Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +39.3%
S&P 500 total return (same window) +37.0%
Excess return +2.3%

Annualized: +30.4% · 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: 92.6% · Options excluded: 0.0%

Sector breakdown

04
Retail 11.6%
Communication Services 7.1%
Consumer Discretionary 3.4%
Financials 3.2%
Technology 2.4%
Materials 0.8%
Other/Unmapped 71.4%

Full portfolio 11 positions

05
Type Streak 8Q trend
SPY SPY $184,876,356 57.22% 247,568 $66,225,074 Up ×1
UGP Ultrapar Participacoes S.A. (New) American Depositary Shares (Each representing one Common Share) $36,799,331 11.39% 7,330,544 $-26,882,868 Down ×3
EZU iShares MSCI Eurozone ETF $31,381,469 9.71% 451,750 $3,083,849
EWY iShares MSCI South Korea ETF $14,338,534 4.44% 71,018 $5,602,610
GOOGL Alphabet Inc. - Class A Common Stock $12,222,054 3.78% 34,200 $2,387,502
SMH SMH $11,056,338 3.42% 16,857 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $10,868,431 3.36% 30,760 $2,044,617
V Visa Inc. $10,365,435 3.21% 30,212 $1,234,160
MSFT Microsoft Corporation - Common Stock $7,712,189 2.39% 20,675 $58,924
SUZ Suzano S.A. American Depositary Shares (each representing One Ordinary Share) $2,673,684 0.83% 344,547 $-775,231
CSAN Cosan S.A. ADS $783,190 0.24% 271,941 $-337,207

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SMH $11,056,338 16,857 3.42%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SPY Bought more +65K +$66.2M
UGP Trimmed -5.4M -$26.9M
EWY Price move only +0 +$5.6M
EZU Price move only +0 +$3.1M
GOOGL Price move only +0 +$2.4M
GOOG Price move only +0 +$2.0M
V Price move only +0 +$1.2M
SUZ Price move only +0 -$775K
CSAN Price move only +0 -$337K
MSFT Price move only +0 +$59K

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
RSP June 30, 2026 427,975 $82,136,962 -0.8%
BRK-B (filed as BRKB) June 30, 2026 23,177 $11,106,418 No longer tracked
BRK-A (filed as BRKA) June 30, 2026 10 $7,181,400 No longer tracked
WALD Sept. 30, 2025 776,722 $1,902,969 No longer tracked