Performance vs S&P 500

03
Tracked Q2 2025–Q4 2025 +0.3%
S&P 500 total return (same window) +11.9%
Excess return -11.6%

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: 86.5% · Options excluded: 0.0%

Sector breakdown

04
Industrials 11.7%
Financials 9.2%
Health Care 8.7%
Consumer Discretionary 7.4%
Technology 5.6%
Energy 2.9%
Communication Services 1.4%
Real Estate 0.7%
Consumer Staples 0.6%
Utilities 0.3%
Other/Unmapped 51.4%

Full portfolio 128 positions

05
Type Streak 8Q trend
HYAC CUSIP: G4375F108 $3,982,852 9.93% 349,987 $1,714,852 Up ×1
BEAG Bold Eagle Acquisition Corp. - Class A Ordinary Shares $1,244,864 3.10% 117,662 $-636,184 Down ×1
RGS Regis Corporation - Common Stock $913,974 2.28% 32,936 $-46,110
RGR Sturm, Ruger & Company, Inc. Common Stock $864,735 2.16% 26,485 Up ×1
LGN Legence Corp. - Class A Common stock $854,344 2.13% 19,850 $546,244 Up ×1
MDLN Medline Inc. - Class A common stock $840,000 2.09% 20,000 Up ×1
ALH Alliance Laundry Holdings Inc. Common Stock $804,273 2.01% 39,522 Up ×1
WBI WaterBridge Infrastructure LLC Class A Shares Representing Limited Liability Company Interests $800,400 2.00% 40,000 $169,900 Up ×1
SVAQU Silicon Valley Acquisition Corp. - Units $745,875 1.86% 75,000 Up ×1
NTSK Netskope, Inc. - Class A Common Stock $701,600 1.75% 40,000 $474,300 Up ×1
CAI Caris Life Sciences, Inc. - Common Stock $636,728 1.59% 23,600 $376,578 Up ×1
GTEN Gores Holdings X, Inc. - Class A ordinary shares $631,728 1.58% 61,632 $119,942 Up ×1
APACU StoneBridge Acquisition II Corporation - Units $602,400 1.50% 60,000 $4,200
MIAX Miami International Holdings, Inc. Common Stock $576,940 1.44% 13,000 $311,224 Up ×1
DRDB Roman DBDR Acquisition Corp. II - Ordinary shares $521,896 1.30% 50,038 $4,914 Down ×1
ULS UL Solutions Inc. Class A Common Stock $515,350 1.29% 6,535
LOKV Live Oak Acquisition Corp. V - Class A Ordinary Shares $515,000 1.28% 50,000 $-505,000 Down ×1
CEPV Cantor Equity Partners V, Inc. - Class A Ordinary Shares $512,500 1.28% 50,000 Up ×1
AIIAU CUSIP: G01336125 $509,000 1.27% 50,000 Up ×1
MBVIU M3-Brigade Acquisition VI Corp. - Units $506,250 1.26% 50,000 $250
VHCPU Vine Hill Capital Investment Corp. II - Units $501,050 1.25% 50,000 Up ×1
HCACU Hall Chadwick Acquisition Corp. - Unit $501,000 1.25% 50,000 Up ×1
BLRKU Bluerock Acquisition Corp. - Units $500,000 1.25% 50,000 Up ×1
ITHAU ITHAX Acquisition Corp III - Units $498,750 1.24% 50,000 Up ×1
BIXIU Bitcoin Infrastructure Acquisition Corp Ltd. - Units $498,000 1.24% 50,000 Up ×1
BEBEU CUSIP: G8773E126 $497,000 1.24% 50,000 Up ×1
VIA Via Transportation, Inc. Class A Common Stock $494,562 1.23% 17,048 $-322,798 Up ×1
IGACU Invest Green Acquisition Corporation - Units $471,410 1.18% 47,000 Up ×1
HTFL Heartflow, Inc. - Common Stock $463,981 1.16% 15,917 $211,531 Up ×1
YCYU CUSIP: G1000S117 $450,800 1.12% 44,700 Up ×1
BRCB Black Rock Coffee Bar, Inc. - Class A Common Stock $445,000 1.11% 20,000 $87,100 Up ×1
ATEX Anterix Inc. - Common Stock $436,600 1.09% 20,000 $-150,390 Down ×1
SBXEU CUSIP: G8148S123 $434,089 1.08% 43,150 Up ×1
ITT ITT Inc. Common Stock $433,775 1.08% 2,500 Up ×1
SARO StandardAero, Inc. Common Stock $430,200 1.07% 15,000 $-115,600 Down ×2
SNDA Sonida Senior Living, Inc. Common Stock $411,277 1.03% 12,612 $61,672
FIGR Figure Technology Solutions, Inc. - Class A Common Stock $408,400 1.02% 10,000 $99,255 Up ×1
RVMD Revolution Medicines, Inc. - Common Stock $398,250 0.99% 5,000 $164,750
CRCL Circle Internet Group, Inc. Class A Common Stock $396,500 0.99% 5,000 $197,630 Up ×1
CTRI Centuri Holdings, Inc. Common Stock $378,750 0.94% 15,000 $95,072 Up ×1
BLSH Bullish Ordinary Shares $378,700 0.94% 10,000 $365,978 Up ×1
BTSG BrightSpring Health Services, Inc. - Common Stock $374,500 0.93% 10,000
KGS Kodiak Gas Services, Inc. Common Stock $374,000 0.93% 10,000 $-180,550 Down ×2
KLAR Klarna Group plc Ordinary Shares $358,600 0.89% 12,404 $-44,550 Up ×1
VACIU CUSIP: G9582G120 $352,450 0.88% 35,000 Up ×1
ALDF Aldel Financial II Inc. - Class A Ordinary Shares $314,700 0.78% 30,000 $-77,175 Down ×2
CHYM Chime Financial, Inc. - Class A Common Stock $314,625 0.78% 12,500 $12,075 Down ×2
NP Neptune Insurance Holdings Inc. Class A Common Stock $306,180 0.76% 10,500 Up ×1
CRBG Corebridge Financial Inc. Common Stock $301,700 0.75% 10,000 $141,450 Up ×1
PACS PACS Group, Inc. Common Stock $287,925 0.72% 7,500 $116,300 Down ×1
COHR Coherent Corp. Common Stock $276,855 0.69% 1,500 Up ×1
JAKK JAKKS Pacific, Inc. - Common Stock $274,064 0.68% 16,236 $67,828 Up ×1
FIG Figma, Inc. Class A Common Stock $261,590 0.65% 7,000 $209,720 Up ×1
FACT FACT II Acquisition Corp. - Class A Ordinary Shares $260,250 0.65% 25,000 $-1,030,795 Down ×1
JENAU CUSIP: G5093B121 $260,000 0.65% 25,000 $-250
PAIIU CUSIP: G7309T128 $259,188 0.65% 25,000 $5,938
NHIC NewHold Investment Corp III - Class A Ordinary shares $259,125 0.65% 25,000 $4,625
OTGAU OTG Acquisition Corp. I - Unit $254,750 0.64% 25,000 $-254,601 Down ×1
SOCAU Solarius Capital Acquisition Corp. - Units $254,750 0.64% 25,000 $2,500
KBONU Karbon Capital Partners Corp. - Units $251,625 0.63% 25,000 Up ×1
TDWDU Tailwind 2.0 Acquisition Corp. - Unit $251,500 0.63% 25,000 Up ×1
MESHU Meshflow Acquisition Corp. - Units $250,000 0.62% 25,000 Up ×1
SLDE Slide Insurance Holdings, Inc. - Common Stock $228,851 0.57% 11,748 $7,861 Down ×2
SFD Smithfield Foods, Inc. - Common Stock $223,300 0.56% 10,000 $-363,700 Down ×1
AERO Grupo Aeromexico, S.A.B. de C.V. American Depositary Shares (each representing ten (10) Common Shares) $219,600 0.55% 10,000 Up ×1
ASIC Ategrity Specialty Insurance Company Holdings Common Stock $216,403 0.54% 10,300 $-86,078 Down ×1
IMNM Immunome, Inc. - Common Stock $214,800 0.54% 10,000 Up ×1
WAY Waystar Holding Corp. - Common Stock $214,513 0.53% 6,550 $-354,287 Down ×2
KVYO Klaviyo, Inc. Series A Common Stock $212,159 0.53% 6,534 $-64,741 Down ×2
OMCC Old Market Capital Corporation - Common Stock $209,743 0.52% 40,491 $25,157 Up ×1
BACCU Blue Acquisition Corp. - Unit $207,675 0.52% 19,741 $5,875 Down ×1
TLNCU Talon Capital Corp. - Units $205,800 0.51% 20,000 $-44,415 Down ×1
AXINU Axiom Intelligence Acquisition Corp 1 - Units $204,800 0.51% 20,000 $2,800
EVACU CUSIP: G3106Q110 $202,200 0.50% 20,000 $2,000
CTGO CUSIP: 21077F100 $201,508 0.50% 7,630 Up ×1
CRANU Crane Harbor Acquisition Corp. II - Units $201,400 0.50% 20,000 Up ×1
SAIL SailPoint, Inc. - Common Stock $199,003 0.50% 9,837 $-242,597 Down ×3
DLHC DLH Holdings Corp. - Common Stock $196,654 0.49% 34,806 Up ×1
LMRI Lumexa Imaging Holdings, Inc. - Common Stock $185,000 0.46% 10,000 Up ×1
KRMN Karman Holdings Inc. Common Stock $182,925 0.46% 2,500 $-178,075 Down ×1
RAPP Rapport Therapeutics, Inc. - Common Stock $182,040 0.45% 6,000 $3,840
LAKE Lakeland Industries, Inc. - Common Stock $181,927 0.45% 20,580 $-122,657
CTRE CareTrust REIT, Inc. Common Stock $180,800 0.45% 5,000 $7,400
ETOR eToro Group Ltd. - Class A Common Shares $175,650 0.44% 5,000 $-237,050 Down ×1
PXED Phoenix Education Partners, Inc. Common Stock $160,651 0.40% 5,302 Up ×1
LOAR Loar Holdings Inc. Common Stock $157,828 0.39% 2,321 $-441,372 Down ×2
BDCIU BTC Development Corp. - Unit $152,100 0.38% 15,000 $-50,100 Down ×1
ALUBU CUSIP: G0233J126 $151,500 0.38% 15,000 Up ×1
DYORU Insight Digital Partners II - Units $150,395 0.38% 14,935 Up ×1
DNMXU Dynamix Corporation III - Unit $149,092 0.37% 14,835 Up ×1
GRVY GRAVITY Co., Ltd. - American depositary shares, each representing one common share. $142,360 0.36% 2,460 Up ×1
OMDA Omada Health, Inc. - Common Stock $139,543 0.35% 8,843 $-192,107 Down ×2
VERA Vera Therapeutics, Inc. - Class A Common Stock $126,600 0.32% 2,500 Up ×1
FIGXU FIGX Capital Acquisition Corp. - Units $121,020 0.30% 11,888 $1,189
GROW U.S. Global Investors, Inc. - Class A Common Stock $105,541 0.26% 43,793 Up ×1
CAEP Cantor Equity Partners III, Inc. - Class A Ordinary Shares $105,172 0.26% 10,311 $-10,928 Down ×2
ONCHU 1RT Acquisition Corp. - Units $104,000 0.26% 10,000 $-1,500
HYACWS CUSIP: G4375F116 $102,303 0.26% 66,002 $29,682 Down ×1
CLAR Clarus Corporation - Common Stock $100,500 0.25% 30,000 $-140,801 Down ×1
MDU MDU Resources Group, Inc. Common Stock (Holding Company) $97,600 0.24% 5,000 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
RGR $864,735 26,485 2.16%
MDLN $840,000 20,000 2.09%
ALH $804,273 39,522 2.01%
SVAQU $745,875 75,000 1.86%
ULS $515,350 6,535 1.29%
CEPV $512,500 50,000 1.28%
AIIAU $509,000 50,000 1.27%
VHCPU $501,050 50,000 1.25%
HCACU $501,000 50,000 1.25%
BLRKU $500,000 50,000 1.25%
ITHAU $498,750 50,000 1.24%
BIXIU $498,000 50,000 1.24%
BEBEU $497,000 50,000 1.24%
IGACU $471,410 47,000 1.18%
YCYU $450,800 44,700 1.12%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
HYAC Bought more +150K +$1.7M
FACT Trimmed -100K -$1.0M
BEAG Trimmed -63K -$636K
LGN Bought more +10K +$546K
LOKV Trimmed -50K -$505K
NTSK Bought more +30K +$474K
LOAR Trimmed -5K -$441K
CAI Bought more +15K +$377K
SFD Trimmed -15K -$364K
WAY Trimmed -8K -$354K

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
BEAGU June 30, 2025 150,000 $1,548,000 2.4%
ETHM Sept. 30, 2025 126,973 $1,295,125 No longer tracked
ETHMU June 30, 2025 126,973 $1,277,348 No longer tracked
FACTU June 30, 2025 125,100 $1,259,757 5.1%
CCIXU June 30, 2025 100,000 $1,086,000 No longer tracked
ALDFU June 30, 2025 100,000 $1,025,000 -0.9%
LOKVU June 30, 2025 100,000 $1,008,000 No longer tracked
BULL Dec. 31, 2025 64,497 $953,911 -27.3%
BACQ Dec. 31, 2025 87,500 $910,000 No longer tracked
FTWU June 30, 2025 87,861 $900,575 No longer tracked
ETR Sept. 30, 2025 10,000 $831,200 15.2%
MBAVU June 30, 2025 75,000 $776,250 No longer tracked
WLAC Sept. 30, 2025 75,000 $767,250 No longer tracked
WLACU June 30, 2025 75,000 $759,758 No longer tracked
HNGE Sept. 30, 2025 12,700 $657,225 127.2%
AHL Sept. 30, 2025 20,000 $629,400 No longer tracked
AACTU June 30, 2025 53,238 $596,266 No longer tracked
BRO Sept. 30, 2025 5,000 $554,350 -22.2%
AEP June 30, 2025 5,000 $546,350 25.0%
HONDU June 30, 2025 49,561 $532,781 No longer tracked
AMTM Sept. 30, 2025 22,505 $531,343 -9.1%
AAM Dec. 31, 2025 50,000 $526,000 No longer tracked
MRUS Sept. 30, 2025 10,000 $526,000 No longer tracked
VCIC Sept. 30, 2025 50,500 $525,200 No longer tracked
MACIU Sept. 30, 2025 50,000 $524,500 -0.9%
FTW Dec. 31, 2025 50,000 $519,000 -2.6%
VCICU June 30, 2025 50,500 $518,165 No longer tracked
CHARU June 30, 2025 50,000 $515,000 6.1%
DRDBU June 30, 2025 50,100 $512,022 1.6%
AB June 30, 2025 13,355 $511,630 -14.5%
CHAR Sept. 30, 2025 47,600 $489,328 6.2%
NUVL Dec. 31, 2025 5,500 $475,640 No longer tracked
CCIX Sept. 30, 2025 45,000 $473,400 No longer tracked
DMYY June 30, 2025 40,209 $449,135 No longer tracked
NDAQ Sept. 30, 2025 5,000 $447,100 16.0%
HLNE June 30, 2025 3,000 $446,010 -42.1%
POLEU June 30, 2025 40,000 $408,800 1.8%
VNOM (filed as VNOMXXXX) June 30, 2025 9,000 $406,350 23.1%
SRG Dec. 31, 2025 93,887 $399,020 -50.2%
AS Sept. 30, 2025 10,000 $387,600 -18.7%
SNDK Sept. 30, 2025 7,958 $360,895 1003.4%
NIQ Dec. 31, 2025 22,500 $353,250 21.4%
ASPC Sept. 30, 2025 30,000 $307,500 3.4%
ASPCU June 30, 2025 30,000 $306,300 8.3%
SEG Dec. 31, 2025 13,311 $305,088 14.7%
KVUE June 30, 2025 12,500 $299,750 -6.5%
WMB June 30, 2025 5,000 $298,800 14.2%
PRTA Dec. 31, 2025 29,950 $292,312 -14.1%
SIRI June 30, 2025 12,693 $286,164 20.3%
SRAD Sept. 30, 2025 10,000 $280,800 -55.6%
TBBB Sept. 30, 2025 10,000 $277,600 117.0%
CWAN June 30, 2025 10,000 $268,000 No longer tracked
VIK Sept. 30, 2025 5,000 $266,450 32.3%
POLE Dec. 31, 2025 25,000 $261,500 2.1%
TARS June 30, 2025 5,000 $256,850 68.4%
NHICU June 30, 2025 25,000 $251,750 No longer tracked
MACI Dec. 31, 2025 23,711 $248,966 3.5%
OKE June 30, 2025 2,500 $248,050 17.4%
ITOS Sept. 30, 2025 24,865 $247,904 No longer tracked
AJG June 30, 2025 673 $232,347 -16.3%
BOW June 30, 2025 5,500 $223,575 -9.3%
VLY June 30, 2025 25,000 $222,250 57.4%
INGM June 30, 2025 12,500 $221,750 32.9%
CHWY Sept. 30, 2025 5,000 $213,100 -45.8%
CCCXU Sept. 30, 2025 20,000 $206,014 No longer tracked
KSPI June 30, 2025 2,175 $201,949 8.1%
MRX Sept. 30, 2025 5,000 $197,350 108.1%
MH Dec. 31, 2025 15,000 $188,250 -11.4%
AESI June 30, 2025 10,000 $178,400 -35.2%
FLOC Sept. 30, 2025 10,000 $178,100 32.2%
KSPI Dec. 31, 2025 2,175 $177,654 17.4%
SVIIR Dec. 31, 2025 339,645 $176,615 No longer tracked
KLC June 30, 2025 15,000 $173,850 -82.5%
ETNB Sept. 30, 2025 17,500 $171,850 No longer tracked
VVX June 30, 2025 3,500 $171,675 52.6%
SN June 30, 2025 2,000 $166,820 98.4%
RDW Sept. 30, 2025 10,000 $163,000 -7.0%
CON June 30, 2025 7,500 $162,750 90.8%
DMAA Dec. 31, 2025 15,721 $161,455 4.8%
CCCMU Dec. 31, 2025 15,000 $160,350 No longer tracked
SSUP June 30, 2025 75,041 $159,837 No longer tracked
MBAV Dec. 31, 2025 15,000 $158,250 No longer tracked
ALKT June 30, 2025 5,433 $142,616 -46.8%
VG Dec. 31, 2025 10,000 $141,900 105.3%
ULS June 30, 2025 2,500 $141,000 0.8%
EQT June 30, 2025 2,500 $133,575 -4.6%
ABLLW Sept. 30, 2025 109,665 $122,825 No longer tracked
CHAC Dec. 31, 2025 11,921 $120,879 No longer tracked
BTSG Sept. 30, 2025 5,000 $117,950 103.3%
DAIC Sept. 30, 2025 21,875 $112,219
SPWR Sept. 30, 2025 49,484 $91,051 -87.2%
BBNX Sept. 30, 2025 6,000 $87,360 -3.6%
GDYN June 30, 2025 5,000 $78,250 -25.1%
IONS June 30, 2025 2,500 $75,425 8.7%
AUNA June 30, 2025 10,000 $71,100 -16.8%
KDP Dec. 31, 2025 2,500 $63,775 23.8%
ONL Sept. 30, 2025 25,093 $53,448 -18.9%
SVV Sept. 30, 2025 5,000 $51,000 -29.3%
ALIT June 30, 2025 7,500 $44,475
ETHMW Sept. 30, 2025 63,486 $24,740 No longer tracked
MBAVW Dec. 31, 2025 12,191 $14,873 No longer tracked
CCIXW Sept. 30, 2025 10,000 $9,501 No longer tracked
PR June 30, 2025 500 $6,925 87.2%
VCICW Sept. 30, 2025 25,250 $6,106 No longer tracked
ALDFW Dec. 31, 2025 10,000 $5,451
ZAPWF June 30, 2025 617,496 $5,434 No longer tracked
SVIWF Sept. 30, 2025 30,362 $4,251 No longer tracked