Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +9.4%
S&P 500 total return (same window) +37.0%
Excess return -27.6%

Annualized: +7.5% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Consumer Discretionary 92.7%
Communication Services 7.3%

Full portfolio 2 positions

05
Type Streak 8Q trend
BALY Bally's Corporation Common Stock $445,314,140 92.73% 32,480,973 $132,197,560
MDIA Mediaco Holding Inc. - Class A Common Stock $34,930,431 7.27% 35,426,400 $11,591,519

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
BALY Price move only +0 +$132.2M
MDIA Price move only +0 +$11.6M

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
TPB March 31, 2026 8,796 $953,486 -35.9%