Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +44.8%
S&P 500 total return (same window) +37.0%
Excess return +7.8%

Annualized: +34.5% · 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: 93.1% · Options excluded: 0.0%

Sector breakdown

04
Technology 15.8%
Industrials 14.0%
Financials 13.2%
Communication Services 7.9%
Materials 7.0%
Energy 6.2%
Healthcare 4.7%
Retail 3.2%
Utilities 3.0%
Consumer products 0.1%
Other/Unmapped 24.8%

Full portfolio 47 positions

05
Type Streak 8Q trend
GLW Corning Incorporated Common Stock $93,419,436 7.87% 365,734 $43,702,549 Up ×1
AVGO Broadcom Inc. - Common Stock $86,014,053 7.24% 227,701 $-5,876,990 Down ×1
VBIL Vanguard 0-3 Month Treasury Bill ETF $75,303,568 6.34% 995,026 Up ×1
PANW Palo Alto Networks, Inc. - Common Stock $67,164,230 5.66% 196,951 $35,593,214 Up ×5
GOOGL Alphabet Inc. - Class A Common Stock $58,251,388 4.91% 163,000 $11,429,668 Up ×1
JPM JP Morgan Chase & Co. Common Stock $56,074,716 4.72% 171,309 $5,722,409 Up ×1
NEM Newmont Corporation $45,694,612 3.85% 489,236 $-7,261,019 Up ×1
GD General Dynamics Corporation Common Stock $43,605,173 3.67% 123,095 $1,356,850 Up ×1
BX Blackstone Inc. Common Stock $38,762,904 3.26% 329,420 $886,454 Up ×6
VB VANGUARD INDEX FUNDS $38,285,875 3.22% 126,306 $5,207,998 Up ×5
SCCO Southern Copper Corporation Common Stock $37,890,572 3.19% 217,437 $848,807 Up ×6
COST Costco Wholesale Corporation - Common Stock $37,491,767 3.16% 40,078 $-2,439,169 Up ×5
XOM Exxon Mobil Corporation Common Stock $36,846,392 3.10% 269,503 $-8,850,991 Up ×1
KMI Kinder Morgan, Inc. Common Stock $36,634,039 3.09% 1,145,888 $-1,782,724 Up ×5
CSCO Cisco Systems, Inc. - Common Stock $35,684,465 3.01% 303,801 $-4,892,001 Down ×2
BIL SPDR SERIES TRUST $34,817,504 2.93% 379,938 $-13,509,191 Down ×2
IJH iShares Trust $33,033,693 2.78% 428,397 $4,255,716 Up ×3
HBAN Huntington Bancshares Incorporated - Common Stock $33,005,902 2.78% 1,861,585 $3,911,410 Up ×1
MSFT Microsoft Corporation - Common Stock $32,907,654 2.77% 88,220 $460,226 Up ×1
ZTS Zoetis Inc. Class A Common Stock $31,888,594 2.69% 443,760 Up ×1
EWZ iShares, Inc. $29,965,527 2.52% 868,566 $-3,424,943 Down ×1
CTAS Cintas Corporation - Common Stock $29,342,372 2.47% 172,521 $176,716 Up ×1
V Visa Inc. $28,778,138 2.42% 83,879 $3,445,825 Up ×5
MDT Medtronic plc. Ordinary Shares $24,310,520 2.05% 310,757 $-2,465,283 Up ×5
AEP American Electric Power Company, Inc. - Common Stock $20,056,551 1.69% 146,602 $879,875 Up ×5
Unknown issuer (CUSIP: 438516205) $17,764,898 1.50% 79,343 Up ×1
Unknown issuer (CUSIP: 43849R105) $17,541,150 1.48% 79,343 Up ×1
DUK Duke Energy Corporation (Holding Company) Common Stock $15,995,472 1.35% 126,367 $-508,009 Up ×5
ILF iShares Trust $11,540,981 0.97% 341,955 $-602,277 Up ×1
EWW iShares, Inc. $11,407,695 0.96% 151,557 $8,921 Up ×1
EPI WisdomTree Trust $9,379,601 0.79% 219,252 $430,284 Down ×1
INDA iShares Trust $8,661,426 0.73% 175,368 $443,442 Down ×1
SPY SPY $2,491,971 0.21% 3,337 $410,883 Up ×1
IVV iShares Trust $1,634,452 0.14% 2,183 $223,192 Up ×1
VO VANGUARD INDEX FUNDS $1,109,932 0.09% 13,776 $120,884 Up ×1
AAPL Apple Inc. - Common Stock $841,170 0.07% 2,907 $105,433 Up ×1
PG Procter & Gamble Company (The) Common Stock $723,120 0.06% 4,931 $13,160 Up ×1
TRV The Travelers Companies, Inc. Common Stock $496,170 0.04% 1,503 $57,775
NVDA NVIDIA Corporation - Common Stock $306,738 0.03% 1,533 $52,114 Up ×1
DGRO iShares Trust $306,100 0.03% 4,039 $12,691 Down ×1
ITOT iShares Trust $301,928 0.03% 1,838 Up ×1
VGUS Vanguard Ultra-Short Treasury ETF $299,379 0.03% 3,957 Up ×1
SCHB SCHWAB STRATEGIC TRUST $255,224 0.02% 8,813 $34,018
VOO VANGUARD INDEX FUNDS $249,312 0.02% 363 $29,414 Down ×1
CAT Caterpillar, Inc. Common Stock $245,992 0.02% 231 Up ×1
WMT Walmart Inc. - Common Stock $231,277 0.02% 2,042 $-22,503
IWF iShares Trust $230,956 0.02% 1,860

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
PANW $67,164,230 5.66% up ×5
BX $38,762,904 3.26% up ×6
VB $38,285,875 3.22% up ×5
SCCO $37,890,572 3.19% up ×6
COST $37,491,767 3.16% up ×5
KMI $36,634,039 3.09% up ×5
IJH $33,033,693 2.78% up ×3
V $28,778,138 2.42% up ×5
MDT $24,310,520 2.05% up ×5
AEP $20,056,551 1.69% up ×5
DUK $15,995,472 1.35% up ×5

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
VBIL $75,303,568 995,026 6.34%
ZTS $31,888,594 443,760 2.69%
Unknown issuer (CUSIP: 438516205) $17,764,898 79,343 1.50%
Unknown issuer (CUSIP: 43849R105) $17,541,150 79,343 1.48%
ITOT $301,928 1,838 0.03%
VGUS $299,379 3,957 0.03%
CAT $245,992 231 0.02%
IWF $230,956 1,860 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
GLW Bought more +88 +$43.7M
PANW Bought more +26 +$35.6M
BIL Trimmed -147K -$13.5M
GOOGL Bought more +176 +$11.4M
XOM Bought more +156 -$8.9M
NEM Bought more +38 -$7.3M
AVGO Trimmed -69K -$5.9M
JPM Bought more +136 +$5.7M
VB Bought more +16 +$5.2M
CSCO Trimmed -219K -$4.9M

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
HON June 30, 2026 158,680 $35,866,440 -4.4%
MOS June 30, 2026 1,381,142 $35,219,121 -0.6%
INTU Dec. 31, 2025 46,458 $31,726,633 -57.6%
TAP June 30, 2025 474,698 $28,894,867 -23.4%
SLB Sept. 30, 2025 817,210 $27,621,698 41.8%
ARE Dec. 31, 2025 298,972 $24,916,326 -3.2%
IEF Sept. 30, 2025 246,012 $23,560,569
PEP June 30, 2025 139,682 $20,943,919 -4.7%
LYB June 30, 2025 286,818 $20,191,987 1.2%
ADBE June 30, 2025 33,362 $12,795,328 -38.6%
SMIN March 31, 2026 140,984 $9,856,191
EG Sept. 30, 2025 2,751 $934,927 5.2%
QCOM June 30, 2025 4,744 $728,726 16.1%
MRK Dec. 31, 2025 4,123 $346,058 37.1%
EW Dec. 31, 2025 3,852 $299,570 -0.1%
MOAT June 30, 2026 2,440 $235,900
IWF March 31, 2026 465 $220,085 18.4%
GNK Sept. 30, 2025 10,000 $130,700 55.4%
FLO June 30, 2026 11,011 $89,740 -29.5%
MTLS June 30, 2025 10,000 $49,200 50.4%