 Up ×2
GMED Globus Medical, Inc. Class A Common Stock $16,367,000 3.23% 207,151 $-5,796,971 Down ×1
STRA Strategic Education, Inc. - Common Stock $16,102,076 3.18% 210,155 $4,457,562 Up ×1
CUBE CubeSmart Common Shares $15,879,942 3.14% 510,117 $3,411,672 Down ×2
BC Brunswick Corporation Common Stock $14,794,985 2.92% 1,494,443 $8,033,949 Up ×3
ALGM Allegro MicroSystems, Inc. - Common Stock $14,375,833 2.84% 206,490 $-1,641,092 Down ×1
CTRE CareTrust REIT, Inc. Common Stock $13,990,185 2.76% 154,043 $2,036,455 Down ×4
ANF Abercrombie & Fitch Company Common Stock $13,773,150 2.72% 153,018 $1,806,056 Up ×2
LNN Lindsay Corporation Common Stock $13,694,137 2.70% 110,615 $-488,886 Down ×2
LITE Lumentum Holdings Inc. - Common Stock $13,467,251 2.66% 15,695 $-110,775 Down ×5
TNC Tennant Company Common Stock $13,445,968 2.66% 153,598 $3,235,640 Down ×1
PFSI PennyMac Financial Services, Inc. Common Stock $13,301,302 2.63% 152,713 $-2,114 Up ×2
MWA MUELLER WATER PRODUCTS Common Stock $13,171,569 2.60% 509,933 $119,757 Up ×1
TROX Tronox Holdings plc Ordinary Shares (UK) $12,919,989 2.55% 2,050,792 $-7,702,449 Down ×2
WEX WEX Inc. common stock $12,246,612 2.42% 86,800 $3,064,212 Up ×1
TOWN Towne Bank - Common Stock $11,951,734 2.36% 329,794 $747,974 Down ×1
AVTR Avantor, Inc. Common Stock $10,814,423 2.14% 322,626 $1,639,185 Down ×1
DOC Healthpeak Properties, Inc. Common Stock $7,597,000 1.50% 355,000 $1,139,665 Down ×2
DRH Diamondrock Hospitality Company - Common Stock $7,216,285 1.42% 132,118 $-2,166,731 Down ×3
TRIP TripAdvisor, Inc. - Common Stock $7,081,064 1.40% 516,489 $474,870 Down ×2
COHU Cohu, Inc. - Common Stock $6,258,486 1.24% 155,105 $683,838 Up ×1
DAR Darling Ingredients Inc. Common Stock $5,923,900 1.17% 148,954 $-451,661 Down ×5
QDEL QuidelOrtho Corporation - Common Stock $5,088,930 1.00% 290,547 $-79,077 Down ×3
ZBH Zimmer Biomet Holdings, Inc. Common Stock $4,586,703 0.91% 53,278 Up ×1
EHC Encompass Health Corporation Common Stock $4,400,219 0.87% 361,266 $616,932 Down ×2
IRT Independence Realty Trust, Inc. Common Stock $4,134,213 0.82% 247,706 $241,461 Down ×2
TDC Teradata Corporation Common Stock $3,808,312 0.75% 109,908 $607,304 Down ×3

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
RNR $18,961,697 3.74% up ×3
BC $14,794,985 2.92% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
BLKB $17,000,280 573,946 3.36%
ZBH $4,586,703 53,278 0.91%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SPSC Bought more +172K +$10.5M
BC Bought more +632K +$8.0M
TROX Trimmed -60K -$7.7M
GMED Trimmed -50K -$5.8M
FSLR Bought more +18K +$5.8M
JBL Trimmed -6K +$5.3M
AYI Bought more +2K +$5.1M
STRA Bought more +70K +$4.5M
CUBE Trimmed -24K +$3.4M
TNC Trimmed -172 +$3.2M

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
WFG June 30, 2026 306,721 $20,051,548 -2.0%
SBH Dec. 31, 2025 1,239,998 $17,180,568 14.0%
THR March 31, 2026 248,075 $9,218,467 No longer tracked
AMH Dec. 31, 2025 239,468 $6,776,435 -5.7%
NVST June 30, 2026 34,639 $6,017,487 -11.9%
ALGM Sept. 30, 2025 137,752 $4,013,756 31.4%
GNTX June 30, 2026 181,726 $3,970,713 -12.2%
CMP June 30, 2026 15,833 $484,806 -28.0%