Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +29.0%
S&P 500 total return (same window) +37.0%
Excess return -8.0%

Annualized: +22.6% · 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: 99.9% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 74.5%
Retail 23.9%
Real Estate 0.7%
Communication Services 0.3%
Consumer products 0.2%
Financials 0.1%
Industrials 0.1%
Materials 0.0%
Other/Unmapped 0.3%

Full portfolio 21 positions

05
Type Streak 8Q trend
OCUL Ocular Therapeutix, Inc. - Common Stock $119,885,466 74.46% 12,208,296 $19,263,348 Up ×2
IMKTA Ingles Markets, Incorporated - Class A Common Stock $38,415,197 23.86% 433,678 $-568,118
LINE Lineage, Inc. - Common Stock $882,689 0.55% 20,409 $214,090
GRBK Green Brick Partners, Inc. Common Stock $284,142 0.18% 3,550 $55,344
GOOGL Alphabet Inc. - Class A Common Stock $260,880 0.16% 730 $44,635 Down ×1
GDX VanEck ETF Trust $202,060 0.13% 2,678 $-89,591 Down ×1
DIS Walt Disney Company (The) Common Stock $177,292 0.11% 1,842 $-240
CTRE CareTrust REIT, Inc. Common Stock $151,312 0.09% 3,750 $13,874
GLD SPDR Gold Shares $123,039 0.08% 334 $15,467 Up ×2
SBCF Seacoast Banking Corporation of Florida - Common Stock $104,549 0.06% 3,144 $9,847 Up ×2
GOOG Alphabet Inc. - Class C Capital Stock $98,932 0.06% 280 Up ×1
EQIX Equinix, Inc. - Common Stock $81,306 0.05% 78 $4,847
AMLP ALPS ETF Trust $79,316 0.05% 1,530 $-932 Up ×4
DBC Invesco DB Commodity Index Tracking Fund $72,515 0.05% 2,720 $-6,229
VMC Vulcan Materials Company (Holding Company) Common Stock $70,802 0.04% 240 $5,450
FERG Ferguson Enterprises Inc. Common Stock $47,466 0.03% 200 $814
VEU VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $26,893 0.02% 321 $2,891 Up ×2
IAG Iamgold Corporation Ordinary Shares $19,008 0.01% 1,200 $-3,576
URA Global X Funds $18,319 0.01% 419 $-1,983
AMZN Amazon.com, Inc. - Common Stock $9,534 0.01% 40
NLR VanEck ETF Trust $3,565 0.00% 31 $-529

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
AMLP $79,316 0.05% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
GOOG $98,932 280 0.06%
AMZN $9,534 40 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
OCUL Bought more +328K +$19.3M
IMKTA Price move only +0 -$568K
LINE Price move only +0 +$214K
GDX Trimmed -500 -$90K
GRBK Price move only +0 +$55K
GOOGL Trimmed -22 +$45K
GLD Bought more +84 +$15K
CTRE Price move only +0 +$14K
SBCF Bought more +17 +$10K
DBC Price move only +0 -$6K

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
GDXJ March 31, 2026 4,800 $546,144 0.9%
IMKTA Sept. 30, 2025 1,800 $112,572 24.6%
CDE Dec. 31, 2025 4,673 $87,665 -1.0%
SBCF Sept. 30, 2025 3,050 $83,814 7.4%
FRPT June 30, 2025 934 $78,820 -11.3%
FOUR Sept. 30, 2025 750 $73,665 -53.3%
AMZN Sept. 30, 2025 170 $38,394 14.6%
FOUR June 30, 2026 750 $32,798 -25.6%
TLT June 30, 2026 370 $32,075
MO June 30, 2025 550 $31,850 14.9%
TSLA Sept. 30, 2025 93 $22,709 -16.7%
EBAY June 30, 2026 100 $9,102 -4.8%
SSRM June 30, 2026 250 $7,350 17.6%
XLE June 30, 2026 100 $6,126 18.3%
XLE Sept. 30, 2025 50 $4,512 40.6%
RSP Sept. 30, 2025 10 $1,833 11.3%