Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +67.7%
S&P 500 total return (same window) +37.0%
Excess return +30.7%

Annualized: +51.2% · 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: 94.4% · Options excluded: 0.0%

Sector breakdown

04
Health Care 33.9%
Retail 13.1%
Energy 10.1%
Financials 7.6%
Industrials 7.5%
Communication Services 7.4%
Materials 6.1%
Technology 5.5%
Real Estate 3.0%
Consumer Staples 0.3%
Other/Unmapped 5.6%

Full portfolio 21 positions

05
Type Streak 8Q trend
FENC Fennec Pharmaceuticals Inc. - Common Stock $20,310,685 10.88% 1,889,366 $5,045,167 Down ×2
EPSN Epsilon Energy Ltd. - Common Shares $18,776,817 10.06% 3,470,761 $-2,603,071
ACOG Alpha Cognition Inc. - Common Stock $13,895,735 7.45% 1,924,617 $3,329,588
SNDA Sonida Senior Living, Inc. Common Stock $13,777,303 7.38% 337,679 $-602,295 Down ×5
LEE Lee Enterprises, Incorporated - Common Stock $13,732,504 7.36% 1,549,944 $-212,941 Down ×1
NSP Insperity, Inc. Common Stock $11,643,306 6.24% 281,852 $4,833,228 Up ×2
GO Grocery Outlet Holding Corp. - Common Stock $11,367,799 6.09% 1,139,058 $1,531,745 Down ×1
ASIX AdvanSix Inc. Common Stock $11,357,921 6.09% 571,324 $-1,257,587 Up ×1
AAP Advance Auto Parts Inc. $10,525,322 5.64% 169,163 $1,601,974
KD Kyndryl Holdings, Inc. Common Stock $10,353,660 5.55% 915,443 $-1,656,952
MOH Molina Healthcare Inc Common Stock $9,198,085 4.93% 40,219 $37,842 Down ×1
EEFT Euronet Worldwide, Inc. - Common Stock $9,147,872 4.90% 124,988 $4,370,028 Up ×1
SNWV SANUWAVE Health, Inc. - Common Stock $6,109,680 3.27% 610,968 $1,138,563 Up ×1
SEG Seaport Entertainment Group Inc. Common Stock $5,662,927 3.03% 212,892 $874,648 Down ×3
BUR Burford Capital Limited Ordinary Shares $4,964,870 2.66% 1,210,944 $531,003 Up ×1
MAIA CUSIP: 552641102 $4,364,417 2.34% 3,030,845 $-1,651,389 Down ×1
Unknown issuer (CUSIP: 29390K102) $4,024,159 2.16% 183,333 Up ×1
LUXE LuxExperience B.V. American Depositary Shares, each representing one Ordinary Share $2,559,850 1.37% 344,529 Up ×1
ALIT Alight, Inc. Class A Common Stock $2,382,140 1.28% 4,253,822 $-96,562
Unknown issuer (CUSIP: 60785L306) $1,971,428 1.06% 438,095 $450,286 Up ×1
HAIN The Hain Celestial Group, Inc. - Common Stock $479,567 0.26% 856,064 $-117,794

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 29390K102) $4,024,159 183,333 2.16%
LUXE $2,559,850 344,529 1.37%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
FENC Trimmed -593K +$5.0M
NSP Bought more +30K +$4.8M
EEFT Bought more +53K +$4.4M
ACOG Price move only +0 +$3.3M
EPSN Price move only +0 -$2.6M
KD Price move only +0 -$1.7M
MAIA Trimmed -1.3M -$1.7M
AAP Price move only +0 +$1.6M
GO Trimmed -256K +$1.5M
ASIX Bought more +54K -$1.3M

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
REGN Dec. 31, 2025 18,218 $10,243,435 -5.9%
ZIMV Dec. 31, 2025 530,013 $10,038,446 No longer tracked
PARR June 30, 2025 693,577 $9,890,408 229.9%
WOOF June 30, 2025 3,000,000 $9,150,000 -23.0%
AMBP June 30, 2025 3,013,910 $9,102,008 3.7%
WBA Sept. 30, 2025 771,300 $8,854,524 No longer tracked
PRMB March 31, 2026 460,619 $7,531,121 5.6%
ODP Dec. 31, 2025 264,097 $7,355,101 No longer tracked
GT March 31, 2026 676,976 $5,930,310 -29.4%
GPRE March 31, 2026 563,453 $5,521,839 -7.9%
ASTL June 30, 2026 1,047,454 $4,325,985 9.9%
NVRI June 30, 2026 201,205 $3,947,642 No longer tracked
TEX March 31, 2026 71,663 $3,825,371 -3.7%
VTOL Dec. 31, 2025 81,443 $2,938,463 10.4%
LOGCXXXX June 30, 2025 355,154 $2,478,975 No longer tracked
MODD March 31, 2026 4,424,059 $1,610,800 -56.4%
MERC June 30, 2026 790,338 $1,122,280 -62.6%
MURA June 30, 2025 887,995 $1,118,874 No longer tracked
KD June 30, 2025 22,445 $704,773 -72.3%
CTRN Sept. 30, 2025 4,875 $162,776 54.2%
SPWH March 31, 2026 44,387 $64,805 -17.7%