Performance vs S&P 500

03
Tracked Q1 2025–Q3 2025 +19.4%
S&P 500 total return (same window) +21.3%
Excess return -1.9%

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: 10.1%

Sector breakdown

04
Industrials 35.2%
Financials 18.5%
Health Care 16.1%
Technology 12.4%
Retail 5.5%
Communication Services 4.0%
Consumer Discretionary 1.7%
Other/Unmapped 6.7%

Full portfolio 28 positions

05
Type Streak 8Q trend
FLEX Flex Ltd. - Ordinary Shares $6,678 6.63% 115,186 $-5,060,601 Up ×1
AMZN Amazon.com, Inc. - Common Stock $5,498 5.46% 25,041 $-3,372,450 Up ×1
HOLX Hologic, Inc. - Common Stock $5,252 5.21% 77,811 $-3,915,556 Up ×1
FESM Fidelity Covington Trust $4,533 4.50% 124,000 Up ×1
GPGI GPGI, Inc. Class A Common Stock $4,456 4.42% 214,026 $-4,889,902 Down ×1
WRB W.R. Berkley Corporation Common Stock $4,334 4.30% 56,568 $-2,794,211 Up ×1
VRT Vertiv Holdings, LLC Class A Common Stock $4,261 4.23% 28,250 $-5,444,946 Down ×1
ICE Intercontinental Exchange Inc. Common Stock $4,176 4.14% 24,787 $-4,589,729 Down ×3
NXT Nextpower Inc. - Class A Common Stock $4,143 4.11% 56,000
LPLA LPL Financial Holdings Inc. - Common Stock $4,113 4.08% 12,365 $-4,755,381 Down ×1
MMM 3M Company Common Stock $4,096 4.07% 26,395 $-4,134,852 Down ×1
EPAM EPAM Systems, Inc. Common Stock $4,059 4.03% 26,916 $-2,533,308 Up ×1
TTWO Take-Two Interactive Software, Inc. - Common Stock $4,014 3.98% 15,537 $-4,415,613 Down ×1
GLW Corning Incorporated Common Stock $3,988 3.96% 48,614 $-4,483,674 Down ×1
J Jacobs Solutions Inc. Common Stock $3,926 3.90% 26,200 $-3,169,934 Up ×1
DHR Danaher Corporation Common Stock $3,906 3.88% 19,700 $-2,366,574 Up ×1
WAY Waystar Holding Corp. - Common Stock $3,760 3.73% 99,146 Up ×1
BWIN The Baldwin Insurance Group, Inc. - Class A Common Stock $3,686 3.66% 130,677 $-4,544,063 Up ×2
LHX L3Harris Technologies, Inc. Common Stock $3,425 3.40% 11,212 $-4,486,611 Down ×1
MTZ MasTec, Inc. Common Stock $3,365 3.34% 15,810 Up ×1
GWRE Guidewire Software, Inc. Common Stock $2,603 2.58% 11,326 $-3,563,993 Down ×2
GEHC GE HealthCare Technologies Inc. - Common Stock $2,497 2.48% 33,249 $-2,498,033 Down ×3
NDAQ Nasdaq, Inc. - Common Stock $2,308 2.29% 26,091 $-2,834,453 Down ×3
ITB iShares Trust $2,252 2.24% 21,000 Up ×1
DKNG DraftKings Inc. - Class A Common Stock $1,722 1.71% 46,030 $-3,542,879 Down ×1
PSN Parsons Corporation Common Stock $1,603 1.59% 19,333 $-4,352,469 Down ×2
CRCL Circle Internet Group, Inc. Class A Common Stock $1,326 1.32% 10,000 Up ×1
AVTR Avantor, Inc. Common Stock $774 0.77% 61,992 $-4,410,579 Down ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
FESM $4,533 124,000 4.50%
NXT $4,143 56,000 4.11%
WAY $3,760 99,146 3.73%
MTZ $3,365 15,810 3.34%
ITB $2,252 21,000 2.24%
CRCL $1,326 10,000 1.32%

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
HYG June 30, 2025 250,000 $19,722,500
NVDA Sept. 30, 2025 50,000 $7,899,500 13.1%
FISV June 30, 2025 27,928 $6,167,340 -71.1%
CRM Sept. 30, 2025 17,325 $4,724,354 4.9%
META Sept. 30, 2025 6,143 $4,534,087 -12.5%
FFIV Sept. 30, 2025 15,404 $4,533,706 40.9%
PWR Sept. 30, 2025 11,871 $4,488,189 31.9%
XYZ Sept. 30, 2025 64,834 $4,404,173 5.8%
COHR Sept. 30, 2025 45,556 $4,064,051 94.3%
AEE June 30, 2025 39,722 $3,988,089 12.5%
RVTY Sept. 30, 2025 39,963 $3,865,221 81.1%
WDAY Sept. 30, 2025 15,217 $3,652,080 -12.8%
BN June 30, 2025 69,162 $3,624,780
BX June 30, 2025 25,000 $3,494,500 -21.1%
MSFT Sept. 30, 2025 6,966 $3,464,958 1.3%
VLTO June 30, 2025 35,001 $3,410,849 3.3%
SSNC June 30, 2025 39,792 $3,323,826 0.2%
V June 30, 2025 8,914 $3,124,000 14.9%
TMO June 30, 2025 5,801 $2,886,578 66.2%
RYAN Sept. 30, 2025 38,615 $2,625,434 -22.5%
AVGO Sept. 30, 2025 9,505 $2,620,053 -2.5%
NXT June 30, 2025 55,534 $2,340,203 45.1%
UBER June 30, 2025 29,800 $2,171,228 -28.5%
PTC June 30, 2025 11,397 $1,765,965 12.5%
ABNB June 30, 2025 13,538 $1,617,249 30.0%
AJG June 30, 2025 4,606 $1,590,175 -16.3%
GE June 30, 2025 7,834 $1,567,975 11.0%
SBAC Sept. 30, 2025 6,604 $1,550,883 -4.4%
GOOGL Sept. 30, 2025 7,818 $1,377,766 31.7%
CLH Sept. 30, 2025 1,312 $303,308 37.3%
BRO Sept. 30, 2025 2,671 $296,133 -22.2%
CNP Sept. 30, 2025 7,036 $258,503 5.9%
CP Sept. 30, 2025 2,934 $232,577 20.2%