Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +3.1%
S&P 500 total return (same window) +37.0%
Excess return -33.9%

Annualized: +2.5% · 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: 99.6% · Options excluded: 0.0%

Sector breakdown

04
Materials 78.6%
Financials 21.4%

Full portfolio 2 positions

05
Type Streak 8Q trend
AMBP Ardagh Metal Packaging S.A. Ordinary Shares $25,174,917 78.62% 5,311,164 $3,664,703
UWMC UWM Holdings Corporation Class A Common Stock $6,847,560 21.38% 2,990,201 $-3,976,968

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
UWMC Price move only +0 -$4.0M
AMBP Price move only +0 +$3.7M

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
UWMCWS Dec. 31, 2025 2,015,219 $278,100 No longer tracked