Sector breakdown

04
Materials 83.7%
Industrials 10.3%
Energy 0.6%
Financials 0.2%
Real Estate 0.1%
Consumer products 0.1%
Healthcare 0.1%
Other/Unmapped 4.9%

Full portfolio 30 positions

05
Type Streak 8Q trend
AVNT Avient Corporation Common Stock $24,666,291 16.86% 667,378 $9,423,050 Up ×3
OI O-I Glass, Inc. Common Stock $17,104,325 11.69% 1,776,150 $-11,505,671 Down ×1
CC Chemours Company (The) Common Stock $16,133,747 11.03% 786,245 $-4,586,614 Down ×1
SLGN Silgan Holdings Inc. Common Stock $14,513,344 9.92% 312,855 Up ×1
GXO GXO Logistics, Inc. Common Stock $13,345,102 9.12% 263,217 $9,977,911 Up ×1
KWR Quaker Houghton Common Stock $12,422,999 8.49% 78,196 $-4,497,127 Down ×1
MEOH Methanex Corporation - Common Stock $9,834,473 6.72% 213,098 $-2,880,949 Down ×1
FUL H. B. Fuller Company Common Stock $9,183,939 6.28% 157,556 $-8,857,091 Down ×1
SOLS Solstice Advanced Materials Inc. - Common Stock $8,666,763 5.92% 97,819 $1,216,868
CE Celanese Corporation Common Stock $3,908,666 2.67% 84,971 Up ×1
Unknown issuer (CUSIP: G9600F104) $3,103,279 2.12% 73,870 Up ×1
AMCR Amcor plc Ordinary Shares $2,509,055 1.72% 57,879 Up ×1
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN $1,711,975 1.17% 77,500 $730,225 Up ×1
KRO Kronos Worldwide Inc Common Stock $1,606,598 1.10% 253,807 $-167,302 Down ×1
BATL CUSIP: 07134L107 $1,400,986 0.96% 1,069,455 $-6,424,395 Down ×2
CCK Crown Holdings, Inc. $1,297,112 0.89% 11,600
ARCB ArcBest Corporation - Common Stock $1,263,152 0.86% 8,800 Up ×1
PPG PPG Industries, Inc. Common Stock $553,325 0.38% 4,562 $-3,058,685 Down ×1
WTI W&T Offshore, Inc. Common Stock $472,500 0.32% 150,000 Up ×1
Unknown issuer (CUSIP: 75381A108) $458,400 0.31% 30,000 Up ×1
CRK Comstock Resources, Inc. Common Stock $447,600 0.31% 30,000 Up ×1
SPWR SunPower Inc. - Common Stock $292,102 0.20% 425,000 Up ×1
GEMI Gemini Space Station, Inc. - Class A Common Stock $287,550 0.20% 67,500 $-375,450 Down ×1
Unknown issuer (CUSIP: 289395105) $246,750 0.17% 12,500 Up ×1
SDST Stardust Power Inc. - Common Stock $215,495 0.15% 138,138 Up ×1
Unknown issuer (CUSIP: 928661206) $211,811 0.14% 156,897 Up ×1
FRMI Fermi Inc. - Common Stock $141,934 0.10% 15,495
RIME Algorhythm Holdings, Inc. - Common Stock $117,975 0.08% 206,250 $-106,837
VTGN Vistagen Therapeutics, Inc. - Common Stock $91,104 0.06% 403,115 $-135,240 Up ×2
MXCT MaxCyte, Inc. - Common Stock $74,543 0.05% 60,604 $-733,332 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
AVNT $24,666,291 16.86% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SLGN $14,513,344 312,855 9.92%
CE $3,908,666 84,971 2.67%
Unknown issuer (CUSIP: G9600F104) $3,103,279 73,870 2.12%
AMCR $2,509,055 57,879 1.72%
CCK $1,297,112 11,600 0.89%
ARCB $1,263,152 8,800 0.86%
WTI $472,500 150,000 0.32%
Unknown issuer (CUSIP: 75381A108) $458,400 30,000 0.31%
CRK $447,600 30,000 0.31%
SPWR $292,102 425,000 0.20%
Unknown issuer (CUSIP: 289395105) $246,750 12,500 0.17%
SDST $215,495 138,138 0.15%
Unknown issuer (CUSIP: 928661206) $211,811 156,897 0.14%
FRMI $141,934 15,495 0.10%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
OI Trimmed -946K -$11.5M
GXO Bought more +198K +$10.0M
AVNT Bought more +247K +$9.4M
FUL Trimmed -135K -$8.9M
CC Trimmed -154K -$4.6M
KWR Trimmed -58K -$4.5M
MEOH Trimmed -463 -$2.9M
SOLS Price move only +0 +$1.2M
VXX Bought more +50K +$730K
GEMI Trimmed -82K -$375K

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
VG Sept. 30, 2025 18,027,083 $280,861,953 -7.5%
VG March 31, 2026 2,700,000 $18,414,000 -16.7%
SEE June 30, 2026 291,534 $12,259,005 No longer tracked
AXTA June 30, 2026 399,322 $11,061,220 -5.9%
KEX Dec. 31, 2025 116,956 $9,759,978 25.1%
BERY June 30, 2025 92,983 $6,491,143 No longer tracked
KNX June 30, 2025 87,413 $3,801,591 50.9%
KRO Sept. 30, 2025 435,459 $2,699,846 35.5%
WLK March 31, 2026 35,189 $2,601,875 -45.6%
CCK Sept. 30, 2025 24,500 $2,523,010 9.8%
FUL Dec. 31, 2025 36,632 $2,171,545 -15.6%
FLYW June 30, 2025 197,000 $1,871,500 50.3%
SOC Dec. 31, 2025 100,000 $1,746,000 -61.1%
DQ Dec. 31, 2025 40,000 $1,125,200 -62.7%
CVX June 30, 2026 5,000 $1,034,500 24.7%
FLR Sept. 30, 2025 20,000 $1,025,400 18.6%
PPG June 30, 2025 8,700 $951,345 -7.6%
HUMA June 30, 2025 408,868 $697,120 -75.0%
NXDR June 30, 2026 400,000 $560,000 7.5%
CGC June 30, 2026 550,000 $522,060 -7.9%
ACET March 31, 2026 59,558 $501,478 -4.6%
REKR Dec. 31, 2025 275,000 $431,750 -73.1%
SGMO June 30, 2026 1,681,089 $415,061 No longer tracked
DHX March 31, 2026 263,098 $407,802 71.2%
LUCD March 31, 2026 370,969 $404,356 -45.5%
MRSN Dec. 31, 2025 50,000 $388,000 No longer tracked
FBLG Dec. 31, 2025 26,629 $345,768 451.1%
SDST (filed as SDSTXXXX) Dec. 31, 2025 105,000 $325,500 -97.2%
FRMI March 31, 2026 40,000 $320,000 -31.0%
PEPG June 30, 2026 150,000 $265,500 26.7%
CNTX Sept. 30, 2025 328,222 $215,051 -68.0%
VNRX June 30, 2026 995,000 $200,990 No longer tracked
ACET Sept. 30, 2025 289,935 $176,860 702.5%
MREO March 31, 2026 395,000 $164,596 15.1%
CRCL March 31, 2026 1,000 $79,300 -14.8%