Performance vs S&P 500

03
Tracked Q4 2025–Q2 2026 +12.2%
S&P 500 total return (same window) +8.7%
Excess return +3.5%

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: 95.6% · Options excluded: 0.0%

Sector breakdown

04
Industrials 18.2%
Technology 13.7%
Financials 12.6%
Health Care 8.2%
Consumer Discretionary 7.5%
Consumer products 6.8%
Retail 6.8%
Energy 6.5%
Utilities 1.4%
Communication Services 1.3%
Materials 1.1%
Real Estate 0.3%
Consumer Staples 0.3%
Other/Unmapped 15.4%

Full portfolio 292 positions

05
Type Streak 8Q trend
SPY SPY $53,373,892 4.61% 71,473 $27,631,484 Up ×1
IWL iShares Trust $45,960,260 3.97% 248,501 $24,383,912 Up ×1
NATR Nature's Sunshine Products, Inc. - Common Stock $38,871,516 3.36% 1,783,097 $-3,904,982
APEI American Public Education, Inc. - Common Stock $36,502,523 3.16% 679,749 $-2,161,602
BIL SPDR SERIES TRUST $29,456,639 2.55% 321,439 $-17,830,838 Down ×2
DBD Diebold Nixdorf Incorporated Common stock $26,176,893 2.26% 307,891 $-1,598,078 Down ×1
SGOV iShares Trust $25,650,963 2.22% 254,802 $228,508 Up ×2
ENVA Enova International, Inc. Common Stock $21,894,875 1.89% 90,952 $7,728,485 Down ×1
NGL NGL ENERGY PARTNERS LP Common Units representing Limited Partner Interests $16,418,063 1.42% 1,030,638 $3,710,296
XIFR XPLR Infrastructure, LP Common Units representing limited partner interests $15,720,114 1.36% 1,331,085 $1,583,991
SABR Sabre Corporation - Common Stock $15,468,882 1.34% 7,401,379 $5,461,882 Up ×5
FTI TechnipFMC plc Ordinary Share $15,260,868 1.32% 230,179 $-651,406
FCFS FirstCash Holdings, Inc. - Common Stock $15,257,050 1.32% 70,530 $1,997,410
TPC Tutor Perini Corporation Common Stock $13,350,288 1.15% 160,905 $-3,916,961 Down ×1
RERE ATRenew Inc. American Depositary Shares (every three of which representing two Class A ordinary shares) $12,830,738 1.11% 3,315,436 $-1,968,257 Up ×1
HELE Helen of Troy Limited - Common Stock $12,726,061 1.10% 437,773 $7,590,940 Up ×2
NET Cloudflare, Inc. Class A Common Stock $12,115,606 1.05% 49,395 $2,211,286 Up ×1
FROG JFrog Ltd. - Ordinary shares $11,814,401 1.02% 130,000 $4,774,901 Down ×1
BKD Brookdale Senior Living Inc. Common Stock $11,663,834 1.01% 724,912 $1,747,038
BNED Barnes & Noble Education, Inc Common Stock $11,200,995 0.97% 891,799 $3,414,710 Up ×1
PESI Perma-Fix Environmental Services, Inc. - Common Stock $11,105,359 0.96% 777,142 $2,797,711
PFSI PennyMac Financial Services, Inc. Common Stock $10,884,278 0.94% 124,963 $-1,872,889 Down ×1
CVEO Civeo Corporation (Canada) Common Shares $10,721,690 0.93% 306,334 $2,616,092
HCA HCA Healthcare, Inc. Common Stock $10,569,138 0.91% 27,108 $-2,259,452
OSG Octave Specialty Group, Inc. Common Stock $10,282,228 0.89% 1,647,793 $2,876,698 Up ×2
GHM Graham Corporation Common Stock $9,969,551 0.86% 80,536 $3,613,650
VG Venture Global, Inc. Class A common stock $9,745,673 0.84% 875,622 $-498,327 Up ×1
FLEX Flex Ltd. - Ordinary Shares $9,724,200 0.84% 60,000 $4,160,100 Down ×1
IBKR Interactive Brokers Group, Inc. - Class A Common Stock $9,720,279 0.84% 111,676 $2,230,170
NUS Nu Skin Enterprises, Inc. Common Stock $9,475,530 0.82% 1,794,608 $-3,589,216
EME EMCOR Group, Inc. Common Stock $9,386,773 0.81% 11,311 $1,265,363 Up ×1
EZPW EZCORP, Inc. - Class A Non-Voting Common Stock $9,382,056 0.81% 271,393 $2,494,102
DAVA Endava plc American Depositary Shares (each representing one Class A Ordinary Share) $9,058,607 0.78% 3,200,921 $2,019,518 Up ×1
DHI D.R. Horton, Inc. Common Stock $9,005,148 0.78% 55,287 $1,819,621 Up ×1
PWR Quanta Services, Inc. Common Stock $8,868,732 0.77% 12,317 $2,453,433 Up ×1
ONIT Onity Group Inc. Common Stock $8,450,254 0.73% 212,585 $102,041
HZO MarineMax, Inc. (FL) Common Stock $8,147,584 0.70% 222,490 $2,127,005
OR OR Royalties Inc. Common Shares $7,844,240 0.68% 248,000 $-1,584,720
KRE SPDR SERIES TRUST $7,746,376 0.67% 103,492 $1,003,872
ROST Ross Stores, Inc. - Common Stock $7,623,010 0.66% 35,814 $-135,377
RTX RTX Corporation Common Stock $7,477,449 0.65% 39,411 $114,263 Up ×1
VVX V2X, Inc. Common Stock $7,434,005 0.64% 99,705 $604,213
FANG Diamondback Energy, Inc. - Common Stock $7,295,573 0.63% 41,504 $866,607 Up ×1
MDY State Street SPDR S&P MIDCAP 400 ETF Trust $7,273,942 0.63% 10,342 $895,410
FSLR First Solar, Inc. - Common Stock $7,173,184 0.62% 30,400 $1,176,480
BOKF BOK Financial Corporation - Common Stock $6,943,028 0.60% 49,993 $540,924
TSM Taiwan Semiconductor Manufacturing Company Ltd. $6,804,417 0.59% 14,248 $2,618,568 Up ×1
ORLY O'Reilly Automotive, Inc. - Common Stock $6,618,140 0.57% 71,866 $-50,334 Down ×1
EBS Emergent BioSolutions Inc. Common Stock $6,475,821 0.56% 772,771 $61,822
CRS Carpenter Technology Corporation Common Stock $6,168,400 0.53% 10,000 Up ×1
GDRX GoodRx Holdings, Inc. - Class A Common Stock $6,063,846 0.52% 2,105,502 $1,937,062
SMTC Semtech Corporation - Common Stock $5,988,450 0.52% 37,000 Up ×1
WTS Watts Water Technologies, Inc. Class A Common Stock $5,871,750 0.51% 15,000 $1,517,400
JBL Jabil Inc. Common Stock $5,782,200 0.50% 15,000 $1,797,750
ICLR ICON plc - Ordinary Shares $5,677,190 0.49% 32,682 $2,060,600
TJX TJX Companies, Inc. (The) Common Stock $5,645,193 0.49% 37,262 $-444,168 Down ×1
EVR Evercore Inc. Class A Common Stock $5,509,817 0.48% 16,137 $692,761
UNH UnitedHealth Group Incorporated Common Stock (DE) $5,441,843 0.47% 13,093 $2,415,835 Up ×1
GPN Global Payments Inc. Common Stock $5,427,851 0.47% 74,805 $-616,025 Down ×1
DNA Ginkgo Bioworks Holdings, Inc. Class A Common Stock $5,369,684 0.46% 541,845 $2,048,174
DEC Diversified Energy Company Common Stock $5,295,324 0.46% 382,058 $27,432 Up ×2
LNG Cheniere Energy, Inc. Common Stock $5,235,992 0.45% 21,907 $154,702 Up ×1
ARLP Alliance Resource Partners, L.P. - Common Units Representing Limited Partnership Interests $5,112,536 0.44% 213,200 $-782,444
PRI Primerica, Inc. Common Stock $5,042,561 0.44% 17,743 $598,294
PATK Patrick Industries, Inc. - Common Stock $4,986,830 0.43% 55,545 $2,149,547 Up ×1
CACI CACI International, Inc. Class A Common Stock $4,719,693 0.41% 10,188 $-821,255
TDY Teledyne Technologies Incorporated Common Stock $4,668,300 0.40% 7,000 $433,230
PAGP Plains GP Holdings, L.P. - Class A Shares representing limited partner interests $4,597,686 0.40% 189,439 $-1,894
CCRN Cross Country Healthcare, Inc. - Common Stock $4,594,676 0.40% 347,818 $1,325,187
VICR Vicor Corporation - Common Stock $4,557,360 0.39% 12,000 $1,981,360 Down ×2
NVR NVR, Inc. Common Stock $4,537,724 0.39% 666 $148,897
FISV Fiserv, Inc. - Common Stock $4,478,657 0.39% 91,308 $987,586 Up ×1
NOAH Noah Holdings Limited American Depositary Shares $4,445,222 0.38% 444,967 $40,047
GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock $4,399,261 0.38% 85,257 $2,437,209 Up ×1
NOW ServiceNow, Inc. Common Stock $4,234,292 0.37% 42,650 $1,062,245 Up ×3
SNA Snap-On Incorporated Common Stock $4,233,650 0.37% 10,521 $1,327,890 Up ×1
AZO AutoZone, Inc. Common Stock $4,212,249 0.36% 1,318 $-449,088 Down ×1
FOSL Fossil Group, Inc. - Common Stock $4,056,761 0.35% 979,894 $-166,582
GOOGL Alphabet Inc. - Class A Common Stock $4,031,848 0.35% 11,282 $2,150,918 Up ×1
LMRI Lumexa Imaging Holdings, Inc. - Common Stock $4,027,524 0.35% 357,050 $956,894
SNX TD SYNNEX Corporation Common Stock $4,010,103 0.35% 15,000 $1,479,451
EPAM EPAM Systems, Inc. Common Stock $3,967,500 0.34% 50,000 $1,259,500 Up ×2
MSFT Microsoft Corporation - Common Stock $3,939,848 0.34% 10,562 $1,889,836 Up ×1
AIR AAR Corp. Common Stock $3,859,110 0.33% 27,000 $903,690
BN Brookfield Corporation Class A Limited Voting Shares $3,833,100 0.33% 90,000 $190,800
CDNS Cadence Design Systems, Inc. - Common Stock $3,728,054 0.32% 9,933 $1,054,111 Up ×1
PR Permian Resources Corporation Class A Common Stock $3,718,820 0.32% 202,000 $-587,820
LFMD LifeMD, Inc. - Common Stock $3,705,535 0.32% 897,224 $473,054 Up ×2
MLI Mueller Industries, Inc. Common Stock $3,687,900 0.32% 60,000 $363,900 Up ×1
DLTR Dollar Tree, Inc. - Common Stock $3,628,500 0.31% 30,000 $343,200
RUSHA Rush Enterprises, Inc. - Class A Common Stock $3,598,452 0.31% 49,304 $338,965
GTX Garrett Motion Inc. - Common Stock $3,466,197 0.30% 95,672 $1,727,837
Unknown issuer (CUSIP: 68622E203) $3,464,808 0.30% 347,175 Up ×1
KODK Eastman Kodak Company Common New $3,462,691 0.30% 374,345 $74,869
CI The Cigna Group Common Stock $3,438,832 0.30% 12,474 $111,393
LII Lennox International, Inc. Common Stock $3,437,700 0.30% 6,000 $652,920
AIT Applied Industrial Technologies, Inc. Common Stock $3,381,500 0.29% 10,000 $728,300
PD PagerDuty, Inc. Common Stock $3,377,500 0.29% 350,000 $1,204,000
CASY Caseys General Stores, Inc. - Common Stock $3,179,160 0.27% 4,000 $267,720
MEDP Medpace Holdings, Inc. - Common Stock $3,177,545 0.27% 6,000 $296,400

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
SABR $15,468,882 1.34% up ×5
NOW $4,234,292 0.37% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CRS $6,168,400 10,000 0.53%
SMTC $5,988,450 37,000 0.52%
Unknown issuer (CUSIP: 68622E203) $3,464,808 347,175 0.30%
TER $2,975,616 6,150 0.26%
TOYO $2,384,462 343,088 0.21%
PSN $2,315,062 44,189 0.20%
MKSI $2,224,000 5,000 0.19%
XPO $2,052,900 10,000 0.18%
SITM $1,863,900 2,500 0.16%
VITL $1,511,900 130,000 0.13%
VPG $1,499,100 10,000 0.13%
SYNA $1,298,328 10,451 0.11%
VRRM $1,226,240 288,527 0.11%
HTZ $1,223,100 540,000 0.11%
PKOH $1,039,073 27,024 0.09%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SPY Bought more +32K +$27.6M
IWL Bought more +114K +$24.4M
BIL Trimmed -195K -$17.8M
ENVA Trimmed -13K +$7.7M
HELE Bought more +82K +$7.6M
SABR Bought more +500K +$5.5M
FROG Trimmed -20K +$4.8M
FLEX Trimmed -25K +$4.2M
TPC Trimmed -63K -$3.9M
NATR Price move only +0 -$3.9M

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
PHLT Dec. 31, 2025 15,793,291 $122,082,141 No longer tracked
GLDD June 30, 2026 576,870 $9,806,790 No longer tracked
DNA Sept. 30, 2025 775,568 $8,725,140 -8.6%
STAA June 30, 2026 359,701 $6,726,409 -14.2%
OR (filed as ORXXXX) June 30, 2025 288,000 $6,082,560 32.2%
WOLF June 30, 2026 286,378 $4,673,689 -44.8%
GEO March 31, 2026 282,000 $4,545,840 64.0%
PEGA March 31, 2026 72,071 $4,304,080 -16.9%
RKT March 31, 2026 220,000 $4,259,200 -18.8%
SKX Sept. 30, 2025 67,037 $4,230,035 No longer tracked
COOP Dec. 31, 2025 20,000 $4,215,800 No longer tracked
CDXS March 31, 2026 2,568,359 $4,186,425 -22.7%
OCUL March 31, 2026 313,000 $3,799,820 -13.9%
BARK June 30, 2026 341,606 $3,460,470 -18.6%
OXM June 30, 2026 86,000 $3,311,860 -22.0%
AGS Sept. 30, 2025 262,100 $3,273,629 No longer tracked
LDOS June 30, 2026 21,000 $3,265,920 35.6%
FNF Sept. 30, 2025 56,508 $3,167,838
CORT March 31, 2026 90,000 $3,132,000 114.0%
CVSA June 30, 2025 30,000 $3,019,200 -0.6%
EHAB June 30, 2026 208,412 $2,936,525 No longer tracked
SAND Dec. 31, 2025 229,968 $2,879,199 No longer tracked
HUM Sept. 30, 2025 11,464 $2,802,719 58.3%
ELF June 30, 2026 45,000 $2,727,450 56.0%
MRSH Sept. 30, 2025 11,895 $2,600,723 -4.6%
CLPT March 31, 2026 180,525 $2,469,582 16.0%
IWM March 31, 2026 9,870 $2,429,599 12.5%
NAVI June 30, 2025 190,000 $2,399,700 -42.3%
SNOW March 31, 2026 10,000 $2,193,600 125.4%
CNXC Sept. 30, 2025 40,000 $2,114,200 -33.8%
CRDO June 30, 2025 50,000 $2,008,000 87.6%
LULU Sept. 30, 2025 7,657 $1,819,150 -40.9%
MBLY June 30, 2026 251,463 $1,727,551 -27.1%
ONON March 31, 2026 35,500 $1,650,040 -6.1%
ADUS March 31, 2026 15,000 $1,610,850 32.0%
SAIC March 31, 2026 16,000 $1,610,560 56.9%
WTTR March 31, 2026 150,000 $1,578,000 29.6%
BR March 31, 2026 7,000 $1,562,190 8.9%
WVE March 31, 2026 90,000 $1,530,000 -49.8%
APO March 31, 2026 9,153 $1,324,988 1.8%
FNA June 30, 2025 100,000 $1,306,000 No longer tracked
PTC June 30, 2026 9,000 $1,282,410 71.6%
HSII June 30, 2025 29,840 $1,278,048 No longer tracked
NEE June 30, 2025 17,466 $1,238,165 16.7%
PLUG March 31, 2026 610,000 $1,201,700 -37.2%
MED March 31, 2026 111,244 $1,188,086 20.5%
PTEN March 31, 2026 190,000 $1,160,900 16.3%
SPIR Dec. 31, 2025 100,000 $1,099,000 28.7%
ALTI Dec. 31, 2025 291,763 $1,038,676 -46.8%
MNDY March 31, 2026 7,000 $1,032,920 41.5%
BOX Sept. 30, 2025 30,000 $1,025,100 32.6%
SIMO June 30, 2026 9,000 $1,010,611 -34.1%
PTEN Sept. 30, 2025 170,000 $1,008,100 143.2%
GWRE March 31, 2026 5,000 $1,005,050 11.6%
CALY June 30, 2025 149,110 $982,635 81.6%
GOOG Dec. 31, 2025 4,000 $972,400 2.6%
WU June 30, 2026 110,000 $960,300 -20.9%
BKSY March 31, 2026 50,982 $955,912 -24.0%
ASTL March 31, 2026 231,219 $947,998 19.6%
TYL Sept. 30, 2025 1,569 $930,166 -31.0%
RPM June 30, 2025 7,600 $879,170 -9.6%
JD June 30, 2025 20,000 $822,400 -22.0%
CRAI March 31, 2026 4,000 $802,780 19.1%
MANH Sept. 30, 2025 4,000 $789,880 17.0%
ZS March 31, 2026 3,500 $787,220 82.3%
ASPN June 30, 2025 122,796 $784,666 -7.1%
CAR March 31, 2026 6,000 $769,920 -30.2%
NAVI June 30, 2026 90,000 $736,200 -4.3%
VG June 30, 2025 66,000 $679,800 -7.9%
DADA June 30, 2025 357,021 $660,489 No longer tracked
FARO Sept. 30, 2025 15,000 $658,800 No longer tracked
SDHC June 30, 2025 33,562 $655,130 -46.9%
ASTL June 30, 2025 120,000 $650,400 -28.3%
UCTT June 30, 2026 10,000 $621,800 -60.8%
WGO June 30, 2026 20,000 $619,800 -8.4%
HBI Dec. 31, 2025 90,000 $593,100 No longer tracked
SEAT March 31, 2026 80,000 $576,800 -60.7%
PDFS March 31, 2026 20,000 $570,600 39.1%
OPTN June 30, 2025 60,135 $551,440 No longer tracked
PHR June 30, 2026 60,000 $502,800 20.2%
TLS Sept. 30, 2025 157,910 $500,575 -13.7%
PKOH June 30, 2025 22,825 $493,020 150.2%
ACTG June 30, 2025 150,982 $483,142 22.9%
FLNC June 30, 2025 90,001 $436,505 -7.7%
LESL March 31, 2026 262,460 $433,059 No longer tracked
GDRX Sept. 30, 2025 80,000 $398,400 -18.0%
WOOF March 31, 2026 120,000 $337,200 -9.7%
BRCC March 31, 2026 292,460 $324,631 56.6%
INTU June 30, 2026 685 $296,180 25.7%
NEO Sept. 30, 2025 40,000 $292,400 133.0%
CRDO March 31, 2026 2,000 $287,780 85.0%
MTRX June 30, 2025 20,200 $251,086 -26.6%
XPOF June 30, 2025 30,000 $249,900 -46.5%
CPRT June 30, 2026 7,449 $247,307 2.7%
IT March 31, 2026 895 $225,791 38.4%
SANW June 30, 2025 28,150 $196,490 No longer tracked
ZH June 30, 2025 40,000 $170,800 -18.1%
LESL June 30, 2025 220,000 $161,810 No longer tracked
HCSG June 30, 2025 15,394 $155,172 60.1%
RDNW June 30, 2025 51,911 $146,389 132.0%
REKR June 30, 2025 164,916 $146,231 -71.1%
MYO June 30, 2026 140,266 $94,764 No longer tracked
GT June 30, 2025 10,000 $92,400 -57.5%
VIVS June 30, 2025 23,375 $52,360 -90.1%
QRHC June 30, 2026 34,758 $41,362 -5.6%
DTCB June 30, 2025 211,929 $35,562 No longer tracked