Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +59.4%
S&P 500 total return (same window) +37.0%
Excess return +22.4%

Annualized: +45.2% · 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: 97.8% · Options excluded: 28.3%

Sector breakdown

04
Industrials 23.3%
Consumer Discretionary 19.2%
Communication Services 14.4%
Utilities 11.4%
Technology 9.7%
Financials 7.6%
Retail 5.3%
Healthcare 4.7%
Materials 1.7%
Energy 1.2%
Other/Unmapped 1.6%

Full portfolio 50 positions

05
Type Streak 8Q trend
META Meta Platforms, Inc. - Class A Common Stock $740,726,350 9.47% 1,315,000 Call option Up ×1
SMH SMH $601,057,596 7.68% 916,400 Put option
PCG Pacific Gas & Electric Co. Common Stock $529,830,000 6.77% 31,500,000 Call option
PCG Pacific Gas & Electric Co. Common Stock $341,000,606 4.36% 20,273,520 $-36,178,362 Down ×1
AMZN Amazon.com, Inc. - Common Stock $339,288,907 4.34% 1,423,550
DASH DoorDash, Inc. - Common Stock $337,687,501 4.32% 1,829,987 $62,914,953
GRAB Grab Holdings Limited - Class A Ordinary Shares $320,041,679 4.09% 84,891,692 $165,324,768 Up ×3
CX Cemex, S.A.B. de C.V. Sponsored ADR $302,922,228 3.87% 25,243,519 $14,136,371
Q Qnity Electronics, Inc. Common Stock $293,498,119 3.75% 1,797,184 $92,974,140 Up ×1
RTX RTX Corporation Common Stock $282,962,373 3.62% 1,491,395 Up ×1
XYZ Block, Inc. Class A Common Stock, $235,181,468 3.01% 3,094,493 $-4,195,736 Down ×1
DKNG DraftKings Inc. - Class A Common Stock $227,002,476 2.90% 8,986,638 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $214,281,712 2.74% 380,411 $172,705,025 Up ×1
FLS Flowserve Corporation Common Stock $196,836,955 2.52% 2,654,220 Up ×1
WAB Westinghouse Air Brake Technologies Corporation Common Stock $172,127,468 2.20% 638,455 $22,017,527 Up ×3
COF Capital One Financial Corporation Common Stock $171,341,517 2.19% 854,060 $46,909,663 Up ×1
KNX Knight-Swift Transportation Holdings Inc. $155,348,859 1.99% 1,994,977 Up ×1
ILMN Illumina, Inc. - Common Stock $151,602,384 1.94% 862,210 $133,292,727 Up ×1
RBRK Rubrik, Inc. Class A Common Stock $149,019,268 1.90% 1,856,244 $-29,537,301 Down ×1
UNP Union Pacific Corporation Common Stock $137,105,136 1.75% 504,063
ARMK Aramark Common Stock $135,077,072 1.73% 2,373,938 $-48,662,086 Down ×2
STUB StubHub Holdings, Inc. Class A Common Stock $128,181,326 1.64% 9,959,699 $37,924,681 Down ×2
CAI Caris Life Sciences, Inc. - Common Stock $121,689,840 1.56% 6,828,835 $-9,914,934 Down ×1
CSX CSX Corporation - Common Stock $121,299,554 1.55% 2,552,063 Up ×1
UAL United Airlines Holdings, Inc. - Common Stock $120,967,729 1.55% 889,534 Up ×1
RMBS Rambus, Inc. - Common Stock $101,436,191 1.30% 764,172 $41,102,750 Up ×1
WMB Williams Companies, Inc. (The) Common Stock $92,097,521 1.18% 1,238,869 Up ×1
FLUT Flutter Entertainment plc Ordinary Shares $87,278,825 1.12% 854,251 $-57,140,690 Down ×1
EWZ iShares, Inc. $82,800,000 1.06% 2,400,000 Call option Up ×1
DKNG DraftKings Inc. - Class A Common Stock $75,780,000 0.97% 3,000,000 Call option Up ×1
CPNG Coupang, Inc. Class A Common Stock $72,245,373 0.92% 4,159,204 $58,317,786 Up ×1
BMA Banco Macro S.A. ADR (representing Ten Class B Common Shares) $70,965,050 0.91% 766,444 $15,994,207 Up ×1
NTRA Natera, Inc. - Common Stock $70,037,357 0.90% 258,012 $-77,931,044 Down ×1
GGAL Grupo Financiero Galicia S.A. - American Depositary Shares, Class B Shares underlying $69,991,970 0.89% 1,399,000 $9,420,637 Up ×1
NN NextNav Inc. - Common stock $67,575,700 0.86% 3,790,000 Call option Up ×1
CLF Cleveland-Cliffs Inc. Common Stock $61,805,224 0.79% 6,582,026 Up ×1
NUE Nucor Corporation Common Stock $55,560,978 0.71% 249,432 Up ×1
NN NextNav Inc. - Common stock $55,539,612 0.71% 3,114,953 Up ×1
BBAR Banco BBVA Argentina S.A. ADS $47,133,753 0.60% 2,403,557 $11,344,798 Up ×1
RMBS Rambus, Inc. - Common Stock $46,459,000 0.59% 350,000 Call option Up ×1
MSFT Microsoft Corporation - Common Stock $43,767,556 0.56% 117,333
MTCH Match Group, Inc. - Common Stock $41,753,673 0.53% 1,097,337 Up ×1
LTH Life Time Group Holdings, Inc. Common Stock $37,077,819 0.47% 907,880 $12,619,532
Unknown issuer (CUSIP: 38046YAD3) $28,396,500 0.36% 25,000,000 Up ×1
PAM Pampa Energia S.A. $22,275,381 0.28% 271,221 $-1,727,678
WAY Waystar Holding Corp. - Common Stock $21,156,206 0.27% 1,030,502 $-69,685,404 Down ×1
STLD Steel Dynamics, Inc. - Common Stock $17,029,603 0.22% 74,216 Up ×1
Unknown issuer (CUSIP: 05501U601) $16,683,948 0.21% 1,855,834 Up ×1
LOMA Loma Negra Compania Industrial Argentina Sociedad Anonima ADS $12,946,881 0.17% 1,130,732 $407,063
Unknown issuer (CUSIP: 75134PAB1) $161,720 0.00% 220,000 $-5,744

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
GRAB $320,041,679 4.09% up ×3
WAB $172,127,468 2.20% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
META $740,726,350 1,315,000 9.47%
SMH $601,057,596 916,400 7.68%
PCG $529,830,000 31,500,000 6.77%
AMZN $339,288,907 1,423,550 4.34%
RTX $282,962,373 1,491,395 3.62%
DKNG $227,002,476 8,986,638 2.90%
FLS $196,836,955 2,654,220 2.52%
KNX $155,348,859 1,994,977 1.99%
UNP $137,105,136 504,063 1.75%
CSX $121,299,554 2,552,063 1.55%
UAL $120,967,729 889,534 1.55%
WMB $92,097,521 1,238,869 1.18%
EWZ $82,800,000 2,400,000 1.06%
DKNG $75,780,000 3,000,000 0.97%
NN $67,575,700 3,790,000 0.86%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
GRAB Bought more +42.6M +$165.3M
Q Bought more +59K +$93.0M
NTRA Trimmed -482K -$77.9M
WAY Trimmed -2.7M -$69.7M
DASH Price move only +0 +$62.9M
FLUT Trimmed -562K -$57.1M
ARMK Trimmed -2.2M -$48.7M
COF Bought more +172K +$46.9M
RMBS Bought more +63K +$41.1M
STUB Trimmed -4.5M +$37.9M

3 positions 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
SPY June 30, 2026 5,100,000 $3,316,734,000 No longer tracked
SPY Sept. 30, 2025 2,000,000 $1,235,700,000 No longer tracked
SMH March 31, 2026 1,380,000 $496,979,400 64.5%
CEG March 31, 2026 827,626 $292,375,437 -7.8%
AMZN March 31, 2026 1,256,355 $289,991,861 20.8%
IWM June 30, 2026 1,100,000 $272,800,000 -6.2%
NVT June 30, 2026 2,196,528 $259,805,332 0.0%
LITE Sept. 30, 2025 2,532,821 $240,769,964 567.1%
SCHW March 31, 2026 2,408,147 $240,597,967 2.9%
EWY June 30, 2026 1,720,621 $211,653,589
RSP June 30, 2025 1,200,000 $207,876,000 16.2%
EEM Dec. 31, 2025 3,500,000 $186,900,000
CCC March 31, 2026 18,925,086 $150,454,434 9.3%
BAC Sept. 30, 2025 3,044,002 $144,042,175 4.2%
EWY Sept. 30, 2025 1,868,227 $134,101,334
ENTG June 30, 2026 1,112,040 $130,375,570 -7.4%
XYZ Sept. 30, 2025 1,869,376 $126,986,712 2.9%
GLNG June 30, 2026 2,346,795 $126,985,077 -1.3%
IWM June 30, 2025 600,000 $119,694,000 30.7%
CEG June 30, 2025 576,296 $116,198,562 -20.2%
MSFT June 30, 2025 261,139 $98,028,969 4.0%
KKR June 30, 2025 839,051 $97,002,686 -32.1%
EXPE Dec. 31, 2025 427,789 $91,439,899 -6.5%
APO June 30, 2025 614,953 $84,211,664 -19.6%
RBRK June 30, 2025 1,330,301 $81,121,755 32.4%
WCC June 30, 2026 295,107 $80,747,177 10.5%
BAC March 31, 2026 1,418,828 $78,035,540 10.3%
GLW March 31, 2026 856,764 $75,018,256 20.8%
IOT March 31, 2026 1,737,068 $61,579,061 29.8%
TEVA June 30, 2026 1,973,782 $59,450,314 16.7%
CYBR Sept. 30, 2025 141,435 $57,547,073 No longer tracked
TSEM March 31, 2026 480,614 $56,433,696 37.3%
MSFT Dec. 31, 2025 107,665 $55,765,087 7.0%
VST March 31, 2026 342,360 $55,232,939 -6.9%
RGEN Dec. 31, 2025 409,503 $54,738,266 10.9%
XLF Dec. 31, 2025 1,000,000 $53,870,000 -2.3%
APP Dec. 31, 2025 72,266 $51,926,012 -60.2%
TLN March 31, 2026 135,870 $50,929,511 0.5%
LYB June 30, 2026 616,792 $49,688,764 11.3%
CRH March 31, 2026 352,765 $44,025,072 -22.1%
RKT June 30, 2026 2,820,714 $40,195,175 -25.7%
EXE March 31, 2026 361,377 $39,881,566 -22.1%
DOW June 30, 2026 902,960 $37,608,284 2.2%
RBLX Dec. 31, 2025 244,877 $33,920,362 -45.6%
DDOG Sept. 30, 2025 239,108 $32,119,378 94.7%
ETR March 31, 2026 310,325 $28,683,340 -10.2%
AMRZ Sept. 30, 2025 578,633 $28,671,265 -23.2%
ROIV Dec. 31, 2025 1,791,440 $27,104,487 64.6%
FRPT Sept. 30, 2025 357,092 $24,267,972 9.3%
VG June 30, 2026 1,464,704 $23,083,735 18.0%
COHR Dec. 31, 2025 209,458 $22,562,816 82.6%
PINS Dec. 31, 2025 693,103 $22,297,124 -25.6%
WFC June 30, 2025 294,085 $21,112,362 0.4%
NVDA Sept. 30, 2025 129,695 $20,490,513 25.4%
VALE March 31, 2026 1,542,021 $20,092,534 -13.5%
LSCC March 31, 2026 270,613 $19,911,705 44.5%
METC March 31, 2026 999,187 $17,985,366 -47.6%
SUPV June 30, 2026 1,257,064 $11,854,114 -29.0%
NRG Dec. 31, 2025 66,812 $10,820,203 -40.2%
HUT March 31, 2026 232,938 $10,701,172 91.1%
UNP March 31, 2026 45,466 $10,517,195 14.7%
EQT March 31, 2026 194,486 $10,424,450 -21.2%
DHT Sept. 30, 2025 885,740 $9,574,849 98.2%
SATS March 31, 2026 87,273 $9,486,575 No longer tracked
XP March 31, 2026 571,756 $9,359,646 12.9%
OKTA March 31, 2026 83,300 $7,202,951 168.7%
SRE Dec. 31, 2025 76,129 $6,850,087 -11.2%
MT June 30, 2026 125,127 $6,504,101 7.1%
COPX June 30, 2026 72,978 $5,571,870
ALVO March 31, 2026 1,049,039 $5,381,570 58.9%
VISN June 30, 2026 293,428 $5,340,390 -51.4%
CRS June 30, 2026 12,947 $5,103,060 -37.0%
FCX June 30, 2026 9,307 $547,065 14.5%