Performance vs S&P 500

03
Tracked Q3 2025–Q2 2026 +11.0%
S&P 500 total return (same window) +13.0%
Excess return -1.9%

Annualized: +15.0% · 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: 99.3% · Options excluded: 0.0%

Sector breakdown

04
Technology 29.0%
Financials 19.0%
Health Care 11.4%
Communication Services 9.9%
Industrials 9.0%
Retail 6.3%
Real Estate 4.5%
Consumer Staples 3.3%
Consumer products 2.5%
Utilities 2.1%
Energy 1.6%
Consumer Discretionary 0.7%
Materials 0.7%
Other/Unmapped 0.1%

Full portfolio 164 positions

05
Type Streak 8Q trend
MSFT Microsoft Corporation - Common Stock $270,845,719 5.92% 726,089 $95,251,137 Up ×3
NVDA NVIDIA Corporation - Common Stock $230,103,700 5.03% 1,150,001 $29,182,343 Down ×1
AVGO Broadcom Inc. - Common Stock $146,659,926 3.21% 388,246 $42,940,649 Up ×2
MRK Merck & Company, Inc. Common Stock (new) $133,413,326 2.92% 1,038,236 $42,878,621 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $122,568,410 2.68% 346,895 $20,637,299 Down ×1
AMD Advanced Micro Devices, Inc. - Common Stock $122,463,380 2.68% 210,813 $83,581,804 Up ×3
GOOGL Alphabet Inc. - Class A Common Stock $113,105,818 2.47% 316,495 $21,262,030 Down ×3
AMAT Applied Materials, Inc. - Common Stock $106,741,551 2.33% 147,637 $60,990,567 Up ×2
DB Deutsche Bank AG Common Stock $103,806,597 2.27% 3,064,830 $64,395,917 Up ×1
KDP Keurig Dr Pepper Inc. - Common Stock $101,654,961 2.22% 3,105,865 $10,776,334 Down ×1
AMZN Amazon.com, Inc. - Common Stock $101,192,014 2.21% 424,570 $19,542,468 Up ×3
UL Unilever PLC American Depositary Shares (each representing One Ordinary Share) $92,048,770 2.01% 1,531,084 $3,487,538 Down ×1
HBAN Huntington Bancshares Incorporated - Common Stock $91,811,419 2.01% 5,178,309 $13,686,259 Up ×2
AAPL Apple Inc. - Common Stock $82,569,455 1.81% 285,352 $15,527,527 Up ×1
GLPI Gaming and Leisure Properties, Inc. - Common Stock $80,735,829 1.77% 1,813,066 $290,091
FERG Ferguson Enterprises Inc. Common Stock $77,508,611 1.69% 326,515 $3,292,648 Up ×3
NXPI NXP Semiconductors N.V. - Common Stock $76,872,665 1.68% 273,539 $13,628,634 Down ×1
MRSH Marsh Common Stock $76,771,202 1.68% 460,618 $-3,122,990
RJF Raymond James Financial, Inc. Common Stock $74,660,261 1.63% 491,089 $5,394,318 Up ×2
V Visa Inc. $71,238,865 1.56% 207,639 $34,362,563 Up ×1
CVX Chevron Corporation Common Stock $70,837,868 1.55% 427,352 $-17,581,261
CCI Crown Castle Inc. Common Stock $70,528,258 1.54% 931,312 $-8,782,573 Down ×1
MTB M&T Bank Corporation Common Stock $70,519,983 1.54% 296,290 $9,270,914
NDAQ Nasdaq, Inc. - Common Stock $70,106,213 1.53% 889,447 $-3,232,210 Up ×3
AIG American International Group, Inc. New Common Stock $65,760,502 1.44% 882,336 $8,650,643 Up ×2
GILD Gilead Sciences, Inc. - Common Stock $65,005,215 1.42% 514,526 $-6,904,688 Down ×2
TMUS T-Mobile US, Inc. - Common Stock $63,759,037 1.39% 380,129 $-21,205,239 Down ×1
DKS Dick's Sporting Goods Inc Common Stock $63,494,099 1.39% 279,944 $3,004,148 Down ×1
LLY Eli Lilly and Company Common Stock $61,505,571 1.34% 51,279 $-12,844,037 Down ×1
ELV Elevance Health, Inc. Common Stock $58,138,281 1.27% 150,333 $-22,121,474 Down ×1
ETN Eaton Corporation, PLC Ordinary Shares $57,371,092 1.25% 134,636 $2,189,407 Down ×1
LHX L3Harris Technologies, Inc. Common Stock $54,526,889 1.19% 187,642 $-6,120,798 Up ×1
ADP Automatic Data Processing, Inc. - Common Stock $54,251,888 1.19% 242,250 $19,739,327 Up ×2
HWM Howmet Aerospace Inc. Common Stock $53,624,665 1.17% 199,452 $8,587,711 Up ×2
SRE DBA Sempra Common Stock $51,506,802 1.13% 555,569 $-2,477,838
META Meta Platforms, Inc. - Class A Common Stock $50,507,398 1.10% 89,665 $2,307,162 Up ×2
PCAR PACCAR Inc. - Common Stock $50,441,271 1.10% 419,924 $3,179,595 Up ×1
NTAP NetApp, Inc. - Common Stock $48,006,552 1.05% 310,200 $41,750,216 Up ×2
CVS CVS Health Corporation Common Stock $47,534,447 1.04% 459,492 Up ×1
ADM Archer-Daniels-Midland Company Common Stock $47,490,469 1.04% 621,603 $765,555 Down ×2
ANET Arista Networks, Inc. Common Stock $46,414,444 1.01% 273,219 Up ×1
CDNS Cadence Design Systems, Inc. - Common Stock $46,241,676 1.01% 123,206 $10,787,409 Down ×1
TJX TJX Companies, Inc. (The) Common Stock $45,804,813 1.00% 302,342 $8,209,038 Up ×1
ARES Ares Management Corporation Class A Common Stock $45,296,157 0.99% 406,937 $523,372 Down ×1
MA Mastercard Incorporated Common Stock $43,561,498 0.95% 84,816 $-9,651,293 Down ×1
ATO Atmos Energy Corporation Common Stock $43,370,867 0.95% 251,761 $-3,134,425
WY Weyerhaeuser Company Common Stock $43,206,625 0.94% 1,804,788 $-991,765 Down ×2
ICE Intercontinental Exchange Inc. Common Stock $40,816,751 0.89% 331,547 $2,338,199 Up ×1
ABBV AbbVie Inc. Common Stock $39,595,051 0.87% 157,348 $6,619,000 Up ×1
ISRG Intuitive Surgical, Inc. - Common Stock $38,473,552 0.84% 96,745 $8,348,317 Up ×1
KLAC KLA Corporation - Common Stock $37,405,402 0.82% 123,978 $2,883,277 Up ×1
AZO AutoZone, Inc. Common Stock $36,050,203 0.79% 11,280 $21,853,394 Up ×1
LOGI Logitech International S.A. - Registered Shares $26,597,480 0.58% 283,272 $-2,234,237 Down ×1
PANW Palo Alto Networks, Inc. - Common Stock $23,169,581 0.51% 67,942 $-25,820,363 Down ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $21,195,989 0.46% 44,383 $7,092,660 Up ×2
DHI D.R. Horton, Inc. Common Stock $20,990,997 0.46% 128,874 Up ×1
BMY Bristol-Myers Squibb Company Common Stock $20,027,675 0.44% 347,582 $829,888 Up ×2
SYF Synchrony Financial Common Stock $19,637,935 0.43% 258,224 $14,526,368 Up ×1
LRCX Lam Research Corporation - Common Stock $18,275,693 0.40% 42,175 $8,201,410 Down ×3
JNJ Johnson & Johnson Common Stock $16,985,514 0.37% 66,880 $12,650,615 Up ×1
DAL Delta Air Lines, Inc. Common Stock $16,879,218 0.37% 180,218 $11,660,472 Up ×1
DECK Deckers Outdoor Corporation Common Stock $16,707,826 0.37% 168,273 $2,257,032 Up ×1
VZ Verizon Communications Inc. Common Stock $16,299,122 0.36% 384,958 $-2,754,890 Up ×1
EXPE Expedia Group, Inc. - Common Stock $16,076,940 0.35% 62,830 Up ×1
KGC Kinross Gold Corporation Common Stock $15,678,962 0.34% 662,431 $1,241,472 Up ×3
CMCSA Comcast Corporation - Class A Common Stock $15,137,456 0.33% 616,597 $10,410,096 Up ×2
ALL Allstate Corporation (The) Common Stock $14,980,227 0.33% 62,958 $-2,481,740 Down ×1
SCHW Charles Schwab Corporation (The) Common Stock $14,731,459 0.32% 159,656 $1,065,827 Up ×3
CAT Caterpillar, Inc. Common Stock $13,885,231 0.30% 13,039 $13,515,415 Up ×1
AMP Ameriprise Financial, Inc. Common Stock $13,410,472 0.29% 29,232 $3,937,642 Up ×2
WAT Waters Corporation Common Stock $13,211,159 0.29% 35,226 $-6,151,499 Down ×1
T AT&T Inc. $12,230,968 0.27% 590,868 Up ×1
DG Dollar General Corporation Common Stock $10,986,444 0.24% 95,443 $10,209,950 Up ×1
NEM Newmont Corporation $10,733,061 0.23% 114,915 $442,058 Up ×3
WDC Western Digital Corporation - Common Stock $10,225,907 0.22% 16,010 $1,251,319 Down ×3
ROP Roper Technologies, Inc. - Common Stock $8,868,700 0.19% 26,200 $-399,550
BLK BlackRock, Inc. Common Stock $8,710,772 0.19% 9,059 $8,418,412 Up ×1
MRVL Marvell Technology, Inc. - Common Stock $8,248,276 0.18% 27,689 $-6,037,706 Down ×1
HPE Hewlett Packard Enterprise Company Common Stock $8,038,061 0.18% 178,188 $-5,418,518 Down ×1
FTV Fortive Corporation Common Stock $7,896,555 0.17% 129,261 $-8,811,217 Down ×1
ADSK Autodesk, Inc. - Common Stock $7,465,145 0.16% 38,397 $-591,862 Up ×2
MET MetLife, Inc. Common Stock $7,340,594 0.16% 86,758 Up ×1
SLF Sun Life Financial Inc. Common Stock $7,328,058 0.16% 93,369 $-8,902,521 Down ×1
BBY Best Buy Co., Inc. Common Stock $7,016,168 0.15% 92,464 $3,718,086 Up ×1
DIS Walt Disney Company (The) Common Stock $6,910,558 0.15% 71,798 $1,630,765 Up ×1
CVNA Carvana Co. Class A Common Stock $6,875,557 0.15% 104,460 Up ×1
TGT Target Corporation Common Stock $6,749,011 0.15% 51,673 $63,498 Down ×1
INCY Incyte Corporation - Common Stock $6,471,496 0.14% 57,088
KR Kroger Company (The) Common Stock $6,055,713 0.13% 109,053 $5,912,006 Up ×1
CLS Celestica, Inc. Common Stock $5,499,264 0.12% 15,084 Up ×1
HPQ HP Inc. Common Stock $5,273,016 0.12% 240,338 $656,123
CRM Salesforce, Inc. Common Stock $5,257,040 0.11% 33,557 $-2,478,938 Down ×1
DGX Quest Diagnostics Incorporated Common Stock $5,155,472 0.11% 24,324 $2,385,099 Up ×1
CBRE CBRE Group Inc Common Stock Class A $4,844,665 0.11% 35,969 $1,787,468 Up ×1
FN Fabrinet Ordinary Shares $4,788,922 0.10% 8,520 $-220,799 Down ×1
PTC PTC Inc. - Common Stock $4,661,646 0.10% 41,032 $-379,223 Up ×1
TFC Truist Financial Corporation Common Stock $4,416,194 0.10% 88,643
CI The Cigna Group Common Stock $4,282,964 0.09% 15,536 $-5,841,266 Down ×1
FITB Fifth Third Bancorp - Common Stock $4,221,944 0.09% 74,897 Up ×1
TD Toronto Dominion Bank (The) Common Stock $4,201,781 0.09% 34,570 $3,985,333 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
MSFT $270,845,719 5.92% up ×3
AMD $122,463,380 2.68% up ×3
AMZN $101,192,014 2.21% up ×3
FERG $77,508,611 1.69% up ×3
NDAQ $70,106,213 1.53% up ×3
KGC $15,678,962 0.34% up ×3
SCHW $14,731,459 0.32% up ×3
NEM $10,733,061 0.23% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CVS $47,534,447 459,492 1.04%
ANET $46,414,444 273,219 1.01%
DHI $20,990,997 128,874 0.46%
EXPE $16,076,940 62,830 0.35%
T $12,230,968 590,868 0.27%
MET $7,340,594 86,758 0.16%
CVNA $6,875,557 104,460 0.15%
INCY $6,471,496 57,088 0.14%
CLS $5,499,264 15,084 0.12%
TFC $4,416,194 88,643 0.10%
FITB $4,221,944 74,897 0.09%
GEV $4,174,278 3,553 0.09%
IRM $4,136,526 32,749 0.09%
ZBH $3,753,352 43,598 0.08%
BCE $3,690,843 171,403 0.08%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
MSFT Bought more +252K +$95.3M
AMD Bought more +20K +$83.6M
DB Bought more +1.7M +$64.4M
AMAT Bought more +14K +$61.0M
AVGO Bought more +53K +$42.9M
MRK Bought more +286K +$42.9M
V Bought more +86K +$34.4M
NVDA Trimmed -2K +$29.2M
PANW Trimmed -238K -$25.8M
ELV Trimmed -124K -$22.1M

1 position 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
UL (filed as ULXXXX) Dec. 31, 2025 1,391,050 $82,461,444 -2.2%
PPG March 31, 2026 665,295 $68,977,786 10.8%
EMR March 31, 2026 481,979 $65,206,939 28.0%
CSCO June 30, 2026 785,992 $60,985,119 -6.1%
DB Dec. 31, 2025 1,650,060 $58,067,674 -13.1%
AEP Dec. 31, 2025 494,747 $55,659,037 11.2%
TSCO Dec. 31, 2025 957,765 $54,468,096 -36.8%
UNH March 31, 2026 162,904 $54,110,193 50.4%
AVY March 31, 2026 295,036 $54,038,794 4.6%
D June 30, 2026 856,365 $52,940,484 -5.9%
BAC March 31, 2026 770,797 $42,609,658 4.3%
HON June 30, 2026 188,189 $42,536,360 -2.1%
PFE Dec. 31, 2025 1,584,714 $40,378,513 18.3%
APH June 30, 2026 293,108 $37,034,196 -54.1%
TMO June 30, 2026 70,172 $34,491,643 40.4%
AZO Dec. 31, 2025 7,847 $33,665,513 -6.9%
NFLX March 31, 2026 288,351 $27,041,557 -35.5%
UBER June 30, 2026 242,679 $17,455,900 -9.5%
INTC June 30, 2026 355,811 $15,701,939 -31.6%
LPLA June 30, 2026 37,605 $11,312,712 -4.4%
HIMS March 31, 2026 338,594 $11,187,146 41.2%
ORCL March 31, 2026 51,493 $10,154,935 -1.7%
INFY March 31, 2026 525,854 $9,486,406 -10.5%
LII Dec. 31, 2025 17,122 $9,063,702 -31.5%
EBAY Dec. 31, 2025 98,347 $8,944,660 35.5%
EME Dec. 31, 2025 13,662 $8,874,015 10.9%
EBAY June 30, 2026 93,936 $8,550,055 5.6%
TRMB Dec. 31, 2025 94,245 $7,695,104 -17.9%
KR Dec. 31, 2025 92,228 $6,217,089 4.1%
INCY March 31, 2026 61,319 $6,065,062 24.2%
TWLO March 31, 2026 38,541 $5,555,300 101.7%
DVA Dec. 31, 2025 40,785 $5,419,103 61.9%
HUM Dec. 31, 2025 20,738 $5,395,405 60.8%
PRU March 31, 2026 46,990 $5,342,293 18.1%
CHRW Dec. 31, 2025 39,882 $5,280,377 -20.6%
GEN March 31, 2026 188,387 $5,173,107 29.3%
SYY Dec. 31, 2025 62,466 $5,143,450 11.5%
DOCU March 31, 2026 73,171 $5,054,653 76.3%
IDXX Dec. 31, 2025 7,812 $4,991,009 -16.8%
ZBH March 31, 2026 54,166 $4,917,731 6.6%
WSM Dec. 31, 2025 23,561 $4,604,997 40.0%
BIIB June 30, 2026 23,942 $4,389,287 13.0%
SNPS June 30, 2026 11,017 $4,368,020 8.0%
TFC March 31, 2026 87,944 $4,358,505 5.3%
TRI March 31, 2026 32,282 $4,292,173 29.0%
WDAY March 31, 2026 18,617 $4,038,586 57.3%
DOV March 31, 2026 20,102 $3,975,774 -0.2%
PGR June 30, 2026 18,548 $3,676,956 3.3%
EXPD Dec. 31, 2025 29,926 $3,668,628 32.3%
COO June 30, 2026 51,250 $3,665,912 -17.2%
PNC June 30, 2026 17,460 $3,633,251 -7.3%
HAL March 31, 2026 126,344 $3,599,541 -8.3%
NBIX March 31, 2026 24,821 $3,498,520 10.5%
IQV March 31, 2026 15,124 $3,443,584 63.6%
HIG June 30, 2026 25,367 $3,430,379 -1.9%
TGT Dec. 31, 2025 37,859 $3,395,952 52.4%
HDB June 30, 2026 136,327 $3,391,816 -16.6%
CHTR Dec. 31, 2025 12,230 $3,364,534 -49.5%
AKAM Dec. 31, 2025 44,023 $3,335,182 12.4%
STT March 31, 2026 25,465 $3,319,108 37.1%
EA Dec. 31, 2025 16,004 $3,228,007 No longer tracked
MCD June 30, 2026 9,641 $2,996,326 -7.3%
TTWO June 30, 2026 14,377 $2,839,457 -21.9%
ZTS June 30, 2026 23,804 $2,813,871 8.3%
PEP March 31, 2026 19,476 $2,807,660 -14.6%
HUBB Dec. 31, 2025 6,494 $2,794,433 -1.5%
CSX March 31, 2026 66,889 $2,436,097 26.6%
PSX Dec. 31, 2025 17,601 $2,394,088 112.2%
UNP March 31, 2026 10,129 $2,360,665 22.7%
ACGL June 30, 2026 23,527 $2,258,357 5.6%
SYF Dec. 31, 2025 31,685 $2,251,219 -9.7%
AWK March 31, 2026 17,055 $2,236,422 2.7%
NVR Dec. 31, 2025 278 $2,233,635 -20.6%
MPC March 31, 2026 12,659 $2,073,797 80.5%
ACI March 31, 2026 118,635 $2,046,454 -22.8%
DOC March 31, 2026 124,622 $2,016,384 12.9%
TKO June 30, 2026 9,484 $1,912,449 -13.6%
EQH March 31, 2026 39,595 $1,903,728 47.1%
NTR March 31, 2026 29,510 $1,846,203 -8.5%
PG March 31, 2026 12,253 $1,765,045 9.6%
LNG March 31, 2026 8,347 $1,614,644 4.9%
OMC June 30, 2026 16,373 $1,233,051 6.8%
KEY March 31, 2026 53,902 $1,117,388 5.7%
AEM March 31, 2026 6,011 $1,033,725 -9.8%
JBHT June 30, 2026 4,494 $952,279 -22.9%
IRM March 31, 2026 9,791 $816,178 13.2%
HOLX March 31, 2026 4,571 $340,722 No longer tracked
PLD June 30, 2026 2,010 $265,682 -7.6%
ITW June 30, 2026 963 $250,659 2.1%
CTAS June 30, 2026 1,304 $220,559 25.1%
HLT March 31, 2026 748 $217,242 15.0%
TXN June 30, 2026 1,080 $209,671 3.9%
DHR June 30, 2026 1,053 $199,649 22.9%
RF March 31, 2026 6,613 $180,667 8.7%
ECL March 31, 2026 663 $175,350 9.9%
CHD June 30, 2026 1,861 $173,669 8.1%
ED June 30, 2026 1,422 $160,942 3.2%
CCEP March 31, 2026 1,662 $152,628 22.6%
URI March 31, 2026 184 $150,374 61.2%
FIS March 31, 2026 2,195 $147,438 -22.2%
BNS June 30, 2026 2,104 $145,443 8.9%
SJM June 30, 2026 1,507 $145,335 11.5%
INTU June 30, 2026 326 $140,956 25.7%
RCI June 30, 2026 3,576 $137,090 -3.7%
MTD June 30, 2026 108 $136,210 33.0%
GGG June 30, 2026 1,601 $135,525 -11.2%
BALL March 31, 2026 2,506 $133,419 7.0%
FISV Dec. 31, 2025 1,012 $130,477 -28.7%
MTD Dec. 31, 2025 104 $127,671 21.8%
RBA March 31, 2026 1,216 $127,435 -11.9%
MNST June 30, 2026 1,741 $126,153 -5.0%
MCO Dec. 31, 2025 261 $124,361 -6.6%
AMT March 31, 2026 693 $122,467 6.5%
SPGI June 30, 2026 282 $119,946
ORLY March 31, 2026 1,304 $119,277 -2.0%
XYL March 31, 2026 858 $118,052 -26.2%
MELI June 30, 2026 68 $117,573 -1.4%
KMB March 31, 2026 1,155 $117,336 12.4%
VRTX June 30, 2026 260 $116,100 6.6%
BMO June 30, 2026 845 $114,088 -1.6%
PWR March 31, 2026 265 $113,635 10.5%
WPM June 30, 2026 843 $110,302 12.7%
ALNY March 31, 2026 275 $109,244 -29.8%
IDXX June 30, 2026 184 $103,388 6.9%
MMM June 30, 2026 689 $100,063 6.7%
COF June 30, 2026 542 $98,877 2.1%
SYY June 30, 2026 1,356 $96,723 -1.7%
AXON March 31, 2026 165 $94,398 -0.4%
VEEV March 31, 2026 396 $88,957 80.9%