Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 -13.3%
S&P 500 total return (same window) +37.0%
Excess return -50.3%

Annualized: -10.8% · 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
Industrials 69.7%
Energy 30.3%

Full portfolio 3 positions

05
Type Streak 8Q trend
NMM Navios Maritime Partners LP Common Units Representing Limited Partner Interests $325,081,287 69.74% 4,639,379 $12,015,992
RIG Transocean Ltd (Switzerland) Common Stock $84,975,031 18.23% 17,377,307 $-73,568,955 Down ×2
SOC Sable Offshore Corp. Common Stock $56,074,853 12.03% 18,206,121 $-244,690,266

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
RIG Trimmed -6.5M -$73.6M
NMM Price move only +0 +$12.0M

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
TDW Dec. 31, 2025 608,448 $32,448,532 66.6%