Performance vs S&P 500

03
Tracked Q2 2025–Q2 2026 -12.0%
S&P 500 total return (same window) +21.7%
Excess return -33.7%

Annualized: -12.0% · S&P 500: +21.7%

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: 100.0% · Options excluded: 0.1%

Sector breakdown

04
Materials 52.1%
Industrials 19.4%
Technology 12.8%
Healthcare 8.5%
Other/Unmapped 7.1%

Full portfolio 10 positions

05
Type Streak 8Q trend
MAGN Magnera Corporation Common Stock $22,196,784 28.24% 1,889,088 $-872,745 Down ×3
BLDR Builders FirstSource, Inc. Common Stock $15,271,641 19.43% 170,671 $1,220,298
LPX Louisiana-Pacific Corporation Common Stock $12,632,796 16.07% 160,600 $949,146
TTAN ServiceTitan, Inc. - Class A Common Stock $10,054,821 12.79% 142,198 $1,030,936
ASTL Algoma Steel Group Inc. - Common Shares $6,150,792 7.83% 1,518,714 $-8,083,265 Down ×1
Unknown issuer (CUSIP: 67623C307) $5,558,677 7.07% 326,981 Up ×1
ALVO Alvotech - Ordinary Shares $4,865,390 6.19% 1,318,534 $342,818
AVAH Aveanna Healthcare Holdings Inc. - Common Stock $1,846,878 2.35% 215,505 $-12,342,773 Down ×4
AFRIW Forafric Global PLC - Warrants $14,175 0.02% 22,500 Call option $-4,575 Down ×1
LIDRW AEye, Inc. - Warrant $258 0.00% 14,912 Call option $-310 Down ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 67623C307) $5,558,677 326,981 7.07%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ASTL Trimmed -1.9M -$8.1M
BLDR Price move only +0 +$1.2M
TTAN Price move only +0 +$1.0M
LPX Price move only +0 +$949K
MAGN Trimmed -537K -$873K
ALVO Price move only +0 +$343K
AFRIW Trimmed -2K -$5K
LIDRW Trimmed -2K -$310

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
FWRD (filed as FWRDXXXX) June 30, 2025 2,814,401 $56,541,316 -35.2%
CBL Sept. 30, 2025 716,373 $18,188,710 78.9%
FWRD June 30, 2026 733,261 $12,252,791 17.8%
FND March 31, 2026 130,000 $7,915,700 -10.5%
ASGN Sept. 30, 2025 114,959 $5,739,903 No longer tracked
ALIT Dec. 31, 2025 1,475,859 $4,811,300 353.8%
SRG June 30, 2026 885,208 $2,487,434 -31.2%
EEX June 30, 2025 259,358 $1,019,277 No longer tracked
IWM June 30, 2025 200,000 $523,000 30.7%
OPITQ Dec. 31, 2025 230,897 $76,011 No longer tracked
FBYDW June 30, 2026 18,749 $38,248 -3.2%
MDAIW June 30, 2026 45,766 $25,629 18.3%
SATLW June 30, 2026 8,332 $9,998 -17.2%
SDAWW June 30, 2026 38,700 $9,385 -4.6%
RUMBW June 30, 2026 5,000 $5,350 48.8%
XBPEW June 30, 2026 6,249 $350 3.8%
BSLKW March 31, 2026 16,515 $272 No longer tracked
BNZIW June 30, 2026 10,000 $120 No longer tracked
ALURWS March 31, 2026 3,827 $59 No longer tracked