Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +28.2%
S&P 500 total return (same window) +37.0%
Excess return -8.8%

Annualized: +22.0% · 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: 100.0% · Options excluded: 10.6%

Sector breakdown

04
Industrials 30.4%
Materials 23.7%
Consumer Discretionary 19.9%
Financials 8.2%
Retail 7.7%
Consumer Staples 5.5%
Other/Unmapped 4.6%

Full portfolio 15 positions

05
Type Streak 8Q trend
NGVT Ingevity Corporation Common Stock $66,760,356 12.15% 894,072 $-3,188,572 Down ×2
KOP Koppers Holdings Inc. Common Stock $63,585,584 11.58% 1,416,160 $27,055,032 Up ×2
BCO Brinks Company (The) Common Stock $61,957,565 11.28% 655,705 $1,056,287 Up ×3
WT WisdomTree, Inc. Common Stock $45,298,322 8.25% 2,674,045 $-22,638,420 Down ×2
AN AutoNation, Inc. Common Stock $42,038,703 7.65% 226,270 $-15,556,163 Down ×1
GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock $39,283,080 7.15% 761,300 $-45,716,452 Down ×6
BCO Brinks Company (The) Common Stock $33,874,665 6.17% 358,500 Call option $-3,276,690
TNC Tennant Company Common Stock $33,527,820 6.10% 383,000 $8,763,940 Up ×1
DRVN Driven Brands Holdings Inc. - Common Stock $31,483,490 5.73% 2,258,500 $4,940,007 Up ×1
PRMB Primo Brands Corporation Class A Common Stock $30,028,573 5.47% 1,228,665 $3,162,211 Down ×1
Unknown issuer (CUSIP: 29390K102) $25,222,526 4.59% 1,149,090 Up ×1
LRN Stride, Inc. Common Stock $23,078,255 4.20% 267,605 $-3,576,418 Down ×1
ROCK Gibraltar Industries, Inc. - Common Stock $22,295,862 4.06% 494,365 Up ×1
PTON Peloton Interactive, Inc. - Common Stock $15,719,950 2.86% 2,659,890 $10,529,372 Up ×1
MATX Matson, Inc. Common Stock $15,158,297 2.76% 78,855

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
BCO $61,957,565 11.28% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 29390K102) $25,222,526 1,149,090 4.59%
ROCK $22,295,862 494,365 4.06%
MATX $15,158,297 78,855 2.76%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
GIL Trimmed -766K -$45.7M
KOP Bought more +472K +$27.1M
WT Trimmed -2.0M -$22.6M
AN Trimmed -69K -$15.6M
PTON Bought more +1.4M +$10.5M
TNC Bought more +10K +$8.8M
DRVN Bought more +154K +$4.9M
LRN Trimmed -35K -$3.6M
BCO Price move only +0 -$3.3M
NGVT Trimmed -88K -$3.2M

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
IWM Sept. 30, 2025 1,499,000 $323,469,210 16.5%
PRKS Dec. 31, 2025 1,558,193 $80,558,579 -10.6%
CART Sept. 30, 2025 1,250,255 $56,561,536 20.4%
MAT March 31, 2026 2,641,210 $52,401,606 5.1%
GO June 30, 2025 2,938,735 $41,083,516 -6.4%
CNK Sept. 30, 2025 1,147,190 $34,622,194 28.7%
DFIN June 30, 2026 597,725 $28,176,757 11.0%
ABM Sept. 30, 2025 438,887 $20,719,855 6.2%
NATL Sept. 30, 2025 710,900 $20,281,977 15.5%
OSPN Dec. 31, 2025 1,193,858 $18,970,404 41.1%
MATW June 30, 2026 706,420 $18,239,764 -28.3%
FLEX March 31, 2026 281,295 $16,995,844 78.1%
ABG March 31, 2026 56,810 $13,210,029 -10.0%
MLAB Dec. 31, 2025 190,929 $12,794,152 68.9%
CLS Sept. 30, 2025 74,155 $11,576,338 57.2%
WH Sept. 30, 2025 132,625 $10,770,476 -10.2%
TRS March 31, 2026 268,845 $9,530,555 8.8%
JBL Sept. 30, 2025 43,120 $9,404,473 40.2%
QSR June 30, 2025 120,095 $8,003,131 5.5%
SABR Sept. 30, 2025 2,420,500 $7,648,780 7.7%
ECVT Dec. 31, 2025 767,640 $6,724,527 4.0%
CON June 30, 2026 217,665 $4,668,914 19.8%
MYE Dec. 31, 2025 243,183 $4,119,520 69.0%
APEI Dec. 31, 2025 92,825 $3,663,803 15.7%
PRSU June 30, 2025 35,705 $1,263,600 81.7%
BLD Sept. 30, 2025 2,190 $708,991 No longer tracked
MATX Sept. 30, 2025 6,165 $686,473 134.4%