Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +5.0%
S&P 500 total return (same window) +37.0%
Excess return -32.0%

Annualized: +4.0% · 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: 99.1% · Options excluded: 0.0%

Sector breakdown

04
Financials 96.9%
Industrials 0.8%
Technology 0.7%
Healthcare 0.4%
Communication Services 0.4%
Utilities 0.2%
Consumer Staples 0.2%
Materials 0.2%
Energy 0.1%
Real Estate 0.1%
Other/Unmapped 0.1%

Full portfolio 29 positions

05
Type Streak 8Q trend
CNA CNA Financial Corporation Common Stock $12,075,440,414 96.43% 248,414,738 $668,235,645
BLDR Builders FirstSource, Inc. Common Stock $69,794,400 0.56% 780,000 $8,870,200 Up ×2
TEAM Atlassian Corporation - Class A Common Stock $52,897,200 0.42% 680,000 $2,392,200 Down ×1
CHKP Check Point Software Technologies Ltd. - Ordinary Shares $23,000,250 0.18% 175,000 Up ×1
AVTR Avantor, Inc. Common Stock $21,780,000 0.17% 2,200,000 $6,100,000 Up ×2
OMC Omnicom Group Inc. Common Stock $20,392,400 0.16% 280,000 $-694,400
NRG NRG Energy, Inc. Common Stock $18,987,800 0.15% 130,000 $-2,933,200 Down ×1
LNG Cheniere Energy, Inc. Common Stock $16,969,710 0.14% 71,000
COF Capital One Financial Corporation Common Stock $16,551,150 0.13% 82,500 $-7,164,750 Down ×1
ALLY Ally Financial Inc. Common Stock $16,542,000 0.13% 360,000 $2,419,200
META Meta Platforms, Inc. - Class A Common Stock $15,772,120 0.13% 28,000 $-17,697,485 Down ×1
JBS JBS N.V. Class A Common Shares $15,760,500 0.13% 1,330,000 $-8,126,300
AMCR Amcor plc Ordinary Shares $15,606,000 0.12% 360,000 $-9,873,750 Down ×1
AXP American Express Company Common Stock $15,221,250 0.12% 45,000 Up ×1
DHR Danaher Corporation Common Stock $14,286,000 0.11% 75,000 Up ×1
Unknown issuer (CUSIP: 866966104) $14,213,900 0.11% 190,000 $-6,614,900 Down ×1
GE GE Aerospace Common Stock $13,080,550 0.10% 35,000 Up ×1
BN Brookfield Corporation Class A Limited Voting Shares $12,777,000 0.10% 300,000 $-4,827,450 Down ×1
ETN Eaton Corporation, PLC Ordinary Shares $11,718,300 0.09% 27,500 Up ×1
AMTM Amentum Holdings, Inc. Common Stock $10,335,000 0.08% 500,000
FICO Fair Isaac Corporation Common Stock $10,155,630 0.08% 8,500
ZTS Zoetis Inc. Class A Common Stock $10,060,400 0.08% 140,000 Up ×1
CMCSA Comcast Corporation - Class A Common Stock $9,820,000 0.08% 400,000 $632,800 Up ×1
JBGS JBG SMITH Properties Common Shares $7,283,948 0.06% 496,520 $29,791
INGR Ingredion Incorporated Common Stock $6,629,700 0.05% 70,000 $-10,832,600 Down ×1
MAGN Magnera Corporation Common Stock $3,525,000 0.03% 300,000 $672,000
OLN Olin Corporation Common Stock $2,973,000 0.02% 150,000 $-2,973,000 Down ×1
LAB Standard BioTools Inc. - Common Stock $1,028,375 0.01% 1,250,000 Up ×1
AVTR Avantor, Inc. Common Stock $297,000 0.00% 30,000 Call option $61,800

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CHKP $23,000,250 175,000 0.18%
LNG $16,969,710 71,000 0.14%
AXP $15,221,250 45,000 0.12%
DHR $14,286,000 75,000 0.11%
GE $13,080,550 35,000 0.10%
ETN $11,718,300 27,500 0.09%
AMTM $10,335,000 500,000 0.08%
FICO $10,155,630 8,500 0.08%
ZTS $10,060,400 140,000 0.08%
LAB $1,028,375 1,250,000 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CNA Price move only +0 +$668.2M
META Trimmed -30K -$17.7M
INGR Trimmed -85K -$10.8M
AMCR Trimmed -281K -$9.9M
BLDR Bought more +40K +$8.9M
JBS Price move only +0 -$8.1M
COF Trimmed -48K -$7.2M
· Trimmed -130K -$6.6M
AVTR Bought more +200K +$6.1M
BN Trimmed -135K -$4.8M

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
HBI Dec. 31, 2025 31,900,000 $210,221,000 No longer tracked
GIL March 31, 2026 888,655 $55,505,391 -26.3%
UBER Sept. 30, 2025 440,000 $41,052,000 -30.5%
AMZN June 30, 2026 140,000 $29,157,800 5.5%
BERY June 30, 2025 355,000 $24,782,550 No longer tracked
GOOGL June 30, 2026 83,000 $23,867,480 -3.9%
ALSN March 31, 2026 230,000 $22,517,000 0.8%
KMI March 31, 2026 800,000 $21,992,000 -7.3%
UBER June 30, 2026 300,000 $21,579,000 -5.6%
AVT March 31, 2026 430,000 $20,674,400 73.5%
ECC June 30, 2025 2,450,000 $19,845,000 -54.8%
WFC March 31, 2026 170,000 $15,844,000 1.1%
LNG Dec. 31, 2025 60,000 $14,098,800 38.9%
ELV June 30, 2026 48,000 $14,052,000 -0.1%
FICO March 31, 2026 7,000 $11,834,340 -38.1%
APO Sept. 30, 2025 80,000 $11,349,600 -14.4%
AMTM Sept. 30, 2025 470,000 $11,096,700 -24.3%
HPQ June 30, 2026 550,000 $10,565,500 46.4%
VST June 30, 2026 70,000 $10,523,100 -11.7%
GS Dec. 31, 2025 12,500 $9,954,375 2.7%
FERG Dec. 31, 2025 40,000 $8,983,200 0.3%
GM June 30, 2025 160,000 $7,524,800 59.1%
DHI June 30, 2025 55,000 $6,992,150 4.7%
NTR June 30, 2025 140,000 $6,953,800 20.3%
TMHC Dec. 31, 2025 100,000 $6,601,000 No longer tracked
BLDR Sept. 30, 2025 40,000 $4,667,600 -53.6%
PRKS June 30, 2026 100,000 $3,266,000 -32.0%
LYB Dec. 31, 2025 60,000 $2,942,400 35.3%
ARW Dec. 31, 2025 20,000 $2,420,000 119.6%
VGZ Sept. 30, 2025 1,924,217 $1,877,843 No longer tracked