Performance vs S&P 500

03
Tracked Q2 2025–Q2 2026 +10.8%
S&P 500 total return (same window) +21.7%
Excess return -10.8%

Annualized: +10.8% · 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: 98.9% · Options excluded: 0.0%

Sector breakdown

04
Industrials 39.5%
Technology 31.1%
Healthcare 10.8%
Materials 5.1%
Consumer Staples 3.0%
Consumer products 2.5%
Retail 2.3%
Financials 1.3%
Energy 0.6%
Communication Services 0.4%
Utilities 0.1%
Consumer Discretionary 0.0%
Other/Unmapped 3.3%

Full portfolio 81 positions

05
Type Streak 8Q trend
TSM Taiwan Semiconductor Manufacturing Company Ltd. $130,623,991 10.21% 273,518 $37,637,386 Down ×1
MSFT Microsoft Corporation - Common Stock $110,358,430 8.62% 295,851 $853,705 Up ×2
AAPL Apple Inc. - Common Stock $101,233,650 7.91% 349,854 $12,399,944 Down ×1
APH Amphenol Corporation Common Stock $70,841,596 5.53% 401,779 $19,936,268 Down ×1
NDSN Nordson Corporation - Common Stock $70,547,247 5.51% 233,840 $8,222,125 Down ×1
ITW Illinois Tool Works Inc. Common Stock $50,048,735 3.91% 185,044 $1,890,357 Up ×2
DCI Donaldson Company, Inc. Common Stock $49,681,143 3.88% 553,427 $2,713,142 Up ×2
DOV Dover Corporation Common Stock $48,190,315 3.77% 214,867 $3,337,380 Down ×1
JNJ Johnson & Johnson Common Stock $47,306,353 3.70% 186,267 $1,832,447 Up ×2
PCAR PACCAR Inc. - Common Stock $46,184,831 3.61% 384,489 $1,725,927 Down ×1
ECL Ecolab Inc. Common Stock $45,794,151 3.58% 164,367 $2,099,499 Up ×2
ADP Automatic Data Processing, Inc. - Common Stock $43,077,067 3.37% 192,351 $3,971,672 Down ×1
EMR Emerson Electric Company Common Stock $40,486,501 3.16% 282,826 $3,398,114 Down ×1
KO Coca-Cola Company (The) Common Stock $35,798,981 2.80% 440,494 $2,310,418 Up ×2
PG Procter & Gamble Company (The) Common Stock $31,896,726 2.49% 217,517 $506,777 Up ×2
CTAS Cintas Corporation - Common Stock $30,284,102 2.37% 178,058 $276,060 Up ×2
TXN Texas Instruments Incorporated - Common Stock $28,143,920 2.20% 94,421 $10,261,456 Up ×2
AMZN Amazon.com, Inc. - Common Stock $27,612,642 2.16% 115,854 $3,471,650 Down ×1
ISRG Intuitive Surgical, Inc. - Common Stock $27,328,172 2.14% 68,719 $-4,209,998 Up ×2
ETN Eaton Corporation, PLC Ordinary Shares $22,828,101 1.78% 53,572 $4,518,616 Up ×2
SYK Stryker Corporation Common Stock $21,317,133 1.67% 67,708 $-383,722 Up ×2
APD Air Products and Chemicals, Inc. Common Stock $19,421,261 1.52% 66,243 $429,868 Up ×2
ALC Alcon Inc. Ordinary Shares $17,823,750 1.39% 265,588 $-554,771 Up ×2
TMO Thermo Fisher Scientific Inc Common Stock $17,713,010 1.38% 35,330 $1,644,057 Up ×2
Unknown issuer (CUSIP: 438516205) $15,296,288 1.20% 68,318 Up ×1
Unknown issuer (CUSIP: 43849R105) $15,119,551 1.18% 68,390 Up ×1
ZBRA Zebra Technologies Corporation - Class A Common Stock $15,098,488 1.18% 57,352 $3,579,434 Up ×2
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $12,582,807 0.98% 25,146 $542,428 Up ×1
RSG Republic Services, Inc. Common Stock $11,816,351 0.92% 55,455 $4,765,878 Up ×1
INTU Intuit Inc. - Common Stock $10,471,621 0.82% 40,121 $-6,990,787 Down ×1
Unknown issuer (CUSIP: 30233Q108) $7,926,118 0.62% 57,973 Up ×1
ACN Accenture plc Class A Ordinary Shares (Ireland) $6,379,665 0.50% 51,267 $-3,519,170 Up ×5
LRCX Lam Research Corporation - Common Stock $5,849,955 0.46% 13,500 $2,965,545
SPY SPY $3,149,876 0.25% 4,218 $406,742
NVDA NVIDIA Corporation - Common Stock $3,049,172 0.24% 15,239 $326,788 Down ×6
ABBV AbbVie Inc. Common Stock $3,037,039 0.24% 12,069 $414,329 Up ×2
GOOGL Alphabet Inc. - Class A Common Stock $2,628,814 0.21% 7,356 $421,791 Down ×1
GWW W.W. Grainger, Inc. Common Stock $2,489,532 0.19% 1,830 $493,350
PEP PepsiCo, Inc. - Common Stock $2,111,117 0.16% 15,592 $-309,553 Up ×1
STEL Stellar Bancorp, Inc. Common Stock $1,825,195 0.14% 46,419 $125,795
CVX Chevron Corporation Common Stock $1,693,741 0.13% 10,218 $-418,821 Up ×2
BSM Black Stone Minerals, L.P. Common units representing limited partner interests $1,676,218 0.13% 119,987 $-137,985
FDX FedEx Corporation Common Stock $1,428,667 0.11% 4,563 $-296,042 Down ×4
WM Waste Management, Inc. Common Stock $1,398,572 0.11% 6,275 $-43,360
DMLP Dorchester Minerals, L.P. - Common Units Representing Limited Partnership Interests $1,323,681 0.10% 52,423 $-96,982
MA Mastercard Incorporated Common Stock $1,307,112 0.10% 2,545 $-88,938 Down ×3
ABT Abbott Laboratories Common Stock $1,205,085 0.09% 13,281 $-170,679 Down ×1
GOOG Alphabet Inc. - Class C Capital Stock $1,115,463 0.09% 3,157 $210,133 Up ×1
SBR Sabine Royalty Trust Common Stock $1,024,800 0.08% 14,000 $-29,960
SJT San Juan Basin Royalty Trust Common Stock $1,021,024 0.08% 318,076 $-508,922
LLY Eli Lilly and Company Common Stock $898,373 0.07% 749 $209,465
AVGO Broadcom Inc. - Common Stock $792,142 0.06% 2,097 $167,860 Up ×2
DUK Duke Energy Corporation (Holding Company) Common Stock $786,442 0.06% 6,213 $-21,196 Up ×4
SYY Sysco Corporation Common Stock $773,263 0.06% 9,252 $113,548 Up ×4
NFLX Netflix, Inc. - Common Stock $714,643 0.06% 10,009 $-246,857 Up ×1
IBM International Business Machines Corporation Common Stock $559,045 0.04% 1,988 $77,174
NVS Novartis AG Common Stock $521,094 0.04% 3,325 $13,200
MDT Medtronic plc. Ordinary Shares $485,261 0.04% 6,203 $-52,229
LOW Lowe's Companies, Inc. Common Stock $482,315 0.04% 2,187 $-34,311
PSX Phillips 66 Common Stock $461,507 0.04% 2,730 $-35,844
COP ConocoPhillips Common Stock $443,285 0.03% 4,264 $-119,563
VGT VANGUARD WORLD FUND $438,638 0.03% 3,670 $187,459 Up ×2
BMY Bristol-Myers Squibb Company Common Stock $433,245 0.03% 7,519 $-71,302 Down ×1
BDX Becton, Dickinson and Company Common Stock $416,006 0.03% 2,749 $-1,576,884 Down ×1
MMM 3M Company Common Stock $395,870 0.03% 2,445 $40,783
HD Home Depot, Inc. (The) Common Stock $380,375 0.03% 1,079 $27,879 Up ×3
MCD McDonald's Corporation Common Stock $374,109 0.03% 1,384 $-56,024
TCBI Texas Capital Bancshares, Inc. - Common Stock $361,410 0.03% 3,500 $29,330
Unknown issuer (CUSIP: 314352105) $351,075 0.03% 2,325 Up ×1
GLD SPDR Gold Shares $345,909 0.03% 939 $-58,133
UPS United Parcel Service, Inc. Common Stock $326,667 0.03% 3,039 $-1,278,328 Down ×6
AMD Advanced Micro Devices, Inc. - Common Stock $321,243 0.03% 553 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $316,579 0.02% 562 $15,058 Up ×2
WMT Walmart Inc. - Common Stock $293,004 0.02% 2,587 $-28,384 Up ×1
AMGN Amgen Inc. - Common Stock $284,988 0.02% 787 $8,082
JPM JP Morgan Chase & Co. Common Stock $278,558 0.02% 851 $28,522 Up ×1
EPD Enterprise Products Partners L.P. Common Stock $258,055 0.02% 7,020 $-7,582
FFIN First Financial Bankshares, Inc. - Common Stock $253,826 0.02% 7,336 $37,781
BAC Bank of America Corporation Common Stock $225,935 0.02% 3,965 Up ×1
CSCO Cisco Systems, Inc. - Common Stock $201,326 0.02% 1,714 Up ×1
NOK Nokia Corporation Sponsored American Depositary Shares $176,863 0.01% 13,318 $56,520 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
ACN $6,379,665 0.50% up ×5
DUK $786,442 0.06% up ×4
SYY $773,263 0.06% up ×4
HD $380,375 0.03% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 438516205) $15,296,288 68,318 1.20%
Unknown issuer (CUSIP: 43849R105) $15,119,551 68,390 1.18%
Unknown issuer (CUSIP: 30233Q108) $7,926,118 57,973 0.62%
Unknown issuer (CUSIP: 314352105) $351,075 2,325 0.03%
AMD $321,243 553 0.03%
BAC $225,935 3,965 0.02%
CSCO $201,326 1,714 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TSM Trimmed -2K +$37.6M
APH Trimmed -1K +$19.9M
AAPL Trimmed -174 +$12.4M
TXN Bought more +2K +$10.3M
NDSN Trimmed -412 +$8.2M
INTU Trimmed -266 -$7.0M
RSG Bought more +23K +$4.8M
ETN Bought more +2K +$4.5M
ISRG Bought more +305 -$4.2M
ADP Trimmed -116 +$4.0M

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
HON June 30, 2026 134,795 $30,467,695 -4.4%
XOM June 30, 2026 58,887 $9,990,830 20.0%
MKC June 30, 2026 128,534 $6,483,236 -11.4%
ADBE June 30, 2026 24,922 $6,058,040 15.9%
JPM Dec. 31, 2025 4,558 $1,437,730 3.2%
NOW Dec. 31, 2025 774 $712,297 -12.3%
MU Dec. 31, 2025 3,440 $575,581 276.6%
WAT June 30, 2026 1,737 $517,211 13.4%
VEA Dec. 31, 2025 8,365 $501,231
XLU Dec. 31, 2025 5,744 $500,934 No longer tracked
NEE Dec. 31, 2025 6,146 $463,932 -4.3%
BX Dec. 31, 2025 2,500 $427,125 -27.5%
IJH Dec. 31, 2025 6,440 $420,274 10.6%
KRE Dec. 31, 2025 5,638 $356,885
IYT Dec. 31, 2025 4,856 $348,224 7.6%
CRM Sept. 30, 2025 1,258 $343,095 -1.0%
AMT Dec. 31, 2025 1,737 $334,060 -7.6%
SOLS June 30, 2026 4,283 $326,193 -34.9%
ORCL Dec. 31, 2025 1,156 $325,113 -27.0%
VNQ Dec. 31, 2025 3,467 $316,953
BLK Dec. 31, 2025 265 $308,956 -1.0%
SPGI Dec. 31, 2025 515 $250,656 -26.1%
VWO Dec. 31, 2025 4,078 $220,946
NEE June 30, 2026 2,254 $209,308 -12.5%
INTC Sept. 30, 2025 9,208 $206,259 255.7%
MDLZ June 30, 2025 6,960 $472 -13.7%
DHR June 30, 2025 2,223 $456 8.4%
UNH June 30, 2025 597 $313 19.2%
TMUS June 30, 2025 1,098 $293 -31.3%
MLM June 30, 2025 540 $258 -12.1%
PANW June 30, 2025 1,497 $255 97.0%
VEEV June 30, 2025 956 $221 -5.1%
CSGP June 30, 2025 2,557 $203 -65.9%