Performance vs S&P 500

03
Tracked Q3 2025–Q2 2026 +22.1%
S&P 500 total return (same window) +13.0%
Excess return +9.1%

Annualized: +30.5% · S&P 500: +17.7%

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: 99.6% · Options excluded: 0.0%

Sector breakdown

04
Energy 38.2%
Industrials 16.0%
Materials 16.0%
Real Estate 9.3%
Consumer products 4.6%
Technology 4.4%
Retail 4.0%
Financials 2.9%
Consumer Discretionary 2.3%
Health Care 1.2%
Communication Services 0.6%
Consumer Staples 0.1%
Other/Unmapped 0.5%

Full portfolio 61 positions

05
Type Streak 8Q trend
TDW Tidewater Inc. Common Stock $193,652,099 31.26% 2,906,380 $-50,371,467 Down ×2
BLDR Builders FirstSource, Inc. Common Stock $45,648,938 7.37% 510,158 $2,541,197 Down ×1
FPH Five Point Holdings, LLC Class A Common Shares $36,701,966 5.92% 6,964,320 $2,994,657
LXU LSB Industries, Inc. Common Stock $22,913,946 3.70% 2,119,699 $-8,675,530 Down ×6
WFG West Fraser Timber Co. Ltd Common stock $20,021,210 3.23% 296,043 $702,613 Up ×1
CVCO Cavco Industries, Inc. - Common Stock $19,903,454 3.21% 32,396 $4,218,270 Up ×2
ABG Asbury Automotive Group Inc Common Stock $17,537,192 2.83% 87,215 $10,403,164 Up ×3
WLK Westlake Corporation Common Stock $17,182,667 2.77% 235,379 $243,300 Up ×1
JEF Jefferies Financial Group Inc. Common Stock $16,407,385 2.65% 328,279 $2,872,104 Up ×1
AER AerCap Holdings N.V. Ordinary Shares $15,527,902 2.51% 106,516 $919,055 Up ×1
IIIN Insteel Industries, Inc. Common Stock $14,421,406 2.33% 477,530 $4,412,012 Up ×1
MT Arcelor Mittal NY Registry Shares NEW $14,251,545 2.30% 236,658 $1,954,636 Up ×1
WDC Western Digital Corporation - Common Stock $13,905,573 2.24% 21,771 $1,315,886 Down ×5
AXR AMREP Corporation Common Stock $13,158,904 2.12% 521,765 $-1,518,335
CNQ Canadian Natural Resources Limited Common Stock $12,515,128 2.02% 316,591 $-3,285,358 Down ×2
NVGS Navigator Holdings Ltd. Ordinary Shares (Marshall Islands) $9,976,943 1.61% 535,531 $-374,871
TNL Travel Leisure Co. Common Stock $9,327,441 1.51% 122,039 $907,779 Up ×1
RYZ Ryerson Holding Corporation Common Stock $9,101,984 1.47% 369,849 $4,779,080 Up ×1
LECO Lincoln Electric Holdings, Inc. - Common Shares $8,898,302 1.44% 33,514 $577,037 Up ×1
SKY Champion Homes, Inc. Common Stock $7,983,320 1.29% 90,596 $1,264,288 Up ×3
MRP Millrose Properties, Inc. Class A Common Stock $7,522,266 1.21% 250,325 $538,086 Up ×1
RDNT RadNet, Inc. - Common Stock $7,460,343 1.20% 120,972 $726,045 Up ×1
SNDK Sandisk Corporation - Common Stock $6,909,865 1.12% 3,039 $1,029,158 Down ×5
ALSN Allison Transmission Holdings, Inc. Common Stock $6,600,251 1.07% 58,544 $-234,180 Up ×1
CSIQ Canadian Solar Inc. - Common Shares $6,409,602 1.03% 400,100 $896,332 Up ×2
LPX Louisiana-Pacific Corporation Common Stock $6,241,750 1.01% 79,351 $482,787 Up ×1
TECK Teck Resources Ltd Ordinary Shares $5,946,000 0.96% 100,000 $771,000
SMHI SEACOR Marine Holdings Inc. Common Stock $5,456,125 0.88% 713,219 $-42,368 Down ×2
NE Noble Corporation plc A Ordinary Shares $5,418,496 0.87% 145,268 $-1,709,805
SDRL Seadrill Limited Common Shares $5,038,002 0.81% 133,210 $-961,628 Up ×3
ASO Academy Sports and Outdoors, Inc. - Common Stock $4,894,922 0.79% 103,860 $1,878,798 Up ×1
DAN Dana Incorporated Common Stock $4,113,009 0.66% 151,158 $-973,458
SPOT Spotify Technology S.A. Ordinary Shares $3,443,475 0.56% 7,500 $-193,350
UHALB CUSIP: 023586506 $2,481,100 0.40% 43,000 $381,610 Down ×1
PLPC Preformed Line Products Company - Common Stock $2,436,674 0.39% 5,935 $829,773
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $2,395,750 0.39% 25,000 $325,500
CACI CACI International, Inc. Class A Common Stock $1,667,736 0.27% 3,600 $-290,196
RNGR Ranger Energy Services, Inc. Class A Common Stock $1,601,000 0.26% 100,000 $-113,000
MS Morgan Stanley Common Stock $1,358,760 0.22% 6,500 $289,055
HBM Hudbay Minerals Inc. Ordinary Shares (Canada) $1,298,550 0.21% 55,000 $149,050
CVEO Civeo Corporation (Canada) Common Shares $1,050,000 0.17% 30,000 Up ×1
AMRZ Amrize Ltd Ordinary Shares $1,039,350 0.17% 19,500 $199,050 Up ×3
AEIS Advanced Energy Industries, Inc. - Common Stock $1,016,071 0.16% 2,725 $138,158
GEOS Geospace Technologies Corporation - Common Stock $869,512 0.14% 128,436 Up ×1
AGI Alamos Gold Inc. Class A Common Shares $864,690 0.14% 28,500 $-90,555 Up ×1
LEGH Legacy Housing Corporation - Common Stock $861,104 0.14% 32,779 $-2,844,224 Down ×4
PBR Petroleo Brasileiro S.A. Petrobras ADS $808,000 0.13% 50,000 $-229,500
HGV Hilton Grand Vacations Inc. Common Stock $786,074 0.13% 15,010 $198,883
INSW International Seaways, Inc. Common Stock $765,900 0.12% 10,000 $37,100
AEM Agnico Eagle Mines Limited Common Stock $698,085 0.11% 4,500 $-75,878 Up ×1
CMI Cummins Inc. Common Stock $392,266 0.06% 550 $96,355
LZM Lifezone Metals Limited Ordinary Shares $388,000 0.06% 100,000 $52,000
SLB SLB Limited Common Shares $371,920 0.06% 8,000 $-39,200
SENEA Seneca Foods Corp. - Class A Common Stock $344,749 0.06% 1,982 $45,229
VAL Valaris Limited Common Shares $308,114 0.05% 4,244 $-107,968
ORLA CUSIP: 68634K106 $293,700 0.05% 30,000 $51,750 Up ×1
STRS Stratus Properties Inc. - Common Stock $232,875 0.04% 8,100 $-14,337
CET CUSIP: 155123102 $229,521 0.04% 4,376 $12,209
CAT Caterpillar, Inc. Common Stock $212,980 0.03% 200 Up ×1
MSGS Madison Square Garden Sports Corp. Class A Common Stock (New) $200,920 0.03% 500 Up ×1
Unknown issuer (CUSIP: 601137101) $45,075 0.01% 1,500 $3,075

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
ABG $17,537,192 2.83% up ×3
SKY $7,983,320 1.29% up ×3
SDRL $5,038,002 0.81% up ×3
AMRZ $1,039,350 0.17% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CVEO $1,050,000 30,000 0.17%
GEOS $869,512 128,436 0.14%
CAT $212,980 200 0.03%
MSGS $200,920 500 0.03%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TDW Trimmed -14K -$50.4M
ABG Bought more +51K +$10.4M
LXU Trimmed -400 -$8.7M
RYZ Bought more +178K +$4.8M
IIIN Bought more +180K +$4.4M
CVCO Bought more +8 +$4.2M
CNQ Trimmed -7K -$3.3M
FPH Price move only +0 +$3.0M
JEF Bought more +310 +$2.9M
LEGH Trimmed -149K -$2.8M

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
FTI March 31, 2026 156,251 $6,962,545 -0.4%
GIB June 30, 2026 13,000 $950,300 8.7%
OLN March 31, 2026 37,408 $779,209 -46.5%
AMKR March 31, 2026 17,395 $686,755 24.4%
ASTL Sept. 30, 2025 90,000 $620,100 22.1%
ATKR Sept. 30, 2025 7,000 $493,850 50.8%
RYZ Sept. 30, 2025 21,000 $452,970 11.9%
MRK June 30, 2025 3,000 $269,280 82.3%
AAPL Dec. 31, 2025 1,053 $268,084 22.7%
MANU Sept. 30, 2025 15,000 $267,150 32.6%
IBM June 30, 2025 1,000 $248,660 -24.5%
FRPH Sept. 30, 2025 9,000 $242,010 -16.7%
LQDT June 30, 2025 7,050 $218,621 83.3%
MKL March 31, 2026 100 $214,965 -9.2%
DMLP Sept. 30, 2025 7,525 $209,647 10.6%
DMLP June 30, 2026 7,525 $203,928 13.4%
NESR Dec. 31, 2025 10,000 $102,600 57.5%
PHX June 30, 2025 17,177 $67,849 No longer tracked
QIPT March 31, 2026 18,758 $66,216 No longer tracked
DRTSW March 31, 2026 50,000 $17,000 297.1%