Sector breakdown

04
Financials 19.6%
Industrials 13.1%
Healthcare 9.9%
Retail 9.5%
Consumer Staples 8.4%
Technology 6.8%
Communication Services 6.2%
Consumer products 3.2%
Consumer Discretionary 1.9%
Energy 1.1%
Materials 0.7%
Utilities 0.5%
Other/Unmapped 19.1%

Full portfolio 67 positions

05
Type Streak 8Q trend
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $41,264,102 9.81% 82,464 $3,128,564 Up ×2
TCAF T. Rowe Price Capital Appreciation Equity ETF $35,779,112 8.51% 870,538 $6,141,939 Up ×1
POST Post Holdings, Inc. Common Stock $29,976,850 7.13% 339,643 $-2,568,805 Up ×2
AMZN Amazon.com, Inc. - Common Stock $27,377,954 6.51% 114,869 $6,716,916 Up ×2
GOOGL Alphabet Inc. - Class A Common Stock $25,493,622 6.06% 71,337 $4,021,474 Down ×3
MKL Markel Group Inc. Common Stock $23,039,063 5.48% 11,797 $1,223,077 Up ×2
HEI-A (filed as HEIA) HEICO Corporation Class A $17,987,925 4.28% 69,745 $4,808,316 Up ×2
DHR Danaher Corporation Common Stock $16,388,758 3.90% 86,039 $1,771,649 Up ×2
TDG Transdigm Group Incorporated Common Stock $15,978,668 3.80% 11,996 $732,970 Down ×1
Unknown issuer (CUSIP: 78409V112) $13,509,552 3.21% 33,172 Up ×1
JNJ Johnson & Johnson Common Stock $11,440,319 2.72% 45,046 $1,313,262 Up ×1
ROP Roper Technologies, Inc. - Common Stock $10,553,717 2.51% 31,188 $-868,517 Down ×1
CEF Sprott Physical Gold and Silver Trust Units $8,239,891 1.96% 204,820 $-887,500 Up ×1
TXN Texas Instruments Incorporated - Common Stock $7,986,340 1.90% 26,794 $3,446,182 Up ×3
ABBV AbbVie Inc. Common Stock $7,258,311 1.73% 28,844 $2,646,811 Up ×2
VGIT Vanguard Intermediate-Term Treasury ETF $6,949,271 1.65% 117,824 $651,967 Up ×2
UPS United Parcel Service, Inc. Common Stock $6,737,676 1.60% 62,676 $2,366,600 Up ×3
AMGN Amgen Inc. - Common Stock $6,422,302 1.53% 17,735 $1,583,539 Up ×3
PG Procter & Gamble Company (The) Common Stock $6,071,053 1.44% 41,401 $1,660,808 Up ×2
HD Home Depot, Inc. (The) Common Stock $5,928,680 1.41% 16,810 $2,123,761 Up ×2
PEP PepsiCo, Inc. - Common Stock $5,356,863 1.27% 39,563 $561,401 Up ×3
AVGO Broadcom Inc. - Common Stock $5,297,470 1.26% 14,024 $1,711,463 Up ×1
ETSY Etsy, Inc. - Common Stock $5,136,364 1.22% 68,185 $1,849,025 Up ×2
ALL Allstate Corporation (The) Common Stock $4,596,413 1.09% 19,318 $1,630,208 Up ×1
JPM JP Morgan Chase & Co. Common Stock $4,332,228 1.03% 13,235 $1,543,877 Up ×1
GD General Dynamics Corporation Common Stock $4,126,759 0.98% 11,650 $964,817 Up ×1
TROW T. Rowe Price Group, Inc. - Common Stock $4,037,844 0.96% 35,516 $2,311,144 Up ×1
LMT Lockheed Martin Corporation Common Stock $3,899,260 0.93% 7,654 $695,352 Up ×2
CVX Chevron Corporation Common Stock $3,890,439 0.93% 23,470 $234,698 Up ×2
QQQ Invesco QQQ Trust, Series 1 $3,831,792 0.91% 5,203 $2,619,612 Up ×2
MTN Vail Resorts, Inc. Common Stock $3,775,785 0.90% 27,733 $321,773 Up ×1
BLD TopBuild Corp. Common Stock $3,769,895 0.90% 10,634 $139,736 Up ×2
NVR NVR, Inc. Common Stock $3,522,528 0.84% 517 $76,047 Down ×3
ADP Automatic Data Processing, Inc. - Common Stock $3,449,950 0.82% 15,405 Up ×1
FBTC Fidelity Wise Origin Bitcoin Fund $3,314,340 0.79% 64,923 $-536,663 Down ×1
AAPL Apple Inc. - Common Stock $2,876,528 0.68% 9,941 $358,931 Up ×2
CME CME Group Inc. - Class A Common Stock $2,571,499 0.61% 11,645 Up ×1
TRV The Travelers Companies, Inc. Common Stock $2,508,345 0.60% 7,598 $716,971 Up ×1
VGSH Vanguard Short-Term Treasury ETF $2,145,917 0.51% 36,871 $-192,978 Down ×4
NEE NextEra Energy, Inc. Common Stock $1,886,629 0.45% 21,495 $388,710 Up ×3
APD Air Products and Chemicals, Inc. Common Stock $1,854,769 0.44% 6,326 $929,389 Up ×2
MCD McDonald's Corporation Common Stock $1,854,271 0.44% 6,860 $451,432 Up ×1
GPC Genuine Parts Company Common Stock $1,838,925 0.44% 15,587 $1,227,325 Up ×2
DKS Dick's Sporting Goods Inc Common Stock $1,585,788 0.38% 6,992 Up ×1
GBTC Grayscale Bitcoin Trust (BTC) $1,450,449 0.34% 31,864 $-231,645 Down ×6
MSFT Microsoft Corporation - Common Stock $1,392,111 0.33% 3,732 $39,140 Up ×1
FETH Fidelity Ethereum Fund $1,317,804 0.31% 83,723 $-355,358 Up ×2
VTI Vanguard Morningstar Total Stock Market ETF $1,244,388 0.30% 3,363 $165,553
GE GE Aerospace Common Stock $1,030,374 0.25% 2,757 $255,682 Up ×1
GLD SPDR Gold Shares $983,440 0.23% 2,670 $-165,277
GEV GE Vernova Inc. Common Stock $808,304 0.19% 688 $213,859 Up ×1
ETHE Grayscale Ethereum Staking ETF Shares $647,681 0.15% 50,759 $-175,634 Up ×1
XOM Exxon Mobil Corporation Common Stock $642,197 0.15% 4,697 $-216,311 Down ×3
GOOG Alphabet Inc. - Class C Capital Stock $619,033 0.15% 1,752 $117,602 Up ×1
AEM Agnico Eagle Mines Limited Common Stock $595,033 0.14% 3,836 $-228,194 Down ×6
SPXC SPX Technologies, Inc. Common Stock $508,984 0.12% 2,076 $30,927 Down ×1
BIL SPDR SERIES TRUST $465,473 0.11% 5,079 $-45,089 Down ×1
TSLA Tesla, Inc. - Common Stock $380,643 0.09% 905 $52,388 Up ×4
INTC Intel Corporation - Common Stock $375,605 0.09% 2,690 Up ×1
VTV Vanguard Morningstar Value ETF $349,742 0.08% 1,605 $34,873
LDOS Leidos Holdings, Inc. Common Stock $321,060 0.08% 3,118 $-163,851
PAAS Pan American Silver Corp. Common Stock $305,109 0.07% 6,812 $-67,031
VNQ Vanguard Real Estate ETF $291,604 0.07% 3,024 Up ×1
SO Southern Company (The) Common Stock $265,691 0.06% 2,776 $7,403 Up ×1
SAIC Science Applications International Corporation - Common Stock $255,930 0.06% 2,318 $35,905
RF Regions Financial Corporation Common Stock $231,604 0.06% 7,669 $31,290
IREN IREN Limited - Ordinary Shares $227,735 0.05% 4,980

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
TXN $7,986,340 1.90% up ×3
UPS $6,737,676 1.60% up ×3
AMGN $6,422,302 1.53% up ×3
PEP $5,356,863 1.27% up ×3
NEE $1,886,629 0.45% up ×3
TSLA $380,643 0.09% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 78409V112) $13,509,552 33,172 3.21%
ADP $3,449,950 15,405 0.82%
CME $2,571,499 11,645 0.61%
DKS $1,585,788 6,992 0.38%
INTC $375,605 2,690 0.09%
VNQ $291,604 3,024 0.07%
IREN $227,735 4,980 0.05%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AMZN Bought more +16K +$6.7M
TCAF Bought more +38K +$6.1M
HEI-A (filed as HEIA) Bought more +7K +$4.8M
GOOGL Trimmed -3K +$4.0M
TXN Bought more +3K +$3.4M
BRK-B (filed as BRKB) Bought more +3K +$3.1M
ABBV Bought more +8K +$2.6M
QQQ Bought more +3K +$2.6M
POST Bought more +10K -$2.6M
UPS Bought more +18K +$2.4M

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
SPGI June 30, 2026 29,969 $12,746,946
NOMD March 31, 2026 433,979 $5,429,081 22.7%
AMT June 30, 2026 11,479 $1,981,017 12.6%
VZ June 30, 2026 32,744 $1,643,738 2.0%
CSCO June 30, 2026 20,603 $1,598,607 -7.1%
SBUX June 30, 2026 12,457 $1,116,000 1.0%
ET Dec. 31, 2025 49,140 $843,239 No longer tracked
AGG March 31, 2026 4,892 $488,613
SPY March 31, 2026 535 $364,827 No longer tracked
BITB Dec. 31, 2025 4,716 $293,430
ETH Dec. 31, 2025 7,483 $293,184 -19.4%
V March 31, 2026 751 $263,383 32.5%
BTC March 31, 2026 6,696 $259,336 20.3%
SLV Dec. 31, 2025 5,859 $248,242 -23.8%
BRBR June 30, 2025 3,245 $241,623 -84.2%
META Dec. 31, 2025 329 $241,611 -7.2%
HL March 31, 2026 12,478 $239,453 -19.9%
BMY June 30, 2025 3,925 $239,386 30.8%
IREN Dec. 31, 2025 4,995 $234,415 -23.6%
FHN March 31, 2026 9,630 $230,157 2.0%
BMY June 30, 2026 3,737 $226,649 5.1%
PNFP Sept. 30, 2025 2,000 $220,820 6.1%
WPM March 31, 2026 1,788 $210,126 -3.4%
NVDA Dec. 31, 2025 1,107 $206,544 15.5%
ROST Dec. 31, 2025 1,331 $202,856 26.6%
MSTR June 30, 2026 1,625 $202,800 67.0%