Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +28.8%
S&P 500 total return (same window) +37.0%
Excess return -8.2%

Annualized: +22.5% · 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: 99.6% · Options excluded: 0.0%

Sector breakdown

04
Industrials 22.0%
Technology 19.1%
Healthcare 11.5%
Communication Services 10.2%
Financials 8.3%
Retail 8.2%
Energy 5.1%
Consumer products 3.7%
Materials 3.2%
Consumer Staples 2.4%
Utilities 2.1%
Consumer Discretionary 1.8%
Real Estate 0.0%
Other/Unmapped 2.2%

Full portfolio 274 positions

05
Type Streak 8Q trend
MSFT Microsoft Corporation - Common Stock $177,821,625 5.03% 476,711 $1,485,224 Up ×2
AAPL Apple Inc. - Common Stock $161,747,882 4.58% 558,997 $18,503,984 Down ×2
GOOG Alphabet Inc. - Class C Capital Stock $106,703,540 3.02% 301,994 $19,138,377 Down ×2
CAT Caterpillar, Inc. Common Stock $104,617,906 2.96% 98,242 $30,593,754 Down ×6
JPM JP Morgan Chase & Co. Common Stock $103,819,386 2.94% 317,169 $11,666,706 Up ×6
IBM International Business Machines Corporation Common Stock $101,118,617 2.86% 359,584 $15,194,029 Up ×2
TT Trane Technologies plc $99,615,598 2.82% 202,817 $12,447,343 Down ×6
GLW Corning Incorporated Common Stock $98,580,389 2.79% 385,938 $44,769,990 Down ×5
AMZN Amazon.com, Inc. - Common Stock $84,991,419 2.40% 356,595 $11,088,267 Up ×6
WMT Walmart Inc. - Common Stock $81,973,058 2.32% 723,760 $-10,723,541 Down ×6
CSCO Cisco Systems, Inc. - Common Stock $78,017,285 2.21% 664,200 $27,021,645 Up ×5
PG Procter & Gamble Company (The) Common Stock $73,994,423 2.09% 504,595 $417,121 Down ×6
MCK McKesson Corporation Common Stock $71,593,100 2.03% 94,750 $-17,088,993 Down ×2
HON Honeywell International Inc. - Common Stock $62,020,524 1.75% 277,001 $-25,258,475 Down ×6
GE GE Aerospace Common Stock $58,825,849 1.66% 157,402 $13,412,433 Down ×6
VZ Verizon Communications Inc. Common Stock $54,134,273 1.53% 1,278,561 $-8,376,926 Up ×6
MPC Marathon Petroleum Corporation Common Stock $53,701,694 1.52% 210,043 $121,765 Down ×6
XOM Exxon Mobil Corporation Common Stock $51,544,807 1.46% 377,010 $-13,181,671 Down ×3
ALL Allstate Corporation (The) Common Stock $51,489,978 1.46% 216,399 $7,739,372 Up ×6
MRK Merck & Company, Inc. Common Stock (new) $49,129,148 1.39% 382,328 $3,334,144 Up ×6
ABBV AbbVie Inc. Common Stock $46,184,999 1.31% 183,536 $7,401,095 Up ×6
QCOM QUALCOMM Incorporated - Common Stock $44,120,830 1.25% 238,762 $11,572,457 Down ×6
KMB Kimberly-Clark Corporation - Common Stock $43,310,961 1.23% 394,561 $148,836 Down ×1
ETN Eaton Corporation, PLC Ordinary Shares $42,860,854 1.21% 100,584 $5,749,372 Down ×6
GEV GE Vernova Inc. Common Stock $42,451,216 1.20% 36,133 $10,556,322 Down ×4
GOOGL Alphabet Inc. - Class A Common Stock $42,257,215 1.20% 118,245 $8,292,354 Up ×6
Unknown issuer (CUSIP: 43849R105) $42,073,845 1.19% 1,903,105 Up ×1
AMGN Amgen Inc. - Common Stock $40,238,366 1.14% 111,120 $-493,549 Down ×6
GILD Gilead Sciences, Inc. - Common Stock $40,003,919 1.13% 316,637 $-6,761,545 Down ×6
META Meta Platforms, Inc. - Class A Common Stock $39,828,546 1.13% 70,707 $862,488 Up ×6
HD Home Depot, Inc. (The) Common Stock $39,724,106 1.12% 112,636 $1,310,740 Down ×6
TXN Texas Instruments Incorporated - Common Stock $38,969,076 1.10% 130,738 $12,854,722 Down ×3
V Visa Inc. $37,720,416 1.07% 109,944 $4,772,931 Up ×6
NVDA NVIDIA Corporation - Common Stock $37,255,690 1.05% 186,205 $13,751,278 Up ×1
ITW Illinois Tool Works Inc. Common Stock $37,050,603 1.05% 136,986 $912,981 Down ×6
SYY Sysco Corporation Common Stock $36,008,270 1.02% 430,824 $4,380,691 Down ×6
DELL Dell Technologies Inc. Class C Common Stock $34,126,760 0.97% 79,096 $21,534,706 Up ×6
CVX Chevron Corporation Common Stock $33,788,938 0.96% 203,838 $-9,044,121 Down ×5
LLY Eli Lilly and Company Common Stock $32,152,999 0.91% 26,804 $7,209,757 Down ×6
RTX RTX Corporation Common Stock $32,116,356 0.91% 169,274 $-1,086,749 Down ×6
PEP PepsiCo, Inc. - Common Stock $31,208,554 0.88% 230,484 $-4,764,995 Down ×6
JNJ Johnson & Johnson Common Stock $28,710,367 0.81% 113,039 $696,077 Down ×6
TSM Taiwan Semiconductor Manufacturing Company Ltd. $28,350,465 0.80% 59,364 $10,134,284 Up ×4
PFE Pfizer, Inc. Common Stock $26,460,573 0.75% 1,098,861 $-5,209,174 Down ×6
MMM 3M Company Common Stock $26,178,580 0.74% 161,686 $1,872,306 Down ×5
MCD McDonald's Corporation Common Stock $25,480,502 0.72% 94,264 $-3,912,463 Down ×6
JBL Jabil Inc. Common Stock $24,745,889 0.70% 64,195 $7,860,056 Up ×6
BMY Bristol-Myers Squibb Company Common Stock $23,760,414 0.67% 412,364 $-2,389,743 Down ×6
TJX TJX Companies, Inc. (The) Common Stock $23,191,925 0.66% 153,083 $-3,179,975 Down ×6
KO Coca-Cola Company (The) Common Stock $21,784,261 0.62% 268,048 $1,016,907 Down ×3
CME CME Group Inc. - Class A Common Stock $20,678,300 0.59% 93,639 $-5,109,890 Up ×6
NEM Newmont Corporation $20,608,990 0.58% 220,653 $-3,511,600 Down ×6
ADP Automatic Data Processing, Inc. - Common Stock $20,292,731 0.57% 90,612 $2,372,661 Up ×2
TEL TE Connectivity plc Ordinary Shares $19,142,870 0.54% 94,950 $-912,599 Down ×2
NRG NRG Energy, Inc. Common Stock $19,001,238 0.54% 130,092 $1,451,432 Up ×6
PPG PPG Industries, Inc. Common Stock $18,922,817 0.54% 156,013 $2,113,479 Down ×6
IR Ingersoll Rand Inc. Common Stock $18,790,632 0.53% 229,182 $205,997 Down ×5
MSI Motorola Solutions, Inc. Common Stock $18,543,114 0.52% 44,651 $2,937,987 Up ×2
FCX Freeport-McMoRan, Inc. Common Stock $18,290,424 0.52% 290,832 $1,195,319
WFC Wells Fargo & Company Common Stock $17,809,829 0.50% 215,511 $434,071 Down ×2
OMC Omnicom Group Inc. Common Stock $17,750,565 0.50% 243,726 $-358,929 Up ×2
EXPE Expedia Group, Inc. - Common Stock $17,547,227 0.50% 68,576 $2,479,576 Up ×5
COP ConocoPhillips Common Stock $16,039,988 0.45% 154,290 $-4,833,832 Down ×2
NUE Nucor Corporation Common Stock $15,621,903 0.44% 70,132 $3,737,217 Down ×6
CL Colgate-Palmolive Company Common Stock $14,990,413 0.42% 163,508 $975,192 Down ×4
NEE NextEra Energy, Inc. Common Stock $14,314,409 0.41% 163,090 $-847,322 Down ×4
GS Goldman Sachs Group, Inc. (The) Common Stock $14,017,588 0.40% 13,860 $2,177,958 Down ×2
ETR Entergy Corporation Common Stock $13,735,878 0.39% 119,588 $-133,616 Down ×6
EMR Emerson Electric Company Common Stock $13,730,662 0.39% 95,918 $958,177 Down ×6
AXP American Express Company Common Stock $11,623,961 0.33% 34,365 $1,229,236
Unknown issuer (CUSIP: 438516205) $11,600,259 0.33% 51,810 Up ×1
JCI Johnson Controls International plc Ordinary Share $11,393,219 0.32% 77,977 $1,137,477 Down ×6
RGLD Royal Gold, Inc. - Common Stock $10,888,326 0.31% 54,548 $-1,983,778 Up ×2
PTC PTC Inc. - Common Stock $10,552,551 0.30% 92,884 $3,635,516 Up ×1
PM Philip Morris International Inc Common Stock $10,373,671 0.29% 57,339 $896,548 Up ×1
CHKP Check Point Software Technologies Ltd. - Ordinary Shares $10,238,003 0.29% 77,897 $-346,039 Up ×6
AZO AutoZone, Inc. Common Stock $10,169,481 0.29% 3,182 $-288,126 Up ×6
TRGP Targa Resources, Inc. Common Stock $9,905,896 0.28% 36,943 Up ×1
ABT Abbott Laboratories Common Stock $9,821,215 0.28% 108,221 $-1,150,820 Up ×1
GPC Genuine Parts Company Common Stock $9,770,750 0.28% 82,817 $827,790 Down ×6
KR Kroger Company (The) Common Stock $8,772,463 0.25% 157,977 $-2,241,236 Up ×5
ALLE Allegion plc Ordinary Shares $8,605,574 0.24% 61,254 $-427,686 Down ×1
AEP American Electric Power Company, Inc. - Common Stock $8,527,230 0.24% 62,329 $278,235 Down ×6
BX Blackstone Inc. Common Stock $8,468,985 0.24% 71,980 $171,652 Down ×2
PWR Quanta Services, Inc. Common Stock $8,132,852 0.23% 11,295 $1,915,200 Down ×2
SBUX Starbucks Corporation - Common Stock $7,861,272 0.22% 76,928 $723,368 Down ×6
MDLZ Mondelez International, Inc. - Class A Common Stock $7,816,440 0.22% 135,139 $-523,319 Down ×6
DHR Danaher Corporation Common Stock $7,758,631 0.22% 40,732 $-1,025,916 Down ×2
HPE Hewlett Packard Enterprise Company Common Stock $7,497,688 0.21% 166,209 $3,467,988 Down ×1
TRV The Travelers Companies, Inc. Common Stock $7,394,688 0.21% 22,400 $861,056
SOLS Solstice Advanced Materials Inc. - Common Stock $7,315,702 0.21% 82,570 $954,285 Down ×2
BA Boeing Company (The) Common Stock $7,189,185 0.20% 33,211 $81,625 Down ×6
COR Cencora, Inc. Common Stock $7,012,527 0.20% 24,781 $1,693,509 Up ×1
CARR Carrier Global Corporation Common Stock $6,777,540 0.19% 92,400 $1,259,723 Down ×6
Q Qnity Electronics, Inc. Common Stock $6,775,732 0.19% 41,490 $1,978,578 Down ×1
APD Air Products and Chemicals, Inc. Common Stock $6,667,793 0.19% 22,743 $-91,328 Down ×6
DUK Duke Energy Corporation (Holding Company) Common Stock $6,617,223 0.19% 52,277 $-693,157 Down ×6
MO Altria Group, Inc. $6,508,813 0.18% 90,463 $539,160
MS Morgan Stanley Common Stock $5,584,295 0.16% 26,714 $1,085,280 Down ×1
PSX Phillips 66 Common Stock $5,523,202 0.16% 32,672 $-501,855 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
JPM $103,819,386 2.94% up ×6
AMZN $84,991,419 2.40% up ×6
CSCO $78,017,285 2.21% up ×5
VZ $54,134,273 1.53% up ×6
ALL $51,489,978 1.46% up ×6
MRK $49,129,148 1.39% up ×6
ABBV $46,184,999 1.31% up ×6
GOOGL $42,257,215 1.20% up ×6
META $39,828,546 1.13% up ×6
V $37,720,416 1.07% up ×6
DELL $34,126,760 0.97% up ×6
TSM $28,350,465 0.80% up ×4
JBL $24,745,889 0.70% up ×6
CME $20,678,300 0.59% up ×6
NRG $19,001,238 0.54% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 43849R105) $42,073,845 1,903,105 1.19%
Unknown issuer (CUSIP: 438516205) $11,600,259 51,810 0.33%
TRGP $9,905,896 36,943 0.28%
Unknown issuer (CUSIP: 26614N201) $2,348,471 17,314 0.07%
AXON $1,393,116 2,485 0.04%
Unknown issuer (CUSIP: O27631526) $937,860 174 0.03%
IAU $609,441 8,071 0.02%
Unknown issuer (CUSIP: OB929F468) $560,902 285 0.02%
Unknown issuer (CUSIP: O68704901) $383,444 1,927 0.01%
Unknown issuer (CUSIP: O65131264) $374,048 8,441 0.01%
Unknown issuer (CUSIP: O57059465) $372,083 26,932 0.01%
Unknown issuer (CUSIP: OB1W4V692) $360,007 2,156 0.01%
Unknown issuer (CUSIP: OB288C924) $348,452 13,955 0.01%
Unknown issuer (CUSIP: O63351716) $346,303 17,550 0.01%
Unknown issuer (CUSIP: G84228157) $344,981 12,735 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
GLW Trimmed -10K +$44.8M
CAT Trimmed -6K +$30.6M
CSCO Bought more +7K +$27.0M
HON Trimmed -109K -$25.3M
DELL Bought more +2K +$21.5M
GOOG Trimmed -3K +$19.1M
AAPL Trimmed -5K +$18.5M
MCK Trimmed -8K -$17.1M
IBM Bought more +5K +$15.2M
NVDA Bought more +51K +$13.8M

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
K Dec. 31, 2025 86,700 $7,111,134 No longer tracked
DD June 30, 2026 58,648 $2,686,078 -3.3%
BDX Sept. 30, 2025 8,316 $1,432,431 21.7%
CMA March 31, 2026 13,488 $1,172,512 No longer tracked
SEE June 30, 2026 25,500 $1,072,275 No longer tracked
DVN Dec. 31, 2025 15,701 $550,477 30.6%
BR March 31, 2026 1,945 $434,066 -3.2%
KHC Sept. 30, 2025 13,640 $352,185 -15.8%
AJG Dec. 31, 2025 1,131 $350,316 -12.6%
BABA March 31, 2026 2,200 $322,476 -13.5%
UPS Sept. 30, 2025 3,100 $312,914 10.8%
FISV Dec. 31, 2025 2,400 $309,432 -32.1%
SPOT June 30, 2026 635 $307,918 3.1%
SLG June 30, 2026 7,990 $295,151 -6.4%
SOLV Dec. 31, 2025 3,736 $272,728 10.0%
ORCL Dec. 31, 2025 900 $253,116 -25.3%
ELV March 31, 2026 700 $245,385 31.8%
EXAS March 31, 2026 2,350 $238,666 No longer tracked
DFS June 30, 2025 1,380 $235,566 No longer tracked
ASML June 30, 2025 325 $215,355 130.6%
CMCSA June 30, 2026 7,404 $212,569 -12.5%
AIR Sept. 30, 2025 3,000 $206,370 13.4%
SLV June 30, 2026 3,000 $204,420 3.4%
CYBR March 31, 2026 450 $200,727 No longer tracked
CHTR Sept. 30, 2025 491 $200,726 -61.5%
TTE June 30, 2026 2,200 $200,156 8.4%
HLN Dec. 31, 2025 17,169 $154,006 -12.4%
AES June 30, 2025 10,000 $124,200 41.7%
SLXN Sept. 30, 2025 32,967 $26,703 -92.3%