Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +29.4%
S&P 500 total return (same window) +37.0%
Excess return -7.6%

Annualized: +22.9% · 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: 99.7% · Options excluded: 4.0%

Sector breakdown

04
Financials 34.5%
Technology 13.6%
Healthcare 12.5%
Industrials 10.8%
Communication Services 9.7%
Consumer Staples 6.6%
Consumer Discretionary 4.1%
Retail 2.4%
Materials 2.4%
Real Estate 0.5%
Consumer products 0.3%
Other/Unmapped 2.6%

Full portfolio 79 positions

05
Type Streak 8Q trend
LPLA LPL Financial Holdings Inc. - Common Stock $677,620,393 11.03% 2,405,639 $-21,315,996 Up ×4
PRMB Primo Brands Corporation Class A Common Stock $404,108,826 6.58% 16,534,731 $90,973,477 Down ×1
FSLR First Solar, Inc. - Common Stock $246,691,225 4.02% 1,045,479 $145,904,975 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $210,532,914 3.43% 440,842 $58,603,774 Down ×2
BLK BlackRock, Inc. Common Stock $201,153,545 3.28% 209,195 $54,439,877 Up ×1
FWONK Liberty Media Corporation - Series C Liberty Formula One Common Stock $200,791,734 3.27% 2,110,487 $57,737,422 Up ×2
JPM JP Morgan Chase & Co. Common Stock $166,232,904 2.71% 507,845 $-227,927,376 Down ×1
MS Morgan Stanley Common Stock $151,160,587 2.46% 723,118 $-66,655,049 Down ×2
VSEC VSE Corporation - Common Stock $147,886,343 2.41% 647,205 $60,195,107 Up ×2
BAC Bank of America Corporation Common Stock $142,325,043 2.32% 2,497,807 $119,254,690 Up ×1
MSGS Madison Square Garden Sports Corp. Class A Common Stock (New) $137,904,656 2.25% 343,183 $67,886,380 Up ×1
WSC WillScot Holdings Corporation - Class A Common Stock $134,237,788 2.19% 4,651,344 $53,401,799 Down ×1
KSPI Joint Stock Company Kaspi.kz - American Depository Shares $129,815,485 2.11% 1,498,332 $50,783,165 Up ×2
BWA BorgWarner Inc. Common Stock $127,314,696 2.07% 1,917,390 Up ×1
MKSI MKS Inc. - Common Stock $125,386,007 2.04% 281,893 $11,242,827 Down ×1
COF Capital One Financial Corporation Common Stock $122,773,621 2.00% 611,971 $-96,598,819 Down ×2
CRS Carpenter Technology Corporation Common Stock $112,924,282 1.84% 183,069 $39,873,309 Down ×1
AMZN Amazon.com, Inc. - Common Stock $99,033,846 1.61% 415,515 $-83,813,260 Down ×1
META Meta Platforms, Inc. - Class A Common Stock $91,140,322 1.48% 161,800 Call option Up ×1
MRX Marex Group plc - Ordinary Shares $90,404,088 1.47% 1,483,250 $15,113,951 Down ×1
GH Guardant Health, Inc. - Common Stock $84,298,256 1.37% 561,876 $61,285,470 Up ×1
BRSL Brightstar Lottery PLC Trading under the Legal Name to begin at the market open on July 21, 2025. Ordinary Shares $80,865,334 1.32% 7,543,408 $-3,207,302 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $79,819,884 1.30% 141,703 $-86,580,694 Down ×1
ITUB Itau Unibanco Banco Holding SA American Depositary Shares (Each repstg 500 Preferred shares) $79,434,075 1.29% 9,722,653
INSM Insmed Incorporated - Common Stock $78,106,400 1.27% 732,568 $9,885,039 Up ×3
MRK Merck & Company, Inc. Common Stock (new) $72,699,519 1.18% 565,755 $-14,688,881 Down ×1
AMAT Applied Materials, Inc. - Common Stock $65,620,926 1.07% 90,762 Up ×1
TTMI TTM Technologies, Inc. - Common Stock $64,453,451 1.05% 344,634 $19,654,181 Down ×1
BMA Banco Macro S.A. ADR (representing Ten Class B Common Shares) $62,146,038 1.01% 671,196 $19,860,238 Up ×1
CNM Core & Main, Inc. Class A Common Stock $61,888,731 1.01% 1,282,668 $-25,632,359 Down ×2
AXSM Axsome Therapeutics, Inc. - Common Stock $60,217,091 0.98% 246,015 Up ×1
Unknown issuer (CUSIP: 84615Q103) $59,801,000 0.97% 350,000 Up ×1
BBAR Banco BBVA Argentina S.A. ADS $57,915,310 0.94% 2,953,356 $20,222,072 Up ×2
RBA RB Global, Inc. Common Stock $57,210,021 0.93% 491,284 $-55,542,169 Down ×2
WDC Western Digital Corporation - Common Stock $55,937,181 0.91% 87,577 $4,736,940 Down ×1
ASML ASML Holding N.V. - New York Registry Shares $54,974,196 0.90% 27,633 $-4,847,515 Down ×2
STEP StepStone Group Inc. - Class A Common Stock $52,489,976 0.85% 1,269,100 $9,759,340 Up ×1
MELI MercadoLibre, Inc. - Common Stock $49,915,148 0.81% 29,407 $-65,597,219 Down ×1
IP International Paper Company Common Stock $49,760,162 0.81% 1,306,041 $-38,959,765 Down ×1
RCUS Arcus Biosciences, Inc. Common Stock $47,699,621 0.78% 1,547,182 $6,477,921 Down ×1
ELVN Enliven Therapeutics, Inc. - Common Stock $46,316,328 0.75% 912,637 Up ×1
HOOD Robinhood Markets, Inc. - Class A Common Stock $45,592,402 0.74% 454,651 Up ×1
MTRN Materion Corporation $45,120,308 0.73% 151,721 Up ×1
LLY Eli Lilly and Company Common Stock $44,528,840 0.72% 37,125 $-20,907,276 Down ×2
MTZ MasTec, Inc. Common Stock $41,870,614 0.68% 100,636 $-2,555,246 Down ×5
ERAS Erasca, Inc. - Common Stock $41,347,983 0.67% 2,256,986 Up ×1
GTX Garrett Motion Inc. - Common Stock $40,887,476 0.67% 1,128,553 Up ×1
IBN ICICI Bank Limited Common Stock $40,625,308 0.66% 1,399,425 Up ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $40,469,893 0.66% 97,370 Up ×1
CIFR Cipher Mining Inc. - Common Stock $40,455,161 0.66% 1,651,231 Up ×1
DYN Dyne Therapeutics, Inc. - Common Stock $38,972,065 0.63% 1,754,708 $4,116,360 Down ×1
MSI Motorola Solutions, Inc. Common Stock $38,338,327 0.62% 92,317 Up ×1
SYRE Spyre Therapeutics, Inc. - Common Stock $35,518,659 0.58% 400,075 $15,511,078 Up ×1
ARES Ares Management Corporation Class A Common Stock $35,370,534 0.58% 317,766 Up ×1
LYB LyondellBasell Industries NV Ordinary Shares Class A (Netherlands) $34,686,611 0.56% 658,815 $-20,595,998 Down ×1
Unknown issuer (CUSIP: G2R11M108) $33,723,108 0.55% 687,385 Up ×1
INTR Inter & Co. Inc. - Class A Common Shares $33,177,490 0.54% 6,110,035 $-33,971,804 Down ×2
NEO NeoGenomics, Inc. - Common Stock $31,096,207 0.51% 2,131,337 $12,120,677 Down ×1
VINP Vinci Compass Investments Ltd. - Class A Common Shares $29,547,325 0.48% 3,036,724 $4,088,760 Up ×4
CBRE CBRE Group Inc Common Stock Class A $28,903,396 0.47% 214,592 $-44,875,842 Down ×1
Unknown issuer (CUSIP: 15675D103) $28,749,669 0.47% 130,089 Up ×1
RVMD Revolution Medicines, Inc. - Common Stock $28,333,591 0.46% 151,290 $-7,838,352 Down ×1
STM STMicroelectronics N.V. Common Stock $27,456,622 0.45% 366,626 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $26,087,767 0.42% 73,834 Up ×1
XLY XLY $24,424,850 0.40% 208,261 $4,834,278 Up ×2
TNGX Tango Therapeutics, Inc. - Common Stock $23,959,946 0.39% 766,473 Up ×1
FWONA Liberty Media Corporation - Series A Liberty Formula One Common Stock $23,042,366 0.38% 263,221 $15,410,124 Up ×1
BLDR Builders FirstSource, Inc. Common Stock $22,345,214 0.36% 249,723 $-19,755,302 Down ×1
PCT PureCycle Technologies, Inc. - Common stock $20,558,752 0.33% 2,534,988 $7,377,678 Down ×4
BRKR Bruker Corporation - Common Stock $20,296,547 0.33% 337,264 $-35,330,022 Down ×1
LFUS Littelfuse, Inc. - Common Stock $19,998,549 0.33% 43,921 Up ×1
ITGR Integer Holdings Corporation Common Stock $19,327,890 0.31% 206,826 $2,327,610 Up ×1
TXG 10x Genomics, Inc. - Common Stock $19,325,201 0.31% 504,048 Up ×1
DNTH Dianthus Therapeutics, Inc. - Common Stock $19,137,858 0.31% 196,326 $-17,041,313 Down ×1
CLX Clorox Company (The) Common Stock $18,353,112 0.30% 192,300 Call option Up ×1
MOH Molina Healthcare Inc Common Stock $16,300,592 0.27% 71,275 Up ×1
PICS PicS N.V. - Class A Common Shares $15,522,405 0.25% 1,460,245 $1,014,879 Up ×1
MU Micron Technology, Inc. - Common Stock $7,194,689 0.12% 6,233 Up ×1
VOO VANGUARD INDEX FUNDS $281,592 0.00% 410 $44,962 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
LPLA $677,620,393 11.03% up ×4
INSM $78,106,400 1.27% up ×3
VINP $29,547,325 0.48% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
BWA $127,314,696 1,917,390 2.07%
META $91,140,322 161,800 1.48%
ITUB $79,434,075 9,722,653 1.29%
AMAT $65,620,926 90,762 1.07%
AXSM $60,217,091 246,015 0.98%
Unknown issuer (CUSIP: 84615Q103) $59,801,000 350,000 0.97%
ELVN $46,316,328 912,637 0.75%
HOOD $45,592,402 454,651 0.74%
MTRN $45,120,308 151,721 0.73%
ERAS $41,347,983 2,256,986 0.67%
GTX $40,887,476 1,128,553 0.67%
IBN $40,625,308 1,399,425 0.66%
UNH $40,469,893 97,370 0.66%
CIFR $40,455,161 1,651,231 0.66%
MSI $38,338,327 92,317 0.62%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
JPM Trimmed -832K -$227.9M
FSLR Bought more +535K +$145.9M
COF Trimmed -591K -$96.6M
PRMB Trimmed -95K +$91.0M
META Trimmed -149K -$86.6M
AMZN Trimmed -462K -$83.8M
MSGS Bought more +125K +$67.9M
MS Trimmed -600K -$66.7M
MELI Trimmed -37K -$65.6M
GH Bought more +313K +$61.3M

1 position 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
WING Dec. 31, 2025 643,868 $162,048,699 -55.2%
TSM Sept. 30, 2025 706,299 $159,969,660 69.3%
CMG Dec. 31, 2025 3,843,687 $150,634,094 -12.5%
FIVE Dec. 31, 2025 944,116 $146,054,746 17.4%
ORLY Dec. 31, 2025 1,324,426 $142,786,367 -6.9%
BURL Dec. 31, 2025 555,717 $141,429,978 -4.7%
FLUT Sept. 30, 2025 494,660 $141,354,042 -70.5%
TXRH Dec. 31, 2025 770,331 $127,990,496 -5.9%
PLNT Dec. 31, 2025 1,162,074 $120,623,282 -60.9%
HAS Dec. 31, 2025 1,546,304 $117,287,157 9.2%
NVDA June 30, 2026 647,922 $112,997,596 16.9%
EAT Dec. 31, 2025 878,584 $111,299,021 40.7%
IVZ March 31, 2026 4,211,041 $110,624,046 26.2%
SNPS Dec. 31, 2025 222,724 $109,889,793 4.3%
LYV June 30, 2026 714,024 $108,895,800 -7.8%
TPR Dec. 31, 2025 925,115 $104,741,520 -7.6%
NFLX Dec. 31, 2025 86,917 $104,206,529 -28.5%
MSFT June 30, 2026 252,873 $93,605,999 38.7%
AS Dec. 31, 2025 2,683,089 $93,237,343 -27.3%
DKNG Dec. 31, 2025 2,385,973 $89,235,390 -46.1%
DECK Dec. 31, 2025 843,933 $85,549,489 -23.7%
ROST Sept. 30, 2025 654,283 $83,473,425 50.0%
TEL March 31, 2026 352,592 $80,218,205 5.4%
CROX Sept. 30, 2025 770,124 $77,998,158 41.3%
KR Sept. 30, 2025 1,074,209 $77,053,011 -12.4%
PEN March 31, 2026 212,956 $66,210,151 -3.3%
MGM Dec. 31, 2025 1,811,526 $62,787,491 -16.5%
EQH June 30, 2025 1,204,620 $62,748,656 -6.2%
TFC June 30, 2025 1,514,502 $62,321,757 8.0%
AMT Dec. 31, 2025 320,592 $61,656,254 -7.6%
ICLR March 31, 2026 337,681 $61,532,231 46.4%
FHN June 30, 2025 3,110,684 $60,409,483 10.5%
WH June 30, 2025 661,554 $59,877,253 -11.6%
CASY Dec. 31, 2025 105,396 $59,582,466 11.8%
SNDK June 30, 2025 1,246,673 $59,354,102 3692.7%
FICO March 31, 2026 34,939 $59,068,572 -38.1%
CME Sept. 30, 2025 212,252 $58,500,896 -2.6%
SPHR March 31, 2026 606,525 $57,668,398 9.2%
ITUB March 31, 2026 7,922,354 $56,724,055 2.5%
MRVL Sept. 30, 2025 725,257 $56,134,892 223.9%
CCJ June 30, 2026 499,263 $54,224,954 -16.4%
AVGO June 30, 2025 319,621 $53,514,145 28.8%
TRV Dec. 31, 2025 181,910 $50,792,911 24.2%
CRM June 30, 2025 188,397 $50,558,218 -13.9%
GAP Dec. 31, 2025 2,324,716 $49,725,675 -12.1%
AMD March 31, 2026 224,837 $48,151,091 211.6%
MLYS March 31, 2026 1,304,932 $47,355,982 -12.8%
DOW June 30, 2026 1,135,045 $47,274,624 2.2%
WDC Dec. 31, 2025 393,626 $47,258,738 141.1%
SPXC June 30, 2026 233,223 $46,630,606 -29.4%
JBTM June 30, 2026 351,608 $44,960,115 -25.1%
CAH Dec. 31, 2025 282,126 $44,282,498 11.1%
KKR June 30, 2025 372,052 $43,012,932 -32.1%
SAIA Sept. 30, 2025 153,528 $42,065,137 17.3%
NOK June 30, 2026 5,212,154 $41,905,718 -20.2%
ODFL Sept. 30, 2025 256,163 $41,575,255 28.2%
ILMN June 30, 2026 325,999 $40,182,637 55.3%
WBS March 31, 2026 626,862 $39,454,694 No longer tracked
HSY June 30, 2026 184,800 $38,418,072 -8.7%
MUSA Sept. 30, 2025 93,260 $37,938,168 32.6%
CTRI Dec. 31, 2025 1,740,084 $36,837,578 -17.2%
JHX (filed as JHXXXXX) Sept. 30, 2025 1,319,531 $35,482,189 30.1%
XENE June 30, 2025 1,016,381 $34,099,582 21.5%
EVR Sept. 30, 2025 124,703 $33,672,304 -22.4%
CVCO June 30, 2026 69,484 $33,650,407 -4.8%
KRMN June 30, 2026 419,314 $33,566,086 -31.6%
SLNO Dec. 31, 2025 466,175 $31,513,430 No longer tracked
ALB March 31, 2026 214,102 $30,282,587 -41.7%
SPOT June 30, 2026 61,640 $29,889,853 3.0%
CDTX Dec. 31, 2025 307,960 $29,490,250 No longer tracked
KO March 31, 2026 420,189 $29,375,413 12.6%
FCX March 31, 2026 576,122 $29,261,236 22.6%
REGN June 30, 2025 45,914 $29,120,036 40.0%
BSX March 31, 2026 299,118 $28,520,901 -32.1%
CNR June 30, 2025 367,066 $28,300,789 27.6%
AMRZ June 30, 2026 502,099 $28,127,587 -30.1%
CDNS June 30, 2025 107,209 $27,266,465 14.0%
ICE Sept. 30, 2025 146,966 $26,963,852 -10.9%
SPOT June 30, 2025 48,772 $26,826,064 -38.4%
OLMA March 31, 2026 1,069,543 $26,738,575 -44.8%
CVS June 30, 2026 363,765 $26,125,602 -16.4%
XYZ March 31, 2026 399,219 $25,985,166 23.5%
PAX June 30, 2026 2,052,068 $25,856,057 -7.0%
RBC Dec. 31, 2025 65,925 $25,729,868 15.0%
TERN June 30, 2026 472,472 $24,908,724 No longer tracked
AN March 31, 2026 119,862 $24,749,106 -16.8%
NTRA March 31, 2026 108,007 $24,743,323 105.2%
SE Dec. 31, 2025 137,630 $24,598,610 -25.4%
VERA June 30, 2025 978,423 $23,501,719 29.1%
MEOH June 30, 2026 384,212 $22,875,983 26.6%
NUVL June 30, 2025 309,594 $21,956,407 No longer tracked
CHDN March 31, 2026 175,516 $19,970,210 -15.3%
SNPS June 30, 2025 45,807 $19,644,332 -4.4%
REZI March 31, 2026 549,475 $19,297,563 -45.6%
SKY March 31, 2026 218,754 $18,484,714 18.5%
CE Dec. 31, 2025 397,325 $16,719,436 4.5%
ENTG Sept. 30, 2025 207,078 $16,700,841 80.0%
KBR June 30, 2025 322,376 $16,057,548 -28.6%
AAPL Dec. 31, 2025 58,685 $14,942,961 22.7%
IDYA June 30, 2025 791,266 $12,960,936 77.7%
CRVS June 30, 2025 4,065,935 $12,929,674 172.5%
COHR June 30, 2026 53,557 $12,757,814 -14.6%
ABVX March 31, 2026 84,286 $11,366,389 -16.6%
AEVA Sept. 30, 2025 289,128 $10,926,148 1.8%
SMG Sept. 30, 2025 164,800 $10,870,208 -13.9%
RIOT Dec. 31, 2025 504,249 $9,595,859 55.7%
LULU March 31, 2026 44,200 $9,185,202 -38.3%
AUB June 30, 2025 294,851 $9,181,660 24.1%
GGAL Dec. 31, 2025 329,522 $9,081,627 -33.5%
BHF June 30, 2025 150,892 $8,750,227 -7.0%
EL Sept. 30, 2025 103,385 $8,353,508 4.4%
AGBK June 30, 2026 1,064,972 $7,742,346 -22.9%
GGAL June 30, 2026 133,715 $6,245,827 -28.3%
NRIX June 30, 2025 515,103 $6,119,423 101.8%
MDLN March 31, 2026 124,542 $5,230,764 -20.0%
RKT June 30, 2025 422,188 $5,095,809 -17.5%
SAN June 30, 2026 448,813 $5,062,611 -3.2%
CCCC June 30, 2025 3,015,139 $4,824,223 106.3%
PCTTW June 30, 2025 2,857,142 $4,428,570
MRUS Dec. 31, 2025 43,244 $4,071,423 No longer tracked
SFIX Sept. 30, 2025 997,642 $3,691,276 -40.0%
VTMX June 30, 2026 77,130 $2,571,515 -5.4%