Sector breakdown

04
Consumer Discretionary 9.7%
Real Estate 5.5%
Energy 5.1%
Communication Services 3.6%
Industrials 2.8%
Retail 2.6%
Materials 1.5%
Technology 0.3%
Healthcare 0.2%
Other/Unmapped 68.5%

Full portfolio 40 positions

05
Type Streak 8Q trend
QQQ Invesco QQQ Trust, Series 1 $22,292 15.63% 30,271 $2,841 Down ×4
SRUUF CUSIP: 85210A104 $14,520 10.18% 789,235 $-1,290 Up ×1
SMH SMH $13,846 9.71% 21,110 $4,165 Down ×3
XLI SELECT SECTOR SPDR TRUST $8,478 5.95% 45,770 $1,631 Up ×2
PPH VanEck ETF Trust $7,363 5.16% 67,330 Up ×1
NXE Nexgen Energy Ltd. Common Shares $7,336 5.14% 781,300 $-1,653 Up ×2
KWEB Krane Shares Trust $7,165 5.02% 292,791 $158 Up ×3
XLU XLU $7,122 4.99% 157,085 $662 Up ×6
XLB XLB $5,512 3.87% 108,440 $510 Up ×1
GLD SPDR Gold Shares $4,548 3.19% 12,346 $-336 Up ×1
XLF SELECT SECTOR SPDR TRUST $4,381 3.07% 81,720
JOE St. Joe Company (The) Common Stock $4,295 3.01% 68,585 $150 Up ×2
BE Bloom Energy Corporation Class A Common Stock $4,056 2.84% 13,399 $2,222 Down ×1
AMZN Amazon.com, Inc. - Common Stock $3,767 2.64% 15,804 Up ×1
FCPT Four Corners Property Trust, Inc. Common Stock $3,588 2.52% 146,145 $408 Up ×5
ETH Grayscale Ethereum Staking Mini ETF Shares $3,010 2.11% 200,250 $-804 Up ×2
SFTBY CUSIP: 83404D109 $2,474 1.73% 131,450 Up ×1
SKM SK Telecom Co., Ltd. Common Stock $2,421 1.70% 75,270 Up ×1
SATS EchoStar Corporation - Common stock $2,083 1.46% 20,526 $516 Up ×1
IBIT iShares Bitcoin Trust ETF $1,805 1.27% 54,230 $-197 Up ×4
MAGS Listed Funds Trust $1,784 1.25% 27,750 Up ×1
SPHCF CUSIP: 85210C100 $1,374 0.96% 120,745 $119 Down ×1
Unknown issuer (CUSIP: 15675D103) $1,245 0.87% 5,634 Up ×1
SLV iShares Silver Trust $1,140 0.80% 21,328 $52 Up ×1
LYSDY CUSIP: 551073307 $913 0.64% 72,570 Up ×1
MP MP Materials Corp. Common Stock $767 0.54% 13,698 $222 Up ×1
AUGO Aura Minerals Inc. - Common Shares $755 0.53% 12,000 Up ×1
CIBR First Trust NASDAQ Cybersecurity ETF $719 0.50% 8,000 $218
ERO Ero Copper Corp. Common Shares $635 0.45% 23,745 Up ×1
UUUU CUSIP: 292671708 $624 0.44% 43,058 $-16 Up ×1
VGUS Vanguard Ultra-Short Treasury ETF $414 0.29% 5,470 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $357 0.25% 1,000 $69
NVO Novo Nordisk A/S Common Stock $312 0.22% 6,500 Up ×1
VGSH Vanguard Short-Term Treasury ETF $297 0.21% 5,100 Up ×1
SPY SPY $243 0.17% 325 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $239 0.17% 425 Up ×1
MSFT Microsoft Corporation - Common Stock $226 0.16% 605 $4 Up ×1
NVDA NVIDIA Corporation - Common Stock $200 0.14% 1,000
GSOL Grayscale Solana Staking ETF $158 0.11% 28,650 $-21 Down ×1
SOLZ Solana ETF $136 0.10% 18,400 $14 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
KWEB $7,165 5.02% up ×3
XLU $7,122 4.99% up ×6
FCPT $3,588 2.52% up ×5
IBIT $1,805 1.27% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
PPH $7,363 67,330 5.16%
XLF $4,381 81,720 3.07%
AMZN $3,767 15,804 2.64%
SFTBY $2,474 131,450 1.73%
SKM $2,421 75,270 1.70%
MAGS $1,784 27,750 1.25%
Unknown issuer (CUSIP: 15675D103) $1,245 5,634 0.87%
LYSDY $913 72,570 0.64%
AUGO $755 12,000 0.53%
ERO $635 23,745 0.45%
VGUS $414 5,470 0.29%
NVO $312 6,500 0.22%
VGSH $297 5,100 0.21%
SPY $243 325 0.17%
META $239 425 0.17%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SMH Trimmed -4K +$4K
QQQ Trimmed -3K +$3K
BE Trimmed -140 +$2K
NXE Bought more +6K -$2K
XLI Bought more +3K +$2K
SRUUF Bought more +7K -$1K
ETH Bought more +8K -$804
XLU Bought more +16K +$662
SATS Bought more +7K +$516
XLB Bought more +8K +$510

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
SPY Dec. 31, 2025 110,400 $73,546 No longer tracked
KWEB June 30, 2025 174,750 $6,101
RSP Dec. 31, 2025 22,050 $4,183 10.2%
IBB Dec. 31, 2025 24,270 $3,504 21.6%
ETHE March 31, 2026 139,300 $3,395 25.5%
XLF June 30, 2025 50,300 $2,505 2.1%
VAL Dec. 31, 2025 48,800 $2,380 55.5%
AMD March 31, 2026 9,300 $1,992 211.6%
COHR March 31, 2026 8,800 $1,624 41.5%
TSLA June 30, 2026 3,167 $1,177 -11.9%
BLMN March 31, 2026 174,350 $1,076 57.0%
URNM March 31, 2026 14,800 $812 -24.9%
ARM March 31, 2026 6,015 $658 103.3%
PSTG June 30, 2026 10,976 $648 No longer tracked
ALAB June 30, 2026 5,285 $579 -27.5%
RIOT June 30, 2026 42,680 $528 -27.9%
MUB March 31, 2026 4,400 $471
SHYM March 31, 2026 15,750 $350
NVDA March 31, 2026 1,000 $187 34.1%