Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +10.1%
S&P 500 total return (same window) +37.0%
Excess return -26.9%

Annualized: +8.0% · 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: 97.2% · Options excluded: 0.0%

Sector breakdown

04
Consumer Discretionary 18.0%
Communication Services 16.3%
Real Estate 14.4%
Health Care 11.6%
Industrials 10.2%
Energy 8.3%
Consumer Staples 8.0%
Retail 6.1%
Financials 4.6%
Materials 1.3%
Technology 0.9%
Consumer products 0.5%

Full portfolio 47 positions

05
Type Streak 8Q trend
RYN Rayonier Inc. REIT Common Stock $201,975,858 10.54% 9,491,347 $-19,949,834 Down ×1
MAT Mattel, Inc. - Common Stock $171,037,063 8.92% 12,322,555 $-15,123,577 Down ×1
CNX CNX Resources Corporation Common Stock $158,217,389 8.25% 4,663,053 $3,473,410 Up ×1
IAC IAC Inc. - Common Stock $144,565,503 7.54% 3,131,835 $-16,464,339 Down ×1
ACI Albertsons Companies, Inc. Class A Common Stock $116,848,625 6.09% 8,636,262 $-9,584,783 Up ×4
REGN Regeneron Pharmaceuticals, Inc. - Common Stock $94,978,860 4.95% 152,322 $-5,975,827 Up ×1
FBIN Fortune Brands Innovations, Inc. Common Stock $92,622,285 4.83% 1,687,109 $8,708,769 Down ×1
KHC The Kraft Heinz Company - Common Stock $85,219,685 4.45% 3,607,946 $-3,586,870 Down ×2
ABT Abbott Laboratories Common Stock $76,289,383 3.98% 840,747 Up ×1
FDX FedEx Corporation Common Stock $61,006,492 3.18% 194,828 $-27,146,277 Down ×6
MGM MGM Resorts International Common Stock $55,914,417 2.92% 1,169,513 $-5,631,770 Down ×2
ESRT Empire State Realty Trust, Inc. Class A Common Stock $47,047,708 2.45% 8,696,434 $13,386,460 Up ×3
AVTR Avantor, Inc. Common Stock $46,782,232 2.44% 4,725,478 $19,183,770 Up ×1
PVH PVH Corp. Common Stock $46,776,151 2.44% 629,897 $-4,632,434 Down ×1
GLIBK GCI Liberty, Inc. - Series C GCI Group Common Stock $41,727,741 2.18% 1,935,424 $-7,430,762 Up ×1
CNH CNH Industrial N.V. Common Shares $39,510,172 2.06% 3,518,270 $-1,374,716 Down ×1
SHEN Shenandoah Telecommunications Co - Common Stock $39,461,299 2.06% 2,616,797 $-5,878,065 Down ×1
WTM White Mountains Insurance Group, Ltd. Common Stock $35,463,263 1.85% 17,104 $-5,980,191 Down ×2
GHC Graham Holdings Company Common Stock $33,279,242 1.74% 29,156 $-6,642,896 Down ×1
BATRK Atlanta Braves Holdings, Inc. - Series C Common Stock $31,404,223 1.64% 605,091 $2,751,925 Down ×1
TRIP TripAdvisor, Inc. - Common Stock $30,963,569 1.62% 2,258,466 $-18,051,835 Down ×1
FIS Fidelity National Information Services, Inc. Common Stock $29,904,046 1.56% 769,137 $-8,914,025 Down ×1
ALX Alexander's, Inc. Common Stock $27,284,022 1.42% 99,013 $3,897,152
SAM Boston Beer Company, Inc. (The) Common Stock $25,853,992 1.35% 146,043 $-1,425,598 Up ×1
CLW Clearwater Paper Corporation Common Stock $24,140,238 1.26% 1,539,556 $2,203,678 Up ×3
DOLE Dole plc Ordinary Shares $24,039,566 1.25% 1,752,155 $-3,593,122 Down ×1
TME Tencent Music Entertainment Group American Depositary Shares, each representing two Class A Ordinary Shares $19,248,504 1.00% 2,305,210 Up ×1
EDU New Oriental Education & Technology Group, Inc. Sponsored ADR representing 10 Ordinary Share (Cayman Islands) $18,896,464 0.99% 411,598 $-10,680,252 Down ×1
KSPI Joint Stock Company Kaspi.kz - American Depository Shares $18,454,233 0.96% 212,999 $630,917 Down ×1
ACMR ACM Research, Inc. - Class A Common Stock $17,698,363 0.92% 139,478 $-13,108,752 Down ×2
MICC The Magnum Ice Cream Company N.V. Ordinary Shares $17,437,647 0.91% 1,001,588 $-6,775,672 Down ×1
SN SharkNinja, Inc. Ordinary Shares $9,628,641 0.50% 63,234 $-16,916,888 Down ×5
HTHT H World Group Limited - American Depositary Shares $8,581,053 0.45% 205,682 $-3,054,645 Down ×1
MLCO Melco Resorts & Entertainment Limited - American Depositary Shares $8,473,391 0.44% 1,607,854 $-1,735,012 Down ×1
AMG Affiliated Managers Group, Inc. Common Stock $1,882,181 0.10% 5,562 $343,176
CAH Cardinal Health, Inc. Common Stock $1,742,978 0.09% 7,337 $192,597
GLIBA GCI Liberty, Inc. - Series A GCI Group Common Stock $1,591,955 0.08% 72,692 $-1,380,919 Down ×1
LYV Live Nation Entertainment, Inc. Common Stock $1,544,350 0.08% 8,434 $258,081
H Hyatt Hotels Corporation Class A Common Stock $1,498,965 0.08% 7,733 $387,037
HSIC Henry Schein, Inc. - Common Stock $1,423,014 0.07% 17,038 $167,313
XPO XPO, Inc. Common Stock $1,300,717 0.07% 6,336 $68,048
MSGS Madison Square Garden Sports Corp. Class A Common Stock (New) $1,293,121 0.07% 3,218 $258,856
RXO RXO, Inc. Common Stock $1,206,538 0.06% 43,731 $567,191
PYPL PayPal Holdings, Inc. - Common Stock $969,952 0.05% 22,463 $-46,049
ENOV Enovis Corporation Common Stock $916,141 0.05% 44,258 $-90,729
LAZ Lazard, Inc. Common Stock $780,420 0.04% 18,608 $-10,048
HDB HDFC Bank Limited Common Stock $270,233 0.01% 10,462 $9,938

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
ACI $116,848,625 6.09% up ×4
ESRT $47,047,708 2.45% up ×3
CLW $24,140,238 1.26% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ABT $76,289,383 840,747 3.98%
TME $19,248,504 2,305,210 1.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
FDX Trimmed -53K -$27.1M
RYN Trimmed -1.3M -$19.9M
AVTR Bought more +1.2M +$19.2M
TRIP Trimmed -2.3M -$18.1M
SN Trimmed -187K -$16.9M
IAC Trimmed -891K -$16.5M
MAT Trimmed -490K -$15.1M
ESRT Bought more +2.2M +$13.4M
ACMR Trimmed -643K -$13.1M
EDU Trimmed -111K -$10.7M

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
PCH March 31, 2026 3,162,963 $125,822,668 No longer tracked
DINO Sept. 30, 2025 1,751,822 $71,964,847 116.6%
BIO June 30, 2026 162,804 $45,381,615 25.7%
TIGO Sept. 30, 2025 1,037,634 $38,880,147 82.0%
DIS March 31, 2026 317,175 $36,085,000 6.0%
ANGI Sept. 30, 2025 2,067,648 $31,552,308 -62.8%
LPX March 31, 2026 272,123 $21,976,653 -10.5%
OSCR Sept. 30, 2025 881,857 $18,907,014 63.4%
HHH June 30, 2025 217,395 $16,104,621 5.2%
WEST Sept. 30, 2025 2,670,176 $15,300,108 67.5%
PK Sept. 30, 2025 1,337,878 $13,686,492 40.2%
GOOG June 30, 2025 6,527 $1,019,713 91.9%
STZ June 30, 2026 3,661 $549,150 -18.9%
ACH March 31, 2026 181,735 $508,858 -77.8%
CLVT June 30, 2026 121,927 $308,475 -31.5%
FISV June 30, 2026 3,990 $222,642 -9.6%