Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +49.1%
S&P 500 total return (same window) +37.0%
Excess return +12.1%

Annualized: +37.7% · 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: 0.0%

Sector breakdown

04
Technology 47.4%
Industrials 16.5%
Healthcare 15.8%
Communication Services 8.7%
Retail 5.4%
Consumer products 3.7%
Materials 2.0%
Consumer Discretionary 0.2%
Financials 0.1%
Real Estate 0.1%
Consumer Staples 0.0%
Utilities 0.0%
Energy 0.0%

Full portfolio 140 positions

05
Type Streak 8Q trend
TSM Taiwan Semiconductor Manufacturing Company Ltd. $807,904,387 9.86% 1,864,582 $134,673,854 Down ×3
AVGO Broadcom Inc. - Common Stock $558,841,710 6.82% 1,445,853 $95,449,502 Down ×4
AAPL Apple Inc. - Common Stock $545,403,681 6.66% 1,774,020 $93,622,360 Down ×6
LLY Eli Lilly and Company Common Stock $539,423,402 6.58% 460,411 $28,855,396 Down ×6
MSFT Microsoft Corporation - Common Stock $480,227,883 5.86% 1,106,228 $92,561,243 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $478,900,067 5.84% 1,344,465 $67,343,044 Down ×3
NVDA NVIDIA Corporation - Common Stock $441,468,622 5.39% 2,199,411 $56,220,591 Down ×6
ASML ASML Holding N.V. - New York Registry Shares $410,897,029 5.01% 250,553 $-7,353,036 Down ×3
JCI Johnson Controls International plc Ordinary Share $286,940,557 3.50% 1,958,722 $-54,110,599 Down ×4
AMD Advanced Micro Devices, Inc. - Common Stock $250,824,233 3.06% 521,947 $165,152,943 Up ×1
ABBV AbbVie Inc. Common Stock $240,562,538 2.94% 958,069 $70,556,912 Up ×6
CSCO Cisco Systems, Inc. - Common Stock $226,151,258 2.76% 1,938,996 $87,378,207 Up ×2
TJX TJX Companies, Inc. (The) Common Stock $191,173,777 2.33% 1,217,439 $-3,684,977 Down ×4
TT Trane Technologies plc $183,137,321 2.23% 402,085 $15,719,527 Up ×1
NOW ServiceNow, Inc. Common Stock $180,681,485 2.20% 1,626,465 $60,311,711 Up ×6
SYK Stryker Corporation Common Stock $176,745,963 2.16% 543,257 $56,017,725 Up ×2
AZN AstraZeneca PLC - American Depositary Shares $155,070,440 1.89% 911,933 $-6,899,739 Up ×1
ROK Rockwell Automation, Inc. Common Stock $149,447,324 1.82% 301,865 $41,251,823 Up ×2
WM Waste Management, Inc. Common Stock $134,976,281 1.65% 595,907 $72,717,898 Up ×5
CHD Church & Dwight Company, Inc. Common Stock $132,218,484 1.61% 1,338,490 $21,197,920 Up ×2
GWW W.W. Grainger, Inc. Common Stock $111,691,561 1.36% 82,102 $22,251,686 Up ×1
CRH CRH PLC Ordinary Shares $110,024,314 1.34% 1,104,177 $82,235,316 Up ×4
LOW Lowe's Companies, Inc. Common Stock $99,811,609 1.22% 479,497 $1,889,616 Up ×1
LECO Lincoln Electric Holdings, Inc. - Common Shares $97,704,300 1.19% 373,899 $30,708,007 Up ×1
ORCL Oracle Corporation Common Stock $97,592,355 1.19% 748,046 $5,579,905 Up ×1
AZO AutoZone, Inc. Common Stock $97,064,041 1.18% 32,123 $-41,306,717 Down ×1
ITW Illinois Tool Works Inc. Common Stock $82,921,775 1.01% 306,584 $3,217,854 Up ×1
TXN Texas Instruments Incorporated - Common Stock $76,831,418 0.94% 257,763 $26,864,830 Up ×2
LIN Linde plc - Ordinary Shares $74,452,400 0.91% 143,894 $3,595,902 Up ×5
FERG Ferguson Enterprises Inc. Common Stock $66,058,415 0.81% 278,627 $9,654,980 Up ×6
UL Unilever PLC American Depositary Shares (each representing One Ordinary Share) $63,070,920 0.77% 1,048,865 $17,819,079 Up ×2
JNJ Johnson & Johnson Common Stock $58,188,337 0.71% 229,115 $14,390,311 Up ×1
APD Air Products and Chemicals, Inc. Common Stock $51,162,563 0.62% 174,439 $15,674,562 Up ×5
NVS Novartis AG Common Stock $48,799,929 0.60% 311,392 $1,293,457 Up ×1
CNI Canadian National Railway Company Common Stock $47,793,180 0.58% 400,815 $6,658,151 Up ×2
CL Colgate-Palmolive Company Common Stock $41,331,911 0.50% 450,828 $2,956,933 Up ×1
UPS United Parcel Service, Inc. Common Stock $36,958,285 0.45% 343,798 $7,110,777 Up ×1
ABT Abbott Laboratories Common Stock $35,292,325 0.43% 388,939 $-4,947,128 Down ×1
KMB Kimberly-Clark Corporation - Common Stock $33,095,765 0.40% 301,501 $4,047,008 Up ×1
HD Home Depot, Inc. (The) Common Stock $33,085,264 0.40% 93,811 $10,264,902 Up ×6
KVUE Kenvue Inc. Common Stock $32,090,640 0.39% 1,679,259 $3,177,039 Up ×2
MRK Merck & Company, Inc. Common Stock (new) $25,397,126 0.31% 197,643 $6,457,345 Up ×2
NKE Nike, Inc. Common Stock $15,508,444 0.19% 377,794 $-3,318,717 Up ×5
RIO Rio Tinto Plc Common Stock $11,548,895 0.14% 120,886 $1,542,236 Up ×5
JBL Jabil Inc. Common Stock $11,182,004 0.14% 29,008 $3,584,986 Up ×1
QCOM QUALCOMM Incorporated - Common Stock $10,021,901 0.12% 54,234 $2,801,979 Down ×1
SQM Sociedad Quimica y Minera S.A. Common Stock $9,298,005 0.11% 126,467 $-510,790 Up ×5
MPWR Monolithic Power Systems, Inc. - Common Stock $8,858,163 0.11% 6,408 $1,682,507 Down ×2
B Barrick Mining Corporation Common Shares $7,826,135 0.10% 213,072 $-823,732 Up ×1
AMZN Amazon.com, Inc. - Common Stock $7,210,547 0.09% 30,044 $953,283
APH Amphenol Corporation Common Stock $5,792,641 0.07% 32,853 $1,730,109 Up ×1
NVO Novo Nordisk A/S Common Stock $5,517,602 0.07% 116,291 $-60,287,940 Down ×5
ORLY O'Reilly Automotive, Inc. - Common Stock $4,548,049 0.06% 49,387 $235,418 Up ×1
SAP SAP SE ADS $4,133,939 0.05% 24,181 $-501,251 Down ×1
COST Costco Wholesale Corporation - Common Stock $3,738,138 0.05% 3,996 $-393,061 Down ×3
PWR Quanta Services, Inc. Common Stock $3,653,483 0.04% 5,074 $972,069 Up ×1
AEM Agnico Eagle Mines Limited Common Stock $3,303,594 0.04% 21,834 $-834,762 Up ×1
ETN Eaton Corporation, PLC Ordinary Shares $3,266,084 0.04% 7,825 $-68,662,426 Down ×4
MA Mastercard Incorporated Common Stock $3,213,973 0.04% 6,055 $555,782 Up ×1
ROST Ross Stores, Inc. - Common Stock $3,007,009 0.04% 13,454 $611,948 Up ×4
RSG Republic Services, Inc. Common Stock $2,951,738 0.04% 13,864 $102,507 Up ×6
MNST Monster Beverage Corporation - Common Stock $2,725,002 0.03% 28,350 $658,080 Down ×3
CTVA Corteva, Inc. Common Stock $2,692,487 0.03% 31,877 $-248,664 Down ×2
EME EMCOR Group, Inc. Common Stock $2,666,096 0.03% 3,240 $694,808 Up ×3
MSI Motorola Solutions, Inc. Common Stock $2,531,193 0.03% 6,095 $-113,854
MU Micron Technology, Inc. - Common Stock $2,351,201 0.03% 2,410 $1,750,521 Up ×2
INFY Infosys Limited American Depositary Shares $2,240,286 0.03% 213,564 $-596,814 Up ×1
FIX Comfort Systems USA, Inc. Common Stock $2,232,667 0.03% 1,126 $-455,674 Down ×2
PSA Public Storage Common Stock $2,184,561 0.03% 6,863 $325,511
NEE NextEra Energy, Inc. Common Stock $2,181,510 0.03% 24,913 $691,808 Up ×1
PG Procter & Gamble Company (The) Common Stock $2,133,134 0.03% 14,568 $26,043 Down ×4
GSK GSK plc American Depositary Shares (Each representing two Ordinary Shares) $2,129,920 0.03% 41,025 $289,554 Up ×3
META Meta Platforms, Inc. - Class A Common Stock $2,080,793 0.03% 3,694 $-89,868 Down ×2
MCO Moody's Corporation Common Stock $1,975,637 0.02% 4,362 $72,714
SCCO Southern Copper Corporation Common Stock $1,686,853 0.02% 9,434 $433,912 Up ×1
WELL Welltower Inc. Common Stock $1,668,230 0.02% 7,350 $243,730 Up ×4
TLK PT Telekomunikasi Indonesia, Tbk $1,637,063 0.02% 121,896 $-604,537 Up ×1
COP ConocoPhillips Common Stock $1,625,519 0.02% 15,636 $-364,381 Up ×1
DHR Danaher Corporation Common Stock $1,538,316 0.02% 8,076 $120,866 Up ×4
PLD Prologis, Inc. Common Stock $1,490,847 0.02% 11,005 $-149,507 Down ×1
EQIX Equinix, Inc. - Common Stock $1,452,049 0.02% 1,393 $86,575
FAST Fastenal Company - Common Stock $1,379,073 0.02% 28,736 $-99,231 Down ×3
TEL TE Connectivity plc Ordinary Shares $1,301,997 0.02% 6,458 $-47,854
CPRT Copart, Inc. - Common Stock $1,248,322 0.02% 44,134 $28,089 Up ×2
AMAT Applied Materials, Inc. - Common Stock $1,149,570 0.01% 1,590 $606,124
URI United Rentals, Inc. Common Stock $1,084,176 0.01% 957 $872,894 Up ×1
FSLR First Solar, Inc. - Common Stock $1,074,530 0.01% 4,818 $232,624 Up ×2
NSC Norfolk Southern Corporation Common Stock $1,072,752 0.01% 3,410 $94,082
V Visa Inc. $1,039,621 0.01% 2,869 $474,734 Up ×2
PSX Phillips 66 Common Stock $979,476 0.01% 5,794 $-538,812 Down ×1
ACM AECOM Common Stock $973,780 0.01% 13,951 $100,049 Up ×2
NVT nVent Electric plc Ordinary Shares $956,770 0.01% 5,641 $353,661 Up ×1
BHP BHP Group Limited American Depositary Shares (Each representing two Ordinary Shares) $921,980 0.01% 10,950 $47,281 Down ×1
EMR Emerson Electric Company Common Stock $896,548 0.01% 6,263 $79,114 Up ×2
D Dominion Energy, Inc. Common Stock $851,919 0.01% 12,363 $82,384 Down ×1
TER Teradyne, Inc. - Common Stock $845,268 0.01% 1,747 $-430,399 Down ×2
GEV GE Vernova Inc. Common Stock $810,653 0.01% 690 $275,565 Up ×1
ISRG Intuitive Surgical, Inc. - Common Stock $802,518 0.01% 2,018 $448,478 Up ×1
BSX Boston Scientific Corporation Common Stock $761,198 0.01% 17,835 $-1,923,686 Down ×2
CRM Salesforce, Inc. Common Stock $751,811 0.01% 4,799 $-189,566 Down ×5

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
ABBV $240,562,538 2.94% up ×6
NOW $180,681,485 2.20% up ×6
WM $134,976,281 1.65% up ×5
CRH $110,024,314 1.34% up ×4
LIN $74,452,400 0.91% up ×5
FERG $66,058,415 0.81% up ×6
APD $51,162,563 0.62% up ×5
HD $33,085,264 0.40% up ×6
NKE $15,508,444 0.19% up ×5
RIO $11,548,895 0.14% up ×5
SQM $9,298,005 0.11% up ×5
ROST $3,007,009 0.04% up ×4
RSG $2,951,738 0.04% up ×6
EME $2,666,096 0.03% up ×3
GSK $2,129,920 0.03% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SPG $745,453 3,250 0.01%
FBIN $322,812 5,880 0.00%
CDNS $319,773 852 0.00%
MCHP $228,000 2,500 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AMD Bought more +101K +$165.2M
TSM Trimmed -128K +$134.7M
AVGO Trimmed -51K +$95.4M
AAPL Trimmed -6K +$93.6M
MSFT Bought more +59K +$92.6M
CSCO Bought more +150K +$87.4M
CRH Bought more +840K +$82.2M
WM Bought more +325K +$72.7M
ABBV Bought more +176K +$70.6M
GOOGL Trimmed -87K +$67.3M

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
KEYS Dec. 31, 2025 851,670 $148,974,116 91.0%
TRMB June 30, 2026 1,682,542 $109,752,215 19.1%
UL (filed as ULXXXX) Dec. 31, 2025 612,638 $36,317,181 -7.0%
MKC Dec. 31, 2025 497,596 $33,294,148 -33.3%
A March 31, 2026 199,390 $27,130,997 48.6%
AMGN Sept. 30, 2025 47,077 $13,144,369 42.7%
MELI Dec. 31, 2025 1,795 $4,194,807 -7.8%
NICE June 30, 2026 29,644 $3,268,547 26.9%
GOLD June 30, 2025 165,561 $3,218,506 87.4%
ADBE June 30, 2026 9,533 $2,317,282 16.1%
MICC March 31, 2026 121,551 $1,926,518 14.9%
FTNT June 30, 2026 13,423 $1,096,928 24.5%
ZTS June 30, 2025 6,181 $1,017,702 -54.3%
EW June 30, 2025 13,410 $971,957 10.6%
LULU June 30, 2025 3,000 $849,180 -60.6%
CCJ June 30, 2026 6,820 $740,775 -8.7%
ROP Dec. 31, 2025 1,338 $667,247 -18.6%
ACN Dec. 31, 2025 2,700 $665,820 -27.9%
MCHP Dec. 31, 2025 8,743 $561,475 27.5%
SONY March 31, 2026 20,000 $512,000 15.2%
COP Dec. 31, 2025 4,890 $462,545 38.2%
CDNS Dec. 31, 2025 1,180 $414,487 15.0%
IBM June 30, 2026 1,632 $395,580 -21.3%
ECL March 31, 2026 1,500 $393,780 5.6%
SNN June 30, 2026 12,303 $390,989 -6.7%
UNH Sept. 30, 2025 1,191 $371,556 9.0%
PANW June 30, 2026 2,183 $349,979 23.1%
IT March 31, 2026 1,371 $345,876 16.8%
CSW June 30, 2026 1,313 $342,142 6.7%
ISRG Sept. 30, 2025 623 $338,544 -9.5%
VZ Dec. 31, 2025 7,410 $325,670 12.9%
PH Dec. 31, 2025 420 $318,423 12.1%
PCH March 31, 2026 7,740 $307,897 No longer tracked
GIS Sept. 30, 2025 5,908 $306,093 -36.2%
UNP Dec. 31, 2025 1,234 $291,681 19.6%
EXPO March 31, 2026 4,000 $277,840 6.0%
SHEL Dec. 31, 2025 3,800 $271,814 32.9%
ORANY June 30, 2025 20,000 $258,600 No longer tracked
VIRT March 31, 2026 7,500 $249,900 40.1%
RXST June 30, 2025 9,618 $242,855 -64.2%
ALC March 31, 2026 3,045 $239,976 -16.1%
CP Dec. 31, 2025 3,200 $238,368 16.0%
BKNG Sept. 30, 2025 39 $225,780 -97.1%
ESTC June 30, 2025 2,532 $225,601 12.2%
FBIN March 31, 2026 4,440 $222,088 1.0%
WSO Dec. 31, 2025 537 $217,109 -13.7%
CFLT Sept. 30, 2025 8,700 $216,891 No longer tracked
CVX June 30, 2026 1,033 $213,728 25.2%
CRWD June 30, 2026 538 $210,236 46.2%
DVAX March 31, 2026 13,613 $209,368 No longer tracked
CVX June 30, 2025 1,200 $200,748 45.0%
ZS June 30, 2026 1,428 $200,334 50.4%
IOVA Dec. 31, 2025 20,553 $44,600 374.7%