Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +5.5%
S&P 500 total return (same window) +37.0%
Excess return -31.5%

Annualized: +4.4% · 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: 90.8% · Options excluded: 0.0%

Sector breakdown

04
Technology 20.2%
Financials 19.8%
Consumer Discretionary 18.3%
Retail 16.1%
Consumer products 10.2%
Consumer Staples 4.1%
Energy 3.1%
Communication Services 1.7%
Industrials 0.1%
Healthcare 0.1%
Other/Unmapped 6.4%

Full portfolio 40 positions

05
Type Streak 8Q trend
DJCO Daily Journal Corp. (S.C.) - Common Stock $212,998,611 15.74% 354,295 $39,086,101 Down ×2
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $212,822,597 15.73% 2,217,364 $-58,393,945 Up ×1
WFC Wells Fargo & Company Common Stock $138,851,480 10.26% 1,680,197 $1,815,284 Down ×6
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $128,071,818 9.46% 255,944 $11,342,052 Up ×2
WHR Whirlpool Corporation Common Stock $123,795,317 9.15% 3,140,419 $-6,832,246 Up ×6
FOXF Fox Factory Holding Corp. - Common Stock $91,192,805 6.74% 5,381,694 $118,440 Down ×1
SGOV iShares Trust $85,090,263 6.29% 845,240 $12,536,729 Up ×1
CRI Carter's, Inc. Common Stock $59,436,892 4.39% 1,444,045 $-24,325,866 Down ×3
KHC The Kraft Heinz Company - Common Stock $55,497,788 4.10% 2,349,610 $-16,573,621 Down ×1
XOM Exxon Mobil Corporation Common Stock $41,224,361 3.05% 301,524 $-13,321,808 Down ×6
PII Polaris Inc. Common Stock $34,165,971 2.52% 499,211 $-14,227,906 Down ×4
MSFT Microsoft Corporation - Common Stock $33,701,984 2.49% 90,349 $143,112 Down ×6
LULU lululemon athletica inc. - Common Stock $26,898,639 1.99% 235,581 $15,663,395 Up ×1
ADBE Adobe Inc. - Common Stock $21,353,038 1.58% 104,151 $9,076,283 Up ×1
CROX Crocs, Inc. - Common Stock $19,340,522 1.43% 160,316 Up ×1
AMCX AMC Networks Inc. - Class A Common Stock $13,991,451 1.03% 1,401,949 $3,650,498 Down ×4
HELE Helen of Troy Limited - Common Stock $13,796,942 1.02% 474,611 $-3,129,672 Down ×1
HRB H&R Block, Inc. Common Stock $11,282,038 0.83% 296,272 $-155,598 Down ×1
TME Tencent Music Entertainment Group American Depositary Shares, each representing two Class A Ordinary Shares $8,912,662 0.66% 1,054,403 Up ×1
WGO Winnebago Industries, Inc. Common Stock $4,053,598 0.30% 129,757 $-1,097,653 Down ×4
COST Costco Wholesale Corporation - Common Stock $4,040,295 0.30% 4,319 $-171,615 Up ×1
AAPL Apple Inc. - Common Stock $2,268,872 0.17% 7,841 $420,773 Up ×1
IBM International Business Machines Corporation Common Stock $1,793,557 0.13% 6,378 $245,412 Down ×6
RSG Republic Services, Inc. Common Stock $1,279,758 0.09% 6,006 $-51,446 Down ×6
TBLL Invesco Exchange-Traded Fund Trust II $1,233,480 0.09% 11,684 $-25,309 Down ×2
NVDA NVIDIA Corporation - Common Stock $1,184,333 0.09% 5,919 $183,277 Up ×1
GILD Gilead Sciences, Inc. - Common Stock $905,731 0.07% 7,169 $-93,413
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $748,850 0.06% 1 Up ×1
ACN Accenture plc Class A Ordinary Shares (Ireland) $492,782 0.04% 3,960 $-330,716 Down ×3
CVX Chevron Corporation Common Stock $452,193 0.03% 2,728 $-90,506 Up ×1
SBUX Starbucks Corporation - Common Stock $416,833 0.03% 4,079 $51,825 Up ×3
GOOG Alphabet Inc. - Class C Capital Stock $287,964 0.02% 815 Up ×1
IVV iShares Trust $285,327 0.02% 381 $29,269 Down ×2
SYK Stryker Corporation Common Stock $252,722 0.02% 803
USFD US Foods Holding Corp. Common Stock $218,508 0.02% 2,137 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $216,209 0.02% 605
ORCL Oracle Corporation Common Stock $213,963 0.02% 1,460 $-4,790 Down ×1
TJX TJX Companies, Inc. (The) Common Stock $207,706 0.02% 1,371 $-10,569 Up ×1
XPOF Xponential Fitness, Inc. Class A Common Stock $207,600 0.02% 30,000 $27,000
AMZN Amazon.com, Inc. - Common Stock $202,827 0.01% 851 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
WHR $123,795,317 9.15% up ×6
SBUX $416,833 0.03% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CROX $19,340,522 160,316 1.43%
TME $8,912,662 1,054,403 0.66%
BRK-A (filed as BRKA) $748,850 1 0.06%
GOOG $287,964 815 0.02%
SYK $252,722 803 0.02%
USFD $218,508 2,137 0.02%
GOOGL $216,209 605 0.02%
AMZN $202,827 851 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
BABA Bought more +56K -$58.4M
DJCO Trimmed -6K +$39.1M
CRI Trimmed -898K -$24.3M
KHC Trimmed -855K -$16.6M
LULU Bought more +162K +$15.7M
PII Trimmed -389K -$14.2M
XOM Trimmed -20K -$13.3M
SGOV Bought more +124K +$12.5M
BRK-B (filed as BRKB) Bought more +12K +$11.3M
ADBE Bought more +54K +$9.1M

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
FAF June 30, 2026 29,057 $1,751,847 -8.9%
WNC June 30, 2026 55,375 $477,333 4.0%
PGR Dec. 31, 2025 1,191 $294,117 -7.6%
WMT March 31, 2026 2,388 $266,102 -16.1%
GOOGL March 31, 2026 814 $254,782 19.5%
SYK March 31, 2026 633 $222,314 -16.2%
SNOW Dec. 31, 2025 969 $218,558 55.5%
TYL Dec. 31, 2025 400 $209,264 -28.9%
MCD June 30, 2025 648 $202,416 -20.6%