Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +36.1%
S&P 500 total return (same window) +37.0%
Excess return -0.9%

Annualized: +28.0% · 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: 98.8% · Options excluded: 0.0%

Sector breakdown

04
Industrials 17.4%
Healthcare 16.8%
Financials 14.5%
Communication Services 12.1%
Energy 9.5%
Technology 9.0%
Materials 6.2%
Consumer Discretionary 5.9%
Consumer Staples 3.1%
Retail 2.7%
Real Estate 2.0%
Utilities 0.1%
Other/Unmapped 0.8%

Full portfolio 97 positions

05
Type Streak 8Q trend
CPAY Corpay, Inc. Common Stock $1,802,493,128 6.19% 5,408,507 $247,027,907 Up ×5
NBIS Nebius Group N.V. - Class A Ordinary Shares $1,793,646,546 6.16% 6,494,719 $930,906,426 Down ×1
BKNG Booking Holdings Inc. - Common Stock $1,281,825,793 4.41% 7,191,572 $971,227,230 Up ×3
QXO QXO, Inc. Common Stock $1,277,878,896 4.39% 73,951,325 $-158,255,835
BRKR Bruker Corporation - Common Stock $1,079,633,773 3.71% 17,940,076 $431,638,228
RXO RXO, Inc. Common Stock $1,004,220,102 3.45% 36,397,974 $472,081,723
MSI Motorola Solutions, Inc. Common Stock $992,386,536 3.41% 2,389,623 $180,889,975 Up ×4
GOOGL Alphabet Inc. - Class A Common Stock $836,468,799 2.87% 2,340,624 $113,749,140 Down ×2
EQT EQT Corporation Common Stock $835,090,519 2.87% 15,706,047 $64,236,190 Up ×2
XPO XPO, Inc. Common Stock $698,564,713 2.40% 3,402,819 $35,325,865 Down ×2
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $686,030,188 2.36% 8,847,436 $303,455,158 Up ×3
GXO GXO Logistics, Inc. Common Stock $680,639,591 2.34% 13,424,844 $-15,438,571
ITUB Itau Unibanco Banco Holding SA American Depositary Shares (Each repstg 500 Preferred shares) $664,234,808 2.28% 81,301,690 $83,754,957 Up ×1
INSM Insmed Incorporated - Common Stock $647,875,044 2.23% 6,076,487 $341,630,863 Up ×1
ALNY Alnylam Pharmaceuticals, Inc. - Common Stock $598,269,130 2.06% 1,987,407 $156,615,583 Up ×1
FSV FirstService Corporation - Common Shares $574,733,910 1.98% 4,044,289 $23,388,450 Up ×6
STE STERIS plc (Ireland) Ordinary Shares $563,845,394 1.94% 2,677,710 $-9,525,236 Up ×5
IBKR Interactive Brokers Group, Inc. - Class A Common Stock $528,269,261 1.82% 6,069,270 $117,931,983 Down ×4
NEM Newmont Corporation $517,841,916 1.78% 5,544,346 $-41,883,653 Up ×1
PRAX Praxis Precision Medicines, Inc. - Common Stock $512,157,724 1.76% 1,529,788 $-284,450,607 Down ×1
NVDA NVIDIA Corporation - Common Stock $490,324,947 1.69% 2,450,522 $125,845,689 Up ×1
CNK Cinemark Holdings Inc Cinemark Holdings, Inc. Common Stock $477,787,516 1.64% 15,057,911 $48,335,894
BTI British American Tobacco Industries, p.l.c. Common Stock ADR $456,120,698 1.57% 7,385,374 $5,552,749 Down ×4
NTES NetEase, Inc. - American Depositary Shares, each representing 5 ordinary shares $448,937,337 1.54% 3,503,491 $47,690,870 Down ×1
PDD PDD Holdings Inc. - American Depositary Shares $408,369,710 1.40% 5,353,562 $230,162,885 Up ×2
DEO Diageo plc Common Stock $384,026,382 1.32% 4,777,636 $108,554,384 Up ×5
KMI Kinder Morgan, Inc. Common Stock $377,181,580 1.30% 11,797,985 $-1,991,218 Up ×2
DIS Walt Disney Company (The) Common Stock $359,482,970 1.24% 3,734,888 $-485,535
BRO Brown & Brown, Inc. Common Stock $344,554,782 1.18% 5,371,080 Up ×1
CX Cemex, S.A.B. de C.V. Sponsored ADR $339,656,364 1.17% 28,304,697 $-85,252,944 Down ×1
SRRK Scholar Rock Holding Corporation - Common Stock $326,344,315 1.12% 5,933,533 $120,856,351 Up ×3
GMAB Genmab A/S - American Depositary Shares $312,283,383 1.07% 11,368,161 $-34,509,875 Down ×2
RHI Robert Half Inc. Common Stock $303,249,688 1.04% 9,877,840 $111,592,362 Up ×1
CRSP CRISPR Therapeutics AG - Common Shares $297,197,241 1.02% 5,449,161 $6,734,297 Down ×1
AAL American Airlines Group, Inc. - Common Stock $291,638,686 1.00% 16,139,385 $268,058,307 Up ×1
TBBB BBB Foods Inc. Class A Common Shares $280,648,950 0.96% 6,735,036 $80,934,544 Up ×2
SW Smurfit WestRock plc Ordinary Shares $272,077,589 0.94% 5,881,487 $-276,858,313 Down ×3
FNV Franco-Nevada Corporation $268,962,847 0.92% 1,290,361 $2,287,442 Up ×1
RRC Range Resources Corporation Common Stock $248,980,430 0.86% 6,694,822 $126,689,646 Up ×1
B Barrick Mining Corporation Common Shares $245,613,694 0.84% 6,687,005 $36,193 Up ×1
HDB HDFC Bank Limited Common Stock $244,013,066 0.84% 9,446,886 $199,530,214 Up ×2
RYAN Ryan Specialty Holdings, Inc. Class A Common Stock $238,184,227 0.82% 6,307,845 Up ×1
ENB Enbridge Inc Common Stock $235,415,815 0.81% 4,342,664 $144,905,213 Up ×6
VALE VALE S.A. American Depositary Shares Each Representing one common share $214,589,893 0.74% 14,267,945 $-93,626,582 Down ×1
IQV IQVIA Holdings, Inc. Common Stock $212,767,102 0.73% 1,101,165 $175,547,088 Up ×1
IMAX Imax Corporation Common Stock $205,261,262 0.71% 5,149,555 $9,444,347 Down ×1
GLD SPDR Gold Shares $184,168,265 0.63% 499,941 $-19,724,652 Up ×1
SYNA Synaptics Incorporated - Common Stock $176,736,680 0.61% 1,422,657 $60,539,270 Down ×1
RNR RenaissanceRe Holdings Ltd. Common Stock $171,855,187 0.59% 542,301 $-20,892,226 Down ×1
AR Antero Resources Corporation Common Stock $159,792,157 0.55% 4,547,301 $-46,977,476 Down ×1
EAT Brinker International, Inc. Common Stock $157,213,728 0.54% 935,796 $24,792,840 Up ×1
DYN Dyne Therapeutics, Inc. - Common Stock $155,615,298 0.53% 7,006,542 $33,016,050 Up ×2
WLK Westlake Corporation Common Stock $152,158,572 0.52% 2,084,364 $-466,230,318 Down ×1
TRU TransUnion Common Stock $145,844,139 0.50% 2,021,682 $105,387,224 Up ×1
NU Nu Holdings Ltd. Class A Ordinary Shares $133,441,578 0.46% 9,988,142 $54,657,091 Up ×2
CRC California Resources Corporation Common Stock $128,063,935 0.44% 2,422,242 $-22,667,114 Up ×4
EDU New Oriental Education & Technology Group, Inc. Sponsored ADR representing 10 Ordinary Share (Cayman Islands) $99,275,922 0.34% 2,162,403 $32,964,967 Up ×3
CARG CarGurus, Inc. - Class A Common Stock $82,068,198 0.28% 2,407,398 $2,620,729 Up ×1
R Ryder System, Inc. Common Stock $81,065,753 0.28% 307,335 $-64,629,220 Down ×2
DAO Youdao, Inc. American Depositary Shares, each representing one Class A Ordinary Share $80,731,013 0.28% 6,563,497 $14,489,356 Down ×6
ELV Elevance Health, Inc. Common Stock $70,845,455 0.24% 183,191 $17,216,290
ON ON Semiconductor Corporation - Common Stock $70,057,354 0.24% 741,034 $11,143,818 Down ×1
MRVL Marvell Technology, Inc. - Common Stock $68,430,397 0.24% 229,717 $45,637,209 Down ×2
BUR Burford Capital Limited Ordinary Shares $60,160,284 0.21% 14,673,240 $1,307,859 Up ×6
NAMS NewAmsterdam Pharma Company N.V. - Ordinary Shares $59,227,079 0.20% 1,747,627 Up ×1
BWXT BWX Technologies, Inc. Common Stock $57,875,090 0.20% 297,329 $-3,139,205 Down ×3
UNH UnitedHealth Group Incorporated Common Stock (DE) $55,784,196 0.19% 134,216
AM Antero Midstream Corporation Common Stock $55,064,851 0.19% 2,420,433 $3,481,425 Up ×2
MICC The Magnum Ice Cream Company N.V. Ordinary Shares $54,186,901 0.19% 3,112,401 $-9,423,256 Down ×1
GNRC Generac Holdlings Inc. Common Stock $53,346,762 0.18% 182,189 $12,399,539 Down ×1
EME EMCOR Group, Inc. Common Stock $52,086,588 0.18% 62,764 $6,955,912 Up ×2
MCS Marcus Corporation (The) Common Stock $51,356,967 0.18% 2,189,129 $17,659,382 Up ×6
GFI Gold Fields Limited American Depositary Shares $49,478,843 0.17% 1,473,023 $-16,078,666 Up ×1
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $49,189,539 0.17% 513,300 $-103,525,516 Down ×3
VIPS Vipshop Holdings Limited American Depositary Shares, each representing two ordinary shares $47,665,855 0.16% 3,594,710 $-34,347,979 Down ×2
WPM Wheaton Precious Metals Corp Common Shares (Canada) $45,539,470 0.16% 405,444 $-22,952,165 Down ×2
NKE Nike, Inc. Common Stock $41,702,408 0.14% 1,015,893 $-8,365,300 Up ×3
NCMI National CineMedia, Inc. - Common Stock $35,393,113 0.12% 9,313,977 $7,522,085 Up ×1
BAH Booz Allen Hamilton Holding Corporation Common Stock $34,562,364 0.12% 569,678 $-9,023,399 Up ×1
CNX CNX Resources Corporation Common Stock $30,075,077 0.10% 886,386 $16,840,670 Up ×1
AU AngloGold Ashanti PLC Ordinary Shares $29,525,093 0.10% 365,003 $-6,011,599
HNRG Hallador Energy Company - Common Stock $29,490,744 0.10% 1,695,845 $841,021 Down ×1
QXOPRB CUSIP: 82846H504 $27,754,749 0.10% 569,445 Up ×1
CLBT Cellebrite DI Ltd. - Ordinary Shares $24,933,136 0.09% 1,707,749
GENI Genius Sports Limited Ordinary Shares $22,831,487 0.08% 3,767,572 Up ×1
MAR Marriott International - Class A Common Stock $22,731,991 0.08% 61,340 $-25,907,570 Down ×2
SATS EchoStar Corporation - Common stock $21,760,991 0.07% 214,394 Up ×1
PTLO Portillo's Inc. - Class A Common Stock $19,771,849 0.07% 4,171,276 $-17,619,056 Down ×1
LOMA Loma Negra Compania Industrial Argentina Sociedad Anonima ADS $17,637,557 0.06% 1,540,398 $5,979,250 Up ×1
HWM Howmet Aerospace Inc. Common Stock $16,239,682 0.06% 60,402
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $15,946,929 0.05% 31,869 Up ×1
IRS IRSA Inversiones Y Representaciones S.A. Global Depositary Shares (Each representing ten shares of Common Stock) $13,916,921 0.05% 901,355 $5,802,600 Up ×1
Unknown issuer (CUSIP: G9723Y105) $8,695,551 0.03% 730,105 Up ×1
FUTU Futu Holdings Limited - American Depositary Shares $8,284,273 0.03% 88,375
G Genpact Limited Common Stock $4,805,680 0.02% 174,752 $-1,660,212 Up ×1
MNSO MINISO Group Holding Limited American Depositary Shares, each representing four Ordinary Shares $3,068,281 0.01% 254,418 $-6,272,445 Down ×2
TSM Taiwan Semiconductor Manufacturing Company Ltd. $1,392,594 0.00% 2,916 $-312,026 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
CPAY $1,802,493,128 6.19% up ×5
BKNG $1,281,825,793 4.41% up ×3
MSI $992,386,536 3.41% up ×4
SHEL $686,030,188 2.36% up ×3
FSV $574,733,910 1.98% up ×6
STE $563,845,394 1.94% up ×5
DEO $384,026,382 1.32% up ×5
SRRK $326,344,315 1.12% up ×3
ENB $235,415,815 0.81% up ×6
CRC $128,063,935 0.44% up ×4
EDU $99,275,922 0.34% up ×3
BUR $60,160,284 0.21% up ×6
MCS $51,356,967 0.18% up ×6
NKE $41,702,408 0.14% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
BRO $344,554,782 5,371,080 1.18%
RYAN $238,184,227 6,307,845 0.82%
NAMS $59,227,079 1,747,627 0.20%
UNH $55,784,196 134,216 0.19%
QXOPRB $27,754,749 569,445 0.10%
CLBT $24,933,136 1,707,749 0.09%
GENI $22,831,487 3,767,572 0.08%
SATS $21,760,991 214,394 0.07%
HWM $16,239,682 60,402 0.06%
BRK-B (filed as BRKB) $15,946,929 31,869 0.05%
Unknown issuer (CUSIP: G9723Y105) $8,695,551 730,105 0.03%
FUTU $8,284,273 88,375 0.03%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
BKNG Bought more +7.1M +$971.2M
NBIS Trimmed -1.8M +$930.9M
RXO Price move only +0 +$472.1M
WLK Trimmed -3.2M -$466.2M
BRKR Price move only +0 +$431.6M
INSM Bought more +4.2M +$341.6M
SHEL Bought more +4.7M +$303.5M
PRAX Trimmed -943K -$284.5M
SW Trimmed -7.9M -$276.9M
CPAY Bought more +63K +$247.0M

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
UNH March 31, 2026 2,581,182 $852,073,990 37.4%
ICLR March 31, 2026 4,214,661 $767,995,527 46.4%
MU Dec. 31, 2025 2,166,539 $362,505,306 276.6%
GPN June 30, 2025 3,222,435 $315,540,835 -2.1%
BIDU June 30, 2025 3,236,111 $297,819,295 -1.7%
BBD Sept. 30, 2025 81,034,974 $250,398,070 8.0%
RNR Sept. 30, 2025 991,483 $240,831,221 28.2%
GOOGL June 30, 2025 1,301,632 $201,284,372 94.9%
AES June 30, 2026 12,247,581 $172,568,416 1.7%
TXN Sept. 30, 2025 809,986 $168,169,293 59.9%
XP Sept. 30, 2025 8,001,932 $161,639,026 14.4%
BTU March 31, 2026 4,397,530 $130,606,641 -24.7%
GOLD June 30, 2025 5,481,945 $106,569,011 90.7%
ACGL June 30, 2025 1,029,505 $99,017,791 2.8%
PFSI June 30, 2025 926,775 $92,779,445 -37.8%
OLN March 31, 2026 3,804,561 $79,249,006 -46.5%
CE Dec. 31, 2025 1,304,050 $54,874,424 4.5%
LYB Dec. 31, 2025 1,064,208 $52,188,760 35.3%
MTZ Dec. 31, 2025 226,799 $48,265,096 -0.7%
NAVI Dec. 31, 2025 3,023,206 $39,755,159 -29.3%
KB June 30, 2026 360,611 $35,963,735 18.0%
SLGN June 30, 2026 900,180 $34,926,984 -24.8%
FBIN June 30, 2026 774,529 $30,183,395 -29.8%
CARG Dec. 31, 2025 765,791 $28,510,399 -21.7%
ATKR Sept. 30, 2025 364,011 $25,680,976 50.8%
MCHP Dec. 31, 2025 371,911 $23,884,124 27.6%
BIDU June 30, 2026 190,705 $21,248,351 -26.2%
PAGS Sept. 30, 2025 2,085,730 $20,106,437 -9.8%
NE Sept. 30, 2025 741,409 $19,684,409 43.9%
LULU March 31, 2026 93,221 $19,372,256 -38.3%
INTC March 31, 2026 495,099 $18,269,153 170.4%
MSFT June 30, 2026 45,512 $16,847,177 38.7%
BORR June 30, 2025 7,617,577 $16,682,494 113.7%
MS Sept. 30, 2025 115,346 $16,247,638 19.7%
GLBE June 30, 2025 443,782 $15,820,828 17.2%
TS June 30, 2025 377,357 $14,758,432 49.7%
HLT June 30, 2025 63,773 $14,511,546 19.9%
CLBT March 31, 2026 670,613 $12,091,153 -19.7%
FUTU Sept. 30, 2025 88,899 $10,987,027 -41.3%
BCC Dec. 31, 2025 105,673 $8,170,636 1.9%
AMZN June 30, 2025 42,855 $8,153,592 14.6%
KBR Dec. 31, 2025 162,873 $7,702,264 -14.8%
CMCL March 31, 2026 211,822 $5,543,382 No longer tracked
HWM June 30, 2025 24,108 $3,127,531 24.3%