Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +172.1%
S&P 500 total return (same window) +37.0%
Excess return +135.1%

Annualized: +122.8% · 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: 98.2% · Options excluded: 0.0%

Sector breakdown

04
Industrials 29.9%
Technology 28.2%
Materials 14.0%
Consumer Discretionary 7.5%
Healthcare 6.6%
Communication Services 3.5%
Energy 2.5%
Financials 1.4%
Retail 1.3%
Consumer products 0.4%
Other/Unmapped 4.7%

Full portfolio 40 positions

05
Type Streak 8Q trend
UNP Union Pacific Corporation Common Stock $626,308,288 8.67% 2,302,604 $448,515,382 Up ×1
U Unity Software Inc. Common Stock $459,427,844 6.36% 16,075,152 $210,414,285 Up ×2
UAL United Airlines Holdings, Inc. - Common Stock $452,228,217 6.26% 3,325,452 $165,609,519 Up ×5
HUM Humana Inc. Common Stock $428,969,795 5.94% 1,079,930 $349,262,412 Up ×1
STM STMicroelectronics N.V. Common Stock $392,402,181 5.43% 5,239,714 $180,769,611 Down ×1
RIVN Rivian Automotive, Inc. - Class A Common Stock $381,325,240 5.28% 21,978,400 Up ×1
HPE Hewlett Packard Enterprise Company Common Stock $351,029,871 4.86% 7,781,642 $-202,667,917 Down ×2
Unknown issuer (CUSIP: 314352105) $339,327,200 4.70% 2,247,200 Up ×1
DAL Delta Air Lines, Inc. Common Stock $282,389,396 3.91% 3,015,048 $85,173,285 Up ×3
NUE Nucor Corporation Common Stock $280,391,018 3.88% 1,258,770 $-64,821,559 Down ×1
FCX Freeport-McMoRan, Inc. Common Stock $278,181,337 3.85% 4,423,300 $74,279,395 Up ×1
CLF Cleveland-Cliffs Inc. Common Stock $266,770,661 3.69% 28,410,081 $104,159,022 Up ×1
KNX Knight-Swift Transportation Holdings Inc. $265,614,570 3.68% 3,411,000 $-301,386 Down ×1
WOLF Wolfspeed, Inc. Common Stock New $214,141,027 2.96% 4,438,156 $145,688,358
CSX CSX Corporation - Common Stock $190,557,276 2.64% 4,009,200
IP International Paper Company Common Stock $185,241,286 2.56% 4,861,976 $64,586,853 Up ×2
RIG Transocean Ltd (Switzerland) Common Stock $182,232,207 2.52% 37,266,300 $-17,079,516 Up ×1
APTV Aptiv PLC Ordinary Shares $162,664,059 2.25% 2,650,115
JHX James Hardie Industries plc. Ordinary Shares $157,629,780 2.18% 6,021,000 $56,026,150 Up ×1
AAL American Airlines Group, Inc. - Common Stock $149,557,873 2.07% 8,276,584 $80,051,987 Up ×1
RBLX Roblox Corporation Class A Common Stock $149,343,794 2.07% 2,746,300 Up ×1
TXN Texas Instruments Incorporated - Common Stock $147,699,944 2.04% 495,521 $-370,697,538 Down ×1
AKAM Akamai Technologies, Inc. - Common Stock $141,473,728 1.96% 1,196,800
ENPH Enphase Energy, Inc. - Common Stock $127,392,251 1.76% 2,587,170 $92,988,932 Up ×1
ON ON Semiconductor Corporation - Common Stock $120,001,796 1.66% 1,269,323 $-362,899,900 Down ×2
KMX CarMax Inc $96,667,053 1.34% 1,827,700 Up ×1
PSKY Paramount Skydance Corporation - Class B Common Stock $74,076,050 1.03% 7,512,784 $6,310,738
FIGR Figure Technology Solutions, Inc. - Class A Common Stock $61,484,491 0.85% 2,002,100 $-6,486,804
GDS GDS Holdings Limited - American Depositary Shares $45,078,033 0.62% 1,501,100 Up ×1
COIN Coinbase Global, Inc. - 3Class A Common Stock $38,503,376 0.53% 263,379 $-7,485,231
CRCL Circle Internet Group, Inc. Class A Common Stock $35,529,999 0.49% 567,300 Up ×1
SNAP Snap Inc. Class A Common Stock $32,356,056 0.45% 7,287,400 $-1,165,984
WHR Whirlpool Corporation Common Stock $26,107,866 0.36% 662,300 $-9,603,350
PURR Hyperliquid Strategies Inc - Common Stock $21,398,530 0.30% 2,719,000 Up ×1
XPO XPO, Inc. Common Stock $20,652,174 0.29% 100,600 $1,080,444
GEV GE Vernova Inc. Common Stock $15,882,932 0.22% 13,519 $-85,860,546 Down ×5
UNH UnitedHealth Group Incorporated Common Stock (DE) $11,762,329 0.16% 28,300 Up ×1
NAMS NewAmsterdam Pharma Company N.V. - Ordinary Shares $10,810,910 0.15% 319,000 $599,720
TVRD Tvardi Therapeutics, Inc. - Common Stock $1,337,824 0.02% 704,118 $-901,271
AUROW Aurora Innovation, Inc. - Warrant $140,044 0.00% 437,500 $52,981

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
UAL $452,228,217 6.26% up ×5
DAL $282,389,396 3.91% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
RIVN $381,325,240 21,978,400 5.28%
Unknown issuer (CUSIP: 314352105) $339,327,200 2,247,200 4.70%
CSX $190,557,276 4,009,200 2.64%
APTV $162,664,059 2,650,115 2.25%
RBLX $149,343,794 2,746,300 2.07%
AKAM $141,473,728 1,196,800 1.96%
KMX $96,667,053 1,827,700 1.34%
GDS $45,078,033 1,501,100 0.62%
CRCL $35,529,999 567,300 0.49%
PURR $21,398,530 2,719,000 0.30%
UNH $11,762,329 28,300 0.16%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
UNP Bought more +1.6M +$448.5M
TXN Trimmed -2.2M -$370.7M
ON Trimmed -6.5M -$362.9M
U Bought more +4.7M +$210.4M
HPE Trimmed -15.5M -$202.7M
STM Trimmed -886K +$180.8M
UAL Bought more +212K +$165.6M
WOLF Price move only +0 +$145.7M
CLF Bought more +9.2M +$104.2M
ENPH Bought more +1.7M +$93.0M

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
RKT June 30, 2026 23,152,887 $329,928,640 -25.7%
MU Sept. 30, 2025 2,578,100 $317,750,825 542.4%
SNDK Dec. 31, 2025 2,693,657 $302,228,315 624.6%
NOK June 30, 2026 35,838,802 $288,143,968 -20.2%
Q June 30, 2026 2,489,700 $287,261,586 -19.5%
BABA June 30, 2025 2,036,000 $269,220,280 -6.7%
EQT June 30, 2026 3,886,288 $247,323,368 -5.6%
WBD Dec. 31, 2025 11,804,700 $230,545,791 7.4%
GFS June 30, 2026 5,042,300 $224,281,504 -39.1%
GTLB March 31, 2026 5,973,800 $224,196,714 130.0%
NBIS Sept. 30, 2025 3,937,200 $217,845,276 116.3%
AMRZ June 30, 2026 3,752,947 $210,240,091 -30.1%
CSCO Sept. 30, 2025 2,682,470 $186,109,769 64.0%
PARA Sept. 30, 2025 13,723,323 $177,030,867
ARWR March 31, 2026 2,523,500 $167,535,165 2.4%
TEVA Dec. 31, 2025 7,927,998 $160,145,560 26.7%
STX Dec. 31, 2025 658,867 $155,532,144 208.3%
UPST Dec. 31, 2025 2,731,974 $138,784,279 -47.8%
AER June 30, 2026 974,544 $133,687,946 -1.0%
GDX Sept. 30, 2025 2,364,000 $123,069,840 14.9%
AKAM June 30, 2025 1,411,249 $113,605,545 36.6%
TECK Sept. 30, 2025 2,708,533 $109,370,563 56.2%
AMD Sept. 30, 2025 763,824 $108,386,626 291.8%
TWLO June 30, 2025 1,106,000 $108,288,460 136.9%
SAIA June 30, 2026 308,000 $108,194,240 -16.6%
KWEB June 30, 2025 2,696,393 $94,131,080
TWLO June 30, 2026 742,810 $93,460,354 42.8%
CFLT June 30, 2025 3,580,000 $83,915,200 No longer tracked
AA June 30, 2025 2,735,211 $83,423,936 42.2%
GE Dec. 31, 2025 256,792 $77,248,169 0.5%
GLW March 31, 2026 871,200 $76,282,272 20.8%
STNE Dec. 31, 2025 3,778,541 $71,452,210 -35.4%
NKE March 31, 2026 1,106,400 $70,488,744 -35.9%
PAAS March 31, 2026 1,334,280 $69,129,047 -16.7%
APTV March 31, 2026 896,277 $68,197,717 -37.3%
JD June 30, 2025 1,416,165 $58,232,705 -21.0%
AMBA March 31, 2026 814,400 $57,692,096 33.4%
DOW Dec. 31, 2025 2,465,500 $56,533,915 19.6%
WDC March 31, 2026 321,278 $55,346,561 53.5%
LYB Dec. 31, 2025 1,126,800 $55,258,272 35.3%
NKE June 30, 2025 857,000 $54,402,360 -52.3%
SNAP Dec. 31, 2025 6,706,200 $51,704,802 -30.9%
BEKE June 30, 2025 2,539,359 $51,015,722 -7.4%
FISV March 31, 2026 727,400 $48,859,458 -20.5%
RUN Dec. 31, 2025 2,733,850 $47,268,267 -58.1%
AR Sept. 30, 2025 1,148,359 $46,255,901 1.5%
GOLD June 30, 2025 2,164,000 $42,068,160 90.7%
X June 30, 2025 971,000 $41,034,460 No longer tracked
IRTC June 30, 2025 365,400 $38,250,072 -28.3%
SEDG June 30, 2026 736,700 $37,608,535 -43.4%
INTC Sept. 30, 2025 1,592,000 $35,660,800 255.7%
CIVI June 30, 2025 982,935 $34,294,602 No longer tracked
BIDU June 30, 2025 371,300 $34,170,739 -1.7%
UWMC Dec. 31, 2025 4,654,000 $28,342,860 -71.2%
TE June 30, 2026 6,287,300 $27,601,247 -58.6%
AL Sept. 30, 2025 394,600 $23,080,154 No longer tracked
SBSW Dec. 31, 2025 1,919,000 $21,569,560 -30.1%
NVTS March 31, 2026 2,880,200 $20,564,628 41.4%
LULU March 31, 2026 88,600 $18,411,966 -38.3%
OUST March 31, 2026 829,000 $17,939,560 141.6%
CSX March 31, 2026 479,800 $17,392,750 15.5%
LEN Dec. 31, 2025 124,102 $15,641,816 -22.4%
EXE June 30, 2026 133,555 $14,661,668 -6.2%
NXT Sept. 30, 2025 238,900 $12,988,993 13.9%
B March 31, 2026 263,552 $11,477,690 -1.4%
NEM March 31, 2026 108,936 $10,877,260 6.8%
NYT March 31, 2026 139,039 $9,652,087 -25.1%
STUB June 30, 2026 1,459,200 $9,105,408 -58.0%
KRE March 31, 2026 130,003 $8,425,494
SW Dec. 31, 2025 187,000 $7,960,590 10.0%
SW June 30, 2026 186,684 $7,439,357 -8.0%
LAB June 30, 2026 1,615,000 $1,484,670 -9.2%