Performance vs S&P 500

03
Tracked Q2 2025–Q2 2026 +29.5%
S&P 500 total return (same window) +21.7%
Excess return +7.9%

Annualized: +29.5% · S&P 500: +21.7%

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: 88.0% · Options excluded: 6.6%

Sector breakdown

04
Technology 21.2%
Communication Services 8.8%
Financials 6.9%
Healthcare 6.6%
Retail 5.9%
Industrials 5.7%
Materials 2.1%
Energy 1.5%
Consumer Staples 1.2%
Consumer Discretionary 0.1%
Utilities 0.0%
Other/Unmapped 40.0%

Full portfolio 66 positions

05
Type Streak 8Q trend
SPY SPY $181,465,110 30.47% 243,000 Put option $83,914,110 Up ×1
AMZN Amazon.com, Inc. - Common Stock $34,607,683 5.81% 145,203 $4,735,933 Up ×6
GOOGL Alphabet Inc. - Class A Common Stock $27,466,743 4.61% 76,858 $1,828,469 Down ×1
ASML ASML Holding N.V. - New York Registry Shares $26,881,313 4.51% 13,512 $7,914,194 Down ×1
MSFT Microsoft Corporation - Common Stock $23,357,766 3.92% 62,618 $63,708 Down ×1
ADI Analog Devices, Inc. - Common Stock $18,877,490 3.17% 47,530 $-5,501,578 Down ×1
TMO Thermo Fisher Scientific Inc Common Stock $17,314,468 2.91% 34,535 $1,366,777 Up ×2
ENTG Entegris, Inc. - Common Stock $17,260,085 2.90% 95,964 $4,778,246 Down ×2
GOOG Alphabet Inc. - Class C Capital Stock $15,859,217 2.66% 44,885 $-751,124 Down ×1
AMAT Applied Materials, Inc. - Common Stock $15,467,862 2.60% 21,394 $8,121,428 Down ×3
BACPRL CUSIP: 060505682 $15,252,211 2.56% 12,158 $685,390 Down ×1
DHR Danaher Corporation Common Stock $13,154,358 2.21% 69,059 $-1,984,064 Down ×1
LIN Linde plc - Ordinary Shares $12,535,515 2.10% 24,156 $552,996 Down ×1
TDG Transdigm Group Incorporated Common Stock $10,328,638 1.73% 7,754 $1,445,210 Up ×2
V Visa Inc. $10,051,851 1.69% 29,298 $1,239,439 Up ×4
RTX RTX Corporation Common Stock $9,668,641 1.62% 50,960 $-1,376,813 Down ×6
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $9,319,764 1.56% 18,625 $674,996 Up ×2
META Meta Platforms, Inc. - Class A Common Stock $8,992,362 1.51% 15,964 $5,338,740 Up ×2
PHYS Sprott Physical Gold Trust ETV $8,763,389 1.47% 290,467 $-680,201 Up ×4
SPGI S&P Global Inc. Common Stock $8,758,126 1.47% 21,505 $-2,330,913 Down ×1
WMB Williams Companies, Inc. (The) Common Stock $8,049,164 1.35% 108,275 $6,610 Down ×1
TDY Teledyne Technologies Incorporated Common Stock $7,965,454 1.34% 11,944 $739,215
TXN Texas Instruments Incorporated - Common Stock $7,793,338 1.31% 26,146 $1,655,796 Down ×3
WFCPRL CUSIP: 949746804 $7,545,954 1.27% 6,522 $111,219 Up ×3
BDX Becton, Dickinson and Company Common Stock $7,028,976 1.18% 46,448 $-258,320 Up ×2
Unknown issuer (CUSIP: 438516205) $6,903,285 1.16% 30,832 Up ×1
LRCX Lam Research Corporation - Common Stock $6,835,347 1.15% 15,774 $2,140,382 Down ×3
Unknown issuer (CUSIP: 43849R105) $6,813,907 1.14% 30,821 Up ×1
SNPS Synopsys, Inc. - Common Stock $6,385,938 1.07% 14,316 $919,668 Up ×3
BAC Bank of America Corporation Common Stock $5,460,678 0.92% 95,835 $-99,162 Down ×6
ICE Intercontinental Exchange Inc. Common Stock $4,619,703 0.78% 37,525 $-1,309,281 Down ×1
PM Philip Morris International Inc Common Stock $4,523,474 0.76% 25,004 $163,624 Down ×1
FERG Ferguson Enterprises Inc. Common Stock $4,360,939 0.73% 18,375 $60,791 Down ×1
IBIT iShares Bitcoin Trust ETF $2,503,408 0.42% 75,200 $-385,776
PEP PepsiCo, Inc. - Common Stock $1,985,776 0.33% 14,666 $-291,707
MKTW MarketWise, Inc. - Class A Common Stock $1,646,917 0.28% 92,316 $-193,559 Down ×2
NVDA NVIDIA Corporation - Common Stock $1,600,720 0.27% 8,000 $205,520
BSX Boston Scientific Corporation Common Stock $1,560,295 0.26% 36,558 $-736,857 Down ×1
ETN Eaton Corporation, PLC Ordinary Shares $1,379,777 0.23% 3,238 $221,642
BN Brookfield Corporation Class A Limited Voting Shares $1,285,025 0.22% 30,172 $63,964
RSP Invesco Exchange-Traded Fund Trust $1,201,725 0.20% 5,648 $70,165 Down ×1
GDX VanEck ETF Trust $1,038,947 0.17% 13,770 $-224,726
AAPL Apple Inc. - Common Stock $1,012,471 0.17% 3,499 $124,460
VEU VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $1,010,193 0.17% 12,062 $104,337
MOAT VanEck ETF Trust $945,516 0.16% 9,095 $66,029
SPGP Invesco Exchange-Traded Fund Trust $820,566 0.14% 6,710 $98,436
ETPRI CUSIP: 29273V704 $819,512 0.14% 71,510 $24,653 Up ×1
EPD Enterprise Products Partners L.P. Common Stock $816,403 0.14% 22,209 $-23,986
SPY SPY $787,096 0.13% 1,054 $101,638
ASHR DBX ETF Trust $645,583 0.11% 17,610 $70,793
IHI iShares Trust $548,006 0.09% 11,091 $-43,699
INDA iShares Trust $503,580 0.08% 10,196 $25,999
FMX Fomento Economico Mexicano S.A.B. de C.V. Common Stock $491,776 0.08% 3,845 $52,534 Down ×1
HD Home Depot, Inc. (The) Common Stock $435,560 0.07% 1,235 $29,381
SGHC Super Group (SGHC) Limited Ordinary Shares $406,920 0.07% 30,031 $82,585
AVGO Broadcom Inc. - Common Stock $377,750 0.06% 1,000 $68,240
MARA MARA Holdings, Inc. - Common Stock $347,250 0.06% 25,000 $143,250
NOBL ProShares Trust $329,659 0.06% 5,870 $18,520 Up ×1
QQQ Invesco QQQ Trust, Series 1 $312,970 0.05% 425 $67,668
NOC Northrop Grumman Corporation Common Stock $308,133 0.05% 605 $-80,744 Up ×1
REGN Regeneron Pharmaceuticals, Inc. - Common Stock $228,839 0.04% 367 $-54,720
BIL SPDR SERIES TRUST $218,378 0.04% 2,383 $-1,022,244 Down ×1
FE FirstEnergy Corp. Common Stock $209,414 0.04% 4,405 $-22,609 Down ×4
SUIG Sui Group Holdings Limited - Common Stock $37,190 0.01% 32,060 $-1,603
GUTS Fractyl Health, Inc. - Common Stock $32,570 0.01% 41,000 $13,800
SBEV CUSIP: 84862C302 $19,165 0.00% 123,648 $-5,982 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
AMZN $34,607,683 5.81% up ×6
V $10,051,851 1.69% up ×4
PHYS $8,763,389 1.47% up ×4
WFCPRL $7,545,954 1.27% up ×3
SNPS $6,385,938 1.07% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 438516205) $6,903,285 30,832 1.16%
Unknown issuer (CUSIP: 43849R105) $6,813,907 30,821 1.14%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SPY Bought more +93K +$83.9M
AMAT Trimmed -100 +$8.1M
ASML Trimmed -848 +$7.9M
ADI Trimmed -29K -$5.5M
META Bought more +10K +$5.3M
ENTG Trimmed -10K +$4.8M
AMZN Bought more +2K +$4.7M
SPGI Trimmed -5K -$2.3M
LRCX Trimmed -6K +$2.1M
DHR Trimmed -11K -$2.0M

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
HON June 30, 2026 61,008 $13,789,638 -4.4%
ANSS Sept. 30, 2025 18,465 $6,485,277 No longer tracked
DD Dec. 31, 2025 27,246 $2,122,463 223.3%
UNP March 31, 2026 8,800 $2,035,616 14.7%
ALC March 31, 2026 15,811 $1,246,065 -15.4%
CP Dec. 31, 2025 15,341 $1,142,751 16.7%
AVTR Sept. 30, 2025 77,586 $1,044,308 22.9%
EL Sept. 30, 2025 9,391 $758,793 4.4%
UL (filed as ULXXXX) Dec. 31, 2025 12,280 $727,958 -8.7%
ADBE Sept. 30, 2025 1,733 $670,463 -32.6%
TPL June 30, 2025 390 $516,746 -3.4%
GFL June 30, 2025 10,075 $486,723 -16.8%
SYK March 31, 2026 1,313 $461,480 -16.2%
CVX June 30, 2025 2,650 $443,319 44.3%
DEO June 30, 2025 4,180 $438,022 -16.0%
VYMI Dec. 31, 2025 4,640 $392,915
BWXT Sept. 30, 2025 2,700 $388,962 -26.9%
PDX Sept. 30, 2025 14,971 $369,035 -16.7%
ADSK Dec. 31, 2025 1,141 $362,461 -28.4%
TECK June 30, 2025 9,700 $353,371 69.8%
VIGI Dec. 31, 2025 3,900 $349,323
UL March 31, 2026 5,222 $341,519 4.8%
ROP Sept. 30, 2025 500 $283,420 -28.9%
FCLD Sept. 30, 2025 9,900 $281,309
CVNA March 31, 2026 664 $280,221 -79.7%
AME June 30, 2025 1,625 $279,728 39.2%
JPM March 31, 2026 804 $259,065 13.0%
VRSN June 30, 2025 1,007 $255,647 -0.2%
LNG March 31, 2026 1,230 $239,100 -4.9%
B Dec. 31, 2025 7,150 $234,306 -7.6%
REGN June 30, 2025 367 $232,762 40.0%
COP June 30, 2025 2,200 $231,044 41.2%
EMXC June 30, 2025 3,960 $218,156
ORCL June 30, 2025 1,533 $214,329 -34.9%
EMLC March 31, 2026 8,177 $211,130
CSGP March 31, 2026 3,000 $201,720 -32.1%
INDA Sept. 30, 2025 3,606 $200,782
FLUT Sept. 30, 2025 700 $200,032 -70.5%