Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +17.6%
S&P 500 total return (same window) +37.0%
Excess return -19.4%

Annualized: +13.8% · 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: 93.1% · Options excluded: 0.0%

Sector breakdown

04
Industrials 20.6%
Health Care 15.6%
Utilities 12.2%
Energy 10.9%
Retail 9.0%
Technology 6.4%
Consumer Staples 4.8%
Financials 4.7%
Materials 3.9%
Communication Services 1.6%
Consumer products 1.1%
Other/Unmapped 9.3%

Full portfolio 54 positions

05
Type Streak 8Q trend
WMT Walmart Inc. - Common Stock $114,958,173 8.97% 1,014,994 $-10,368,351 Up ×1
SH ProShares Short S&P500 $91,677,818 7.15% 2,776,433 $-53,329,331 Down ×1
MSFT Microsoft Corporation - Common Stock $69,991,445 5.46% 187,635 $1,482,283 Up ×1
PWR Quanta Services, Inc. Common Stock $66,692,739 5.20% 92,624 $-4,496,182 Down ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $59,662,001 4.66% 119,231 $2,527,464 Up ×2
CVX Chevron Corporation Common Stock $43,659,525 3.41% 263,390 $-11,883,036 Down ×6
LHX L3Harris Technologies, Inc. Common Stock $41,305,289 3.22% 142,143 $-7,483,335 Up ×1
AEP American Electric Power Company, Inc. - Common Stock $38,510,355 3.01% 281,488 $1,629,271 Up ×1
PSX Phillips 66 Common Stock $36,316,585 2.83% 214,827 $-3,268,469 Down ×6
WM Waste Management, Inc. Common Stock $32,445,258 2.53% 145,573 $-1,142,237 Down ×1
CNP CenterPoint Energy, Inc (Holding Co) Common Stock $31,623,761 2.47% 718,069 $587,403 Down ×1
WPM Wheaton Precious Metals Corp Common Shares (Canada) $30,117,935 2.35% 268,144 $-4,752,080 Up ×1
ABBV AbbVie Inc. Common Stock $29,128,337 2.27% 115,754 Up ×1
MRK Merck & Company, Inc. Common Stock (new) $27,352,767 2.13% 212,862 $2,134,329 Up ×1
NEE NextEra Energy, Inc. Common Stock $27,324,557 2.13% 311,320 $-1,377,035 Up ×2
JNJ Johnson & Johnson Common Stock $26,637,492 2.08% 104,884 $1,621,403 Up ×1
KO Coca-Cola Company (The) Common Stock $26,079,397 2.04% 320,898 $1,917,127 Up ×2
EOG EOG Resources, Inc. Common Stock $25,034,628 1.95% 192,975 $-3,380,628 Down ×1
CBOE Cboe Global Markets, Inc. Common Stock $24,773,453 1.93% 102,087 $-4,115,484 Down ×6
PCAR PACCAR Inc. - Common Stock $24,756,973 1.93% 206,102 $1,174,414 Up ×1
CAH Cardinal Health, Inc. Common Stock $24,680,822 1.93% 103,893 $3,127,835 Up ×1
DUK Duke Energy Corporation (Holding Company) Common Stock $24,361,065 1.90% 192,456 $-537,683 Up ×2
UPS United Parcel Service, Inc. Common Stock $23,810,498 1.86% 221,493 $2,245,110 Up ×2
SYK Stryker Corporation Common Stock $22,871,247 1.78% 72,644 $-1,221,793 Down ×1
LMT Lockheed Martin Corporation Common Stock $22,490,068 1.76% 44,145 $-3,296,180 Up ×1
EMR Emerson Electric Company Common Stock $21,555,166 1.68% 150,577 $1,775,407 Down ×5
CI The Cigna Group Common Stock $20,139,299 1.57% 73,053 $639,294 Down ×1
LH Labcorp Holdings Inc. Common Stock $20,091,299 1.57% 71,755 $953,277 Up ×2
T AT&T Inc. $19,724,327 1.54% 952,866 $-7,821,247 Up ×2
MDLZ Mondelez International, Inc. - Class A Common Stock $19,127,822 1.49% 330,702 $-39,069 Down ×1
CCK Crown Holdings, Inc. $19,060,055 1.49% 170,453 $2,076,301 Up ×1
COP ConocoPhillips Common Stock $18,575,157 1.45% 178,676 $-5,296,779 Down ×3
AEE Ameren Corporation Common Stock $17,647,127 1.38% 156,114 $759,567 Up ×2
DTE DTE Energy Company Common Stock $17,271,749 1.35% 113,354 $1,011,500 Up ×2
DOV Dover Corporation Common Stock $17,255,655 1.35% 76,938 $1,608,147 Up ×1
BKR Baker Hughes Company - Common Stock $15,977,562 1.25% 287,884 $-1,567,659 Up ×2
PEP PepsiCo, Inc. - Common Stock $15,943,574 1.24% 117,752 $-2,232,354 Up ×2
DHR Danaher Corporation Common Stock $14,647,477 1.14% 76,898 $126,136 Up ×3
MDT Medtronic plc. Ordinary Shares $13,934,093 1.09% 178,117 $-1,204,182 Up ×2
PG Procter & Gamble Company (The) Common Stock $13,929,830 1.09% 94,993 $419,348 Up ×2
UNP Union Pacific Corporation Common Stock $13,872,816 1.08% 51,003 $1,732,111 Up ×2
ACN Accenture plc Class A Ordinary Shares (Ireland) $9,854,777 0.77% 79,193
AAPL Apple Inc. - Common Stock $1,587,719 0.12% 5,487 $195,173
SPY SPY $1,193,339 0.09% 1,598 $139,788 Down ×1
GDX VanEck ETF Trust $637,190 0.05% 8,445 $-579,956 Down ×2
GOOGL Alphabet Inc. - Class A Common Stock $533,554 0.04% 1,493 $107,965 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $466,749 0.04% 1,321 $87,806
INTC Intel Corporation - Common Stock $399,063 0.03% 2,858
AEM Agnico Eagle Mines Limited Common Stock $398,374 0.03% 2,568 $-13,069,147 Down ×6
XLI SELECT SECTOR SPDR TRUST $317,762 0.02% 1,715 $-10,227 Down ×2
RSP Invesco Exchange-Traded Fund Trust $278,516 0.02% 1,309 Up ×1
XLU XLU $240,801 0.02% 5,311 $10,754 Up ×1
XLE SELECT SECTOR SPDR TRUST $236,659 0.02% 4,456 $-75,522 Down ×2
XLV SELECT SECTOR SPDR TRUST $225,774 0.02% 1,423 $-33,726 Down ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
DHR $14,647,477 1.14% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ABBV $29,128,337 115,754 2.27%
ACN $9,854,777 79,193 0.77%
INTC $399,063 2,858 0.03%
RSP $278,516 1,309 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SH Trimmed -1.0M -$53.3M
CVX Trimmed -5K -$11.9M
WMT Bought more +7K -$10.4M
T Bought more +3K -$7.8M
LHX Bought more +788 -$7.5M
COP Trimmed -2K -$5.3M
WPM Bought more +2K -$4.8M
PWR Trimmed -37K -$4.5M
CBOE Trimmed -695 -$4.1M
EOG Trimmed -4K -$3.4M

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
CRM March 31, 2026 219,193 $58,066,418 25.7%
SH June 30, 2025 1,248,568 $55,636,191 -19.1%
UNH June 30, 2025 50,928 $26,673,491 19.2%
IQV June 30, 2025 89,005 $15,691,582 63.8%
CMCSA June 30, 2025 302,576 $11,165,055 -39.6%
KHC June 30, 2025 339,590 $10,333,724 -14.1%
GPC March 31, 2026 82,249 $10,113,338 20.3%
AMT March 31, 2026 57,390 $10,075,963 -6.0%
NEM June 30, 2026 64,910 $7,026,526 23.7%
ACN March 31, 2026 2,424 $650,360 0.3%
JPM March 31, 2026 1,046 $337,116 13.0%
SPYV June 30, 2025 5,300 $270,671
INTC March 31, 2026 6,360 $234,684 170.4%
XLP June 30, 2026 2,793 $228,971 No longer tracked
XLF March 31, 2026 3,912 $214,261 8.3%
ITW March 31, 2026 860 $211,818 1.0%
TSLA March 31, 2026 453 $203,724 -0.3%