Performance vs S&P 500

03
Tracked Q3 2025–Q3 2026 -8.1%
S&P 500 total return (same window) +15.4%
Excess return -23.5%

Annualized: -8.1% · S&P 500: +15.4%

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: 94.1% · Options excluded: 0.8%

Sector breakdown

04
Energy 20.3%
Communication Services 17.4%
Health Care 14.8%
Technology 10.2%
Materials 10.0%
Retail 9.5%
Consumer Discretionary 0.6%
Industrials 0.3%
Financials 0.1%
Other/Unmapped 16.8%

Full portfolio 39 positions

05
Type Streak 8Q trend
SLB SLB Limited Common Shares $754,688,884 13.15% 15,421,698 $548,951,847 Up ×1
Unknown issuer (CUSIP: M8769Q102) $694,375,902 12.10% 17,534,745 Up ×1
PSKY Paramount Skydance Corporation - Class B Common Stock $603,844,657 10.52% 58,282,649 $148,052,586 Up ×1
MOH Molina Healthcare Inc Common Stock $571,300,221 9.95% 3,021,154 $-3,077,542 Up ×1
CVNA Carvana Co. Class A Common Stock $499,845,884 8.71% 7,992,419 $-111,215,083 Down ×1
RRC Range Resources Corporation Common Stock $409,109,245 7.13% 11,045,066 $-1,656,760
VEON VEON Ltd. - American Depositary Shares $389,250,543 6.78% 5,265,123 $114,358,471
MOS Mosaic Company (The) Common Stock $288,667,352 5.03% 13,333,365 Up ×1
NG CUSIP: 66987E206 $190,741,850 3.32% 29,344,900 $2,498,795 Down ×2
SBSW D/B/A Sibanye-Stillwater Limited ADS $183,261,632 3.19% 17,281,249 $21,306,935 Down ×3
NVDA NVIDIA Corporation - Common Stock $170,533,630 2.97% 746,710 $36,931,536 Up ×4
TSM Taiwan Semiconductor Manufacturing Company Ltd. $161,145,924 2.81% 353,243 $13,699,529 Up ×4
MRNA Moderna, Inc. - Common Stock $144,274,985 2.51% 749,208 $90,778,578 Down ×1
NET Cloudflare, Inc. Class A Common Stock $131,466,664 2.29% 378,561 $57,877,023 Up ×1
TEM Tempus AI, Inc. - Class A Common Stock $115,371,302 2.01% 1,408,685 $33,355,978 Down ×1
AG First Majestic Silver Corp. Ordinary Shares (Canada) $94,369,127 1.64% 5,334,603 $3,894,260
NBIS Nebius Group N.V. - Class A Ordinary Shares $63,714,019 1.11% 270,112 $6,916,621 Up ×2
MELI MercadoLibre, Inc. - Common Stock $46,739,451 0.81% 27,040 $5,934,195 Up ×1
AUR Aurora Innovation, Inc. - Class A Common Stock $44,562,020 0.78% 8,043,686 $-21,745,887 Down ×1
Unknown issuer (CUSIP: 867866105) $29,440,000 0.51% 2,000,000 $3,000,000
TSLA Tesla, Inc. - Common Stock $28,043,828 0.49% 79,039 $-1,414,575 Up ×1
JOBY Joby Aviation, Inc. Common Stock $15,943,281 0.28% 2,635,253 $-5,511,576 Up ×1
Unknown issuer (CUSIP: 66987E305) $12,350,000 0.22% 1,900,000 $1,007,000
ISRG Intuitive Surgical, Inc. - Common Stock $12,093,989 0.21% 29,742 $-7,677,468 Down ×2
Unknown issuer (CUSIP: 31556C106) $11,714,838 0.20% 862,019 $-2,975,692 Up ×1
GDX VanEck Gold Miners ETF $9,051,478 0.16% 103,092 Up ×1
VISN Vistance Networks, Inc. - Common Stock $6,639,899 0.12% 1,110,351 Up ×1
DUOL Duolingo, Inc. - Class A Common Stock $6,343,208 0.11% 44,545 $1,737,232 Up ×1
Unknown issuer (CUSIP: 29390K102) $6,315,436 0.11% 323,371 $1,647,615 Up ×1
BSX Boston Scientific Corporation Common Stock $6,304,108 0.11% 144,424 Up ×1
SPSC SPS Commerce, Inc. - Common Stock $5,532,878 0.10% 67,114 Up ×1
ALKT Alkami Technology, Inc. - Common Stock $5,481,175 0.10% 400,378 Up ×1
KLAR Klarna Group plc Ordinary Shares $5,088,784 0.09% 410,717 $1,270,002 Up ×1
PONY Pony AI Inc. - American Depositary Shares $4,782,408 0.08% 731,255 $-7,846,201 Down ×3
VSAT ViaSat, Inc. - Common Stock $4,636,986 0.08% 65,885 Up ×1
SOLS Solstice Advanced Materials Inc. - Common Stock $4,584,448 0.08% 81,400 Up ×1
VAL Valaris Limited Common Shares $4,435,673 0.08% 56,491 $-170,638,719 Down ×3
HMY Harmony Gold Mining Company Limited $2,866,866 0.05% 161,787 $406,086
Unknown issuer (CUSIP: 78392B206) $1,992,319 0.03% 10,819 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
NVDA $170,533,630 2.97% up ×4
TSM $161,145,924 2.81% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: M8769Q102) $694,375,902 17,534,745 12.10%
MOS $288,667,352 13,333,365 5.03%
GDX $9,051,478 103,092 0.16%
VISN $6,639,899 1,110,351 0.12%
BSX $6,304,108 144,424 0.11%
SPSC $5,532,878 67,114 0.10%
ALKT $5,481,175 400,378 0.10%
VSAT $4,636,986 65,885 0.08%
SOLS $4,584,448 81,400 0.08%
Unknown issuer (CUSIP: 78392B206) $1,992,319 10,819 0.03%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SLB Bought more +11.0M +$549.0M
PSKY Bought more +12.2M +$148.1M
VEON Price move only +0 +$114.4M
CVNA Trimmed -1.3M -$111.2M
MRNA Trimmed -15K +$90.8M
NET Bought more +79K +$57.9M
NVDA Bought more +79K +$36.9M
TEM Trimmed -7K +$33.4M
AUR Trimmed -1.7M -$21.7M
SBSW Trimmed -1.8M +$21.3M

1 position hidden — reported move looks larger than the position itself (data completeness check)

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
TEVA Sept. 30, 2026 20,205,943 $684,577,349 0.9%
PARA Sept. 30, 2025 51,040,940 $658,428,126
GDXJ June 30, 2026 1,990,572 $238,948,263 10.3%
NOW June 30, 2026 389,886 $40,762,581 51.2%
PCOR June 30, 2025 325,000 $21,456,500 -9.3%
APG June 30, 2026 307,200 $12,447,744 3.3%
H March 31, 2026 62,923 $10,087,815 20.6%
AMZN June 30, 2026 42,410 $8,832,731 4.4%
SRAD Sept. 30, 2025 297,980 $8,367,278 -54.3%
RXRX Sept. 30, 2026 2,206,661 $8,098,446 5.3%
BN June 30, 2025 145,645 $7,633,254
CRH March 31, 2026 59,761 $7,458,173 -16.4%
GOOGL Sept. 30, 2025 39,345 $6,933,769 33.6%
DKNG Dec. 31, 2025 160,967 $6,020,166 -41.1%
UBER Dec. 31, 2025 53,700 $5,260,989 -20.1%
KKR Sept. 30, 2025 37,600 $5,001,928 -28.4%
TLT Dec. 31, 2025 55,000 $4,915,350
MSFT June 30, 2026 12,517 $4,633,418 42.4%
TTD June 30, 2025 84,300 $4,612,896 -82.3%
RUN March 31, 2026 243,500 $4,480,400 -45.3%
LTH Sept. 30, 2025 146,300 $4,437,279 56.3%
CP June 30, 2025 63,049 $4,426,670 10.3%
OSCR Sept. 30, 2025 180,000 $3,859,200 61.0%
RKT Sept. 30, 2025 242,100 $3,432,978 -40.3%
COF Sept. 30, 2025 16,134 $3,432,670 -1.3%
PRMB March 31, 2026 179,200 $2,929,920 2.6%
LNG June 30, 2025 12,097 $2,799,246 22.3%
VRT March 31, 2026 16,300 $2,640,763 -3.0%
RKT June 30, 2026 178,219 $2,539,621 -26.5%
KKR June 30, 2026 26,624 $2,462,720 1.4%
WSC June 30, 2025 84,806 $2,357,607 -34.4%
CBRE Sept. 30, 2025 16,337 $2,289,140 -19.1%
OWL June 30, 2026 239,234 $2,184,206 10.5%
BABA June 30, 2026 17,100 $2,145,366 4.2%
DNA March 31, 2026 250,282 $2,079,843 117.3%
UUUU March 31, 2026 96,900 $1,408,926 No longer tracked
BHVN Dec. 31, 2025 24,390 $366,094 43.1%