Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +31.4%
S&P 500 total return (same window) +37.0%
Excess return -5.6%

Annualized: +24.4% · 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: 97.4% · Options excluded: 0.0%

Sector breakdown

04
Technology 36.6%
Financials 15.6%
Communication Services 12.1%
Industrials 9.5%
Retail 6.9%
Healthcare 6.4%
Energy 3.1%
Consumer Staples 2.4%
Real Estate 1.9%
Utilities 1.7%
Consumer Discretionary 1.5%
Materials 0.3%
Consumer products 0.1%
Other/Unmapped 1.8%

Full portfolio 131 positions

05
Type Streak 8Q trend
NVDA NVIDIA Corporation - Common Stock $527,367,009 7.93% 2,635,649 $121,752,197 Up ×2
AMD Advanced Micro Devices, Inc. - Common Stock $432,112,808 6.50% 743,855 $261,854,104 Down ×1
MSFT Microsoft Corporation - Common Stock $426,232,423 6.41% 1,142,653 $-265,605 Down ×1
AMZN Amazon.com, Inc. - Common Stock $418,011,893 6.29% 1,753,847 $55,863,686 Up ×2
GOOGL Alphabet Inc. - Class A Common Stock $413,408,117 6.22% 1,156,807 $101,933,189 Up ×4
AAPL Apple Inc. - Common Stock $354,259,976 5.33% 1,224,288 $47,716,933 Up ×2
PANW Palo Alto Networks, Inc. - Common Stock $325,881,782 4.90% 955,609 $158,992,349 Down ×1
V Visa Inc. $282,898,291 4.26% 824,560 $38,426,328 Up ×4
JPM JP Morgan Chase & Co. Common Stock $242,810,449 3.65% 741,791 $31,497,083 Up ×2
ROK Rockwell Automation, Inc. Common Stock $180,612,611 2.72% 364,815 $51,112,198 Up ×3
TMO Thermo Fisher Scientific Inc Common Stock $156,028,245 2.35% 311,210 $14,446,960 Up ×6
META Meta Platforms, Inc. - Class A Common Stock $155,554,224 2.34% 276,153 $16,118,705 Up ×1
MRK Merck & Company, Inc. Common Stock (new) $153,238,050 2.31% 1,192,514 $10,487,501 Up ×1
KLAC KLA Corporation - Common Stock $127,101,673 1.91% 421,271 Up ×1
EMR Emerson Electric Company Common Stock $125,539,401 1.89% 876,978 $17,750,033 Up ×3
AVGO Broadcom Inc. - Common Stock $124,398,742 1.87% 329,315 $47,381,512 Up ×4
CP Canadian Pacific Kansas City Limited Common Shares $123,299,985 1.86% 1,002,765 $14,769,019 Up ×4
EQIX Equinix, Inc. - Common Stock $117,794,239 1.77% 113,004 $5,522,450 Down ×2
XOM Exxon Mobil Corporation Common Stock $103,457,664 1.56% 756,712 $-654,534 Up ×1
NFLX Netflix, Inc. - Common Stock $101,235,560 1.52% 1,417,865 $-42,969,056 Down ×1
BAC Bank of America Corporation Common Stock $99,413,349 1.50% 1,744,706 $20,182,899 Up ×2
CVX Chevron Corporation Common Stock $98,352,370 1.48% 593,342 $-12,851,828 Up ×3
TMUS T-Mobile US, Inc. - Common Stock $94,183,414 1.42% 561,518 $-15,254,188 Up ×5
MU Micron Technology, Inc. - Common Stock $93,840,315 1.41% 81,297 $67,234,063 Up ×1
ARES Ares Management Corporation Class A Common Stock $92,729,578 1.40% 833,075 $-4,465,866 Down ×1
NEE NextEra Energy, Inc. Common Stock $90,712,402 1.36% 1,033,524 $6,325,535 Up ×6
MAR Marriott International - Class A Common Stock $90,296,107 1.36% 243,655 $10,781,792 Up ×1
MKL Markel Group Inc. Common Stock $89,633,394 1.35% 45,895 $15,616,307 Up ×2
SPGI S&P Global Inc. Common Stock $88,135,544 1.33% 216,411 $4,851,420 Up ×6
KO Coca-Cola Company (The) Common Stock $87,193,527 1.31% 1,072,887 $-19,922,746 Down ×3
MDLZ Mondelez International, Inc. - Class A Common Stock $60,949,825 0.92% 1,053,766 $992,928 Up ×2
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $49,259,393 0.74% 98,442 $-69,114,029 Down ×1
Unknown issuer (CUSIP: 438516205) $45,655,001 0.69% 203,908 Up ×1
Unknown issuer (CUSIP: 43849R105) $45,079,980 0.68% 203,908 Up ×1
MRSH Marsh Common Stock $42,285,345 0.64% 253,707 $-49,505,436 Down ×1
URI United Rentals, Inc. Common Stock $41,618,980 0.63% 36,737 $7,094,708 Down ×5
UNP Union Pacific Corporation Common Stock $39,271,904 0.59% 144,382 $3,801,346 Down ×4
CAT Caterpillar, Inc. Common Stock $34,823,295 0.52% 32,701 $10,677,561 Down ×6
GOOG Alphabet Inc. - Class C Capital Stock $30,748,190 0.46% 87,024 $7,216,204 Up ×1
SYK Stryker Corporation Common Stock $29,610,072 0.45% 94,048 $-256,129 Up ×1
AXP American Express Company Common Stock $28,491,136 0.43% 84,231 $3,117,299 Up ×1
Unknown issuer (CUSIP: 866966104) $27,468,062 0.41% 367,171 $678,254 Down ×1
DG Dollar General Corporation Common Stock $25,914,714 0.39% 225,130 $1,965,924 Up ×3
LLY Eli Lilly and Company Common Stock $25,148,449 0.38% 20,967 $6,523,106 Up ×6
AWK American Water Works Company, Inc. Common Stock $23,606,899 0.36% 179,411 $-93,991 Up ×1
FERG Ferguson Enterprises Inc. Common Stock $18,206,533 0.27% 76,714 $-222,174 Down ×6
XYL Xylem Inc. Common Stock New $16,749,767 0.25% 141,695 $-703,209 Down ×6
PFE Pfizer, Inc. Common Stock $15,963,307 0.24% 662,928 $-3,896,610 Down ×6
WM Waste Management, Inc. Common Stock $15,439,120 0.23% 69,271 $-383,300 Up ×1
ECL Ecolab Inc. Common Stock $14,038,879 0.21% 50,389 $870,623 Up ×1
WAT Waters Corporation Common Stock $13,992,367 0.21% 37,309 $2,892,765 Up ×2
INTU Intuit Inc. - Common Stock $13,059,396 0.20% 50,036 $-82,241,048 Down ×1
ZTS Zoetis Inc. Class A Common Stock $11,532,811 0.17% 160,490 $-54,837,022 Down ×1
PM Philip Morris International Inc Common Stock $10,447,010 0.16% 57,747 $677,235 Down ×6
DHR Danaher Corporation Common Stock $8,993,323 0.14% 47,214 $306,041 Up ×1
RSG Republic Services, Inc. Common Stock $8,863,276 0.13% 41,596 $-219,702 Up ×4
TSLA Tesla, Inc. - Common Stock $8,201,700 0.12% 19,500 $1,247,744 Up ×1
ESS Essex Property Trust, Inc. Common Stock $7,184,195 0.11% 24,638 $1,198,567 Down ×2
RY Royal Bank Of Canada Common Stock $6,891,495 0.10% 23,466 $1,598,494 Down ×6
HD Home Depot, Inc. (The) Common Stock $6,789,795 0.10% 19,252 $-541,492 Down ×6
WTS Watts Water Technologies, Inc. Class A Common Stock $6,100,748 0.09% 15,585 $646,489 Down ×6
DIS Walt Disney Company (The) Common Stock $5,932,081 0.09% 61,632 $-874,179 Down ×6
GE GE Aerospace Common Stock $5,058,061 0.08% 13,534 $1,100,321 Down ×5
CRM Salesforce, Inc. Common Stock $5,026,279 0.08% 32,084 $-2,094,808 Down ×4
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $4,977,139 0.07% 51,856 $-1,050,963 Up ×2
AYI Acuity Inc. Common Stock $4,293,924 0.06% 11,400 $1,099,416
GILD Gilead Sciences, Inc. - Common Stock $3,713,386 0.06% 29,392 $-228,556 Up ×1
PG Procter & Gamble Company (The) Common Stock $3,372,427 0.05% 22,998 $-5,014 Down ×2
AIG American International Group, Inc. New Common Stock $3,231,472 0.05% 43,358 $96,106 Up ×1
CL Colgate-Palmolive Company Common Stock $3,082,373 0.05% 33,621 $41,452 Down ×2
B Barrick Mining Corporation Common Shares $2,794,353 0.04% 53,583 $-234,786 Up ×3
WMT Walmart Inc. - Common Stock $2,545,745 0.04% 22,477 $-247,697
NKE Nike, Inc. Common Stock $2,356,475 0.04% 57,405 $-1,088,287 Down ×6
SLB SLB Limited Common Shares $2,350,581 0.04% 50,561 $-265,529 Down ×2
IP International Paper Company Common Stock $2,322,309 0.03% 60,953 $24,014 Down ×5
DE Deere & Company Common Stock $2,196,050 0.03% 3,462 $520,232 Up ×1
RTX RTX Corporation Common Stock $2,148,692 0.03% 11,325 $183,620 Up ×2
INDV Indivior Pharmaceuticals, Inc. - Common Stock $1,833,836 0.03% 44,695 $207,515 Down ×1
MCD McDonald's Corporation Common Stock $1,760,800 0.03% 6,514 $-488,698 Down ×1
TD Toronto Dominion Bank (The) Common Stock $1,754,577 0.03% 10,175 $400,161 Down ×1
MO Altria Group, Inc. $1,697,516 0.03% 23,593 $140,614
COP ConocoPhillips Common Stock $1,606,182 0.02% 15,450 $-458,826 Down ×2
VZ Verizon Communications Inc. Common Stock $1,516,619 0.02% 35,820 $-430,689 Down ×6
ABBV AbbVie Inc. Common Stock $1,474,359 0.02% 5,859 $408,658 Up ×1
ASML ASML Holding N.V. - New York Registry Shares $1,372,714 0.02% 690 $461,341
FCX Freeport-McMoRan, Inc. Common Stock $1,372,260 0.02% 21,820 $318,335 Up ×1
CBOE Cboe Global Markets, Inc. Common Stock $1,315,271 0.02% 5,420 $-208,128
ADBE Adobe Inc. - Common Stock $1,270,509 0.02% 6,197 $-2,780,419 Down ×1
BMY Bristol-Myers Squibb Company Common Stock $1,222,985 0.02% 21,225 $-49,755 Up ×1
UPS United Parcel Service, Inc. Common Stock $1,208,300 0.02% 11,240 $102,509
WFC Wells Fargo & Company Common Stock $1,207,453 0.02% 14,611 $43,475 Down ×2
VMC Vulcan Materials Company (Holding Company) Common Stock $1,200,986 0.02% 4,071 $-49,960 Down ×3
AMGN Amgen Inc. - Common Stock $1,194,996 0.02% 3,300 $33,891
LYV Live Nation Entertainment, Inc. Common Stock $1,144,438 0.02% 6,250 $191,250
MS Morgan Stanley Common Stock $1,139,268 0.02% 5,450 $271,984 Up ×2
L Loews Corporation Common Stock $1,136,628 0.02% 10,040 $64,958
GS Goldman Sachs Group, Inc. (The) Common Stock $1,048,791 0.02% 1,037 $-543,362 Down ×2
BMO Bank Of Montreal Common Stock $929,986 0.01% 3,710 $230,948
Unknown issuer (CUSIP: G2004J103) $856,071 0.01% 29,964 Up ×1
SLF Sun Life Financial Inc. Common Stock $832,119 0.01% 7,473 $61,626 Down ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
GOOGL $413,408,117 6.22% up ×4
V $282,898,291 4.26% up ×4
ROK $180,612,611 2.72% up ×3
TMO $156,028,245 2.35% up ×6
EMR $125,539,401 1.89% up ×3
AVGO $124,398,742 1.87% up ×4
CP $123,299,985 1.86% up ×4
CVX $98,352,370 1.48% up ×3
TMUS $94,183,414 1.42% up ×5
NEE $90,712,402 1.36% up ×6
SPGI $88,135,544 1.33% up ×6
DG $25,914,714 0.39% up ×3
LLY $25,148,449 0.38% up ×6
RSG $8,863,276 0.13% up ×4
B $2,794,353 0.04% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
KLAC $127,101,673 421,271 1.91%
Unknown issuer (CUSIP: 438516205) $45,655,001 203,908 0.69%
Unknown issuer (CUSIP: 43849R105) $45,079,980 203,908 0.68%
Unknown issuer (CUSIP: G2004J103) $856,071 29,964 0.01%
INTC $621,075 4,448 0.01%
KEYS $541,558 1,547 0.01%
Unknown issuer (CUSIP: 884903881) $470,426 4,061 0.01%
WDAY $378,890 3,095 0.01%
FAST $356,383 7,420 0.01%
COST $297,479 318 0.00%
A $292,226 2,200 0.00%
TXN $259,321 870 0.00%
CVS $255,522 2,470 0.00%
CW $212,173 280 0.00%
COF $200,219 998 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AMD Trimmed -93K +$261.9M
PANW Trimmed -85K +$159.0M
NVDA Bought more +310K +$121.8M
GOOGL Bought more +74K +$101.9M
BRK-B (filed as BRKB) Trimmed -149K -$69.1M
MU Bought more +3K +$67.2M
AMZN Bought more +15K +$55.9M
ROK Bought more +4K +$51.1M
MRSH Trimmed -275K -$49.5M
AAPL Bought more +16K +$47.7M

2 positions 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
TSM March 31, 2026 566,259 $172,080,448 39.9%
HON June 30, 2026 344,665 $77,904,630 -4.4%
SBS March 31, 2026 629,154 $15,005,323 -82.4%
PHYS March 31, 2026 236,134 $7,797,145
JNJ June 30, 2025 44,814 $7,431,954 67.6%
CEF March 31, 2026 25,598 $1,172,388
KVUE March 31, 2026 57,267 $987,856 -0.2%
SHOP June 30, 2026 5,644 $669,491 32.6%
KW June 30, 2026 61,148 $661,621 No longer tracked
TRI June 30, 2026 4,413 $554,096 19.5%
DLB March 31, 2026 4,907 $315,127 -1.9%
ICE March 31, 2026 1,596 $258,489 -4.5%
COST March 31, 2026 294 $253,528 -7.6%
BKNG March 31, 2026 46 $246,345 -5.6%
TXN March 31, 2026 1,376 $238,722 51.3%
GIS Sept. 30, 2025 4,591 $237,860 -36.5%
BDX June 30, 2025 1,000 $229,060 30.6%
PLTR March 31, 2026 1,223 $217,389 29.0%
IBM June 30, 2026 896 $217,181 -20.8%
CME June 30, 2026 723 $213,538 19.2%
NEM June 30, 2026 1,966 $212,820 23.7%
ATR Sept. 30, 2025 1,352 $211,493 -10.3%
UBER Dec. 31, 2025 2,150 $210,635 -16.6%
COF March 31, 2026 857 $207,703 6.7%
SBUX June 30, 2026 2,302 $206,236 -7.3%
CVS March 31, 2026 2,595 $205,939 20.4%
WDAY March 31, 2026 952 $204,471 43.3%
GOLD June 30, 2025 10,507 $204,033 90.7%
CVS June 30, 2025 2,995 $202,911 25.3%
UNH Sept. 30, 2025 647 $201,844 7.7%
INTC Dec. 31, 2025 5,964 $200,092 223.4%
BBAI Sept. 30, 2025 21,900 $148,701 -59.4%
WBA Sept. 30, 2025 12,430 $142,696 No longer tracked
HIVE March 31, 2026 34,120 $88,002 56.6%
PSLV Dec. 31, 2025 3,400 $53,380
OXLC (filed as OXLCXXXX) Sept. 30, 2025 10,000 $42,000 -47.4%