Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +28.7%
S&P 500 total return (same window) +37.0%
Excess return -8.3%

Annualized: +22.4% · 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: 97.7% · Options excluded: 0.0%

Sector breakdown

04
Technology 35.6%
Financials 29.2%
Healthcare 12.5%
Communication Services 6.2%
Materials 5.7%
Industrials 5.5%
Retail 1.8%
Utilities 0.9%
Consumer Staples 0.6%
Consumer Discretionary 0.2%
Real Estate 0.1%
Other/Unmapped 1.7%

Full portfolio 54 positions

05
Type Streak 8Q trend
TSM Taiwan Semiconductor Manufacturing Company Ltd. $58,154,654 15.81% 121,772 $18,670,266 Up ×1
NVS Novartis AG Common Stock $36,563,246 9.94% 233,303 $5,540,790 Up ×1
MFC Manulife Financial Corporation Common Stock $25,171,496 6.85% 621,365 $7,469,164 Up ×6
HSBC HSBC Holdings, plc. Common Stock $22,390,177 6.09% 235,463 $5,967,078 Up ×1
SAP SAP SE ADS $22,256,720 6.05% 144,421 $918,646 Up ×2
NTR Nutrien Ltd. Common Shares $18,614,952 5.06% 295,694 $175,929 Up ×2
ASML ASML Holding N.V. - New York Registry Shares $14,005,658 3.81% 7,040 $4,944,764 Up ×1
UBS UBS Group AG Registered Ordinary Shares $13,580,679 3.69% 274,025 $4,473,657 Up ×2
KB KB Financial Group Inc $13,251,725 3.60% 126,255 $1,298,586 Up ×2
SHG Shinhan Financial Group Co Ltd American Depositary Shares $12,700,980 3.45% 200,806 $363,028 Down ×1
WIT Wipro Limited Common Stock $9,352,616 2.54% 4,156,718 $2,082,313 Up ×2
SKM SK Telecom Co., Ltd. Common Stock $8,915,074 2.42% 277,210 $1,395,159 Up ×2
KLAC KLA Corporation - Common Stock $8,619,855 2.34% 28,570 $442,090 Up ×1
BBD Banco Bradesco Sa American Depositary Shares $8,571,080 2.33% 2,470,052 $1,171,282 Up ×1
CSCO Cisco Systems, Inc. - Common Stock $7,582,043 2.06% 64,550 $-2,330,855 Down ×3
VSGX VANGUARD WORLD FUND $6,289,706 1.71% 76,387 Up ×1
STN Stantec Inc Common Stock $5,581,988 1.52% 80,960 Up ×1
BK The Bank of New York Mellon Corporation Common Stock $5,434,588 1.48% 37,581 $-3,325,526 Down ×3
AVGO Broadcom Inc. - Common Stock $5,293,411 1.44% 14,013 $-3,209,757 Down ×3
CAH Cardinal Health, Inc. Common Stock $4,470,642 1.22% 18,819 $-3,361,986 Down ×3
WSM Williams-Sonoma, Inc. Common Stock (DE) $3,823,306 1.04% 16,402 $-2,036,233 Down ×3
MSFT Microsoft Corporation - Common Stock $3,821,590 1.04% 10,245 $-3,872,393 Down ×2
VZ Verizon Communications Inc. Common Stock $3,641,663 0.99% 86,010 $-3,133,028 Down ×3
DVA DaVita Inc. Common Stock $3,317,844 0.90% 14,913 $-1,132,250 Down ×3
CIG Comp En De Mn Cemig ADS American Depositary Shares $3,279,650 0.89% 1,561,738 $-48,707 Up ×1
AME AMETEK, Inc. $3,029,089 0.82% 12,520 $-2,413,940 Down ×3
HIG The Hartford Insurance Group, Inc. Common Stock $2,857,529 0.78% 21,563 $-5,223,681 Down ×3
MA Mastercard Incorporated Common Stock $2,816,582 0.77% 5,484 $-2,513,291 Down ×3
EBAY eBay Inc. - Common Stock $2,626,125 0.71% 23,500 $-1,712,343 Down ×3
QXO QXO, Inc. Common Stock $2,471,783 0.67% 6,972 Up ×1
SCCO Southern Copper Corporation Common Stock $2,343,623 0.64% 13,449 Up ×1
NTAP NetApp, Inc. - Common Stock $2,320,781 0.63% 14,996 $-676,891 Down ×3
RSG Republic Services, Inc. Common Stock $2,181,939 0.59% 10,240 $-2,369,297 Down ×3
NYT New York Times Company (The) Common Stock $2,121,794 0.58% 30,320 Up ×1
OC Owens Corning Inc Common Stock New $2,074,428 0.56% 13,050 $-603,259 Down ×3
DAR Darling Ingredients Inc. Common Stock $2,026,948 0.55% 37,110 Up ×1
EME EMCOR Group, Inc. Common Stock $1,887,977 0.51% 2,275 Up ×1
FERG Ferguson Enterprises Inc. Common Stock $1,752,682 0.48% 7,385 $-1,609,761 Down ×2
ADSK Autodesk, Inc. - Common Stock $1,745,503 0.47% 8,978 $-2,477,992 Down ×3
DOX Amdocs Limited - Ordinary Shares $1,725,436 0.47% 34,140 $-2,794,145 Down ×3
INTU Intuit Inc. - Common Stock $1,651,608 0.45% 6,328 $-2,467,244 Down ×3
ADBE Adobe Inc. - Common Stock $1,459,127 0.40% 7,117 $-1,977,295 Down ×3
ADP Automatic Data Processing, Inc. - Common Stock $1,400,807 0.38% 6,255 $-1,178,360 Down ×3
PHG Koninklijke Philips N.V. NY Registry Shares $1,120,277 0.30% 41,240 Up ×1
IHG Intercontinental Hotels Group American Depositary Shares (Each representing one Ordinary Share) $660,799 0.18% 3,817 Up ×1
LRCX Lam Research Corporation - Common Stock $500,496 0.14% 1,155 Up ×1
RY Royal Bank Of Canada Common Stock $372,546 0.10% 1,800 Up ×1
IX ORIX Corporation American Depositary Shares $345,023 0.09% 9,070 Up ×1
NTES NetEase, Inc. - American Depositary Shares, each representing 5 ordinary shares $307,536 0.08% 2,400 Up ×1
TIGO Millicom International Cellular S.A. - Common Stock $287,074 0.08% 3,163 $77,242 Up ×1
MRK Merck & Company, Inc. Common Stock (new) $285,656 0.08% 2,223 $18,251
PSO Pearson, Plc Common Stock $228,498 0.06% 14,380 Up ×1
APLE Apple Hospitality REIT, Inc. Common Shares $219,707 0.06% 13,070 Up ×1
RDY Dr. Reddy's Laboratories Ltd Common Stock $217,060 0.06% 14,980 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
MFC $25,171,496 6.85% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
VSGX $6,289,706 76,387 1.71%
STN $5,581,988 80,960 1.52%
QXO $2,471,783 6,972 0.67%
SCCO $2,343,623 13,449 0.64%
NYT $2,121,794 30,320 0.58%
DAR $2,026,948 37,110 0.55%
EME $1,887,977 2,275 0.51%
PHG $1,120,277 41,240 0.30%
IHG $660,799 3,817 0.18%
LRCX $500,496 1,155 0.14%
RY $372,546 1,800 0.10%
IX $345,023 9,070 0.09%
NTES $307,536 2,400 0.08%
PSO $228,498 14,380 0.06%
APLE $219,707 13,070 0.06%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TSM Bought more +5K +$18.7M
MFC Bought more +107K +$7.5M
HSBC Bought more +36K +$6.0M
NVS Bought more +30K +$5.5M
HIG Trimmed -38K -$5.2M
ASML Bought more +180 +$4.9M
UBS Bought more +41K +$4.5M
MSFT Trimmed -11K -$3.9M
CAH Trimmed -18K -$3.4M
BK Trimmed -36K -$3.3M

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
IBN June 30, 2025 439,845 $13,863,914 -18.4%
CNI Sept. 30, 2025 76,036 $7,910,785 27.0%
NFLX June 30, 2026 81,410 $7,827,572 -6.1%
AAPL Sept. 30, 2025 37,070 $7,605,652 31.0%
BMY June 30, 2026 105,346 $6,389,235 6.1%
CRM Dec. 31, 2025 26,493 $6,278,841 -11.4%
IRM Sept. 30, 2025 50,782 $5,208,710 11.2%
BLD June 30, 2026 13,648 $4,794,542 No longer tracked
CCK June 30, 2026 47,478 $4,759,670 -5.2%
GIB Dec. 31, 2025 42,820 $3,816,547 -24.0%
SFM Dec. 31, 2025 34,935 $3,800,928 -19.1%
KMB Dec. 31, 2025 29,056 $3,612,823 -6.5%
GDDY Sept. 30, 2025 16,446 $2,961,267 -29.0%
BKNG June 30, 2026 695 $2,926,172 -10.8%
MTD June 30, 2026 2,244 $2,830,133 16.3%
LOW Sept. 30, 2025 9,640 $2,138,827 -28.1%
CIG June 30, 2025 980,428 $1,725,553 9.7%
LRCX (filed as LRCXXXXX) June 30, 2026 1,155 $246,777 -19.8%
PG June 30, 2025 959 $163,433 -9.0%
MRK June 30, 2025 1,668 $149,720 82.3%
CHKP June 30, 2025 556 $126,724 -41.1%
ITW June 30, 2025 501 $124,253 6.3%
HPQ June 30, 2025 4,253 $117,766 31.3%
AVGO June 30, 2025 694 $116,196 28.8%
LRCX (filed as LRCXXXXX) June 30, 2025 1,550 $112,685 257.0%
DBX June 30, 2025 3,340 $89,211 18.5%
HAS June 30, 2025 1,250 $76,863 21.3%
TGNA June 30, 2025 3,810 $69,418 No longer tracked
PYPL June 30, 2025 835 $54,484 -29.0%
CASH June 30, 2025 250 $18,238 -6.5%
TMHC June 30, 2025 260 $15,610 No longer tracked
PBH June 30, 2025 180 $15,475 -43.3%
FDP June 30, 2025 500 $15,415 No longer tracked
CVSA June 30, 2025 150 $15,096 -1.4%
PRI June 30, 2025 50 $14,227 0.6%
ALX June 30, 2025 65 $13,595 8.2%
CVCO June 30, 2025 25 $12,991 34.7%
CBT June 30, 2025 150 $12,471 2.6%
PIPR June 30, 2025 50 $12,383 -5.9%
SCS June 30, 2025 1,100 $12,056 No longer tracked
NHI June 30, 2025 150 $11,079 -6.3%
HURN June 30, 2025 75 $10,759 17.9%
BRC June 30, 2025 150 $10,596 24.7%
CRUS June 30, 2025 90 $8,969 16.2%
BL June 30, 2025 180 $8,716 -51.6%
JAZZ June 30, 2025 70 $8,691 122.1%
TDC June 30, 2025 380 $8,542 35.1%
AMG June 30, 2025 50 $8,402 88.8%
UPWK June 30, 2025 600 $7,830 -40.1%
ARCB June 30, 2025 110 $7,764 72.2%
ROCK June 30, 2025 130 $7,626 -31.9%
VRTS June 30, 2025 43 $7,411 -26.2%
STRL June 30, 2025 60 $6,793 131.2%
PLUS June 30, 2025 100 $6,103 29.5%
TIGO June 30, 2025 200 $6,054 135.7%
FTDR June 30, 2025 140 $5,379 31.0%
NSA June 30, 2025 120 $4,728 No longer tracked
COLL June 30, 2025 150 $4,478 -25.5%
HOUS June 30, 2025 550 $1,832 No longer tracked