Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +0.8%
S&P 500 total return (same window) +37.0%
Excess return -36.2%

Annualized: +0.7% · 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: 96.7% · Options excluded: 0.0%

Sector breakdown

04
Technology 25.5%
Industrials 23.3%
Health Care 19.3%
Retail 7.3%
Communication Services 6.1%
Consumer Discretionary 5.7%
Financials 5.6%
Consumer Staples 1.1%
Real Estate 1.0%
Energy 0.2%
Materials 0.1%
Consumer products 0.1%
Other/Unmapped 4.8%

Full portfolio 198 positions

05
Type Streak 8Q trend
NVDA NVIDIA Corporation - Common Stock $199,870,300 5.58% 998,902 $-1,830,717 Down ×6
MSFT Microsoft Corporation - Common Stock $154,252,769 4.31% 413,524 $-15,953,798 Down ×6
HEI Heico Corporation Common Stock $128,660,537 3.59% 361,213 $17,273,495 Down ×6
AMZN Amazon.com, Inc. - Common Stock $120,270,716 3.36% 504,618 $3,214,864 Down ×6
RBA RB Global, Inc. Common Stock $119,709,622 3.34% 1,027,992 $-2,535,924 Down ×6
ADI Analog Devices, Inc. - Common Stock $117,282,228 3.28% 295,295 $6,994,214 Down ×6
MEDP Medpace Holdings, Inc. - Common Stock $97,413,457 2.72% 183,941 $-16,587,106 Down ×6
FAST Fastenal Company - Common Stock $96,142,119 2.68% 2,001,710 $-6,953,198 Down ×4
GOOGL Alphabet Inc. - Class A Common Stock $85,615,157 2.39% 239,570 $8,587,690 Down ×6
WST West Pharmaceutical Services, Inc. Common Stock $83,472,421 2.33% 232,514 $17,944,479 Down ×6
LOPE Grand Canyon Education, Inc. - Common Stock $79,525,118 2.22% 555,692 $-42,315,969 Down ×6
PRVA Privia Health Group, Inc. - Common Stock $77,153,889 2.15% 2,998,597 $-3,438,300 Down ×6
FIVE Five Below, Inc. - Common Stock $77,128,747 2.15% 428,994 $-53,630,519 Down ×6
TYL Tyler Technologies, Inc. Common Stock $73,530,767 2.05% 251,422 $-14,259,950 Down ×1
ENSG The Ensign Group, Inc. - Common Stock $70,545,773 1.97% 440,086 $-44,177,201 Down ×6
GOOG Alphabet Inc. - Class C Capital Stock $66,831,440 1.87% 189,147 $6,546,582 Down ×5
KNSL Kinsale Capital Group, Inc. Common Stock $61,189,552 1.71% 185,530 $-22,939,520 Down ×3
KAI Kadant Inc Common Stock $61,140,526 1.71% 194,573 $-12,598,871 Down ×1
VEEV Veeva Systems Inc. Class A Common Stock $55,615,148 1.55% 313,378 $1,561,599 Up ×1
SPGI S&P Global Inc. Common Stock $52,880,387 1.48% 129,844 $-8,459,831 Down ×6
WSO Watsco, Inc. Common Stock $50,146,693 1.40% 120,334 $2,221,661 Down ×1
VRSK Verisk Analytics, Inc. - Common Stock $48,987,672 1.37% 272,866 $-6,360,798 Down ×2
NOW ServiceNow, Inc. Common Stock $48,727,998 1.36% 490,814 $-8,751,936 Down ×1
ROL Rollins, Inc. Common Stock $47,000,088 1.31% 1,126,020 $-19,366,394 Down ×6
TSLA Tesla, Inc. - Common Stock $45,392,363 1.27% 107,923 $172,812 Down ×6
UNH UnitedHealth Group Incorporated Common Stock (DE) $44,629,674 1.25% 107,378 $12,602,912 Down ×6
V Visa Inc. $43,529,137 1.22% 126,874 $712,316 Down ×6
DHR Danaher Corporation Common Stock $42,553,916 1.19% 223,404 $306,322 Up ×1
FRPT Freshpet, Inc. - Common Stock $39,924,807 1.11% 675,318 $-14,496,612 Down ×4
SBUX Starbucks Corporation - Common Stock $39,544,300 1.10% 386,968 $1,210,531 Down ×6
GKOS Glaukos Corporation Common Stock $39,424,774 1.10% 282,089 $-7,216,500 Down ×3
IDXX IDEXX Laboratories, Inc. - Common Stock $38,661,806 1.08% 73,440 $-7,707,807 Down ×6
Unknown issuer (CUSIP: g54950103) $38,398,069 1.07% 73,993 $-1,649,155 Down ×1
CTAS Cintas Corporation - Common Stock $37,783,789 1.06% 222,153 $-975,991 Down ×1
PCTY Paylocity Holding Corporation - Common Stock $34,324,093 0.96% 328,366 $-15,592,488 Down ×6
GWRE Guidewire Software, Inc. Common Stock $32,849,250 0.92% 266,959 $-1,476,602 Up ×1
CGNX Cognex Corporation - Common Stock $32,196,279 0.90% 444,577 $-2,848,390 Down ×6
FND Floor & Decor Holdings, Inc. Common Stock $31,156,972 0.87% 524,882 $-2,137,911 Down ×6
CSGP CoStar Group, Inc. - Common Stock $30,912,267 0.86% 1,091,535 $-18,600,667 Down ×6
TECH Bio-Techne Corp - Common Stock $30,839,229 0.86% 436,507 $-982,722 Down ×4
FICO Fair Isaac Corporation Common Stock $29,746,665 0.83% 24,897 $1,029,134 Down ×2
NFLX Netflix, Inc. - Common Stock $29,293,583 0.82% 410,274 $-15,279,951 Down ×2
AAON AAON, Inc. - Common Stock $26,464,454 0.74% 208,611 $1,443,428 Down ×2
SSD Simpson Manufacturing Company, Inc. Common Stock $26,038,729 0.73% 124,379 $-5,020,485 Down ×6
SNPS Synopsys, Inc. - Common Stock $25,194,377 0.70% 56,481 $5,720,084 Up ×2
MSI Motorola Solutions, Inc. Common Stock $25,047,417 0.70% 60,313 $-4,149,402 Down ×6
ENTG Entegris, Inc. - Common Stock $24,722,579 0.69% 137,455 $-288,777 Down ×3
RGEN Repligen Corporation - Common Stock $23,536,805 0.66% 172,507 $-6,916,874 Down ×6
BROS Dutch Bros Inc. Class A Common Stock $22,808,888 0.64% 317,628 $-3,098,783 Down ×1
GLOB Globant S.A. Common Shares $22,278,434 0.62% 769,815 $-9,436,544 Up ×1
WK Workiva Inc. Class A Common Stock $21,164,128 0.59% 436,284 $-17,669,503 Down ×6
Unknown issuer (CUSIP: 30214u102) $21,149,728 0.59% 359,934 $-13,636,276 Down ×2
Unknown issuer (CUSIP: 46141P404) $21,020,622 0.59% 784,937 $-333,046 Down ×1
CSW CSW Industrials, Inc. Common Stock $20,438,881 0.57% 73,442 $-9,697,333 Down ×3
DSGX The Descartes Systems Group Inc. - Common Stock $20,155,912 0.56% 291,102 $-12,147,849 Down ×6
SAP SAP SE ADS $19,377,101 0.54% 125,736 $-4,410,721 Down ×1
TRNS Transcat, Inc. - Common Stock $18,775,664 0.52% 202,389 $-4,028,800 Down ×4
AGYS Agilysys, Inc. - Common Stock $18,765,377 0.52% 179,573 $549,685 Down ×5
ALRM Alarm.com Holdings, Inc. - Common Stock $18,448,426 0.52% 394,872 $-7,156,944 Down ×6
FWRG First Watch Restaurant Group, Inc. - Common Stock $17,383,865 0.49% 1,348,632 $-4,537,150 Down ×1
CRM Salesforce, Inc. Common Stock $15,854,762 0.44% 101,205 $-14,994,178 Down ×6
CCC CCC Intelligent Solutions Holdings Inc. - Common Stock $15,000,335 0.42% 2,907,042 $-11,886,169 Down ×4
OPCH Option Care Health, Inc. - Common Stock $13,642,411 0.38% 650,568 $-12,856,556 Down ×3
ACVA ACV Auctions Inc. Class A Common Stock $13,225,670 0.37% 1,839,453 $1,830,842 Down ×3
CRL Charles River Laboratories International, Inc. Common Stock $12,859,587 0.36% 56,703 $1,856,129 Down ×6
LOAR Loar Holdings Inc. Common Stock $12,339,765 0.34% 153,080 $-2,464,899 Down ×2
CASY Caseys General Stores, Inc. - Common Stock $12,099,915 0.34% 15,224 $-719,337 Down ×3
PNTG The Pennant Group, Inc. - Common Stock $11,669,999 0.33% 315,832 $-8,478,830 Down ×6
POWI Power Integrations, Inc. - Common Stock $11,603,939 0.32% 138,538 $-5,602,728 Down ×6
ETN Eaton Corporation, PLC Ordinary Shares $11,470,648 0.32% 26,919 Up ×1
RBC RBC Bearings Incorporated Common Stock $11,462,265 0.32% 17,797 $390,128 Down ×1
TOST Toast, Inc. Class A Common Stock $11,113,859 0.31% 399,492 $-1,075,618 Down ×6
BOOT Boot Barn Holdings, Inc. Common Stock $11,084,084 0.31% 67,475 Up ×1
STVN Stevanato Group S.p.A. Ordinary Shares $10,851,284 0.30% 600,514 $1,595,503 Down ×6
DV DoubleVerify Holdings, Inc. Common Stock $10,547,198 0.29% 972,989 $-3,159,533 Down ×6
GRDN Guardian Pharmacy Services, Inc. Class A Common Stock $10,240,779 0.29% 244,585 Up ×1
HLMN Hillman Solutions Corp. - Common Stock $10,153,253 0.28% 1,202,992 $-6,940,919 Down ×6
CWST Casella Waste Systems, Inc. - Class A Common Stock $9,985,867 0.28% 102,979 $-3,756,196 Down ×1
AAPL Apple Inc. - Common Stock $9,046,262 0.25% 31,263 $958,228 Down ×1
LMAT LeMaitre Vascular, Inc. - Common Stock $8,489,252 0.24% 88,467 $-3,039,016 Down ×1
APPF AppFolio, Inc. - Class A Common Stock $8,151,692 0.23% 50,837 $-5,754,103 Down ×1
PI Impinj, Inc. - Common Stock $8,024,859 0.22% 56,028 Up ×1
TWFG TWFG, Inc. - Common Stock $8,000,427 0.22% 332,658 $-2,106,970 Down ×2
WHD Cactus, Inc. Class A Common Stock $7,836,475 0.22% 152,967 Up ×1
JKHY Jack Henry & Associates, Inc. - Common Stock $7,460,504 0.21% 54,164 $-2,503,072 Down ×6
ALGN Align Technology, Inc. - Common Stock $7,005,608 0.20% 41,537 $-1,208,939 Down ×6
IVV iShares Trust $6,374,320 0.18% 8,512 $-4,303,390 Down ×2
BBSI Barrett Business Services, Inc. - Common Stock $6,081,205 0.17% 171,205 $-2,214,012 Down ×4
DOCS Doximity, Inc. Class A Common Stock $5,832,474 0.16% 281,219 $-5,578,518 Down ×6
GSHD Goosehead Insurance, Inc. - Class A Common Stock $5,617,220 0.16% 115,819 $-2,736,315 Down ×6
GDYN Grid Dynamics Holdings, Inc. - Class A Common Stock $5,603,036 0.16% 986,450 $-2,533,195 Down ×6
VXF VANGUARD INDEX FUNDS $5,518,307 0.15% 22,413 $655,813 Down ×2
Unknown issuer (CUSIP: 922908710) $4,969,250 0.14% 7,181 $641,256 Down ×6
ECL Ecolab Inc. Common Stock $3,670,130 0.10% 13,173 $115,039 Down ×1
TJX TJX Companies, Inc. (The) Common Stock $3,541,767 0.10% 23,378 $-235,617 Down ×1
IWO iShares Trust $3,434,346 0.10% 8,718 $-62,847 Down ×2
SNA Snap-On Incorporated Common Stock $3,341,530 0.09% 8,304 $285,760 Down ×1
ASML ASML Holding N.V. - New York Registry Shares $3,330,323 0.09% 1,674 $977,925 Down ×2
ROK Rockwell Automation, Inc. Common Stock $3,311,590 0.09% 6,689 $876,589 Down ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $3,251,774 0.09% 6,809 $857,060 Down ×4

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
RA $3,114,278 0.09% up ×6
FINS $3,012,646 0.08% up ×6
SDHY $2,699,661 0.08% up ×6
NBB $2,288,110 0.06% up ×6
JHS $2,278,416 0.06% up ×3
WIW $2,116,840 0.06% up ×3
FDUS $2,114,273 0.06% up ×6
PGZ $2,100,589 0.06% up ×6
ARCC $2,062,180 0.06% up ×6
SEVN $2,053,964 0.06% up ×6
BBN $1,954,190 0.05% up ×6
OPP $1,859,002 0.05% up ×3
AOMR $1,807,627 0.05% up ×4
MFM $1,393,207 0.04% up ×6
GBDC $1,383,081 0.04% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ETN $11,470,648 26,919 0.32%
BOOT $11,084,084 67,475 0.31%
GRDN $10,240,779 244,585 0.29%
PI $8,024,859 56,028 0.22%
WHD $7,836,475 152,967 0.22%
MMT $1,232,158 280,036 0.03%
RSP $1,207,044 5,673 0.03%
BHK $966,060 105,350 0.03%
BTZ $952,300 93,180 0.03%
DMO $689,696 64,397 0.02%
WEA $531,573 49,913 0.01%
MFC $267,082 6,593 0.01%
BBVA $244,385 9,752 0.01%
Unknown issuer (CUSIP: l8681t102) $210,741 459 0.01%
CNI $207,358 1,739 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
FIVE Trimmed -143K -$53.6M
ENSG Trimmed -129K -$44.2M
LOPE Trimmed -161K -$42.3M
KNSL Trimmed -61K -$22.9M
ROL Trimmed -117K -$19.4M
CSGP Trimmed -136K -$18.6M
WST Trimmed -29K +$17.9M
WK Trimmed -215K -$17.7M
HEI Trimmed -45K +$17.3M
MEDP Trimmed -53K -$16.6M

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
ANSS Sept. 30, 2025 307,279 $107,922,386 No longer tracked
PYCR June 30, 2025 2,087,850 $46,851,365 No longer tracked
CWAN March 31, 2026 1,298,714 $31,324,971 No longer tracked
BL March 31, 2026 372,814 $20,612,909 -25.9%
USPH June 30, 2025 283,261 $20,496,760 7.1%
NEOG June 30, 2025 1,547,646 $13,418,087 154.2%
JAMF Dec. 31, 2025 1,099,637 $11,766,120 No longer tracked
WSC June 30, 2026 669,142 $11,616,302 -40.1%
ALKT June 30, 2026 688,980 $10,796,314 -23.3%
TTD March 31, 2026 223,103 $8,468,996 -47.3%
PHR March 31, 2026 459,047 $7,767,072 20.2%
INSP June 30, 2026 92,494 $4,770,861 56.8%
VOO March 31, 2026 7,255 $4,549,828
DSM March 31, 2026 237,540 $1,465,620 -13.8%
VXUS March 31, 2026 16,692 $1,259,244
MCR June 30, 2026 207,236 $1,255,853 No longer tracked
ZS Dec. 31, 2025 4,148 $1,242,990 -12.6%
CCAP June 30, 2026 102,056 $1,239,980 -17.4%
SUSA March 31, 2026 8,260 $1,150,990
BTT Dec. 31, 2025 40,929 $919,261 -3.9%
PCK Sept. 30, 2025 129,835 $695,918 No longer tracked
PHD Sept. 30, 2025 62,293 $611,714 No longer tracked
DMO Sept. 30, 2025 44,664 $533,291 -18.7%
WDAY June 30, 2026 3,994 $518,900 52.1%
DG Dec. 31, 2025 4,973 $511,921 -10.4%
CERT Sept. 30, 2025 43,741 $511,768 -23.4%
SYM Dec. 31, 2025 9,219 $496,904 -27.3%
BTZ Dec. 31, 2025 43,627 $482,076 -13.5%
MUE March 31, 2026 47,303 $474,450 No longer tracked
MMU Dec. 31, 2025 41,109 $425,062 -13.5%
IQI Sept. 30, 2025 44,873 $420,909 -9.2%
MVT March 31, 2026 38,068 $411,511 No longer tracked
PAYC June 30, 2026 3,348 $406,967 75.8%
CXE June 30, 2026 101,715 $377,364 No longer tracked
BIT June 30, 2026 26,326 $329,605 -9.6%
PEP June 30, 2025 2,152 $322,671 -4.7%
MDT June 30, 2025 3,415 $306,872 -0.9%
VKQ Dec. 31, 2025 31,612 $305,060 -10.9%
CHGCY Sept. 30, 2025 10,773 $280,852 No longer tracked
IWF June 30, 2025 764 $275,865 18.9%
MVF March 31, 2026 39,648 $274,761 No longer tracked
HDB March 31, 2026 7,156 $261,480 -10.2%
EVV Dec. 31, 2025 24,878 $252,512 No longer tracked
VMO Sept. 30, 2025 26,289 $241,331 -12.0%
MFC Sept. 30, 2025 7,016 $224,231 37.8%
BAESY June 30, 2026 1,897 $221,001 No longer tracked
CHGCY June 30, 2026 7,825 $215,344 No longer tracked
SBGSY Sept. 30, 2025 3,967 $211,758 No longer tracked
FISV March 31, 2026 3,080 $206,884 -20.5%
LRLCY Dec. 31, 2025 2,383 $206,463 No longer tracked
DASTY June 30, 2025 5,411 $206,430 No longer tracked
VGM Sept. 30, 2025 21,707 $206,004 -12.1%
ISRG March 31, 2026 360 $203,890 -15.0%
SONY Dec. 31, 2025 7,075 $203,689 -7.0%
MTHRY Dec. 31, 2025 10,998 $91,833 No longer tracked