Performance vs S&P 500

03
Tracked Q2 2025–Q2 2026 +17.6%
S&P 500 total return (same window) +21.7%
Excess return -4.0%

Annualized: +17.6% · S&P 500: +21.7%

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: 94.8% · Options excluded: 0.0%

Sector breakdown

04
Health Care 21.9%
Communication Services 20.7%
Technology 15.1%
Consumer Discretionary 13.9%
Retail 12.9%
Financials 11.7%
Consumer Staples 3.9%

Full portfolio 23 positions

05
Type Streak 8Q trend
CMCSA Comcast Corporation - Class A Common Stock $60,974,074 6.75% 2,483,669 $9,764,937 Up ×2
EXPE Expedia Group, Inc. - Common Stock $58,227,541 6.45% 227,558 $28,211,841 Up ×2
GDDY GoDaddy Inc. Class A Common Stock $57,378,880 6.35% 676,000 $21,830,780 Up ×1
UHS Universal Health Services, Inc. Common Stock $56,501,159 6.26% 379,993 $9,968,959 Up ×3
CI The Cigna Group Common Stock $55,963,040 6.20% 203,000 $9,281,790 Up ×1
KSPI Joint Stock Company Kaspi.kz - American Depository Shares $53,716,800 5.95% 620,000 $7,793,400
HRB H&R Block, Inc. Common Stock $53,312,000 5.90% 1,400,000 $8,876,000
FDS FactSet Research Systems Inc. Common Stock $51,535,849 5.71% 223,991 $11,177,662 Up ×1
VIPS Vipshop Holdings Limited American Depositary Shares, each representing two ordinary shares $51,051,000 5.65% 3,850,000 Up ×1
SBH Sally Beauty Holdings, Inc. (Name to be changed from Sally Holdings, Inc.) Common Stock $42,361,376 4.69% 2,995,854 $8,739,296 Up ×6
ADBE Adobe Inc. - Common Stock $39,978,900 4.43% 195,000 $15,670,900 Up ×1
INTU Intuit Inc. - Common Stock $39,150,000 4.34% 150,000 Up ×1
ZTS Zoetis Inc. Class A Common Stock $38,804,400 4.30% 540,000 Up ×1
MTCH Match Group, Inc. - Common Stock $38,050,266 4.21% 1,000,007 $7,340,051
TAP Molson Coors Beverage Company Class B Common Stock $35,064,000 3.88% 900,000 $-3,690,000
META Meta Platforms, Inc. - Class A Common Stock $33,797,400 3.74% 60,000 Up ×1
XRAY DENTSPLY SIRONA Inc. - Common Stock $27,586,000 3.05% 2,600,000 Up ×1
TME Tencent Music Entertainment Group American Depositary Shares, each representing two Class A Ordinary Shares $27,223,163 3.01% 3,260,259 Up ×1
PDD PDD Holdings Inc. - American Depositary Shares $22,884,000 2.53% 300,000 Up ×1
REGN Regeneron Pharmaceuticals, Inc. - Common Stock $18,706,200 2.07% 30,000 Up ×1
SNAP Snap Inc. Class A Common Stock $17,760,000 1.97% 4,000,000 Up ×1
LKQ LKQ Corporation - Common Stock $13,605,343 1.51% 516,724 $-30,940,841 Down ×1
GRVY GRAVITY Co., Ltd. - American depositary shares, each representing one common share. $9,383,810 1.04% 139,744 $725,272

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
UHS $56,501,159 6.26% up ×3
SBH $42,361,376 4.69% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
VIPS $51,051,000 3,850,000 5.65%
INTU $39,150,000 150,000 4.34%
ZTS $38,804,400 540,000 4.30%
META $33,797,400 60,000 3.74%
XRAY $27,586,000 2,600,000 3.05%
TME $27,223,163 3,260,259 3.01%
PDD $22,884,000 300,000 2.53%
REGN $18,706,200 30,000 2.07%
SNAP $17,760,000 4,000,000 1.97%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
LKQ Trimmed -1.0M -$30.9M
EXPE Bought more +98K +$28.2M
GDDY Bought more +246K +$21.8M
ADBE Bought more +95K +$15.7M
FDS Bought more +38K +$11.2M
UHS Bought more +120K +$10.0M
CMCSA Bought more +700K +$9.8M
CI Bought more +28K +$9.3M
HRB Price move only +0 +$8.9M
SBH Bought more +568K +$8.7M

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
VSNT June 30, 2026 1,694,946 $62,746,901 -13.9%
PBRA March 31, 2026 3,980,000 $44,854,600 No longer tracked
WU June 30, 2026 5,000,000 $43,650,000 -20.8%
MAT March 31, 2026 2,200,000 $43,648,000 10.5%
TNL June 30, 2026 590,849 $40,880,842 -19.2%
MSFT June 30, 2026 110,000 $40,718,700 40.8%
ELV June 30, 2026 136,600 $39,989,650 2.0%
CNC March 31, 2026 814,000 $33,496,100 96.4%
QCOM March 31, 2026 180,000 $30,789,000 40.4%
SHG Sept. 30, 2025 529,000 $23,900,220 55.8%
GOOGL Sept. 30, 2025 126,000 $22,204,980 42.5%
SKX June 30, 2025 178,000 $10,106,840 No longer tracked
ASO Sept. 30, 2025 220,000 $9,858,200 3.9%
MOS June 30, 2025 340,000 $9,183,400 -41.6%
UHS June 30, 2025 46,000 $8,643,400 -2.8%
ABEV June 30, 2025 3,314,000 $7,721,620 34.9%
DVA June 30, 2026 50,000 $7,684,500 -19.7%
BTU Sept. 30, 2025 496,089 $6,657,514 -3.8%
UNH March 31, 2026 10,000 $3,301,100 39.9%
TSN June 30, 2025 50,000 $3,190,500 -7.6%
KB March 31, 2026 21,520 $1,851,581 25.1%