Performance vs S&P 500

03
Tracked Q3 2025–Q2 2026 +7.4%
S&P 500 total return (same window) +13.0%
Excess return -5.5%

Annualized: +10.1% · S&P 500: +17.7%

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: 85.5% · Options excluded: 0.0%

Sector breakdown

04
Financials 40.7%
Industrials 16.8%
Communication Services 12.0%
Technology 9.3%
Retail 8.9%
Materials 3.3%
Healthcare 2.9%
Consumer Staples 2.7%
Consumer Discretionary 1.6%
Consumer products 0.7%
Real Estate 0.3%
Energy 0.2%
Other/Unmapped 0.6%

Full portfolio 130 positions

05
Type Streak 8Q trend
GOOG Alphabet Inc. - Class C Capital Stock $971,608,033 7.40% 2,749,860 $182,783,193
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $834,218,900 6.35% 1,114 $34,210,940
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $766,582,969 5.84% 1,531,971 $32,462,466
DE Deere & Company Common Stock $556,878,306 4.24% 877,900 $62,357,236
BN Brookfield Corporation Class A Limited Voting Shares $556,805,009 4.24% 13,073,609 $27,716,052
AMZN Amazon.com, Inc. - Common Stock $484,011,339 3.69% 2,030,760 $61,064,954
ADI Analog Devices, Inc. - Common Stock $397,039,330 3.02% 999,671 $71,504,166 Down ×1
GS Goldman Sachs Group, Inc. (The) Common Stock $363,445,924 2.77% 359,360 $59,430,959
AAPL Apple Inc. - Common Stock $355,128,634 2.70% 1,227,290 $43,654,704
CAT Caterpillar, Inc. Common Stock $349,979,385 2.67% 328,650 $117,144,006
V Visa Inc. $347,863,069 2.65% 1,013,912 $44,314,068 Up ×2
HD Home Depot, Inc. (The) Common Stock $325,347,299 2.48% 922,500 $22,768,498 Up ×1
WSO Watsco, Inc. Common Stock $249,100,359 1.90% 597,750 $37,313,097 Up ×3
TXN Texas Instruments Incorporated - Common Stock $215,802,680 1.64% 724,000 $75,245,321
BLK BlackRock, Inc. Common Stock $211,735,512 1.61% 220,200 $-33,031
GOOGL Alphabet Inc. - Class A Common Stock $204,415,640 1.56% 572,000 $39,931,320
MSFT Microsoft Corporation - Common Stock $200,546,744 1.53% 537,630 $1,532,248
DIS Walt Disney Company (The) Common Stock $195,547,757 1.49% 2,031,665 $-264,117
AXP American Express Company Common Stock $165,894,715 1.26% 490,450 $17,543,399
LOW Lowe's Companies, Inc. Common Stock $165,804,070 1.26% 751,980 $-8,683,983 Up ×6
PGR Progressive Corporation (The) Common Stock $164,656,689 1.25% 753,750 $15,233,289
FNV Franco-Nevada Corporation $161,228,340 1.23% 773,500 $-13,806,586 Up ×6
LPLA LPL Financial Holdings Inc. - Common Stock $157,726,999 1.20% 559,951 $-10,723,060
JNJ Johnson & Johnson Common Stock $155,124,875 1.18% 610,800 $5,820,923
BX Blackstone Inc. Common Stock $144,616,429 1.10% 1,229,000 $3,293,719
RLI RLI Corp. Common Stock (DE) $141,445,715 1.08% 2,394,544 $4,860,925
GD General Dynamics Corporation Common Stock $138,507,840 1.05% 391,000 $4,308,821
NVO Novo Nordisk A/S Common Stock $137,576,966 1.05% 2,869,774 $32,112,770
KKR KKR & Co. Inc. Common Stock $133,246,205 1.01% 1,451,800 $-1,045,297
META Meta Platforms, Inc. - Class A Common Stock $131,901,676 1.00% 234,163 $-10,159,919 Down ×1
SCHW Charles Schwab Corporation (The) Common Stock $128,698,196 0.98% 1,394,800 $-1,351,327 Up ×3
MRSH Marsh Common Stock $127,252,547 0.97% 763,500 $-5,176,530
APO Apollo Global Management, Inc. (New) Common Stock $119,788,875 0.91% 1,012,500 $6,976,125
ADM Archer-Daniels-Midland Company Common Stock $115,043,119 0.88% 1,505,800 $5,586,517
LIN Linde plc - Ordinary Shares $111,883,464 0.85% 215,600 $10,450,968 Up ×6
DEO Diageo plc Common Stock $110,298,080 0.84% 1,372,208 $8,137,194
MA Mastercard Incorporated Common Stock $106,592,545 0.81% 207,540 $2,893,109
DG Dollar General Corporation Common Stock $100,059,367 0.76% 869,250 $-3,146,685
BAM Brookfield Asset Management Inc Class A Limited Voting Shares $98,398,791 0.75% 2,193,953 $877,579
HEI-A (filed as HEIA) HEICO Corporation Class A $97,913,984 0.75% 379,644 $17,774,932
MCO Moody's Corporation Common Stock $96,875,059 0.74% 213,890 $3,565,545
ODFL Old Dominion Freight Line, Inc. - Common Stock $92,953,890 0.71% 429,150 $9,097,980
NSC Norfolk Southern Corporation Common Stock $88,871,675 0.68% 282,500 $7,794,175
ITW Illinois Tool Works Inc. Common Stock $88,578,926 0.67% 327,500 $3,333,950
JPM JP Morgan Chase & Co. Common Stock $82,667,192 0.63% 252,550 $8,377,084
NVR NVR, Inc. Common Stock $82,421,700 0.63% 12,097 $2,770,425 Up ×3
MSCI MSCI Inc. Common Stock $80,001,714 0.61% 142,850 $3,004,136
ROK Rockwell Automation, Inc. Common Stock $76,687,892 0.58% 154,900 $21,097,380
ECL Ecolab Inc. Common Stock $76,422,723 0.58% 274,300 $3,453,437
Unknown issuer (CUSIP: 866966104) $72,891,947 0.56% 974,361 $10,186,780 Up ×1
SBUX Starbucks Corporation - Common Stock $63,747,961 0.49% 623,818 $7,860,106
ROL Rollins, Inc. Common Stock $63,299,755 0.48% 1,516,525 $-16,709,761 Up ×5
THG Hanover Insurance Group Inc $60,167,720 0.46% 281,000 $11,456,370
ITIC Investors Title Company - Common Stock $58,375,945 0.44% 213,300 $12,017,324
CG The Carlyle Group Inc. - Common Stock $55,879,970 0.43% 1,327,000 $-8,333,560
TSN Tyson Foods, Inc. Common Stock $52,297,875 0.40% 913,500 $-4,692,390 Up ×5
SPGI S&P Global Inc. Common Stock $47,930,429 0.37% 117,690 $-2,127,836
AON Aon plc Class A Ordinary Shares (Ireland) $45,043,503 0.34% 135,800 $1,209,979
UNP Union Pacific Corporation Common Stock $43,799,616 0.33% 161,028 $7,339,168 Up ×5
FERG Ferguson Enterprises Inc. Common Stock $42,766,866 0.33% 180,200 $2,949,384 Up ×6
RTX RTX Corporation Common Stock $42,499,520 0.32% 224,000 $-710,080
CSCO Cisco Systems, Inc. - Common Stock $41,757,030 0.32% 355,500 $14,173,785
MELI MercadoLibre, Inc. - Common Stock $40,737,361 0.31% 24,000 $31,314,202 Up ×1
YUM Yum! Brands, Inc. $39,199,750 0.30% 245,213 $1,074,032
MAR Marriott International - Class A Common Stock $36,873,706 0.28% 99,500 $6,210,893 Up ×6
ALL Allstate Corporation (The) Common Stock $36,773,627 0.28% 154,550 $4,729,230
TMO Thermo Fisher Scientific Inc Common Stock $36,649,416 0.28% 73,100 $3,667,752 Up ×6
COST Costco Wholesale Corporation - Common Stock $36,623,651 0.28% 39,150 $-2,386,584
HGTY Hagerty, Inc. Class A Common Stock $35,897,400 0.27% 3,108,000 $3,170,160
TROW T. Rowe Price Group, Inc. - Common Stock $35,698,661 0.27% 314,000 $7,394,701
URI United Rentals, Inc. Common Stock $35,289,524 0.27% 31,150 $12,594,880
ABNB Airbnb, Inc. - Class A Common Stock $34,685,867 0.26% 242,389 $4,076,983
LMT Lockheed Martin Corporation Common Stock $33,223,415 0.25% 65,213 $-6,190,671
HCA HCA Healthcare, Inc. Common Stock $32,893,460 0.25% 84,366 $-6,115,714 Up ×6
SHW Sherwin-Williams Company (The) Common Stock $32,425,304 0.25% 94,172 $2,238,470
FDS FactSet Research Systems Inc. Common Stock $31,147,311 0.24% 135,376 $1,772,073
LAMR Lamar Advertising Company - Class A Common Stock $30,104,140 0.23% 193,000 $5,658,760
VRSK Verisk Analytics, Inc. - Common Stock $27,997,704 0.21% 155,950 $-1,593,809
CSX CSX Corporation - Common Stock $27,781,285 0.21% 584,500 $6,024,785 Up ×4
AMAT Applied Materials, Inc. - Common Stock $26,281,050 0.20% 36,350 $13,856,983
APD Air Products and Chemicals, Inc. Common Stock $25,946,430 0.20% 88,500 $4,014,435 Up ×3
FIX Comfort Systems USA, Inc. Common Stock $25,765,350 0.20% 13,000 $7,838,480
CCK Crown Holdings, Inc. $24,600,400 0.19% 220,000 $2,545,400
BF-A (filed as BFA) Brown-Forman Corporation Class A $23,064,480 0.18% 843,000 $480,511
RNR RenaissanceRe Holdings Ltd. Common Stock $22,183,000 0.17% 70,000 $1,376,900
EPD Enterprise Products Partners L.P. Common Stock $20,916,440 0.16% 569,000 $13,272,760 Up ×1
PM Philip Morris International Inc Common Stock $20,714,195 0.16% 114,500 $1,782,764
ACN Accenture plc Class A Ordinary Shares (Ireland) $19,835,735 0.15% 159,400 $-11,771,690
CMCSA Comcast Corporation - Class A Common Stock $19,690,917 0.15% 802,074 $-7,924,657 Down ×1
HXL Hexcel Corporation Common Stock $18,911,340 0.14% 189,000 $3,615,570
NKE Nike, Inc. Common Stock $18,365,770 0.14% 447,400 $-5,265,898
COF Capital One Financial Corporation Common Stock $18,256,420 0.14% 91,000 $1,655,290
BK The Bank of New York Mellon Corporation Common Stock $18,003,945 0.14% 124,500 $3,234,510
CARR Carrier Global Corporation Common Stock $17,237,250 0.13% 235,000 $4,004,400
WFC Wells Fargo & Company Common Stock $16,895,748 0.13% 204,450 $619,483
SEIC SEI Investments Company - Common Stock $15,191,372 0.12% 173,200 $1,600,368
PAYX Paychex, Inc. - Common Stock $14,749,500 0.11% 150,000 $931,500
HSY The Hershey Company Common Stock $13,158,750 0.10% 75,000 $-2,433,000
PEP PepsiCo, Inc. - Common Stock $13,026,834 0.10% 96,210 $-1,913,617
BF-B (filed as BFB) Brown-Forman Corporation Class B $12,637,084 0.10% 474,187 $99,580

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
WSO $249,100,359 1.90% up ×3
LOW $165,804,070 1.26% up ×6
FNV $161,228,340 1.23% up ×6
SCHW $128,698,196 0.98% up ×3
LIN $111,883,464 0.85% up ×6
NVR $82,421,700 0.63% up ×3
ROL $63,299,755 0.48% up ×5
TSN $52,297,875 0.40% up ×5
UNP $43,799,616 0.33% up ×5
FERG $42,766,866 0.33% up ×6
MAR $36,873,706 0.28% up ×6
TMO $36,649,416 0.28% up ×6
HCA $32,893,460 0.25% up ×6
CSX $27,781,285 0.21% up ×4
APD $25,946,430 0.20% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ZTS $4,756,773 66,195 0.04%
NFLX $2,856,000 40,000 0.02%
UFPI $362,960 4,000 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
GOOG Price move only +0 +$182.8M
CAT Price move only +0 +$117.1M
TXN Price move only +0 +$75.2M
ADI Trimmed -24K +$71.5M
DE Price move only +0 +$62.4M
AMZN Price move only +0 +$61.1M
GS Price move only +0 +$59.4M
V Bought more +10K +$44.3M
AAPL Price move only +0 +$43.7M
GOOGL Price move only +0 +$39.9M

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
FDX Dec. 31, 2025 213,000 $50,227,530 0.5%
MMM Sept. 30, 2025 118,250 $18,002,380 4.3%
TGT March 31, 2026 133,000 $13,000,750 28.7%
CHH March 31, 2026 115,500 $11,002,530 -1.0%
SMG June 30, 2026 168,000 $10,216,081 -28.0%
OI Sept. 30, 2025 473,700 $6,982,338 -56.8%
UNH June 30, 2026 18,700 $5,060,034 -10.5%
ADBE Dec. 31, 2025 14,000 $4,938,500 -32.1%
CE Sept. 30, 2025 81,300 $4,498,329 5.0%
GPK Sept. 30, 2025 174,000 $3,666,180 -55.1%
CABO June 30, 2025 11,900 $3,162,663 -91.0%
BALL Sept. 30, 2025 51,000 $2,860,590 11.8%
WTW Sept. 30, 2025 8,627 $2,644,177 -16.5%
IT Sept. 30, 2025 5,700 $2,304,054 -29.7%
INTU Sept. 30, 2025 2,720 $2,142,353 -58.8%
CSGP Sept. 30, 2025 18,600 $1,495,440 -67.5%
EL Sept. 30, 2025 15,000 $1,212,000 4.4%
BUD Sept. 30, 2025 11,000 $755,920 23.2%
TRU March 31, 2026 2,000 $171,500 -8.3%