Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +19.7%
S&P 500 total return (same window) +37.0%
Excess return -17.3%

Annualized: +15.5% · 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: 93.7% · Options excluded: 0.0%

Sector breakdown

04
Energy 31.4%
Industrials 24.6%
Financials 16.5%
Retail 6.1%
Materials 5.8%
Technology 3.4%
Consumer Discretionary 3.0%
Other/Unmapped 9.1%

Full portfolio 29 positions

05
Type Streak 8Q trend
CCJ Cameco Corporation Common Stock $241,115,964 12.44% 2,367,131 $-13,805,934 Up ×1
IBKR Interactive Brokers Group, Inc. - Class A Common Stock $191,108,506 9.86% 2,195,640 $43,846,931
APG APi Group Corporation Common Stock $149,952,329 7.74% 3,540,787 $6,479,640
TIC TIC Solutions, Inc. Common Stock $125,904,589 6.50% 15,562,990 $25,078,558 Up ×2
IVV iShares Trust $104,147,383 5.37% 139,069 $13,306,122
SSNC SS&C Technologies Holdings, Inc. - Common Stock $82,706,445 4.27% 1,332,900 $-2,357,428 Up ×2
ARLP Alliance Resource Partners, L.P. - Common Units Representing Limited Partnership Interests $77,893,371 4.02% 3,248,264 $-11,409,604 Up ×1
VOO Vanguard S&P 500 ETF $70,947,473 3.66% 103,300 $9,220,558
MLM Martin Marietta Materials, Inc. Common Stock $65,253,605 3.37% 113,150 $-1,355,537
SOLS Solstice Advanced Materials Inc. - Common Stock $64,775,460 3.34% 731,100 $9,094,884
AMZN Amazon.com, Inc. - Common Stock $64,494,804 3.33% 270,600 $12,406,477 Up ×1
EPD Enterprise Products Partners L.P. Common Stock $61,982,176 3.20% 1,686,131 $-1,726,421 Up ×1
POOL Pool Corporation - Common Stock $58,023,000 2.99% 270,000 $29,696,800 Up ×1
MPLX MPLX LP Common Units Representing Limited Partner Interests $57,229,365 2.95% 1,015,966 $-751,815
DAKT Daktronics, Inc. - Common Stock $53,719,740 2.77% 2,746,408 $27,464
EQT EQT Corporation Common Stock $53,669,798 2.77% 1,009,400 $-10,568,418
PSMT PriceSmart, Inc. - Common Stock $53,152,014 2.74% 272,100 $12,200,964
ET Energy Transfer LP Common Units $52,463,502 2.71% 2,743,907 $-493,903
AEM Agnico Eagle Mines Limited Common Stock $44,200,415 2.28% 284,925 $-13,633,662
TSLX Sixth Street Specialty Lending, Inc. Common Stock $42,519,754 2.19% 2,476,398 $-2,996,441
AROC Archrock, Inc. Common Stock $42,404,554 2.19% 1,041,625 Up ×1
ARCC Ares Capital Corporation - Closed End Fund $41,224,210 2.13% 2,224,728 $1,134,611
PAR PAR Technology Corporation Common Stock $37,001,090 1.91% 2,124,058 $8,064,219 Down ×1
CLBT Cellebrite DI Ltd. - Ordinary Shares $29,200,000 1.51% 2,000,000 $13,654,382 Up ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $26,640,263 1.37% 53,239 $1,128,134
NRP Natural Resource Partners LP Limited Partnership $22,257,911 1.15% 229,463 $-15,557,372 Down ×1
BXSL Blackstone Secured Lending Fund Common Shares of Beneficial Interest $18,307,819 0.94% 772,156 $15,443
HCC Warrior Met Coal, Inc. Common Stock $4,401,713 0.23% 54,235 $-650,277
Unknown issuer (CUSIP: K08588103) $1,394,946 0.07% 5,230 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
AROC $42,404,554 1,041,625 2.19%
Unknown issuer (CUSIP: K08588103) $1,394,946 5,230 0.07%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
IBKR Price move only +0 +$43.8M
POOL Bought more +130K +$29.7M
TIC Bought more +240K +$25.1M
NRP Trimmed -83K -$15.6M
CCJ Bought more +20K -$13.8M
CLBT Bought more +872K +$13.7M
AEM Price move only +0 -$13.6M
IVV Price move only +0 +$13.3M
AMZN Bought more +20K +$12.4M
PSMT Price move only +0 +$12.2M

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
GFL June 30, 2026 1,937,200 $80,819,984 14.9%
CZR Dec. 31, 2025 1,872,400 $50,601,610 26.8%
TLN March 31, 2026 86,500 $32,423,660 4.0%
AGI Dec. 31, 2025 813,625 $28,362,968 -16.3%
GPGI March 31, 2026 1,268,000 $24,447,040 -24.1%
TECK Sept. 30, 2025 491,327 $19,839,784 54.6%
RICK Sept. 30, 2025 408,605 $15,576,023 -14.7%
AR Sept. 30, 2025 382,400 $15,403,072 3.4%
SEI March 31, 2026 322,300 $14,816,131 32.3%
JKS March 31, 2026 119,000 $3,071,390 -63.8%
DQ March 31, 2026 103,400 $3,050,300 -48.1%
BTU March 31, 2026 89,160 $2,648,052 -22.6%
ABVX June 30, 2026 12,240 $1,362,924 -31.2%
PCVX June 30, 2026 23,300 $1,353,963 27.0%
ASND June 30, 2026 5,230 $1,196,258 -14.5%
PRCH March 31, 2026 128,910 $1,176,948 142.0%
QXO March 31, 2026 54,500 $1,051,305 -38.8%
CRNX June 30, 2026 24,000 $871,680 No longer tracked