Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +7.9%
S&P 500 total return (same window) +37.0%
Excess return -29.1%

Annualized: +6.3% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Financials 73.9%
Technology 6.9%
Retail 6.9%
Industrials 4.1%
Communication Services 3.1%
Consumer Discretionary 2.3%
Health Care 2.0%
Energy 0.7%

Full portfolio 37 positions

05
Type Streak 8Q trend
TRV The Travelers Companies, Inc. Common Stock $8,645,513 10.59% 26,189 $1,006,705
CB Chubb Limited Common Stock $6,280,520 7.69% 18,432 $272,978
AON Aon plc Class A Ordinary Shares (Ireland) $5,799,931 7.10% 17,486 Up ×1
WRB W.R. Berkley Corporation Common Stock $4,517,164 5.53% 64,046 $272,195
AJG Arthur J. Gallagher & Co. Common Stock $4,454,347 5.46% 19,403 $1,528,784 Up ×1
ACGL Arch Capital Group Ltd. - Common Stock $4,032,843 4.94% 41,550 $-1,505,300 Down ×1
RDN Radian Group Inc. Common Stock $3,391,468 4.15% 90,031 $413,243
AVGO Broadcom Inc. - Common Stock $3,242,984 3.97% 8,585 $-161,626 Down ×1
HIG The Hartford Insurance Group, Inc. Common Stock $2,966,725 3.63% 22,387 $-60,669
ORI Old Republic International Corporation Common Stock $2,662,951 3.26% 65,077 $-2,530,194 Down ×1
CRBG Corebridge Financial Inc. Common Stock $2,652,827 3.25% 92,659 $1,178,947 Up ×1
EQH Equitable Holdings, Inc. Common Stock $2,547,892 3.12% 58,065 $1,111,364 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $2,543,976 3.12% 7,200 $478,584
LNC Lincoln National Corporation Common Stock $2,231,115 2.73% 63,115 $-756,352 Down ×2
MAR Marriott International - Class A Common Stock $1,888,156 2.31% 5,095 $221,734
MS Morgan Stanley Common Stock $1,787,292 2.19% 8,550 $380,218
UNM Unum Group Common Stock $1,769,762 2.17% 19,796 $324,060
ORLY O'Reilly Automotive, Inc. - Common Stock $1,657,620 2.03% 18,000 $-3,960
BX Blackstone Inc. Common Stock $1,553,362 1.90% 13,201 $35,379
IGIC International General Insurance Holdings Ltd. - Ordinary Shares $1,551,017 1.90% 59,267 $115,274
MSFT Microsoft Corporation - Common Stock $1,507,747 1.85% 4,042 $11,520
TJX TJX Companies, Inc. (The) Common Stock $1,450,613 1.78% 9,575 $-78,515
PGR Progressive Corporation (The) Common Stock $1,420,362 1.74% 6,502
JPM JP Morgan Chase & Co. Common Stock $1,392,134 1.70% 4,253 $141,072
UBER Uber Technologies, Inc. Common Stock $1,226,720 1.50% 17,000 $3,910
AMZN Amazon.com, Inc. - Common Stock $1,146,177 1.40% 4,809 $144,607
NVDA NVIDIA Corporation - Common Stock $897,204 1.10% 4,484 $115,194
HD Home Depot, Inc. (The) Common Stock $881,700 1.08% 2,500 $59,475
UNP Union Pacific Corporation Common Stock $811,920 0.99% 2,985 $87,699
UAL United Airlines Holdings, Inc. - Common Stock $749,985 0.92% 5,515 Up ×1
SYK Stryker Corporation Common Stock $680,054 0.83% 2,160 $-29,700
NU Nu Holdings Ltd. Class A Ordinary Shares $658,969 0.81% 49,324 $-49,817
EPD Enterprise Products Partners L.P. Common Stock $598,122 0.73% 16,271 $-17,573
ETN Eaton Corporation, PLC Ordinary Shares $571,001 0.70% 1,340 Up ×1
ABT Abbott Laboratories Common Stock $536,999 0.66% 5,918 $-70,602
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $512,691 0.63% 5,350 Up ×1
NVO Novo Nordisk A/S Common Stock $436,254 0.53% 9,100 $101,829

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
AON $5,799,931 17,486 7.10%
PGR $1,420,362 6,502 1.74%
UAL $749,985 5,515 0.92%
ETN $571,001 1,340 0.70%
SE $512,691 5,350 0.63%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ORI Trimmed -65K -$2.5M
AJG Bought more +6K +$1.5M
ACGL Trimmed -16K -$1.5M
CRBG Bought more +31K +$1.2M
EQH Bought more +19K +$1.1M
TRV Price move only +0 +$1.0M
LNC Trimmed -21K -$756K
GOOG Price move only +0 +$479K
RDN Price move only +0 +$413K
MS Price move only +0 +$380K

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
XLF June 30, 2026 217,879 $10,756,686 4.3%
WRB Dec. 31, 2025 92,206 $7,064,824 4.6%
PGR Dec. 31, 2025 28,034 $6,922,996 0.2%
AIG March 31, 2026 65,484 $5,602,156 8.0%
CB Dec. 31, 2025 17,735 $5,005,704 13.8%
EG June 30, 2026 13,136 $4,293,502 11.6%
AJG Dec. 31, 2025 12,141 $3,760,553 3.6%
AFG March 31, 2026 26,240 $3,586,483 17.9%
CRBG Dec. 31, 2025 107,187 $3,435,343 13.1%
PLMR Sept. 30, 2025 19,845 $3,061,091 21.4%
MRSH June 30, 2026 17,221 $2,986,982 18.5%
WTW June 30, 2026 9,533 $2,771,243 24.3%
XOM March 31, 2026 19,850 $2,388,749 8.0%
MET June 30, 2025 29,613 $2,377,628 22.9%
HG June 30, 2026 73,891 $2,204,169 7.0%
SLDE March 31, 2026 56,362 $1,097,932 58.6%
TECK June 30, 2025 19,300 $703,099 46.2%
DDI June 30, 2026 76,250 $644,313 15.3%
MDT June 30, 2026 7,313 $633,671 22.0%
QCOM June 30, 2025 3,525 $541,475 10.5%
FDX June 30, 2025 1,600 $390,048
FIHL Sept. 30, 2025 21,422 $355,177 No longer tracked