Sector breakdown

04
Financials 15.0%
Energy 13.3%
Industrials 12.5%
Healthcare 8.4%
Technology 7.1%
Materials 6.9%
Retail 5.3%
Communication Services 3.4%
Utilities 2.7%
Consumer products 2.1%
Consumer Staples 1.3%
Consumer Discretionary 0.3%
Real Estate 0.2%
Other/Unmapped 21.4%

Full portfolio 141 positions

05
Type Streak 8Q trend
IBKR Interactive Brokers Group, Inc. - Class A Common Stock $21,328,898 5.89% 245,047 $4,377,574 Down ×4
PHYS Sprott Physical Gold Trust ETV $17,834,633 4.92% 591,138 $-2,770,750 Up ×3
AAPL Apple Inc. - Common Stock $15,998,192 4.41% 55,288 $1,964,834 Down ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $13,939,034 3.85% 27,856 $600,818 Up ×1
FLBR Franklin FTSE Brazil ETF $13,133,417 3.62% 613,424 $-1,423,247 Up ×1
VLO Valero Energy Corporation Common Stock $12,664,156 3.49% 48,626 $165,432 Down ×1
WMB Williams Companies, Inc. (The) Common Stock $11,683,595 3.22% 157,164 $390,519 Up ×1
WMT Walmart Inc. - Common Stock $11,497,134 3.17% 101,511 $-1,205,900 Down ×6
UNP Union Pacific Corporation Common Stock $11,169,644 3.08% 41,065 $1,272,541 Up ×4
EOG EOG Resources, Inc. Common Stock $10,846,359 2.99% 83,607 $-1,211,309 Up ×3
AMGN Amgen Inc. - Common Stock $10,842,117 2.99% 29,941 $415,184 Up ×1
FNV Franco-Nevada Corporation $10,117,859 2.79% 48,541 $-1,887,224 Down ×1
CW Curtiss-Wright Corporation Common Stock $9,845,019 2.72% 12,992 $1,030,520 Up ×3
CSCO Cisco Systems, Inc. - Common Stock $9,649,869 2.66% 82,155 $-474,565 Down ×2
ABBNY CUSIP: 000375204 $9,646,799 2.66% 88,747 $2,931,387 Up ×1
CBOE Cboe Global Markets, Inc. Common Stock $9,243,963 2.55% 38,093 $-1,401,458 Up ×3
NTR Nutrien Ltd. Common Shares $8,384,150 2.31% 133,187 $-1,542,994 Up ×3
MSFT Microsoft Corporation - Common Stock $8,180,477 2.26% 21,930 $35,139 Down ×1
NEE NextEra Energy, Inc. Common Stock $8,125,658 2.24% 92,579 $-481,538 Down ×1
DHR Danaher Corporation Common Stock $7,697,789 2.12% 40,413 $59,765 Up ×4
SPGI S&P Global Inc. Common Stock $6,888,210 1.90% 16,914 $-381,065 Down ×1
CNSWF CUSIP: 21037X100 $6,439,968 1.78% 3,411 $4,745,811 Up ×2
VLTO Veralto Corp Common Stock $6,111,209 1.69% 68,913 $22,170 Up ×4
Unknown issuer (CUSIP: 43849R105) $5,777,926 1.59% 26,135 Up ×1
SONY Sony Group Corporation American Depositary Shares $5,102,626 1.41% 254,368 $234,772 Up ×3
BSX Boston Scientific Corporation Common Stock $4,249,989 1.17% 99,578 $-983,737 Up ×1
GLNG Golar LNG Limited - Common Shares $3,897,488 1.08% 78,200 $-333,914
SNEX StoneX Group Inc. - Common Stock $3,374,169 0.93% 28,474 $997,091 Down ×1
COST Costco Wholesale Corporation - Common Stock $3,184,339 0.88% 3,404 $-227,437 Down ×6
CMI Cummins Inc. Common Stock $3,118,867 0.86% 4,373 $690,783 Down ×2
CVX Chevron Corporation Common Stock $2,512,424 0.69% 15,157 $-626,663 Down ×1
JPM JP Morgan Chase & Co. Common Stock $2,509,966 0.69% 7,668 $-31,871 Down ×2
EMR Emerson Electric Company Common Stock $2,339,615 0.65% 16,344 $158,289 Down ×1
GWW W.W. Grainger, Inc. Common Stock $2,278,670 0.63% 1,675 $451,563
ABBV AbbVie Inc. Common Stock $2,149,760 0.59% 8,543 $289,568 Down ×6
ADP Automatic Data Processing, Inc. - Common Stock $2,023,388 0.56% 9,035 $64,733 Down ×5
IJR iShares Trust $1,943,735 0.54% 13,106 $228,146 Down ×6
KO Coca-Cola Company (The) Common Stock $1,849,803 0.51% 22,761 $107,406 Down ×1
WM Waste Management, Inc. Common Stock $1,827,616 0.50% 8,200 $-56,662
Unknown issuer (CUSIP: G9723Y105) $1,726,950 0.48% 145,000 Up ×1
EBAY eBay Inc. - Common Stock $1,706,014 0.47% 15,266 $316,471
JNJ Johnson & Johnson Common Stock $1,560,900 0.43% 6,146 $21,906 Down ×1
RIO Rio Tinto Plc Common Stock $1,549,258 0.43% 16,320 $138,713 Up ×2
GLW Corning Incorporated Common Stock $1,379,577 0.38% 5,401 $1,109,948 Up ×1
SII Sprott Inc. Common Shares $1,349,885 0.37% 12,015 $611,807 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $1,240,073 0.34% 3,470 $-39,569 Down ×2
AXON Axon Enterprise, Inc. - Common Stock $1,199,705 0.33% 2,140 $333,337 Up ×1
VIRT Virtu Financial, Inc. Class A Common Stock $1,191,400 0.33% 20,000 $531,700 Up ×1
EC Ecopetrol S.A. American Depositary Shares $1,181,920 0.33% 83,000 $222,560 Up ×2
SKY Champion Homes, Inc. Common Stock $1,169,881 0.32% 13,276 $145,360 Down ×1
LLY Eli Lilly and Company Common Stock $1,109,473 0.31% 925 $281,680 Up ×1
BOLSY CUSIP: 11778E106 $1,061,650 0.29% 124,900 $-209,312 Up ×2
EVC Entravision Communications Corporation Common Stock $1,043,200 0.29% 80,000 Up ×1
TLN Talen Energy Corporation - Common Stock $1,016,752 0.28% 2,646 $-434,468 Down ×3
TECK Teck Resources Ltd Ordinary Shares $992,982 0.27% 16,700 $128,757
BTI British American Tobacco Industries, p.l.c. Common Stock ADR $984,640 0.27% 15,943 $52,453
RGR Sturm, Ruger & Company, Inc. Common Stock $984,100 0.27% 26,000 $21,940 Up ×2
BSM Black Stone Minerals, L.P. Common units representing limited partner interests $977,900 0.27% 70,000 $-534,100 Down ×1
BG Bunge Limited Common Shares $942,746 0.26% 8,833 $-180,812
CCJ Cameco Corporation Common Stock $937,112 0.26% 9,200 $-62,100
NVDA NVIDIA Corporation - Common Stock $927,417 0.26% 4,635 $119,945 Up ×1
ABT Abbott Laboratories Common Stock $924,095 0.25% 10,184 $-130,735 Down ×1
SRUUF CUSIP: 85210A104 $923,974 0.25% 50,216 $36,871 Up ×2
KWR Quaker Houghton Common Stock $913,344 0.25% 5,749 $133,552 Down ×1
SYY Sysco Corporation Common Stock $890,044 0.25% 10,649 $130,451
ECL Ecolab Inc. Common Stock $889,880 0.25% 3,194 $40,212
IWM iShares Russell 2000 Index Fund $886,327 0.24% 2,950 $154,727
FMX Fomento Economico Mexicano S.A.B. de C.V. Common Stock $807,944 0.22% 6,317 $106,378
NVS Novartis AG Common Stock $796,294 0.22% 5,081 $20,172
LIN Linde plc - Ordinary Shares $784,118 0.22% 1,511 $35,025
SHW Sherwin-Williams Company (The) Common Stock $736,501 0.20% 2,139 $50,844
SUBCY CUSIP: 864323100 $733,164 0.20% 21,400 $72,332
AMRZ Amrize Ltd Ordinary Shares $730,796 0.20% 13,711 $-37,294
CL Colgate-Palmolive Company Common Stock $703,644 0.19% 7,675 $49,504
OMAB Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - American Depositary Shares each representing 8 Series B shares $701,950 0.19% 6,207 $-10,179
MLM Martin Marietta Materials, Inc. Common Stock $673,688 0.19% 1,168 $-13,994
PCB PCB Bancorp - Common Stock $667,773 0.18% 23,538 Up ×1
NEXT NextDecade Corporation - Common Stock $663,279 0.18% 87,968 Up ×1
BK The Bank of New York Mellon Corporation Common Stock $634,983 0.18% 4,391 $114,079
AVAL Grupo Aval Acciones y Valores S.A. ADR (Each representing 20 preferred shares) $628,750 0.17% 125,000 Up ×1
GDXJ VanEck Junior Gold Miners ETF $618,975 0.17% 6,300 $-137,277
PWR Quanta Services, Inc. Common Stock $609,154 0.17% 846 $144,683
Unknown issuer (CUSIP: X980AG100) $604,992 0.17% 27,069 $116,397
LOW Lowe's Companies, Inc. Common Stock $599,795 0.17% 2,720 $-42,940
TOWN Towne Bank - Common Stock $581,362 0.16% 16,042 $41,228
ULTA Ulta Beauty, Inc. - Common Stock $574,999 0.16% 1,275 $-91,456
CNR Core Natural Resources, Inc. Common Stock $572,383 0.16% 7,153 $-86,997 Up ×2
PSLV Sprott Physical Silver Trust ETV $560,213 0.15% 29,688 $-163,877
VIG Vanguard Div Appreciation ETF $551,127 0.15% 2,329 $52,319 Up ×1
IVV iShares Trust $533,959 0.15% 713 $68,220
BDX Becton, Dickinson and Company Common Stock $527,536 0.15% 3,486 $-20,568
AVGO Broadcom Inc. - Common Stock $524,695 0.14% 1,389 $-369,479 Down ×1
MRK Merck & Company, Inc. Common Stock (new) $506,804 0.14% 3,944 $-38,110 Down ×2
YLLXF CUSIP: G98334108 $506,250 0.14% 75,000 $-101,250
VNOM Viper Energy, Inc. - Class A Common Stock $500,320 0.14% 11,800 $22,197 Up ×1
AFL AFLAC Incorporated Common Stock $496,554 0.14% 4,235 $31,932
XOM Exxon Mobil Corporation Common Stock $496,157 0.14% 3,629 $-272,233 Down ×1
SPY SPY $467,757 0.13% 626 $55,199 Down ×1
NEM Newmont Corporation $467,000 0.13% 5,000 $-74,250
WTV WisdomTree Trust $439,634 0.12% 4,322 $30,211

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
PHYS $17,834,633 4.92% up ×3
UNP $11,169,644 3.08% up ×4
EOG $10,846,359 2.99% up ×3
CW $9,845,019 2.72% up ×3
CBOE $9,243,963 2.55% up ×3
NTR $8,384,150 2.31% up ×3
DHR $7,697,789 2.12% up ×4
VLTO $6,111,209 1.69% up ×4
SONY $5,102,626 1.41% up ×3
NTDOY $436,492 0.12% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 43849R105) $5,777,926 26,135 1.59%
Unknown issuer (CUSIP: G9723Y105) $1,726,950 145,000 0.48%
EVC $1,043,200 80,000 0.29%
PCB $667,773 23,538 0.18%
NEXT $663,279 87,968 0.18%
AVAL $628,750 125,000 0.17%
Unknown issuer (CUSIP: G3715N102) $309,748 1,061 0.09%
ET $263,302 13,771 0.07%
ADI $238,302 600 0.07%
ETN $229,679 539 0.06%
IWR $220,640 2,000 0.06%
SHMD $219,100 35,000 0.06%
IUSG $206,899 1,100 0.06%
KOS $189,900 90,000 0.05%
PPLT $157,691 11,160 0.04%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CNSWF Bought more +2K +$4.7M
IBKR Trimmed -8K +$4.4M
ABBNY Bought more +5K +$2.9M
PHYS Bought more +10K -$2.8M
AAPL Trimmed -7 +$2.0M
FNV Trimmed -53 -$1.9M
NTR Bought more +2K -$1.5M
FLBR Bought more +4K -$1.4M
CBOE Bought more +218 -$1.4M
UNP Bought more +272 +$1.3M

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
MEDP March 31, 2026 12,743 $7,157,105 29.2%
BR March 31, 2026 31,309 $6,987,285 -2.1%
LYB June 30, 2026 84,621 $6,817,068 12.5%
FTV June 30, 2025 74,934 $5,483,646 10.1%
VNT June 30, 2025 159,115 $5,226,922 -13.6%
ADBE June 30, 2025 10,534 $4,040,105 -38.3%
BBY Sept. 30, 2025 58,854 $3,950,901 15.6%
TOITF March 31, 2026 38,893 $3,597,214 No longer tracked
LAZ June 30, 2025 22,654 $980,918 -26.5%
WIX Sept. 30, 2025 6,006 $951,711 -58.3%
CROX March 31, 2026 8,562 $732,222 42.4%
CF June 30, 2026 5,564 $722,430 7.2%
DESP June 30, 2025 34,000 $638,860 No longer tracked
JYNT Dec. 31, 2025 61,454 $586,271 -17.6%
TDW Dec. 31, 2025 9,961 $531,220 66.2%
AMT Sept. 30, 2025 2,271 $501,936 -15.6%
CFRUY Dec. 31, 2025 24,800 $473,928 No longer tracked
OLN June 30, 2026 15,000 $445,950 -17.9%
VNOM (filed as VNOMXXXX) Sept. 30, 2025 11,292 $430,564 6.9%
UL (filed as ULXXXX) Dec. 31, 2025 6,479 $384,075 -8.3%
BUR June 30, 2025 27,600 $364,596 -75.1%
BMY June 30, 2026 5,660 $343,279 2.1%
NVRI March 31, 2026 19,000 $340,480 No longer tracked
BTU June 30, 2025 23,486 $318,235 90.0%
UNH June 30, 2025 557 $291,729 21.4%
FMC Sept. 30, 2025 6,641 $277,262 -73.2%
ET Sept. 30, 2025 15,268 $276,809 No longer tracked
COMT Dec. 31, 2025 9,810 $263,398
SSNC June 30, 2026 3,775 $255,077 27.4%
PEP June 30, 2026 1,634 $253,744 -7.2%
TDW June 30, 2026 2,961 $247,392 26.0%
DEO Sept. 30, 2025 2,423 $244,335 -12.0%
PYPL March 31, 2026 4,172 $243,561 20.3%
PHO Sept. 30, 2025 3,200 $223,712
SENEA March 31, 2026 2,000 $221,260 17.6%
IBM Sept. 30, 2025 744 $219,316 -21.5%
SDZNY Sept. 30, 2025 3,905 $213,467 No longer tracked
IUSG March 31, 2026 1,265 $212,444
CCI Sept. 30, 2025 2,066 $212,240 -30.0%
IUSG June 30, 2025 1,665 $211,588
IBM March 31, 2026 700 $207,347 -8.6%
PEG Dec. 31, 2025 2,450 $204,477 -14.5%
GIS Sept. 30, 2025 3,931 $203,665 -37.2%
CRM March 31, 2026 768 $203,451 23.1%
ETN Dec. 31, 2025 539 $201,721 35.8%
VISN March 31, 2026 11,000 $199,430 -65.9%
MBI June 30, 2025 40,000 $199,200 3.0%
THRD June 30, 2025 56,000 $194,320 No longer tracked
BZLFY Dec. 31, 2025 11,860 $188,811 No longer tracked
NFE June 30, 2025 15,853 $131,738 76.8%
AOD Sept. 30, 2025 10,677 $94,598 6.6%
BGC March 31, 2026 10,000 $89,300 24.7%
SBSW Sept. 30, 2025 10,000 $72,200 -10.9%
ACXP Sept. 30, 2025 60,000 $30,648 -69.5%
PLXPQ Sept. 30, 2025 27,000 $0 No longer tracked