Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +44.2%
S&P 500 total return (same window) +37.0%
Excess return +7.2%

Annualized: +34.1% · 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: 100.0% · Options excluded: 0.6%

Sector breakdown

04
Technology 41.7%
Industrials 19.6%
Retail 17.2%
Financials 6.8%
Materials 4.9%
Consumer Discretionary 2.9%
Communication Services 0.5%
Energy 0.4%
Health Care 0.3%
Other/Unmapped 5.7%

Full portfolio 34 positions

05
Type Streak 8Q trend
NBIS Nebius Group N.V. - Class A Ordinary Shares $1,175,934,069 7.19% 4,258,008 Up ×1
ASML ASML Holding N.V. - New York Registry Shares $1,132,337,523 6.92% 569,174 $266,998,390 Down ×1
STX Seagate Technology Holdings PLC - Ordinary Shares (Ireland) $965,105,185 5.90% 1,000,109 Up ×1
HD Home Depot, Inc. (The) Common Stock $918,092,697 5.61% 2,603,189 Up ×1
AMAT Applied Materials, Inc. - Common Stock $873,193,851 5.34% 1,207,737 Up ×1
MDLN Medline Inc. - Class A common stock $826,992,394 5.06% 20,968,367 $302,374,952 Up ×2
LIN Linde plc - Ordinary Shares $808,550,554 4.94% 1,558,081 Up ×1
TER Teradyne, Inc. - Common Stock $722,411,827 4.42% 1,493,080 $167,179,008 Down ×1
GLW Corning Incorporated Common Stock $696,827,855 4.26% 2,728,058 $191,271,407 Down ×1
CVNA Carvana Co. Class A Common Stock $692,470,236 4.23% 10,520,666 $140,824,821 Up ×1
HUT Hut 8 Corp. - Common Stock $666,469,180 4.07% 5,773,045 $381,305,589 Down ×1
PFGC Performance Food Group Company Common Stock $654,277,805 4.00% 5,852,740 $313,508,791 Up ×1
NU Nu Holdings Ltd. Class A Ordinary Shares $630,855,419 3.86% 47,219,717 $84,634,116 Up ×3
WULF TeraWulf Inc. - Common Stock $596,372,238 3.65% 24,144,625 $308,906,003 Up ×1
CRS Carpenter Technology Corporation Common Stock $593,917,609 3.63% 962,839 $-122,623,442 Down ×1
MTZ MasTec, Inc. Common Stock $559,666,021 3.42% 1,345,157 $67,065,994 Down ×1
APP Applovin Corporation - Class A Common Stock $537,007,742 3.28% 1,042,268 $-46,031,612 Down ×1
TTMI TTM Technologies, Inc. - Common Stock $512,074,787 3.13% 2,738,075 Up ×1
STRL Sterling Infrastructure, Inc. - Common Stock $511,709,948 3.13% 609,643 Up ×1
USFD US Foods Holding Corp. Common Stock $502,506,807 3.07% 4,914,492 $152,477,831 Up ×1
ONON On Holding AG Class A Ordinary Shares $470,378,663 2.88% 13,280,030 Up ×1
LPLA LPL Financial Holdings Inc. - Common Stock $343,395,806 2.10% 1,219,099 $-273,295,767 Down ×3
AGX Argan, Inc. Common Stock $294,403,824 1.80% 368,673 $80,283,391 Down ×1
BTDR Bitdeer Technologies Group - Ordinary Shares $111,407,813 0.68% 7,020,026 Up ×1
SHAZ SharonAI Holdings, Inc. - Class A Common Stock $102,425,731 0.63% 1,209,848 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $77,039,680 0.47% 215,574 $23,104,639 Up ×1
KGS Kodiak Gas Services, Inc. Common Stock $63,490,109 0.39% 845,070 Up ×1
V Visa Inc. $56,939,216 0.35% 165,960 $28,898,900 Up ×2
IBKR Interactive Brokers Group, Inc. - Class A Common Stock $50,280,049 0.31% 577,666 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $48,350,142 0.30% 101,242 $-421,241,522 Down ×2
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $47,395,697 0.29% 494,581
MCK McKesson Corporation Common Stock $43,712,216 0.27% 57,851 $-295,702,745 Down ×1
TDG Transdigm Group Incorporated Common Stock $38,005,765 0.23% 28,532 $-3,342,451 Down ×1
BN Brookfield Corporation Class A Limited Voting Shares $33,761,817 0.21% 792,717 $-419,865,158 Down ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
NU $630,855,419 3.86% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
NBIS $1,175,934,069 4,258,008 7.19%
STX $965,105,185 1,000,109 5.90%
HD $918,092,697 2,603,189 5.61%
AMAT $873,193,851 1,207,737 5.34%
LIN $808,550,554 1,558,081 4.94%
TTMI $512,074,787 2,738,075 3.13%
STRL $511,709,948 609,643 3.13%
ONON $470,378,663 13,280,030 2.88%
BTDR $111,407,813 7,020,026 0.68%
SHAZ $102,425,731 1,209,848 0.63%
KGS $63,490,109 845,070 0.39%
IBKR $50,280,049 577,666 0.31%
SE $47,395,697 494,581 0.29%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
HUT Trimmed -306K +$381.3M
PFGC Bought more +1.9M +$313.5M
WULF Bought more +4.2M +$308.9M
MDLN Bought more +9.2M +$302.4M
LPLA Trimmed -831K -$273.3M
ASML Trimmed -86K +$267.0M
GLW Trimmed -990K +$191.3M
TER Trimmed -380K +$167.2M
USFD Bought more +1.1M +$152.5M
CVNA Bought more +8.8M +$140.8M

3 positions 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
META Dec. 31, 2025 1,322,260 $971,041,299 12.4%
VST June 30, 2026 6,187,585 $930,179,653 -8.7%
INTU Sept. 30, 2025 771,666 $607,787,292 -58.3%
AVGO March 31, 2026 1,730,216 $598,827,758 17.1%
MSFT March 31, 2026 1,234,125 $596,847,533 41.9%
TLN June 30, 2026 1,817,947 $580,343,221 -13.6%
DASH March 31, 2026 2,529,879 $572,966,996 27.7%
AMZN March 31, 2026 2,414,520 $557,319,506 20.7%
UNH Sept. 30, 2025 1,693,347 $528,273,464 9.6%
CRM Sept. 30, 2025 1,863,179 $508,070,282 -3.0%
CLH June 30, 2026 1,754,950 $503,196,814 7.9%
SBUX Dec. 31, 2025 5,561,954 $470,541,308 12.1%
LLY June 30, 2025 551,827 $455,759,438 46.6%
EQT Dec. 31, 2025 8,361,889 $455,137,618 -4.6%
ASML Sept. 30, 2025 566,862 $454,277,538 92.1%
FLUT Dec. 31, 2025 1,733,336 $440,267,344 -64.8%
THC June 30, 2026 2,258,717 $426,242,485 38.7%
PM March 31, 2026 2,643,579 $424,030,072 14.6%
COF June 30, 2026 2,267,056 $413,579,026 -2.7%
TOL June 30, 2025 3,800,580 $401,303,242 18.6%
WING March 31, 2026 1,595,258 $380,453,080 -31.1%
ENTG June 30, 2026 3,115,054 $365,208,931 -7.2%
WIX Sept. 30, 2025 2,161,331 $342,484,510 -58.3%
SE Dec. 31, 2025 1,869,501 $334,135,914 -24.1%
CIEN June 30, 2026 809,522 $314,280,726 -20.6%
CDNS June 30, 2025 1,218,389 $309,872,874 14.7%
CIEN Dec. 31, 2025 2,006,662 $292,310,454 66.6%
AFRM March 31, 2026 3,817,170 $284,111,963 63.1%
ETSY Dec. 31, 2025 3,880,316 $257,614,179 27.9%
ARES June 30, 2025 1,604,441 $235,227,095 -32.4%
WING June 30, 2025 449,056 $101,298,052 -68.3%
VMC June 30, 2026 144,179 $39,259,942 -16.8%
SPOT June 30, 2026 68,844 $33,383,144 5.2%
MA June 30, 2026 57,201 $28,581,052 9.9%
APH June 30, 2026 223,084 $28,186,663 -50.5%
HLT June 30, 2026 89,249 $27,138,836 -4.3%
KKR June 30, 2026 179,308 $16,585,990 -2.0%
BKNG June 30, 2026 2,405 $10,125,820 -11.2%
BSX June 30, 2026 104,655 $6,567,101 -0.7%