Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +57.7%
S&P 500 total return (same window) +37.0%
Excess return +20.7%

Annualized: +44.0% · 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: 99.2% · Options excluded: 14.3%

Sector breakdown

04
Energy 16.8%
Industrials 16.6%
Technology 13.6%
Retail 9.5%
Consumer Discretionary 8.7%
Financials 6.8%
Materials 6.6%
Communication Services 5.2%
Consumer Staples 3.9%
Healthcare 3.9%
Real Estate 2.9%
Consumer products 1.6%
Other/Unmapped 3.9%

Full portfolio 64 positions

05
Type Streak 8Q trend
FLEX Flex Ltd. - Ordinary Shares $9,562,130 4.02% 59,000 $4,521,710 Down ×1
DVN Devon Energy Corporation Common Stock $9,297,000 3.91% 225,000 Call option Up ×1
AMZN Amazon.com, Inc. - Common Stock $7,865,220 3.31% 33,000 $2,033,660 Up ×4
IBM International Business Machines Corporation Common Stock $7,030,250 2.96% 25,000 Up ×1
COMP Compass, Inc. Class A Common Stock $6,781,500 2.85% 550,000
CVI CVR Energy Inc. Common Stock $6,664,680 2.80% 242,000 $341,912 Up ×1
C Citigroup, Inc. Common Stock $6,438,160 2.71% 46,000 $200,610 Down ×1
FLO Flowers Foods, Inc. Common Stock $5,767,000 2.43% 730,000 Up ×1
CARR Carrier Global Corporation Common Stock $5,574,600 2.34% 76,000 $1,689,210 Up ×1
VISN Vistance Networks, Inc. - Common Stock $5,495,400 2.31% 430,000 $-874,600 Up ×2
HRI Herc Holdings Inc. Common Stock $5,446,920 2.29% 38,000
EOLS Evolus, Inc. - Common Stock $5,343,800 2.25% 770,000 $2,547,467 Up ×3
WOLF Wolfspeed, Inc. Common Stock New $5,307,500 2.23% 110,000 $2,369,900 Down ×1
IEP Icahn Enterprises L.P. - Depositary Units representing Limited Partner Interests $5,047,000 2.12% 700,000 $1,649,500 Up ×1
MOS Mosaic Company (The) Common Stock $5,032,625 2.12% 237,500 Call option $-449,875 Up ×1
PR Permian Resources Corporation Class A Common Stock $4,970,700 2.09% 270,000 $-1,659,820 Down ×2
WEN Wendy's Company (The) - Common Stock $4,725,300 1.99% 570,000 $1,458,800 Up ×2
FIG Figma, Inc. Class A Common Stock $4,703,400 1.98% 260,000 Up ×1
RKLB Rocket Lab Corporation - Common Stock $4,675,900 1.97% 46,000 $1,208,020 Down ×1
CPNG Coupang, Inc. Class A Common Stock $4,516,200 1.90% 260,000 Call option $-392,600
TOST Toast, Inc. Class A Common Stock $4,173,000 1.75% 150,000 $1,522,000 Up ×1
DVN Devon Energy Corporation Common Stock $4,008,040 1.69% 97,000 Up ×1
HZO MarineMax, Inc. (FL) Common Stock $4,007,656 1.69% 109,439 $620,826 Down ×1
GME GameStop Corporation Common Stock $3,974,400 1.67% 180,000 $-1,324,800 Down ×2
F Ford Motor Company Common Stock $3,961,500 1.67% 285,000 Up ×1
PPTA Perpetua Resources Corp. - Common Shares $3,840,600 1.62% 185,000 $-377,400 Up ×1
CLX Clorox Company (The) Common Stock $3,817,600 1.61% 40,000 Up ×1
TALO Talos Energy, Inc. Common Stock $3,743,900 1.57% 290,000 $-2,686,180 Down ×1
Unknown issuer (CUSIP: 486917107) $3,731,000 1.57% 650,000 Up ×1
AMTM Amentum Holdings, Inc. Common Stock $3,720,600 1.56% 180,000 Call option $1,112,600 Up ×1
VAL Valaris Limited Common Shares $3,702,600 1.56% 51,000 $-1,493,520 Down ×2
LW Lamb Weston Holdings, Inc. Common Stock $3,540,760 1.49% 82,000 $498,040 Up ×1
ADNT Adient plc Ordinary Shares $3,492,200 1.47% 190,000 $-246,650 Up ×2
CNK Cinemark Holdings Inc Cinemark Holdings, Inc. Common Stock $3,490,300 1.47% 110,000 $-359,900 Down ×1
RXT Rackspace Technology, Inc. - Common Stock $3,460,900 1.46% 530,000 Up ×1
LUMN Lumen Technologies, Inc. Common Stock $3,456,000 1.45% 450,000 $-19,000 Down ×2
LTRX Lantronix, Inc. - Common Stock $3,410,400 1.43% 580,000 $4,400 Down ×1
GTLB GitLab Inc. - Class A Common Stock $3,358,300 1.41% 110,000 Up ×1
NUAI New Era Energy & Digital, Inc. - Common Stock $3,253,800 1.37% 510,000 $2,523,000 Up ×1
TROX Tronox Holdings plc Ordinary Shares (UK) $3,150,000 1.32% 500,000 $-2,809,700 Down ×2
OSCR Oscar Health, Inc. Class A Common Stock $3,137,200 1.32% 110,000 Up ×1
AMTM Amentum Holdings, Inc. Common Stock $3,100,500 1.30% 150,000 $-3,158,700 Down ×1
PATH UiPath, Inc. Class A Common Stock $2,934,900 1.23% 270,000 Call option $1,269,900 Up ×1
CBRL Cracker Barrel Old Country Store, Inc. - Common Stock $2,931,500 1.23% 55,000 $823,250 Down ×1
RYAM Rayonier Advanced Materials Inc. Common Stock $2,829,600 1.19% 360,000 $-2,484,000 Down ×1
POET POET Technologies Inc. - Common Shares $2,672,800 1.12% 260,000 Up ×1
GENI Genius Sports Limited Ordinary Shares $2,666,400 1.12% 440,000
TDOC Teladoc Health, Inc. Common Stock $2,442,240 1.03% 288,000 Call option $872,640
SOFI SoFi Technologies, Inc. - Common Stock $2,330,900 0.98% 130,000 Up ×1
RIG Transocean Ltd (Switzerland) Common Stock $2,151,600 0.90% 440,000 $-3,218,700 Down ×1
IHRT iHeartMedia, Inc. - Class A Common Stock $2,102,100 0.88% 490,000 $934,100 Up ×1
ASTI Ascent Solar Technologies, Inc - Common Stock $1,850,000 0.78% 370,000 Up ×1
CPNG Coupang, Inc. Class A Common Stock $1,737,000 0.73% 100,000 $-3,738,200 Down ×1
WEN Wendy's Company (The) - Common Stock $1,492,200 0.63% 180,000 Call option $-592,800 Down ×1
ONON On Holding AG Class A Ordinary Shares $1,416,800 0.60% 40,000 Up ×1
NUAI New Era Energy & Digital, Inc. - Common Stock $1,339,800 0.56% 210,000 Call option Up ×1
SMR NuScale Power Corporation Class A Common Stock $1,303,900 0.55% 130,000 Up ×1
CLVT Clarivate Plc Ordinary Shares $1,144,800 0.48% 530,000 $6,300 Up ×1
RPD Rapid7, Inc. - Common Stock $1,053,000 0.44% 130,000 Up ×1
TROX Tronox Holdings plc Ordinary Shares (UK) $913,500 0.38% 145,000 Call option Up ×1
EBS Emergent BioSolutions Inc. Common Stock $838,000 0.35% 100,000 Up ×1
SOC Sable Offshore Corp. Common Stock $739,200 0.31% 240,000 $-582,400 Up ×1
RXRX Recursion Pharmaceuticals, Inc. - Class A Common Stock $734,000 0.31% 200,000 Up ×1
EVGO EVgo Inc. - Common Stock $382,000 0.16% 200,000 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
AMZN $7,865,220 3.31% up ×4
EOLS $5,343,800 2.25% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
DVN $9,297,000 225,000 3.91%
IBM $7,030,250 25,000 2.96%
COMP $6,781,500 550,000 2.85%
FLO $5,767,000 730,000 2.43%
HRI $5,446,920 38,000 2.29%
FIG $4,703,400 260,000 1.98%
DVN $4,008,040 97,000 1.69%
F $3,961,500 285,000 1.67%
CLX $3,817,600 40,000 1.61%
Unknown issuer (CUSIP: 486917107) $3,731,000 650,000 1.57%
RXT $3,460,900 530,000 1.46%
GTLB $3,358,300 110,000 1.41%
OSCR $3,137,200 110,000 1.32%
POET $2,672,800 260,000 1.12%
GENI $2,666,400 440,000 1.12%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
FLEX Trimmed -18K +$4.5M
CPNG Trimmed -190K -$3.7M
RIG Trimmed -370K -$3.2M
AMTM Trimmed -90K -$3.2M
TROX Trimmed -110K -$2.8M
TALO Trimmed -118K -$2.7M
EOLS Bought more +90K +$2.5M
NUAI Bought more +330K +$2.5M
RYAM Trimmed -120K -$2.5M
WOLF Trimmed -70K +$2.4M

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
CLF March 31, 2026 480,000 $6,374,400 44.4%
CE March 31, 2026 146,200 $6,181,336 -30.8%
FLEX Dec. 31, 2025 100,000 $5,797,000 93.2%
HRI March 31, 2026 38,000 $5,638,440 36.1%
LW June 30, 2025 102,000 $5,436,600 -14.0%
COMP March 31, 2026 490,000 $5,179,300 27.1%
AEO March 31, 2026 195,000 $5,142,150 8.4%
GIL June 30, 2026 89,000 $4,952,850 -21.2%
ALB March 31, 2026 35,000 $4,950,400 -41.9%
UBER June 30, 2026 68,000 $4,891,240 -3.7%
W June 30, 2026 65,000 $4,888,650 14.7%
HON June 30, 2025 23,000 $4,870,250 -2.4%
ZIM Sept. 30, 2025 302,000 $4,859,180 113.5%
UAMY Dec. 31, 2025 780,000 $4,836,000 -21.3%
UAA Sept. 30, 2025 684,000 $4,671,720 -5.8%
TSSI Sept. 30, 2025 160,000 $4,612,800 -44.5%
UBER Dec. 31, 2025 46,000 $4,506,620 -15.0%
ON March 31, 2026 83,000 $4,494,450 38.8%
GAP March 31, 2026 155,000 $3,968,000 -3.7%
PATH June 30, 2025 370,000 $3,811,000 2.8%
PBF June 30, 2026 80,000 $3,809,600 84.9%
ACLS March 31, 2026 46,000 $3,695,640 52.9%
RRC June 30, 2025 91,000 $3,633,630 -4.9%
DAR March 31, 2026 100,000 $3,600,000 1.4%
TSLA March 31, 2026 8,000 $3,597,760 1.9%
HIMX Dec. 31, 2025 405,000 $3,576,150 79.6%
DGX June 30, 2026 18,000 $3,527,640 9.6%
CORZ Dec. 31, 2025 195,000 $3,498,300 14.0%
PYPL Sept. 30, 2025 47,000 $3,493,040 -18.9%
CENX Sept. 30, 2025 190,000 $3,423,800 25.8%
GENI June 30, 2025 340,000 $3,403,400 -42.4%
ROKU Sept. 30, 2025 38,000 $3,339,820 53.2%
FCX June 30, 2025 87,000 $3,293,820 67.5%
PINS Sept. 30, 2025 90,000 $3,227,400 -37.6%
FRSH March 31, 2026 260,000 $3,185,000 64.6%
ABAT Dec. 31, 2025 630,000 $3,061,800 -35.0%
PBPB Sept. 30, 2025 240,000 $2,940,000 No longer tracked
NMAX Dec. 31, 2025 235,000 $2,914,000 29.0%
CLOV March 31, 2026 1,230,000 $2,890,500 165.9%
HON Dec. 31, 2025 13,500 $2,841,750 9.8%
CMRC June 30, 2025 490,000 $2,822,400 -35.8%
JBLU Dec. 31, 2025 570,000 $2,804,400 -10.8%
CPNG Sept. 30, 2025 90,000 $2,696,400 -55.9%
DFTX June 30, 2026 140,000 $2,646,000 -23.0%
ZIM June 30, 2026 100,000 $2,635,000 11.3%
VERA June 30, 2026 65,000 $2,614,950 -30.5%
SPT March 31, 2026 230,000 $2,592,100 78.8%
WDC March 31, 2026 15,000 $2,584,050 63.3%
ANF Dec. 31, 2025 30,000 $2,566,500 12.3%
CAL Dec. 31, 2025 195,000 $2,542,800 0.7%
AAPL June 30, 2025 11,000 $2,443,430 62.3%
AMD Dec. 31, 2025 15,000 $2,426,850 195.0%
LHX March 31, 2026 8,000 $2,348,560 -31.4%
HBAN Sept. 30, 2025 140,000 $2,346,400 -11.5%
SFM March 31, 2026 29,000 $2,310,430 -15.8%
VFC Dec. 31, 2025 160,000 $2,308,800 -21.1%
MU March 31, 2026 8,000 $2,283,280 214.9%
SD Sept. 30, 2025 210,000 $2,272,200 21.6%
HIMS March 31, 2026 69,000 $2,240,430 42.9%
RILY Dec. 31, 2025 370,000 $2,210,750 4.5%
WMB Sept. 30, 2025 35,000 $2,198,350 11.8%
OPRA June 30, 2025 135,000 $2,151,900 -6.3%
SLI March 31, 2026 460,000 $2,056,200 No longer tracked
MWA June 30, 2025 80,000 $2,033,600 -9.5%
NB March 31, 2026 380,000 $2,014,000 -22.4%
MNMD March 31, 2026 150,000 $2,008,500 No longer tracked
TREX June 30, 2026 55,000 $2,003,100 -11.7%
ELF Dec. 31, 2025 15,000 $1,987,200 36.4%
MPT Dec. 31, 2025 380,000 $1,926,600 -33.8%
VITL Dec. 31, 2025 46,000 $1,892,900 -71.0%
RRC March 31, 2026 52,000 $1,833,520 -14.4%
CAVA June 30, 2026 22,000 $1,779,800 -31.1%
NVA March 31, 2026 290,000 $1,770,450 No longer tracked
NET June 30, 2025 15,000 $1,690,350 83.6%
BHC March 31, 2026 240,000 $1,668,000 9.1%
AMKR June 30, 2026 37,000 $1,666,110 -36.6%
PDYN Sept. 30, 2025 190,000 $1,645,400 -40.4%
CFLT Sept. 30, 2025 60,000 $1,495,800 No longer tracked
ALT March 31, 2026 400,000 $1,444,000 -13.3%
SNBR March 31, 2026 170,000 $1,438,200 No longer tracked
SPWH Dec. 31, 2025 440,000 $1,218,800 -20.5%
ANGX March 31, 2026 260,000 $1,214,200 36.4%
GRAB June 30, 2026 330,000 $1,207,800 -15.9%
APPS March 31, 2026 240,000 $1,200,000 289.2%
SEDG June 30, 2025 70,000 $1,132,600 68.5%
AMD June 30, 2026 5,000 $1,017,150 8.8%
UAA June 30, 2026 170,000 $1,004,700 -26.4%
ONDS Dec. 31, 2025 130,000 $1,003,600 -24.0%
XPOF March 31, 2026 120,000 $987,600 -22.9%
UMAC June 30, 2026 60,000 $744,000 No longer tracked
CELH June 30, 2025 20,000 $712,400 -40.7%
CHPT (filed as CHPTXXXX) Sept. 30, 2025 900,000 $632,970 -18.2%
MVST March 31, 2026 200,000 $560,000 -59.0%
KOPN Dec. 31, 2025 230,000 $558,900 108.1%
XRX March 31, 2026 210,000 $497,700 134.1%
WWR Dec. 31, 2025 470,000 $445,889 No longer tracked
NVTS June 30, 2026 50,000 $438,500 -31.1%
RGTI June 30, 2025 54,300 $430,056 27.7%
SERV Sept. 30, 2025 35,000 $400,400 -58.0%
ODC March 31, 2026 7,000 $342,580 35.0%
INVZ Sept. 30, 2025 200,000 $328,000 -83.7%