Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +27.2%
S&P 500 total return (same window) +37.0%
Excess return -9.8%

Annualized: +21.3% · 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: 99.8% · Options excluded: 7.7%

Sector breakdown

04
Retail 45.7%
Industrials 23.4%
Financials 15.9%
Technology 4.2%
Communication Services 3.2%
Consumer Discretionary 3.1%
Healthcare 3.0%
Materials 1.2%
Consumer products 0.3%

Full portfolio 30 positions

05
Type Streak 8Q trend
AMZN Amazon.com, Inc. - Common Stock $2,305,224,480 44.84% 9,672,000 $274,175,440 Down ×1
V Visa Inc. $477,484,529 9.29% 1,391,718 $190,356,529 Up ×2
GE GE Aerospace Common Stock $410,355,540 7.98% 1,098,000 $69,264,000 Down ×3
MSFT Microsoft Corporation - Common Stock $213,367,440 4.15% 572,000 $-16,804,266 Down ×1
SPGI S&P Global Inc. Common Stock $198,131,990 3.85% 486,500 $-25,596,850 Down ×1
WCN Waste Connections, Inc. Common Shares $191,360,120 3.72% 1,148,000 $39,966,040 Up ×4
TDG Transdigm Group Incorporated Common Stock $159,844,800 3.11% 120,000 $23,087,520 Up ×1
MLM Martin Marietta Materials, Inc. Common Stock $145,328,400 2.83% 252,000 $-12,437,840 Down ×2
MCO Moody's Corporation Common Stock $141,311,040 2.75% 312,000 $-19,228,960 Down ×1
HLT Hilton Worldwide Holdings Inc. Common Stock $126,235,720 2.46% 382,000 $-1,477,880 Down ×2
GOOGL Alphabet Inc. - Class A Common Stock $114,358,400 2.22% 320,000 $16,012,880 Down ×1
VMC Vulcan Materials Company (Holding Company) Common Stock $91,010,585 1.77% 308,500 $-8,106,615 Down ×2
DHR Danaher Corporation Common Stock $81,144,480 1.58% 426,000 $34,123,680 Up ×2
TMO Thermo Fisher Scientific Inc Common Stock $75,454,680 1.47% 150,500 $17,208,375 Up ×2
FERG Ferguson Enterprises Inc. Common Stock $58,857,840 1.14% 248,000 $9,873,240 Up ×5
SHW Sherwin-Williams Company (The) Common Stock $55,263,360 1.07% 160,500 $769,860 Down ×1
RSG Republic Services, Inc. Common Stock $51,245,740 1.00% 240,500 $7,332,230 Up ×5
FER Ferrovial SE - Ordinary Shares $45,008,160 0.88% 656,000 $14,304,560 Up ×6
UNP Union Pacific Corporation Common Stock $38,624,000 0.75% 142,000 $1,260,520 Down ×2
DASH DoorDash, Inc. - Common Stock $32,846,340 0.64% 178,000 $10,624,140 Up ×4
NFLX Netflix, Inc. - Common Stock $27,274,800 0.53% 382,000 $-7,531,500 Up ×3
SPOT Spotify Technology S.A. Ordinary Shares $25,160,324 0.49% 54,800 $-442,924 Up ×3
CPNG Coupang, Inc. Class A Common Stock $14,972,940 0.29% 862,000 $-1,905,780 Down ×1
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $13,032,880 0.25% 136,000 $2,391,795 Up ×4
CP Canadian Pacific Kansas City Limited Common Shares $12,304,300 0.24% 142,000 $-1,579,190 Down ×2
MELI MercadoLibre, Inc. - Common Stock $10,523,818 0.20% 6,200 $5,786,303 Up ×1
KVUE Kenvue Inc. Common Stock $8,714,160 0.17% 456,000 $-4,939,920 Down ×2
CL Colgate-Palmolive Company Common Stock $7,563,600 0.15% 82,500 $1,938,420 Up ×1
LPX Louisiana-Pacific Corporation Common Stock $4,719,600 0.09% 60,000 $209,100 Down ×2
COST Costco Wholesale Corporation - Common Stock $4,116,068 0.08% 4,400 $-268,224

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
WCN $191,360,120 3.72% up ×4
FERG $58,857,840 1.14% up ×5
RSG $51,245,740 1.00% up ×5
FER $45,008,160 0.88% up ×6
DASH $32,846,340 0.64% up ×4
NFLX $27,274,800 0.53% up ×3
SPOT $25,160,324 0.49% up ×3
SE $13,032,880 0.25% up ×4

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AMZN Trimmed -80K +$274.2M
V Bought more +442K +$190.4M
GE Trimmed -104K +$69.3M
WCN Bought more +216K +$40.0M
DHR Bought more +178K +$34.1M
SPGI Trimmed -40K -$25.6M
TDG Bought more +2K +$23.1M
MCO Trimmed -56K -$19.2M
TMO Bought more +32K +$17.2M
MSFT Trimmed -50K -$16.8M

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
TSM Sept. 30, 2025 1,012,000 $229,207,880 69.3%
META March 31, 2026 106,000 $69,969,540 27.3%
MA Dec. 31, 2025 95,000 $54,036,950 -3.3%
U Sept. 30, 2025 2,028,000 $49,077,600 8.9%
LRCX Dec. 31, 2025 342,000 $45,793,800 103.0%
KLAC Dec. 31, 2025 38,000 $40,986,800 -83.0%
CMG Dec. 31, 2025 948,000 $37,152,120 -12.5%
UAL Sept. 30, 2025 406,000 $32,329,780 16.6%
PG March 31, 2026 183,300 $26,268,723 0.3%
AMAT June 30, 2025 172,000 $24,960,640 195.0%
AAPL Dec. 31, 2025 90,800 $23,120,404 22.7%
AAPL June 30, 2026 82,500 $20,937,675 15.3%
WMB June 30, 2025 346,500 $20,706,840 12.3%
AXP June 30, 2026 65,500 $19,812,440 -10.5%
PRM June 30, 2026 652,000 $15,921,840 -23.0%
SHOP Dec. 31, 2025 102,000 $15,158,220 -6.0%
WWD June 30, 2026 40,000 $14,316,800 -22.1%
DAL Sept. 30, 2025 274,500 $13,499,910 48.2%
UNH Dec. 31, 2025 37,800 $13,052,340 12.7%
WM June 30, 2026 56,800 $13,052,072 -8.3%
GEHC Dec. 31, 2025 170,000 $12,767,000 -21.6%
LIN March 31, 2026 25,200 $10,745,028 -3.3%
SHEL June 30, 2025 136,500 $10,002,720 36.7%
ONTO June 30, 2025 80,000 $9,707,200 224.7%
BA March 31, 2026 38,000 $8,250,560 -2.7%
WMT Dec. 31, 2025 76,000 $7,832,560 -6.4%
CLH Dec. 31, 2025 33,600 $7,802,592 35.8%
WDAY June 30, 2026 52,600 $6,833,792 52.1%
TOST June 30, 2026 248,000 $6,574,480 7.1%
HEI-A (filed as HEIA) June 30, 2026 29,500 $6,227,155 No longer tracked
CASY June 30, 2026 8,200 $5,968,452 -22.3%
WM Sept. 30, 2025 25,200 $5,766,264 -7.4%
GRND Sept. 30, 2025 254,000 $5,765,800 -10.6%
LYFT Dec. 31, 2025 252,000 $5,546,520 -20.2%
KMI June 30, 2025 160,000 $4,564,800 5.7%
AUR Dec. 31, 2025 840,000 $4,527,600 47.7%
AXON Dec. 31, 2025 6,300 $4,521,132 -27.2%
NTRA Sept. 30, 2025 25,200 $4,257,288 154.9%
ICE Dec. 31, 2025 25,200 $4,245,696 -7.3%
SAP June 30, 2026 23,200 $3,972,072 35.3%
DE Dec. 31, 2025 8,400 $3,840,984 47.6%
C March 31, 2026 31,500 $3,675,735 13.3%
JPM Dec. 31, 2025 10,500 $3,312,015 3.2%
CART June 30, 2026 82,000 $3,071,720 -6.5%
BAC March 31, 2026 48,400 $2,662,000 10.3%
QXO Dec. 31, 2025 126,500 $2,411,090 -37.5%
CNM Sept. 30, 2025 38,000 $2,293,300 -23.2%
QSR March 31, 2026 31,815 $2,170,737 -5.4%
FIX Dec. 31, 2025 2,520 $2,079,454 85.2%
STE Sept. 30, 2025 8,400 $2,017,848 -15.7%
VRSK June 30, 2026 10,500 $1,992,375 -8.7%
PRMB June 30, 2025 52,500 $1,863,225 -34.1%
VIK Sept. 30, 2025 33,600 $1,790,544 29.6%
LOAR Dec. 31, 2025 21,000 $1,680,000 -9.2%
IBP Dec. 31, 2025 6,300 $1,553,958 -25.6%
RL March 31, 2026 4,200 $1,485,162 5.6%
MTN March 31, 2026 10,180 $1,351,904 10.0%
HII June 30, 2025 6,300 $1,285,452 11.2%
CMG June 30, 2025 25,200 $1,265,292 -42.4%
PRMB June 30, 2026 63,200 $1,190,056 -20.2%
KNF Sept. 30, 2025 12,600 $1,028,664 -34.5%
GTM June 30, 2026 168,500 $1,007,630 26.6%
TSCO Dec. 31, 2025 16,800 $955,416 -37.8%
XLII Dec. 31, 2025 2,000 $308,460