Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +33.5%
S&P 500 total return (same window) +37.0%
Excess return -3.5%

Annualized: +26.0% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Technology 30.4%
Industrials 23.9%
Retail 22.6%
Financials 10.7%
Communication Services 6.6%
Consumer Discretionary 5.9%

Full portfolio 18 positions

05
Type Streak 8Q trend
JHX James Hardie Industries plc. Ordinary Shares $105,114,454 8.70% 4,015,067 $43,784,518 Up ×2
TSM Taiwan Semiconductor Manufacturing Company Ltd. $97,423,325 8.07% 203,998 $37,396,984 Up ×2
MLM Martin Marietta Materials, Inc. Common Stock $94,319,285 7.81% 163,550 $38,338,760 Up ×1
UNP Union Pacific Corporation Common Stock $89,230,960 7.39% 328,055 $18,479,328 Up ×1
ARES Ares Management Corporation Class A Common Stock $88,081,384 7.29% 791,316 $53,060,284 Up ×1
AMZN Amazon.com, Inc. - Common Stock $82,816,953 6.86% 347,474 $15,133,369 Up ×3
FND Floor & Decor Holdings, Inc. Common Stock $79,961,541 6.62% 1,347,061 $52,970,078 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $79,236,314 6.56% 140,667 $22,235,002 Up ×4
DASH DoorDash, Inc. - Common Stock $71,069,884 5.89% 385,140 $15,586,456 Up ×3
CPNG Coupang, Inc. Class A Common Stock $70,084,979 5.80% 4,034,829 $1,231,507 Up ×2
NVDA NVIDIA Corporation - Common Stock $65,797,396 5.45% 328,839 Up ×1
MSFT Microsoft Corporation - Common Stock $62,422,659 5.17% 167,344 $-4,415,236 Down ×1
HUBS HubSpot, Inc. Common Stock $60,556,088 5.01% 331,796 $26,101,373 Up ×1
AVGO Broadcom Inc. - Common Stock $41,824,480 3.46% 110,720 Up ×1
CVNA Carvana Co. Class A Common Stock $39,793,390 3.30% 604,579 $-15,160,862 Up ×3
DDOG Datadog, Inc. - Class A Common Stock $38,543,695 3.19% 148,040 $-31,942,190 Down ×1
MKTX MarketAxess Holdings, Inc. - Common Stock $28,044,741 2.32% 247,112 $-20,668,409 Down ×2
APO Apollo Global Management, Inc. (New) Common Stock $13,296,269 1.10% 112,385 $-10,147,056 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
AMZN $82,816,953 6.86% up ×3
META $79,236,314 6.56% up ×4
DASH $71,069,884 5.89% up ×3
CVNA $39,793,390 3.30% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
NVDA $65,797,396 328,839 5.45%
AVGO $41,824,480 110,720 3.46%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ARES Bought more +470K +$53.1M
FND Bought more +816K +$53.0M
JHX Bought more +777K +$43.8M
MLM Bought more +68K +$38.3M
TSM Bought more +26K +$37.4M
DDOG Trimmed -449K -$31.9M
HUBS Bought more +191K +$26.1M
META Bought more +41K +$22.2M
MKTX Trimmed -48K -$20.7M
UNP Bought more +36K +$18.5M

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
OWL June 30, 2026 7,648,935 $69,834,776 2.5%
QSR Sept. 30, 2025 968,064 $64,172,963 8.9%
MRVL June 30, 2026 608,780 $60,299,660 -8.9%
CSX Dec. 31, 2025 1,517,825 $53,897,966 30.8%
AMAT Dec. 31, 2025 261,147 $53,467,237 111.0%
WDAY Dec. 31, 2025 199,545 $48,036,468 -12.0%
ENTG June 30, 2026 357,125 $41,869,335 -7.2%
DCO March 31, 2026 390,363 $37,135,232 41.7%
COLD June 30, 2025 1,013,598 $21,751,813 -15.5%
NOW June 30, 2026 76,560 $8,004,348 37.1%