Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +151.6%
S&P 500 total return (same window) +37.0%
Excess return +114.6%

Annualized: +109.3% · 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: 97.7% · Options excluded: 0.0%

Sector breakdown

04
Industrials 44.1%
Technology 28.8%
Consumer Discretionary 5.6%
Energy 3.5%
Communication Services 3.2%
Health Care 3.1%
Retail 2.3%
Consumer products 2.1%
Materials 1.8%
Financials 0.7%
Real Estate 0.6%
Utilities 0.4%
Consumer Staples 0.4%
Other/Unmapped 3.3%

Full portfolio 176 positions

05
Type Streak 8Q trend
VICR Vicor Corporation - Common Stock $199,004,720 5.98% 524,000 $114,962,720 Up ×1
AIP Arteris, Inc. - Common Stock $190,837,225 5.74% 3,927,500 $125,858,125 Down ×1
VSH Vishay Intertechnology, Inc. Common Stock $163,255,106 4.91% 3,035,610 $110,695,106 Up ×6
PDFS PDF Solutions, Inc. - Common Stock $146,181,350 4.40% 2,065,000 $80,018,833 Up ×2
LASR nLIGHT, Inc. - Common Stock $138,734,559 4.17% 1,992,740 $29,099,924 Up ×3
VRT Vertiv Holdings, LLC Class A Common Stock $95,674,815 2.88% 285,750 $24,196,870 Up ×1
VPG Vishay Precision Group, Inc. Common Stock $89,796,090 2.70% 599,000 $62,875,690 Down ×2
FORM FormFactor, Inc. - Common Stock $87,561,675 2.63% 547,500 $29,028,210 Down ×3
CECO CECO Environmental Corp. - Common Stock $86,883,550 2.61% 957,500 $63,796,300 Up ×3
ODC Oil-Dri Corporation Of America Common Stock $70,116,060 2.11% 686,000 $26,017,585 Up ×4
TDUP ThredUp Inc. - Class A Common Stock $69,698,750 2.10% 10,175,000 $39,276,750 Up ×3
LINC Lincoln Educational Services Corporation - Common Stock $66,117,500 1.99% 1,325,000 $14,148,800 Up ×5
VECO Veeco Instruments Inc. - Common Stock $64,115,430 1.93% 845,850 $34,318,629 Down ×1
TTI Tetra Technologies, Inc. Common Stock $64,031,495 1.93% 5,651,500 $35,276,495 Up ×5
SMCI Super Micro Computer, Inc. - Common Stock $54,509,805 1.64% 1,858,500 $17,702,100 Up ×2
Unknown issuer (CUSIP: 289395105) $52,102,072 1.57% 2,639,416 Up ×1
MKSI MKS Inc. - Common Stock $49,928,800 1.50% 112,250 $22,351,599 Down ×3
UTI Universal Technical Institute Inc Common Stock $48,330,100 1.45% 1,130,000 $11,147,100 Up ×5
NVMI Nova Ltd. - Ordinary Shares $48,131,631 1.45% 88,650 $8,112,729 Down ×6
COHR Coherent Corp. Common Stock $36,488,475 1.10% 92,500 $11,357,320 Down ×4
KLAC KLA Corporation - Common Stock $30,925,275 0.93% 102,500 $15,833,072 Up ×1
CRAI CRA International,Inc. - Common Stock $30,666,504 0.92% 215,506 $8,002,333 Up ×5
GENI Genius Sports Limited Ordinary Shares $29,845,500 0.90% 4,925,000 $12,125,500 Up ×5
VSAT ViaSat, Inc. - Common Stock $29,691,186 0.89% 330,600 $14,549,706
PSN Parsons Corporation Common Stock $29,076,450 0.87% 555,000 $6,920,920 Up ×4
AMBQ Ambiq Micro, Inc. Common Stock $28,582,710 0.86% 323,700 $23,500,710 Up ×1
CTRI Centuri Holdings, Inc. Common Stock $28,505,071 0.86% 942,628 $4,622,157 Up ×4
BRKR Bruker Corporation - Common Stock $27,637,665 0.83% 459,250 $12,313,755 Up ×2
ARLO Arlo Technologies, Inc. Common Stock $26,892,600 0.81% 1,995,000 $1,847,800 Up ×3
NVT nVent Electric plc Ordinary Shares $26,204,745 0.79% 154,500 $7,930,485
WTTR Select Water Solutions, Inc. Class A common stock $25,974,000 0.78% 1,300,000 $8,302,500 Up ×4
GRC Gorman-Rupp Company (The) Common Stock $24,999,150 0.75% 272,500 $8,068,725
GNRC Generac Holdlings Inc. Common Stock $24,010,420 0.72% 82,000 $9,858,762 Up ×3
ATRO Astronics Corporation - Common Stock $22,143,350 0.67% 272,500 $3,959,425
AKAM Akamai Technologies, Inc. - Common Stock $21,691,535 0.65% 183,500 $1,190,810 Up ×3
BMI Badger Meter, Inc. Common Stock $21,515,100 0.65% 145,000 $16,944,600 Up ×4
TNC Tennant Company Common Stock $21,228,450 0.64% 242,500 $6,022,850 Up ×3
ECG Everus Construction Group, Inc. Common Stock $20,992,675 0.63% 126,500 $6,058,085
CLH Clean Harbors, Inc. Common Stock $20,944,168 0.63% 70,106 $1,201,087 Up ×1
ASUR Asure Software Inc - Common Stock $20,921,900 0.63% 2,635,000 $-1,502,600 Up ×4
ASPN Aspen Aerogels, Inc. Common Stock $20,673,472 0.62% 3,260,800 $5,219,261 Down ×1
MTRX Matrix Service Company - Common Stock $19,659,500 0.59% 1,435,000 $3,185,700
MYRG MYR Group, Inc. - Common Stock $19,515,600 0.59% 39,000 $8,618,048 Up ×1
PLAB Photronics, Inc. - Common Stock $19,046,315 0.57% 585,500 $-5,401,735 Down ×2
LTRX Lantronix, Inc. - Common Stock $18,522,000 0.56% 3,150,000 Up ×1
ENTG Entegris, Inc. - Common Stock $18,255,790 0.55% 101,500 $4,538,710 Down ×4
EVLV Evolv Technologies Holdings, Inc. - Class A Common Stock $17,835,000 0.54% 3,075,000 $10,272,500 Up ×4
BWXT BWX Technologies, Inc. Common Stock $17,031,875 0.51% 87,500 $4,966,964 Up ×3
SOLS Solstice Advanced Materials Inc. - Common Stock $16,612,500 0.50% 187,500 $2,332,500
FELE Franklin Electric Co., Inc. - Common Stock $16,528,698 0.50% 154,200 Up ×1
LPTH LightPath Technologies, Inc. - Class A Common Stock $16,513,500 0.50% 1,010,000 $11,222,675 Up ×1
BSY Bentley Systems, Incorporated - Class B Common Stock $16,209,348 0.49% 542,300 $8,658,548 Up ×4
UIS Unisys Corporation New Common Stock $16,206,480 0.49% 4,428,000 $7,040,520
UMAC CUSIP: 91532F102 $16,022,550 0.48% 718,500 $10,008,550 Up ×1
MASS 908 Devices Inc. - Common Stock $15,839,394 0.48% 1,820,620 $8,250,594 Up ×4
HII Huntington Ingalls Industries, Inc. Common Stock $15,813,785 0.48% 56,500 $-5,175,690 Up ×2
LH Labcorp Holdings Inc. Common Stock $15,767,640 0.47% 56,313 $742,768
J Jacobs Solutions Inc. Common Stock $15,687,000 0.47% 124,500 $3,468,120 Up ×6
ESOA Energy Services of America Corporation - Common Stock $15,472,000 0.47% 800,000 $4,968,000
BATRK Atlanta Braves Holdings, Inc. - Series C Common Stock $14,900,491 0.45% 287,100 $8,708,991 Up ×2
MRVL Marvell Technology, Inc. - Common Stock $14,373,193 0.43% 48,250 $9,594,030
WAB Westinghouse Air Brake Technologies Corporation Common Stock $14,288,800 0.43% 53,000 $356,317 Down ×1
MKL Markel Group Inc. Common Stock $14,208,148 0.43% 7,275 $1,383,878 Up ×4
MDU MDU Resources Group, Inc. Common Stock (Holding Company) $14,104,650 0.42% 665,000 $2,553,250 Up ×4
VITL Vital Farms, Inc. - Common Stock $14,072,300 0.42% 1,210,000 $-2,165,700 Up ×6
TER Teradyne, Inc. - Common Stock $14,031,360 0.42% 29,000 $5,434,020
EQIX Equinix, Inc. - Common Stock $13,733,489 0.41% 13,175 $2,754,801 Up ×3
TTMI TTM Technologies, Inc. - Common Stock $13,558,950 0.41% 72,500 $5,034,700 Down ×6
MTZ MasTec, Inc. Common Stock $13,417,935 0.40% 32,250 $6,950,961 Up ×1
ECVT Ecovyst Inc. Common Stock $12,699,000 0.38% 1,020,000 $-418,200
TRNS Transcat, Inc. - Common Stock $12,683,514 0.38% 136,720 $3,098,289 Up ×6
TMO Thermo Fisher Scientific Inc Common Stock $12,659,340 0.38% 25,250 $248,207
CGNX Cognex Corporation - Common Stock $12,528,660 0.38% 173,000 $4,053,390
LTH Life Time Group Holdings, Inc. Common Stock $12,456,200 0.37% 305,000 $5,990,600 Up ×2
ASML ASML Holding N.V. - New York Registry Shares $12,235,056 0.37% 6,150 $4,574,241 Up ×2
AMBA Ambarella, Inc. - Ordinary Shares $11,583,000 0.35% 135,000 $10,553,500 Up ×1
MTN Vail Resorts, Inc. Common Stock $11,504,675 0.35% 84,500 $3,933,795 Up ×1
HLIT Harmonic Inc. - Common Stock $11,431,000 0.34% 700,000 $5,432,360 Up ×2
CYRX CryoPort, Inc. - Common Stock $11,256,900 0.34% 717,000 $8,276,100 Up ×3
SITM SiTime Corporation - Common Stock $11,183,400 0.34% 15,000 $6,003,150
GLW Corning Incorporated Common Stock $10,855,775 0.33% 42,500 $5,145,035 Up ×1
LRCX Lam Research Corporation - Common Stock $10,833,250 0.33% 25,000 $5,491,750
DDD 3D Systems Corporation Common Stock $10,646,104 0.32% 3,525,200 Up ×1
CAMT Camtek Ltd. - Ordinary Shares $10,439,680 0.31% 64,000 $357,615 Down ×3
CALX Calix, Inc Common Stock $10,263,000 0.31% 275,000
MOD Modine Manufacturing Company Common Stock $10,146,760 0.31% 38,000 $2,670,265 Up ×2
AVAV AeroVironment, Inc. - Common Stock $10,069,270 0.30% 61,000 $8,925,207 Up ×1
CEVA CEVA, Inc. - Common Stock $9,903,600 0.30% 210,000 $5,607,200 Down ×1
ROG Rogers Corporation Common Stock $9,005,150 0.27% 55,000 $2,780,010 Down ×2
HQL abrdn Life Sciences Investors Shares of Beneficial Interest $8,865,250 0.27% 443,041 $1,876,098 Up ×2
POCI Precision Optics Corporation, Inc. - Common stock $8,519,805 0.26% 1,670,550 $1,186,090
MATW Matthews International Corporation - Class A Common Stock $8,076,000 0.24% 300,000 $5,106,700 Up ×5
CRH CRH PLC Ordinary Shares $7,564,900 0.23% 70,700 $763,636 Up ×3
RCAT Red Cat Holdings, Inc. - Common Stock $7,321,875 0.22% 687,500 $2,347,675 Up ×1
RSSS Research Solutions, Inc - Common Stock $7,319,600 0.22% 3,155,000 $189,300
HQH abrdn Healthcare Investors Shares of Beneficial Interest $7,051,734 0.21% 320,825 $1,513,992 Up ×2
GILD Gilead Sciences, Inc. - Common Stock $6,948,700 0.21% 55,000 $-716,650
NTIC Northern Technologies International Corporation - Common Stock $6,848,000 0.21% 800,000 $544,400 Up ×4
DPRO Draganfly Inc. - Common Shares $6,775,000 0.20% 1,250,000 $6,480,400 Up ×1
KMX CarMax Inc $6,743,475 0.20% 127,500 $1,400,445 Down ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
VSH $163,255,106 4.91% up ×6
LASR $138,734,559 4.17% up ×3
CECO $86,883,550 2.61% up ×3
ODC $70,116,060 2.11% up ×4
TDUP $69,698,750 2.10% up ×3
LINC $66,117,500 1.99% up ×5
TTI $64,031,495 1.93% up ×5
UTI $48,330,100 1.45% up ×5
CRAI $30,666,504 0.92% up ×5
GENI $29,845,500 0.90% up ×5
PSN $29,076,450 0.87% up ×4
CTRI $28,505,071 0.86% up ×4
ARLO $26,892,600 0.81% up ×3
WTTR $25,974,000 0.78% up ×4
GNRC $24,010,420 0.72% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 289395105) $52,102,072 2,639,416 1.57%
LTRX $18,522,000 3,150,000 0.56%
FELE $16,528,698 154,200 0.50%
DDD $10,646,104 3,525,200 0.32%
CALX $10,263,000 275,000 0.31%
PRIM $6,368,460 64,250 0.19%
Unknown issuer (CUSIP: G22845104) $4,890,000 300,000 0.15%
Unknown issuer (CUSIP: 438516205) $4,478,000 20,000 0.13%
Unknown issuer (CUSIP: 43849R105) $4,421,600 20,000 0.13%
TWIN $3,480,000 150,000 0.10%
Unknown issuer (CUSIP: 27005A105) $3,400,000 160,000 0.10%
PWR $720,040 1,000 0.02%
MSFT $559,530 1,500 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AIP Trimmed -25K +$125.9M
VICR Bought more +2K +$115.0M
VSH Bought more +116K +$110.7M
PDFS Bought more +42K +$80.0M
CECO Bought more +570K +$63.8M
VPG Trimmed -21K +$62.9M
TDUP Bought more +900K +$39.3M
TTI Bought more +2.3M +$35.3M
VECO Trimmed -34K +$34.3M
LASR Bought more +70K +$29.1M

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
FARO Sept. 30, 2025 818,375 $35,943,030 No longer tracked
THR June 30, 2026 632,500 $31,878,000 No longer tracked
LGTY June 30, 2025 460,000 $6,559,600 No longer tracked
HON June 30, 2026 27,500 $6,215,825 -1.2%
PRO Dec. 31, 2025 170,000 $3,894,700 No longer tracked
AL March 31, 2026 45,000 $2,890,351 No longer tracked
GTLS March 31, 2026 12,500 $2,577,875 No longer tracked
FIGR June 30, 2026 72,429 $2,458,965 -24.5%
CRI March 31, 2026 67,500 $2,189,025 -8.8%
PENG (filed as PENGXXXX) Sept. 30, 2025 105,000 $2,080,050 103.2%
MXL June 30, 2026 115,000 $1,999,850 -50.4%
NSIT Dec. 31, 2025 17,000 $1,927,970 117.0%
AXTI Dec. 31, 2025 330,900 $1,485,741 218.5%
RPD March 31, 2026 90,000 $1,368,000 170.6%
POWI June 30, 2026 25,400 $1,300,480 -43.9%
MUR June 30, 2025 40,000 $1,136,000 97.1%
SRAD Sept. 30, 2025 35,000 $982,800 -55.6%
PENG June 30, 2026 50,000 $880,000 -29.7%
LINE June 30, 2025 14,000 $820,820 -18.8%
LUV March 31, 2026 19,850 $820,401 11.1%
DD June 30, 2026 17,000 $778,600 0.7%
EXTR June 30, 2026 45,000 $678,600 -32.1%
STRL June 30, 2026 1,500 $610,905 -57.7%
TENB Dec. 31, 2025 20,000 $583,200 89.5%
CRCL June 30, 2026 5,412 $516,359 37.2%
MATV Sept. 30, 2025 72,500 $494,450 6.6%
APLD June 30, 2025 85,000 $477,700 81.2%
EHAB March 31, 2026 50,000 $461,000 No longer tracked
BNT June 30, 2025 8,000 $417,440
FTRE June 30, 2026 37,763 $355,727 35.8%
PSTG March 31, 2026 5,000 $335,050 No longer tracked
UCTT June 30, 2026 5,000 $310,900 -68.2%
CALX Dec. 31, 2025 5,000 $306,850 -31.1%
YEXT Dec. 31, 2025 30,000 $255,600 -8.8%
QRHC Dec. 31, 2025 157,500 $245,700 -36.6%
ICHR June 30, 2026 5,000 $233,050 -66.2%