Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +21.3%
S&P 500 total return (same window) +37.0%
Excess return -15.7%

Annualized: +16.7% · 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: 93.1% · Options excluded: 0.0%

Sector breakdown

04
Industrials 18.3%
Technology 15.2%
Financials 9.2%
Retail 8.6%
Healthcare 5.0%
Energy 3.5%
Utilities 3.1%
Communication Services 2.5%
Materials 1.1%
Consumer Discretionary 1.0%
Consumer Staples 0.5%
Real Estate 0.3%
Consumer products 0.2%
Other/Unmapped 31.5%

Full portfolio 58 positions

05
Type Streak 8Q trend
CHRW C.H. Robinson Worldwide, Inc. - Common Stock $13,673,484 9.60% 70,664 $718,224 Down ×6
QQQ Invesco QQQ Trust, Series 1 $12,055,800 8.46% 16,617 $1,502,254 Up ×6
MMM 3M Company Common Stock $8,999,118 6.32% 57,130 $169,676
SCHX SCHWAB STRATEGIC TRUST $7,522,585 5.28% 252,945 $667,610 Up ×6
AAPL Apple Inc. - Common Stock $6,743,119 4.73% 21,385 $965,601 Up ×1
AMZN Amazon.com, Inc. - Common Stock $6,084,432 4.27% 24,800 $-122,441 Up ×1
MSFT Microsoft Corporation - Common Stock $5,461,489 3.83% 14,182 $-474,906 Up ×1
PANW Palo Alto Networks, Inc. - Common Stock $4,745,576 3.33% 14,561 $1,642,197 Down ×1
NEE NextEra Energy, Inc. Common Stock $4,424,388 3.11% 50,300 $-153,549 Up ×1
WFC Wells Fargo & Company Common Stock $4,131,384 2.90% 47,400 $272,550
COST Costco Wholesale Corporation - Common Stock $3,927,964 2.76% 4,287 $-340,567 Up ×6
LLY Eli Lilly and Company Common Stock $3,738,085 2.62% 3,145 $822,575
IYF iShares U.S. Financial ETF $3,366,693 2.36% 25,323 $203,487 Up ×6
GOOG Alphabet Inc. - Class C Capital Stock $3,351,129 2.35% 9,439 $241,885 Up ×2
IJK iShares Trust $3,175,339 2.23% 27,827 $92,533 Down ×3
BX Blackstone Inc. Common Stock $3,132,641 2.20% 25,450 $-129,727 Up ×3
FDN First Trust Exchange-Traded Fund $3,049,359 2.14% 11,040 $188,191 Up ×1
SANM Sanmina Corporation - Common Stock $2,714,270 1.91% 13,000 $365,273 Down ×1
IHI iShares Trust $2,681,540 1.88% 52,231 $-251,817 Down ×1
USB U.S. Bancorp Common Stock $2,544,144 1.79% 40,765 $223,392
NVDA NVIDIA Corporation - Common Stock $2,525,403 1.77% 11,971 $171,999 Up ×1
SPY SPY $2,385,642 1.67% 3,160 $177,106 Up ×1
MINT PIMCO ETF Trust $2,318,410 1.63% 23,053 $15,425 Up ×2
IWO iShares Russell 2000 Growth Fund $2,304,234 1.62% 5,990 $169,697
ITA iShares U.S. Aerospace & Defense ETF $2,273,222 1.60% 9,509 $232,150 Up ×1
TXN Texas Instruments Incorporated - Common Stock $2,220,710 1.56% 7,130 $582,093
LNG Cheniere Energy, Inc. Common Stock $2,068,603 1.45% 7,998 $60,545
WMT Walmart Inc. - Common Stock $1,937,212 1.36% 17,008 $-204,533 Up ×2
ABBV AbbVie Inc. Common Stock $1,687,689 1.18% 6,803 $270,079
CVX Chevron Corporation Common Stock $1,544,030 1.08% 8,753 $-67,355 Down ×1
TRV The Travelers Companies, Inc. Common Stock $1,458,373 1.02% 4,303 $163,987
XLE SELECT SECTOR SPDR TRUST $1,386,034 0.97% 25,164 $4,261 Up ×3
XOM Exxon Mobil Corporation Common Stock $1,353,942 0.95% 9,749 $-73,702
ECL Ecolab Inc. Common Stock $1,136,193 0.80% 4,142 $-2,029
NTRS Northern Trust Corporation - Common Stock $917,750 0.64% 5,000 $121,950
COR Cencora, Inc. Common Stock $836,888 0.59% 2,758 $-66,523
SMH SMH $747,901 0.52% 1,224 $181,625 Up ×1
PEP PepsiCo, Inc. - Common Stock $705,859 0.50% 5,138 $-104,250
MCD McDonald's Corporation Common Stock $698,583 0.49% 2,544 $-93,517
WY Weyerhaeuser Company Common Stock $463,771 0.33% 19,777 $-34,017
MRK Merck & Company, Inc. Common Stock (new) $446,351 0.31% 3,613 $16,151
MP MP Materials Corp. Common Stock $441,279 0.31% 8,452 $-49,203 Up ×1
SCHO SCHWAB STRATEGIC TRUST $439,542 0.31% 18,261 $-42 Up ×1
VB Vanguard Morningstar Small-Cap ETF $423,373 0.30% 1,420 $19,141
KNX Knight-Swift Transportation Holdings Inc. $421,064 0.30% 5,600 $60,312
SCHB SCHWAB STRATEGIC TRUST $416,253 0.29% 14,265 $31,355 Up ×1
NEAR iShares U.S. ETF Trust $411,624 0.29% 8,153 $-4,814 Down ×1
DSI iShares Trust $373,704 0.26% 2,615 $25,157
CB Chubb Limited Common Stock $331,830 0.23% 954 $16,218
SPGI S&P Global Inc. Common Stock $322,875 0.23% 750 $-9,053
XLG Invesco Exchange-Traded Fund Trust $309,900 0.22% 5,000 $9,300
TGT Target Corporation Common Stock $306,768 0.22% 2,270 $16,571
NFLX Netflix, Inc. - Common Stock $242,929 0.17% 3,311 $-30,610 Up ×1
PG Procter & Gamble Company (The) Common Stock $224,678 0.16% 1,528 $168
JPM JP Morgan Chase & Co. Common Stock $222,407 0.16% 661 $17,305
ISRG Intuitive Surgical, Inc. - Common Stock $219,662 0.15% 540 $-33,712
SYK Stryker Corporation Common Stock $214,357 0.15% 650 $-60,299 Down ×1
EMR Emerson Electric Company Common Stock $204,848 0.14% 1,475 $-11,019

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
QQQ $12,055,800 8.46% up ×6
SCHX $7,522,585 5.28% up ×6
COST $3,927,964 2.76% up ×6
IYF $3,366,693 2.36% up ×6
BX $3,132,641 2.20% up ×3
XLE $1,386,034 0.97% up ×3

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
PANW Trimmed -4K +$1.6M
QQQ Bought more +352 +$1.5M
AAPL Bought more +5 +$966K
LLY Price move only +0 +$823K
CHRW Trimmed -425 +$718K
SCHX Bought more +8K +$668K
TXN Price move only +0 +$582K
MSFT Bought more +141 -$475K
SANM Trimmed -493 +$365K
COST Bought more +18 -$341K

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
LOW June 30, 2025 4,486 $1,046,270 -19.1%
F June 30, 2025 95,859 $961,466 12.0%
NOW March 31, 2026 3,860 $582,474 30.2%
FISV Dec. 31, 2025 2,500 $322,325 -31.3%
SCHA Sept. 30, 2025 12,154 $307,496 18.7%
HON June 30, 2026 1,274 $297,543 -4.4%
JNJ June 30, 2025 1,524 $252,740 65.6%
CRM Dec. 31, 2025 955 $226,335 -13.3%
CEG March 31, 2026 663 $224,512 -4.2%