Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +3.2%
S&P 500 total return (same window) +37.0%
Excess return -33.8%

Annualized: +2.6% · 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: 99.3% · Options excluded: 0.0%

Sector breakdown

04
Industrials 51.7%
Consumer Discretionary 19.4%
Retail 13.9%
Communication Services 5.0%
Financials 4.5%
Health Care 2.8%
Materials 2.7%

Full portfolio 21 positions

05
Type Streak 8Q trend
ARMK Aramark Common Stock $60,113,371 9.44% 1,056,474 $3,424,303 Down ×1
WCN Waste Connections, Inc. Common Shares $57,260,182 8.99% 343,513 $4,843,555 Up ×1
SSNC SS&C Technologies Holdings, Inc. - Common Stock $50,462,225 7.92% 813,251 $-3,448,432 Up ×4
DG Dollar General Corporation Common Stock $38,337,731 6.02% 333,053 Up ×1
FA First Advantage Corporation - Common Stock $35,033,462 5.50% 1,940,912 $-631,219 Down ×1
BKNG Booking Holdings Inc. - Common Stock $34,662,333 5.44% 194,470 Up ×1
LII Lennox International, Inc. Common Stock $33,808,061 5.31% 59,007 Up ×1
LYV Live Nation Entertainment, Inc. Common Stock $31,997,191 5.02% 174,743 $5,969,682 Up ×2
CNM Core & Main, Inc. Class A Common Stock $29,915,820 4.70% 620,017 Up ×1
WEX WEX Inc. common stock $28,573,265 4.49% 202,518 $-2,600,065 Down ×2
GPC Genuine Parts Company Common Stock $28,548,800 4.48% 241,980 Up ×1
BOBS Bob's Discount Furniture, Inc. Common Stock $25,574,454 4.02% 1,616,590 $7,744,405 Up ×1
PFGC Performance Food Group Company Common Stock $24,644,776 3.87% 220,456 $-4,925,998 Down ×6
CAE CAE Inc. Ordinary Shares $24,538,577 3.85% 979,193 $2,542,139 Up ×1
MGRC McGrath RentCorp - Common Stock $24,046,725 3.78% 198,684 Up ×1
NSP Insperity, Inc. Common Stock $21,357,063 3.35% 516,995 Up ×1
HURN Huron Consulting Group Inc. - Common Stock $21,247,376 3.34% 235,663 $-8,562,336 Up ×1
ROAD Construction Partners, Inc. - Common Stock $20,811,236 3.27% 175,223 Up ×1
WAY Waystar Holding Corp. - Common Stock $17,553,150 2.76% 855,000 Up ×1
SOLS Solstice Advanced Materials Inc. - Common Stock $17,443,479 2.74% 196,879 Up ×1
KFY Korn Ferry Common Stock $10,908,201 1.71% 163,836 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
SSNC $50,462,225 7.92% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
DG $38,337,731 333,053 6.02%
BKNG $34,662,333 194,470 5.44%
LII $33,808,061 59,007 5.31%
CNM $29,915,820 620,017 4.70%
GPC $28,548,800 241,980 4.48%
MGRC $24,046,725 198,684 3.78%
NSP $21,357,063 516,995 3.35%
ROAD $20,811,236 175,223 3.27%
WAY $17,553,150 855,000 2.76%
SOLS $17,443,479 196,879 2.74%
KFY $10,908,201 163,836 1.71%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
HURN Bought more +2K -$8.6M
BOBS Bought more +99K +$7.7M
LYV Bought more +4K +$6.0M
PFGC Trimmed -125K -$4.9M
WCN Bought more +21K +$4.8M
SSNC Bought more +15K -$3.4M
ARMK Trimmed -342K +$3.4M
WEX Trimmed -1K -$2.6M
CAE Bought more +135K +$2.5M
FA Trimmed -1.1M -$631K

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
IAS Dec. 31, 2025 7,120,157 $72,411,997 No longer tracked
BOX March 31, 2026 1,741,267 $52,081,296 45.9%
RTO March 31, 2026 1,697,919 $50,020,694 -36.6%
SYY March 31, 2026 652,768 $48,102,474 8.6%
FISV Sept. 30, 2025 273,954 $47,232,409 -65.6%
NABL March 31, 2026 6,134,573 $45,886,606 -9.4%
FIS Sept. 30, 2025 552,375 $44,968,849 -50.8%
OPLN June 30, 2026 1,518,196 $44,255,413 -13.8%
VRRM June 30, 2026 2,943,917 $42,068,574 -33.9%
JAMF Dec. 31, 2025 3,893,883 $41,664,548 No longer tracked
AMPL Sept. 30, 2025 3,339,327 $41,407,655 35.4%
HII March 31, 2026 115,217 $39,181,845 -29.3%
IQV March 31, 2026 163,513 $36,857,465 51.4%
DLTR Dec. 31, 2025 389,168 $36,725,784 -8.8%
CDW June 30, 2026 268,356 $32,476,443 -5.2%
INFA June 30, 2025 1,725,372 $30,107,741 No longer tracked
CBZ June 30, 2026 968,631 $26,007,742 70.5%
FIS June 30, 2026 548,860 $25,747,023 -16.6%
WTW Sept. 30, 2025 78,461 $24,048,297 -16.5%
ACVA March 31, 2026 2,963,578 $23,767,896 146.5%
TRU June 30, 2026 331,809 $22,957,865 -12.1%
LMT June 30, 2026 36,270 $21,921,225 -0.8%
SWK June 30, 2026 293,036 $20,823,138 -3.0%
SYY June 30, 2025 260,434 $19,542,967 2.3%
ICLR June 30, 2025 106,136 $18,572,739 11.4%
DV Dec. 31, 2025 1,523,175 $18,247,637 17.9%
CRSR June 30, 2025 1,888,561 $16,732,650 46.2%
RPAY March 31, 2026 4,361,524 $15,919,563 46.9%
CCC March 31, 2026 2,000,000 $15,900,000 9.3%
PSFE Sept. 30, 2025 688,442 $8,688,138 -58.3%