Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +65.0%
S&P 500 total return (same window) +37.0%
Excess return +28.0%

Annualized: +49.3% · 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: 98.4% · Options excluded: 1.3%

Sector breakdown

04
Financials 40.3%
Consumer Discretionary 26.2%
Energy 17.2%
Real Estate 13.9%
Health Care 1.3%
Consumer Staples 0.6%
Other/Unmapped 0.6%

Full portfolio 14 positions

05
Type Streak 8Q trend
SII Sprott Inc. Common Shares $61,792,500 19.69% 550,000 $-16,802,500
UTI Universal Technical Institute Inc Common Stock $57,739,500 18.40% 1,350,000 $21,639,500 Up ×1
JOE St. Joe Company (The) Common Stock $42,275,250 13.47% 675,000 $-114,750
MPC Marathon Petroleum Corporation Common Stock $34,515,450 11.00% 135,000 $11,318,350 Up ×3
MRX Marex Group plc - Ordinary Shares $30,475,000 9.71% 500,000 $8,185,000
XP XP Inc. - Class A Common Stock $24,796,500 7.90% 1,525,000 $5,756,500 Up ×1
VLO Valero Energy Corporation Common Stock $19,533,000 6.22% 75,000 $4,708,200 Up ×1
LRN Stride, Inc. Common Stock $17,248,000 5.50% 200,000 $-386,000
FUTU Futu Holdings Limited - American Depositary Shares $9,374,000 2.99% 100,000 $3,219,800 Up ×1
LINC Lincoln Educational Services Corporation - Common Stock $7,110,750 2.27% 142,500 $1,374,870 Up ×1
SNWV SANUWAVE Health, Inc. - Common Stock $3,950,000 1.26% 395,000 $-2,101,500 Up ×3
EQX CUSIP: 29446Y502 $1,944,000 0.62% 200,000 Up ×1
CRESY Cresud S.A.C.I.F. y A. - American Depositary Shares, each representing ten shares of Common Stock $1,728,234 0.55% 154,169 Up ×1
IRS IRSA Inversiones Y Representaciones S.A. Global Depositary Shares (Each representing ten shares of Common Stock) $1,312,400 0.42% 85,000 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
MPC $34,515,450 11.00% up ×3
SNWV $3,950,000 1.26% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
EQX $1,944,000 200,000 0.62%
CRESY $1,728,234 154,169 0.55%
IRS $1,312,400 85,000 0.42%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
UTI Bought more +350K +$21.6M
SII Price move only +0 -$16.8M
MPC Bought more +40K +$11.3M
MRX Price move only +0 +$8.2M
XP Bought more +525K +$5.8M
VLO Bought more +15K +$4.7M
FUTU Bought more +55K +$3.2M
SNWV Bought more +45K -$2.1M
LINC Bought more +2K +$1.4M
LRN Price move only +0 -$386K

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 June 30, 2025 455,000 $19,232,850 78.7%
DKNG June 30, 2025 495,000 $16,438,950 -56.7%
GOLD Sept. 30, 2025 550,000 $12,199,000 63.5%
NE June 30, 2025 500,000 $11,850,000 53.3%
JBS March 31, 2026 750,000 $10,815,000 -35.0%
RTAC March 31, 2026 985,000 $10,509,950 1.6%
PBF March 31, 2026 250,000 $6,780,000 69.6%
INMB June 30, 2025 865,000 $6,755,650 -16.5%
COUR June 30, 2025 665,000 $4,428,900 -42.7%
NWAXU March 31, 2026 360,000 $3,747,600 No longer tracked
OPCH Dec. 31, 2025 125,000 $3,470,000 -28.9%
RKT June 30, 2026 200,000 $2,850,000 -25.7%
SMH June 30, 2025 1,850 $2,664,000 126.1%
DOLE March 31, 2026 173,500 $2,600,765 -10.8%
TVA March 31, 2026 195,000 $2,076,750 1.8%
NAK June 30, 2025 1,700,000 $1,955,000 No longer tracked
TNK June 30, 2025 47,514 $1,818,361 147.1%
PAX June 30, 2025 155,000 $1,749,950 -27.4%
VAL Sept. 30, 2025 32,500 $1,368,575 60.7%
LEE Sept. 30, 2025 125,258 $801,651 23.3%
MCGAU Sept. 30, 2025 70,139 $789,064 -5.7%
TMQ June 30, 2025 420,000 $650,896 No longer tracked
HSAI March 31, 2026 11,490 $257,376 -19.6%
VALWS March 31, 2026 135,000 $237,600 No longer tracked
ITRG June 30, 2025 100,000 $124,000 No longer tracked
IE June 30, 2025 10,000 $58,100 No longer tracked