Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +34.5%
S&P 500 total return (same window) +37.0%
Excess return -2.5%

Annualized: +26.8% · 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: 92.0% · Options excluded: 0.1%

Sector breakdown

04
Healthcare 41.1%
Technology 10.3%
Industrials 10.0%
Financials 9.0%
Materials 6.6%
Real Estate 5.7%
Communication Services 5.6%
Consumer products 2.0%
Retail 1.5%
Other/Unmapped 8.1%

Full portfolio 34 positions

05
Type Streak 8Q trend
QDEL QuidelOrtho Corporation - Common Stock $116,036,875 14.49% 6,625,000 $41,141,180 Up ×5
TBPH Theravance Biopharma, Inc. - Ordinary Shares $58,381,247 7.29% 3,434,191 $-20,198,392 Down ×1
INDV Indivior Pharmaceuticals, Inc. - Common Stock $53,576,769 6.69% 1,305,795 $-7,383,231 Down ×1
CNNE Cannae Holdings, Inc. Common Stock $45,642,686 5.70% 3,169,631 $8,497,408 Down ×2
PAR PAR Technology Corporation Common Stock $42,134,695 5.26% 2,418,754 $5,707,857 Down ×1
WEAV Weave Communications, Inc. Common Stock $40,672,100 5.08% 6,790,000 $8,332,100 Down ×1
TFX Teleflex Incorporated Common Stock $38,661,800 4.83% 305,000 $-9,182,200 Down ×1
AIV Apartment Investment and Management Company Common Stock $36,234,000 4.52% 12,200,000 $-13,420,000
MAGN Magnera Corporation Common Stock $32,900,000 4.11% 2,800,000 $6,652,400 Up ×3
Unknown issuer (CUSIP: G22845104) $31,331,208 3.91% 1,922,160 Up ×1
XOMA XOMA Royalty Corporation - Common Stock $30,142,997 3.76% 709,247 Up ×1
RHLD Resolute Holdings Management - Common Stock $29,256,197 3.65% 202,423 $-10,089,056 Down ×1
BV BrightView Holdings, Inc. Common Stock $27,489,800 3.43% 1,940,000 $2,730,800 Down ×1
PSIX Power Solutions International, Inc. - Common Stock $23,368,612 2.92% 600,890 Up ×1
CCOI Cogent Communications Holdings, Inc. - Common Stock $22,983,823 2.87% 1,655,895 $-7,160,177 Up ×5
AD Array Digital Infrastructure, Inc. Common Shares $21,650,483 2.70% 597,090 $-52,951,253 Down ×2
CMP Compass Minerals Intl Inc Common Stock $19,684,308 2.46% 632,326 $1,704,808 Down ×4
GDOT Green Dot Corporation Class A Common Stock, $0.001 par value $16,255,273 2.03% 1,203,203 $14,655,245 Up ×1
SPB Spectrum Brands Holdings, Inc. Common Stock $15,864,779 1.98% 185,012 $2,229,395
GMRE CUSIP: 37954A303 $15,248,653 1.90% 406,414 Up ×1
RCKT Rocket Pharmaceuticals, Inc. - Common Stock $13,680,000 1.71% 4,000,000 $2,346,078 Up ×4
FLWS 1-800-FLOWERS.COM, Inc. - Class A Common Stock $12,180,000 1.52% 3,500,000 $1,540,000
NODK NI Holdings, Inc. - Common Stock $10,525,700 1.31% 670,000 $1,889,400
GRAL GRAIL, Inc. - Common Stock $10,240,500 1.28% 150,000 $2,488,500
Unknown issuer (CUSIP: 29390K102) $8,213,558 1.03% 374,194 Up ×1
ATAI AtaiBeckley Inc. - Common Stock $6,259,748 0.78% 1,187,808 $-47,481 Down ×1
SRG Seritage Growth Properties Class A Common Stock $5,960,185 0.74% 2,266,230 $5,844,638 Up ×1
ELME Elme Communities Common Stock $3,700,000 0.46% 2,500,000 $3,076,375 Up ×1
FSP CUSIP: 35471R106 $3,682,250 0.46% 7,150,000 $-1,068,925
Unknown issuer (CUSIP: 360852107) $3,457,200 0.43% 40,000 Up ×1
Unknown issuer (CUSIP: M2573A239) $2,977,744 0.37% 537,499 Up ×1
WVE Wave Life Sciences Ltd. - Ordinary Shares $1,249,150 0.16% 215,000 $-925,850 Down ×1
MREO Mereo BioPharma Group plc - American Depositary Shares $953,100 0.12% 3,000,000 $-1,382,988 Down ×1
Unknown issuer (CUSIP: 29333R107) $286,994 0.04% 99,998 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
QDEL $116,036,875 14.49% up ×5
MAGN $32,900,000 4.11% up ×3
CCOI $22,983,823 2.87% up ×5
RCKT $13,680,000 1.71% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: G22845104) $31,331,208 1,922,160 3.91%
XOMA $30,142,997 709,247 3.76%
PSIX $23,368,612 600,890 2.92%
GMRE $15,248,653 406,414 1.90%
Unknown issuer (CUSIP: 29390K102) $8,213,558 374,194 1.03%
Unknown issuer (CUSIP: 360852107) $3,457,200 40,000 0.43%
Unknown issuer (CUSIP: M2573A239) $2,977,744 537,499 0.37%
Unknown issuer (CUSIP: 29333R107) $286,994 99,998 0.04%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AD Trimmed -1.0M -$53.0M
QDEL Bought more +2.1M +$41.1M
TBPH Trimmed -1.4M -$20.2M
AIV Price move only +0 -$13.4M
RHLD Trimmed -40K -$10.1M
TFX Trimmed -95K -$9.2M
CNNE Trimmed -97K +$8.5M
WEAV Trimmed -210K +$8.3M
INDV Trimmed -694K -$7.4M
CCOI Bought more +56K -$7.2M

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
NVRI June 30, 2026 5,502,200 $107,953,164 No longer tracked
VISN June 30, 2026 3,762,713 $68,481,377 -51.5%
ITGR March 31, 2026 550,000 $43,136,500 43.7%
USAR June 30, 2026 2,339,613 $35,410,043 -36.7%
MRP Sept. 30, 2025 807,135 $23,011,419 -33.0%
IAC March 31, 2026 525,000 $20,527,500 No longer tracked
CIO March 31, 2026 2,800,000 $19,572,000 No longer tracked
SITC Dec. 31, 2025 1,936,630 $17,449,036 -49.5%
GLIBK Dec. 31, 2025 365,526 $13,623,154 -36.7%
TSVT June 30, 2025 2,534,836 $12,522,090 No longer tracked
ETNB Dec. 31, 2025 800,000 $11,760,000 No longer tracked
DV Sept. 30, 2025 700,000 $10,479,000 12.2%
FBTC Dec. 31, 2025 97,200 $9,701,532
DAR Dec. 31, 2025 300,000 $9,261,000 74.2%
DXYZ June 30, 2026 345,000 $9,239,100 26.4%
MRP March 31, 2026 300,000 $8,961,000 -19.6%
CLFD June 30, 2025 300,000 $8,916,000 -23.6%
RARE June 30, 2026 400,000 $8,380,000 -56.6%
USAR June 30, 2025 692,650 $7,616,984 24.6%
CORT March 31, 2026 200,000 $6,960,000 202.7%
SAGE Sept. 30, 2025 700,000 $6,384,000 No longer tracked
AMN Sept. 30, 2025 287,038 $5,933,075 90.3%
ITOS Sept. 30, 2025 567,416 $5,657,138 No longer tracked
SCPH Dec. 31, 2025 940,568 $5,333,021 No longer tracked
GLPG June 30, 2025 200,000 $5,024,000 No longer tracked
MITK Sept. 30, 2025 484,954 $4,801,045 81.2%
ZOOZ June 30, 2026 13,404,564 $4,034,774 29.2%
SUNC March 31, 2026 67,395 $3,321,226 No longer tracked
KROS Sept. 30, 2025 246,857 $3,295,541 -27.2%
AEBI Dec. 31, 2025 221,100 $2,757,117 -11.9%
GUTS March 31, 2026 1,134,021 $2,494,846 895.6%
THRD June 30, 2025 635,150 $2,203,970 No longer tracked
QURE June 30, 2026 87,684 $1,433,633 -50.5%
AVIR Dec. 31, 2025 492,284 $1,427,624 43.7%
ABEO Dec. 31, 2025 248,656 $1,312,904 -3.0%
MURA Dec. 31, 2025 522,919 $1,082,442 No longer tracked
VTOL June 30, 2025 18,080 $570,967 22.6%