Performance vs S&P 500

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

Annualized: +6.0% · 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: 99.9% · Options excluded: 0.0%

Sector breakdown

04
Industrials 19.6%
Materials 5.8%
Other/Unmapped 74.6%

Full portfolio 9 positions

05
Type Streak 8Q trend
RSP Invesco Exchange-Traded Fund Trust $132,981,250 34.69% 625,000 $13,031,250
SPY SPY $100,050,004 26.10% 133,977 $12,919,402
KRMN Karman Holdings Inc. Common Stock $75,243,767 19.63% 1,507,287 $-88,874,423 Down ×1
CGMS Capital Group Fixed Income ETF Trust $49,690,996 12.96% 1,818,185 Up ×1
PACK Ranpak Holdings Corp Class A Common Stock $22,066,083 5.76% 3,018,616 $11,289,624
URTH iShares, Inc. $1,089,190 0.28% 5,375 $121,582
EFA iShares Trust $1,086,585 0.28% 10,460 $70,605
IWM iShares Trust $591,887 0.15% 1,970 $103,327
BIL SPDR SERIES TRUST $500,354 0.13% 5,460 $0

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CGMS $49,690,996 1,818,185 12.96%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
KRMN Trimmed -543K -$88.9M
RSP Price move only +0 +$13.0M
SPY Price move only +0 +$12.9M
PACK Price move only +0 +$11.3M
URTH Price move only +0 +$122K
IWM Price move only +0 +$103K
EFA Price move only +0 +$71K
BIL +0 +$0

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
HTFL June 30, 2026 259,666 $6,317,674 68.1%