Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +30.7%
S&P 500 total return (same window) +37.0%
Excess return -6.4%

Annualized: +23.9% · 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: 93.1% · Options excluded: 0.0%

Sector breakdown

04
Technology 24.6%
Financials 19.6%
Industrials 13.3%
Healthcare 7.9%
Energy 7.3%
Communication Services 6.6%
Retail 4.8%
Real Estate 4.3%
Consumer Staples 3.0%
Materials 2.0%
Utilities 1.9%
Consumer products 0.8%
Consumer Discretionary 0.4%
Other/Unmapped 3.6%

Full portfolio 266 positions

05
Type Streak 8Q trend
AAPL Apple Inc. - Common Stock $34,352,381 6.80% 118,718 $4,108,660 Down ×6
FTNT Fortinet, Inc. - Common Stock $28,879,485 5.72% 187,993 $12,427,778 Down ×3
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $22,727,213 4.50% 45,419 $1,281,096 Up ×2
JPM JP Morgan Chase & Co. Common Stock $16,955,694 3.36% 51,800 $1,709,675 Down ×3
MSFT Microsoft Corporation - Common Stock $15,283,002 3.03% 40,971 $187,099 Up ×2
JNJ Johnson & Johnson Common Stock $14,897,719 2.95% 58,659 $429,573 Down ×3
ETN Eaton Corporation, PLC Ordinary Shares $14,872,014 2.95% 34,901 $2,071,005 Down ×3
TTEK Tetra Tech, Inc. - Common Stock $12,731,027 2.52% 440,672 $-867,302 Down ×3
LRCX Lam Research Corporation - Common Stock $11,933,908 2.36% 27,540 $6,049,712
GOOG Alphabet Inc. - Class C Capital Stock $11,141,739 2.21% 31,534 $1,910,158 Down ×1
AMZN Amazon.com, Inc. - Common Stock $10,440,007 2.07% 43,803 $1,508,765 Up ×2
BX Blackstone Inc. Common Stock $8,320,066 1.65% 70,707 $531,836 Up ×2
CTRE CareTrust REIT, Inc. Common Stock $7,686,675 1.52% 190,500 $539,925 Down ×6
ARCC Ares Capital Corporation - Closed End Fund $7,364,382 1.46% 397,430 $390,618 Up ×2
RY Royal Bank Of Canada Common Stock $7,325,473 1.45% 35,394 $1,600,760 Up ×4
ANET Arista Networks, Inc. Common Stock $7,024,538 1.39% 41,350 $1,800,249 Down ×1
CLMT Calumet, Inc - Common Stock $6,700,440 1.33% 186,020 $-57,197 Down ×3
LB LandBridge Company LLC Class A Shares Representing Limited Liability Company Interests $6,629,861 1.31% 83,668 $1,267,890 Up ×4
VLO Valero Energy Corporation Common Stock $6,126,477 1.21% 23,524 $169,737 Down ×6
TGLS Tecnoglass Inc. Ordinary Shares $6,034,932 1.20% 128,924 $1,353,885 Up ×4
DUK Duke Energy Corporation (Holding Company) Common Stock $5,481,057 1.09% 43,301 $-207,124 Down ×1
STNE StoneCo Ltd. - Class A Common Share $5,386,161 1.07% 496,878 $511,584 Up ×2
GLW Corning Incorporated Common Stock $5,376,802 1.06% 21,050 $2,521,432 Up ×1
JMIA Jumia Technologies AG American Depositary Shares, each representing two Ordinary Shares $5,252,250 1.04% 745,000 $3,122,220 Up ×3
NVDA NVIDIA Corporation - Common Stock $4,970,036 0.98% 24,839 $610,210 Down ×1
RTX RTX Corporation Common Stock $4,879,856 0.97% 25,720 $-100,822 Down ×3
XOM Exxon Mobil Corporation Common Stock $4,782,311 0.95% 34,979 $-1,277,430 Down ×3
PM Philip Morris International Inc Common Stock $4,667,839 0.92% 25,802 $401,737
IOT Samsara Inc. Class A Common Stock $4,389,401 0.87% 135,350 $2,375,501 Up ×2
ECL Ecolab Inc. Common Stock $4,386,993 0.87% 15,746 $198,242
ONDS Ondas Inc - Common Stock $4,252,664 0.84% 516,100 Up ×1
PEP PepsiCo, Inc. - Common Stock $4,206,878 0.83% 31,070 $-695,627 Down ×2
COST Costco Wholesale Corporation - Common Stock $3,952,361 0.78% 4,225 $-556,485 Down ×3
SLB SLB Limited Common Shares $3,765,568 0.75% 80,997 $-427,407 Down ×1
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $3,744,250 0.74% 5 $153,550
ADI Analog Devices, Inc. - Common Stock $3,595,580 0.71% 9,053 $715,459
CSCO Cisco Systems, Inc. - Common Stock $3,561,262 0.71% 30,319 $1,146,768 Down ×2
GOOGL Alphabet Inc. - Class A Common Stock $3,532,602 0.70% 9,885 $661,315 Down ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $3,493,786 0.69% 8,406 $746,756 Down ×1
VTR Ventas, Inc. Common Stock $3,379,195 0.67% 38,054 $226,249 Down ×3
GS Goldman Sachs Group, Inc. (The) Common Stock $3,334,487 0.66% 3,297 $538,490 Down ×3
DHR Danaher Corporation Common Stock $3,256,613 0.64% 17,097 $-67,720 Down ×1
TMO Thermo Fisher Scientific Inc Common Stock $3,247,309 0.64% 6,477 $63,669
PLTR Palantir Technologies Inc. - Class A Common Stock $3,199,908 0.63% 27,427 $-855,998 Down ×6
CG The Carlyle Group Inc. - Common Stock $3,121,614 0.62% 74,130 $-465,537
HAL Halliburton Company Common Stock $3,052,105 0.60% 89,900 $-501,834 Down ×1
BAC Bank of America Corporation Common Stock $3,028,305 0.60% 53,147 $388,755 Down ×3
SYK Stryker Corporation Common Stock $2,965,793 0.59% 9,420 $-129,525
GXO GXO Logistics, Inc. Common Stock $2,878,493 0.57% 56,775 $74,704 Up ×2
PCAR PACCAR Inc. - Common Stock $2,850,601 0.56% 23,731 $75,062 Down ×5
KMI Kinder Morgan, Inc. Common Stock $2,743,090 0.54% 85,802 $-160,675 Down ×2
QCOM QUALCOMM Incorporated - Common Stock $2,613,855 0.52% 14,145 $792,262
EXLS ExlService Holdings, Inc. - Common Stock $2,588,586 0.51% 100,100 $-413,784 Up ×1
CVX Chevron Corporation Common Stock $2,501,650 0.50% 15,092 $-811,026 Down ×1
ABBV AbbVie Inc. Common Stock $2,370,058 0.47% 9,418 $326,489 Up ×1
AVGO Broadcom Inc. - Common Stock $2,279,721 0.45% 6,035 $964,923 Up ×2
MO Altria Group, Inc. $2,266,689 0.45% 31,504 $187,762
VYMI Vanguard International High Dividend Yield ETF $2,159,222 0.43% 21,988 $68,319 Down ×1
DAL Delta Air Lines, Inc. Common Stock $2,142,941 0.42% 22,880 $460,665 Down ×1
OXY Occidental Petroleum Corporation Common Stock $2,040,377 0.40% 42,009 $-738,958 Down ×1
WTFC Wintrust Financial Corporation - Common Stock $2,025,072 0.40% 12,600 $246,640 Down ×6
BMY Bristol-Myers Squibb Company Common Stock $1,934,880 0.38% 33,580 $-110,845 Down ×6
LOW Lowe's Companies, Inc. Common Stock $1,918,943 0.38% 8,703 $-83,523 Up ×1
PG Procter & Gamble Company (The) Common Stock $1,817,749 0.36% 12,396 $30,304 Up ×1
ORCL Oracle Corporation Common Stock $1,774,134 0.35% 12,106 $235,952 Up ×1
USAR USA Rare Earth, Inc. - Common Stock $1,756,612 0.35% 81,400 $1,439,534 Up ×1
RKLB Rocket Lab Corporation - Common Stock $1,740,756 0.34% 17,125 $458,604 Down ×1
CII BlackRock Enhanced Large Cap Core Fund, Inc. Common Stock $1,669,756 0.33% 63,853 $327,566
V Visa Inc. $1,583,474 0.31% 4,615 $188,552
CHD Church & Dwight Company, Inc. Common Stock $1,581,566 0.31% 16,325 $48,785 Down ×1
TFC Truist Financial Corporation Common Stock $1,574,910 0.31% 31,612 $2,736 Down ×4
HUBB Hubbell Inc Common Stock $1,569,600 0.31% 3,000 $97,380
MU Micron Technology, Inc. - Common Stock $1,558,292 0.31% 1,350 $1,085,316 Down ×1
WAT Waters Corporation Common Stock $1,557,541 0.31% 4,153 $316,906 Down ×2
MDLZ Mondelez International, Inc. - Class A Common Stock $1,550,715 0.31% 26,810 $5,362
PLD Prologis, Inc. Common Stock $1,469,182 0.29% 10,845 $35,726
LMT Lockheed Martin Corporation Common Stock $1,451,961 0.29% 2,850 $-270,551
TSLA Tesla, Inc. - Common Stock $1,420,787 0.28% 3,378 $215,202 Up ×2
SPG Simon Property Group, Inc. Common Stock $1,391,917 0.28% 6,224 $184,626 Down ×6
EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund Common Shares of Beneficial Interest $1,350,347 0.27% 137,650 $145,308 Down ×1
IBM International Business Machines Corporation Common Stock $1,301,159 0.26% 4,627 $76,605 Down ×3
INTC Intel Corporation - Common Stock $1,265,746 0.25% 9,065 $737,731 Down ×3
ENB Enbridge Inc Common Stock $1,225,309 0.24% 22,603 $-7,513 Down ×3
RVTY Revvity, Inc. Common Stock $1,212,734 0.24% 10,900 $-627,702 Down ×6
TSM Taiwan Semiconductor Manufacturing Company Ltd. $1,164,316 0.23% 2,438 $340,394
RONB Baron ETF Trust $1,149,240 0.23% 47,100 $937,692 Up ×1
SNX TD SYNNEX Corporation Common Stock $1,136,195 0.23% 4,250 $419,177
PBR Petroleo Brasileiro S.A. Petrobras ADS $1,047,168 0.21% 64,800 $-307,705 Down ×3
MIAX Miami International Holdings, Inc. Common Stock $1,039,179 0.21% 27,965 $-1,259,631 Down ×1
LLY Eli Lilly and Company Common Stock $1,031,510 0.20% 860 $244,187 Up ×1
WMT Walmart Inc. - Common Stock $1,023,417 0.20% 9,036 $-99,577
GD General Dynamics Corporation Common Stock $991,872 0.20% 2,800 $30,856
KO Coca-Cola Company (The) Common Stock $981,797 0.19% 12,081 $60,653 Down ×3
AMLP ALPS ETF Trust $954,040 0.19% 18,400 $38,104 Up ×1
HD Home Depot, Inc. (The) Common Stock $948,709 0.19% 2,690 $67,284 Up ×1
EXC Exelon Corporation - Common Stock $939,673 0.19% 20,156 $-48,374
FBNC First Bancorp - Common Stock $899,559 0.18% 14,071 $106,658
LOB Live Oak Bancshares, Inc. Common Stock $857,027 0.17% 20,985 $163,053
RJF Raymond James Financial, Inc. Common Stock $856,993 0.17% 5,637 $185,602 Up ×1
AMAT Applied Materials, Inc. - Common Stock $856,755 0.17% 1,185 $451,734

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
RY $7,325,473 1.45% up ×4
LB $6,629,861 1.31% up ×4
TGLS $6,034,932 1.20% up ×4
JMIA $5,252,250 1.04% up ×3
META $772,834 0.15% up ×3
NFLX $493,088 0.10% up ×3
GPK $264,250 0.05% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ONDS $4,252,664 516,100 0.84%
MSTR $391,185 4,500 0.08%
ALAB $362,265 750 0.07%
ALNT $293,351 2,850 0.06%
AMD $290,455 500 0.06%
C $280,200 2,002 0.06%
PFGC $257,117 2,300 0.05%
BRIE $254,688 8,400 0.05%
PNFP $252,200 2,500 0.05%
MRVL $236,227 793 0.05%
IP $236,220 6,200 0.05%
UAL $231,183 1,700 0.05%
EWBC $216,226 1,675 0.04%
GEV $216,174 184 0.04%
MHK $215,361 1,775 0.04%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
FTNT Trimmed -13K +$12.4M
LRCX Price move only +0 +$6.0M
AAPL Trimmed -450 +$4.1M
JMIA Bought more +436K +$3.1M
GLW Bought more +50 +$2.5M
IOT Bought more +72K +$2.4M
ETN Trimmed -889 +$2.1M
GOOG Trimmed -647 +$1.9M
ANET Trimmed -1K +$1.8M
JPM Trimmed -29 +$1.7M

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
LULU June 30, 2026 14,520 $2,223,012 -17.3%
ON March 31, 2026 39,300 $2,128,095 37.1%
NCNO June 30, 2025 74,985 $2,059,838 -33.2%
IAS Sept. 30, 2025 209,425 $1,740,322 No longer tracked
RSP June 30, 2025 9,187 $1,591,385 16.2%
CE June 30, 2025 23,480 $1,332,960 -20.1%
S June 30, 2026 93,375 $1,202,670 47.7%
PDD June 30, 2026 11,250 $1,149,525 -1.2%
IR June 30, 2026 8,835 $707,860 -7.2%
XLI June 30, 2025 5,311 $696,113 15.2%
HES Sept. 30, 2025 4,500 $623,430 No longer tracked
HOLX Dec. 31, 2025 8,600 $580,414 No longer tracked
DOCS March 31, 2026 12,100 $535,788 19.9%
NEE June 30, 2025 6,909 $489,779 10.7%
ACHC June 30, 2025 15,025 $455,558 23.7%
IPGP Dec. 31, 2025 5,750 $455,343 17.4%
UBER Dec. 31, 2025 4,300 $421,271 -16.6%
HON June 30, 2026 1,750 $395,553 -4.4%
XLP June 30, 2025 4,562 $372,579 No longer tracked
NEM June 30, 2025 7,600 $366,928 98.4%
AVAV Dec. 31, 2025 1,027 $323,392 -41.8%
ALAB Dec. 31, 2025 1,650 $323,070 110.6%
MHK June 30, 2025 2,725 $311,141 20.6%
GDX Dec. 31, 2025 3,732 $285,125 2.3%
LDOS Dec. 31, 2025 1,500 $283,440 -34.7%
GOLD June 30, 2025 14,450 $280,908 90.7%
BTI Dec. 31, 2025 5,232 $277,715 -7.0%
CRM March 31, 2026 1,032 $273,387 25.7%
BSX March 31, 2026 2,800 $266,980 -32.1%
NOW March 31, 2026 1,725 $264,253 28.5%
NEM March 31, 2026 2,620 $261,607 6.8%
UI June 30, 2026 325 $256,844 16.2%
SHEL June 30, 2026 2,700 $251,100 24.1%
SHEL June 30, 2025 3,402 $249,299 36.7%
ZBH June 30, 2026 2,700 $244,134 2.6%
C March 31, 2026 2,081 $242,832 13.3%
PNFP March 31, 2026 2,500 $238,525 11.6%
MDT June 30, 2026 2,739 $237,334 10.4%
ZTS June 30, 2026 2,000 $236,420 -3.0%
XLE June 30, 2025 2,519 $235,401 48.1%
OLN June 30, 2026 7,900 $234,867 -19.8%
MHK Dec. 31, 2025 1,775 $228,833 15.7%
ASGN Dec. 31, 2025 4,802 $227,375 No longer tracked
BABA Sept. 30, 2025 2,000 $226,820 -40.8%
PAYX Sept. 30, 2025 1,540 $224,008 -21.9%
CL Sept. 30, 2025 2,400 $218,160 5.4%
DRI June 30, 2025 1,051 $217,961 -8.1%
PYPL Dec. 31, 2025 3,243 $217,476 -9.6%
JNPR June 30, 2025 6,000 $217,140 No longer tracked
VFH June 30, 2025 1,809 $216,121
GE June 30, 2025 1,077 $215,562 20.3%
UI Dec. 31, 2025 325 $214,689 12.1%
NNN Dec. 31, 2025 5,000 $212,850 3.3%
CINF June 30, 2025 1,424 $210,353 8.7%
KHC Dec. 31, 2025 7,964 $207,383 -8.5%
PFGC March 31, 2026 2,300 $206,816 9.6%
LAZ Dec. 31, 2025 3,900 $205,842 -25.7%
TTD Dec. 31, 2025 4,200 $205,842 -68.5%
BIO March 31, 2026 674 $204,215 32.4%
AMP March 31, 2026 414 $203,001 10.5%
BDX June 30, 2025 883 $202,260 30.6%
PSX June 30, 2026 1,100 $200,398 56.5%
XLV June 30, 2025 988 $144,258 23.3%
BGR Dec. 31, 2025 10,600 $143,842 25.9%
VOD Dec. 31, 2025 12,040 $139,664 27.3%
XLY June 30, 2025 696 $137,432 No longer tracked
XLB June 30, 2025 1,579 $135,762 No longer tracked
XLU June 30, 2025 1,413 $111,415 No longer tracked
AOD Dec. 31, 2025 11,500 $108,790 4.6%
CLF Sept. 30, 2025 11,000 $83,600 -7.2%
VOX June 30, 2025 503 $74,640
LFCR June 30, 2026 10,000 $37,200 24.6%
XLI June 30, 2026 222 $35,904 -8.2%
NFE Dec. 31, 2025 14,000 $30,940 476.3%
PKB June 30, 2025 335 $22,556 15.3%
XLU June 30, 2026 484 $22,211 No longer tracked
VYM June 30, 2025 114 $14,701
XLF June 30, 2025 292 $14,545 2.1%
XLC June 30, 2025 125 $12,056 1.6%
TIP June 30, 2025 55 $6,110
XLK June 30, 2025 21 $4,336 57.8%
TIP March 31, 2026 31 $3,407
IEI March 31, 2026 28 $3,342
MBB March 31, 2026 35 $3,333
ERNA June 30, 2025 10,873 $1,935 60.9%
ITOT June 30, 2025 3 $366 24.6%