Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +102.2%
S&P 500 total return (same window) +37.0%
Excess return +65.2%

Annualized: +75.7% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Technology 56.5%
Communication Services 16.2%
Energy 8.2%
Consumer Staples 4.1%
Other/Unmapped 15.0%

Full portfolio 14 positions

05
Type Streak 8Q trend
APP Applovin Corporation - Class A Common Stock $87,529,849 15.41% 169,885 $95,617 Down ×1
CRWV CoreWeave, Inc. - Class A Common Stock $61,165,837 10.77% 614,485 $-8,306,315 Down ×1
NOK Nokia Corporation Sponsored American Depositary Shares $58,912,789 10.37% 4,436,204 $10,986,896 Down ×1
NVDA NVIDIA Corporation - Common Stock $51,562,593 9.08% 257,697 $2,730,593 Down ×1
GDX VanEck ETF Trust $45,492,276 8.01% 602,946 $1,612,818 Up ×1
GDXJ VanEck ETF Trust $39,875,057 7.02% 405,853 $-1,102,398 Up ×1
ASML ASML Holding N.V. - New York Registry Shares $39,667,444 6.98% 19,939 Up ×1
MTSI MACOM Technology Solutions Holdings, Inc. - Common Stock $37,270,174 6.56% 97,984 Up ×1
FORM FormFactor, Inc. - Common Stock $36,567,515 6.44% 228,647 Up ×1
VEON VEON Ltd. - American Depositary Shares $32,924,461 5.80% 630,616 $7,107,025 Up ×3
EQT EQT Corporation Common Stock $27,278,284 4.80% 513,039 $-2,797,980 Up ×1
DOLE Dole plc Ordinary Shares $23,554,276 4.15% 1,716,784 $4,179,565 Up ×1
CNQ Canadian Natural Resources Limited Common Stock $19,209,877 3.38% 486,326 Up ×1
WOLF Wolfspeed, Inc. Common Stock New $6,952,101 1.22% 144,085 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
VEON $32,924,461 5.80% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ASML $39,667,444 19,939 6.98%
MTSI $37,270,174 97,984 6.56%
FORM $36,567,515 228,647 6.44%
CNQ $19,209,877 486,326 3.38%
WOLF $6,952,101 144,085 1.22%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
NOK Trimmed -1.5M +$11.0M
CRWV Trimmed -282K -$8.3M
VEON Bought more +73K +$7.1M
DOLE Bought more +361K +$4.2M
EQT Bought more +40K -$2.8M
NVDA Trimmed -22K +$2.7M
GDX Bought more +125K +$1.6M
GDXJ Bought more +64K -$1.1M
APP Trimmed -50K +$96K

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
QFIN Sept. 30, 2025 918,316 $39,818,182 -77.6%
INTC June 30, 2026 811,115 $35,794,505 -14.5%
DECK Sept. 30, 2025 207,900 $21,428,253 -21.9%
PDD March 31, 2026 181,680 $20,600,695 -26.2%
CVE Sept. 30, 2025 1,355,000 $18,428,000 90.7%
FUTU June 30, 2026 90,000 $12,308,400 9.0%
MMYT March 31, 2026 146,452 $12,026,638 19.7%
TPR March 31, 2026 80,000 $10,221,600 -16.3%
GOOG Dec. 31, 2025 37,774 $9,199,858 8.5%
TME Dec. 31, 2025 285,000 $6,651,900 -55.8%
VAL Sept. 30, 2025 155,000 $6,527,050 60.7%
MPC June 30, 2026 21,805 $5,324,345 65.2%