Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +57.8%
S&P 500 total return (same window) +37.0%
Excess return +20.8%

Annualized: +44.1% · 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: 97.6% · Options excluded: 0.0%

Sector breakdown

04
Industrials 19.8%
Financials 18.3%
Technology 12.8%
Health Care 10.4%
Real Estate 7.0%
Energy 6.6%
Communication Services 4.8%
Consumer Discretionary 4.7%
Retail 3.8%
Materials 3.4%
Utilities 2.7%
Consumer products 2.5%
Consumer Staples 1.0%
Other/Unmapped 2.1%

Full portfolio 243 positions

05
Type Streak 8Q trend
SIMO Silicon Motion Technology Corporation - American Depositary Shares, each representing four ordinary shares $118,071,264 2.35% 354,216 $61,170,927 Down ×4
MLI Mueller Industries, Inc. Common Stock $94,160,194 1.88% 765,965 $7,216,763 Down ×5
JAZZ Jazz Pharmaceuticals plc - Ordinary Shares $91,259,201 1.82% 378,715 $14,294,076 Down ×1
COHU Cohu, Inc. - Common Stock $86,782,663 1.73% 1,174,165 $43,876,855 Down ×3
MKSI MKS Inc. - Common Stock $85,421,108 1.70% 192,042 $29,792,358 Down ×3
TSEM Tower Semiconductor Ltd. - Ordinary Shares $84,749,753 1.69% 325,159 $-11,564,450 Down ×4
EME EMCOR Group, Inc. Common Stock $81,839,859 1.63% 98,615 $-2,699,891 Down ×6
ADEA Adeia Inc. - Common Stock $81,624,731 1.63% 2,478,734 $17,078,542 Down ×2
GVA Granite Construction Incorporated Common Stock $81,402,717 1.62% 514,945 $18,430,537 Down ×4
NWE NorthWestern Energy Group, Inc. - Common Stock $80,354,572 1.60% 1,121,956 $5,706,155 Down ×3
MGY Magnolia Oil & Gas Corporation Class A Common Stock $71,044,695 1.42% 2,777,352 $-17,770,515 Down ×4
LYTS LSI Industries Inc. - Common Stock $63,231,400 1.26% 2,378,908 $16,672,834 Down ×4
MSGE Madison Square Garden Entertainment Corp. Class A Common Stock $62,179,287 1.24% 768,688 $15,333,910 Down ×4
AUB Atlantic Union Bankshares Corporation Common Stock $61,627,500 1.23% 1,456,569 $6,818,056 Down ×4
MSGS Madison Square Garden Sports Corp. Class A Common Stock (New) $61,142,627 1.22% 152,155 $11,485,386 Down ×2
TRST TrustCo Bank Corp NY - Common Stock $60,457,227 1.20% 1,101,023 $9,447,651 Down ×3
WAFD WaFd, Inc. - Common Stock $59,785,824 1.19% 1,558,139 $11,481,587 Up ×1
VSH Vishay Intertechnology, Inc. Common Stock $57,046,497 1.14% 1,060,737 $30,183,987 Down ×3
Unknown issuer (CUSIP: 724078209) $51,134,830 1.02% 706,867 $-4,136,381 Down ×1
SPHR Sphere Entertainment Co. Class A Common Stock $50,135,292 1.00% 289,748 $15,209,635 Down ×4
UMBF UMB Financial Corporation - Common Stock $48,463,725 0.97% 339,475 $9,388,075 Down ×1
DCOM Dime Community Bancshares, Inc. - Common Stock $48,320,869 0.96% 1,188,704 $7,382,303 Down ×3
OSIS OSI Systems, Inc. - Common Stock $47,260,905 0.94% 216,098 $-10,950,214 Down ×6
RRX Regal Rexnord Corporation Common Stock $47,107,427 0.94% 197,771 $10,817,780 Up ×1
REX REX American Resources Corporation $46,815,498 0.93% 1,036,887 $-3,713,953 Down ×3
URBN Urban Outfitters, Inc. - Common Stock $46,635,815 0.93% 658,139 $4,274,496 Down ×6
ONTO Onto Innovation Inc. Common Stock $46,225,468 0.92% 122,143 $9,651,896 Down ×3
INVA Innoviva, Inc. - Common Stock $45,955,194 0.92% 2,023,565 $-1,205,944 Down ×3
KALU Kaiser Aluminum Corporation - Common Stock $45,433,394 0.91% 232,240 $16,149,928 Down ×3
EHC Encompass Health Corporation Common Stock $44,792,698 0.89% 443,140 $1,611,837 Down ×1
PFS Provident Financial Services, Inc Common Stock $44,250,487 0.88% 1,871,847 $2,845,675 Down ×3
WBS Webster Financial Corporation Common Stock $44,025,190 0.88% 576,094 $-6,378,581 Down ×2
SF Stifel Financial Corporation Common Stock $43,113,681 0.86% 617,939 $-2,482,272 Up ×2
SBRA Sabra Health Care REIT, Inc. - Common Stock $41,500,408 0.83% 2,127,134 $62,024 Down ×6
COLB Columbia Banking System, Inc. - Common Stock $41,321,961 0.82% 1,289,296 $4,530,759 Down ×1
EG Everest Group, Ltd. Common Stock $40,871,669 0.81% 114,411 $1,657,642 Down ×1
DOC Healthpeak Properties, Inc. Common Stock $39,561,462 0.79% 1,848,665 $9,337,417 Up ×6
EBC Eastern Bankshares, Inc. - Common Stock $39,390,887 0.78% 1,771,172 $3,257,790 Down ×3
VC Visteon Corporation - Common Stock $38,803,041 0.77% 391,119 $9,403,795 Up ×3
KBR KBR, Inc. Common Stock $38,474,156 0.77% 1,114,223 $11,833,914 Up ×1
WSM Williams-Sonoma, Inc. Common Stock (DE) $38,473,203 0.77% 165,049 $8,475,828 Up ×1
FRME First Merchants Corporation - Common Stock $37,154,243 0.74% 850,405 $3,769,137 Down ×1
POR Portland General Electric Co Common Stock $36,891,193 0.73% 711,771 $3,680,912 Up ×1
FCNCA First Citizens BancShares, Inc. - Class A Common Stock $36,487,508 0.73% 17,534 $4,947,224 Up ×1
APLE Apple Hospitality REIT, Inc. Common Shares $35,912,683 0.72% 2,136,387 $10,488,099 Down ×3
OC Owens Corning Inc Common Stock New $35,808,248 0.71% 225,264 $9,884,271 Down ×2
EXEL Exelixis, Inc. - Common Stock $35,365,454 0.70% 649,980 $4,950,937 Down ×6
LXP LXP Industrial Trust Common Stock (Maryland REIT) $34,605,926 0.69% 642,277 $4,896,799 Up ×1
ANGO AngioDynamics, Inc. - Common Stock $34,349,199 0.68% 2,640,214 $6,450,606 Up ×1
TPR Tapestry, Inc. Common Stock $34,137,787 0.68% 233,212 $1,196,638 Down ×4
NX Quanex Building Products Corporation Common Stock $33,800,460 0.67% 1,815,276 $1,881,186 Up ×6
OVV Ovintiv Inc. (DE) $33,757,587 0.67% 641,168 $-9,022,089 Down ×2
SIGI Selective Insurance Group, Inc. - Common Stock $33,079,158 0.66% 340,986 $8,238,389 Up ×2
CMC Commercial Metals Company Common Stock $32,881,531 0.66% 524,007 $432,089 Down ×5
BBT Beacon Financial Corporation Common stock $32,283,322 0.64% 1,060,206 $-1,552,382 Down ×3
VVX V2X, Inc. Common Stock $31,050,052 0.62% 416,442 $2,197,092 Down ×2
SPB Spectrum Brands Holdings, Inc. Common Stock $30,870,691 0.61% 360,007 $4,233,574 Down ×2
ANF Abercrombie & Fitch Company Common Stock $30,849,251 0.61% 342,730 $-1,125,396 Down ×3
UFCS United Fire Group, Inc - Common Stock $30,568,912 0.61% 582,930 $7,873,470 Down ×3
UCB United Community Banks, Inc. Common Stock $30,563,988 0.61% 871,016 $2,906,235 Down ×3
ORI Old Republic International Corporation Common Stock $30,317,893 0.60% 740,905 $-1,033,875 Down ×4
OCFC OceanFirst Financial Corp. - Common Stock $29,640,715 0.59% 1,517,701 $4,680,777 Up ×6
LRN Stride, Inc. Common Stock $29,377,100 0.59% 340,642 $495,612 Up ×1
DK Delek US Holdings, Inc. Common Stock $29,088,426 0.58% 572,493 $1,550,608 Down ×4
GPOR Gulfport Energy Corporation Common Shares $29,016,403 0.58% 170,985 $7,500,254 Up ×3
PRGS Progress Software Corporation - Common Stock $28,930,237 0.58% 861,531 $6,235,341 Down ×3
BNL Broadstone Net Lease, Inc. Common Stock $28,653,638 0.57% 1,386,242 $2,287,464 Down ×2
KBH KB Home Common Stock $28,167,080 0.56% 450,024 $3,787,964 Down ×4
HLX Helix Energy Solutions Group, Inc. Common Stock $27,870,104 0.56% 3,188,798 $-1,389,907 Up ×1
MCFT MasterCraft Boat Holdings, Inc. - Common Stock $27,585,005 0.55% 1,068,357 $5,985,209 Up ×1
NMRK Newmark Group, Inc. - Class A Common Stock $27,294,665 0.54% 1,806,396 $1,923,811 Up ×3
HAYW Hayward Holdings, Inc. Common Stock $26,828,492 0.53% 1,549,883 $7,315,771 Up ×1
MTUS Metallus Inc. Common Shares $26,752,929 0.53% 1,431,402 $4,500,281 Up ×1
WTTR Select Water Solutions, Inc. Class A common stock $25,522,356 0.51% 1,277,394 $5,684,345 Down ×2
ITRI Itron, Inc. - Common Stock $25,415,732 0.51% 293,720 $8,018,516 Up ×2
KLIC Kulicke and Soffa Industries, Inc. - Common Stock $25,238,607 0.50% 188,684 $10,684,487 Down ×2
HNI HNI Corporation Common Stock $25,066,756 0.50% 620,309 $5,967,818 Up ×1
SAIC Science Applications International Corporation - Common Stock $24,753,413 0.49% 224,194 $7,475,114 Up ×1
SILC Silicom Ltd - Ordinary Shares $24,280,460 0.48% 506,475 $12,940,050 Down ×3
LZB La-Z-Boy Incorporated Common Stock $23,982,884 0.48% 597,777 $4,961,125 Up ×2
KRG Kite Realty Group Trust Common Stock $23,969,021 0.48% 844,573 $2,222,666 Down ×2
YSS York Space Systems Inc. Common Stock $23,664,535 0.47% 961,190 $13,534,497 Up ×1
MLR Miller Industries, Inc. Common Stock $23,582,043 0.47% 461,036 $3,251,230 Up ×5
ADC Agree Realty Corporation Common Stock $23,167,241 0.46% 305,877 $-916,128 Down ×2
NHC CUSIP: 635906100 $23,056,708 0.46% 109,086 $4,491,664 Down ×4
FCBC First Community Bankshares, Inc. - Common Stock $22,768,900 0.45% 512,581 $857,949 Down ×3
SUPN Supernus Pharmaceuticals, Inc. - Common Stock $22,051,888 0.44% 474,131 $2,612,313 Up ×6
TFX Teleflex Incorporated Common Stock $21,975,214 0.44% 173,359 $20,053,679 Up ×1
CHCT Community Healthcare Trust Incorporated Common Stock $21,632,737 0.43% 1,183,409 $3,758,277 Up ×6
GEF Greif Inc. Class A Common Stock $21,276,547 0.42% 285,628 $1,168,346 Down ×3
DRH Diamondrock Hospitality Company - Common Stock $21,262,114 0.42% 1,745,657 $4,947,364 Up ×1
CPRX Catalyst Pharmaceuticals, Inc. - Common Stock $20,991,618 0.42% 667,883 $2,483,116 Down ×1
AEO American Eagle Outfitters, Inc. Common Stock $20,825,246 0.41% 1,210,769 $4,000,377 Up ×1
MBC MasterBrand, Inc. Common Stock $20,306,105 0.40% 1,973,382 Up ×1
HP Helmerich & Payne, Inc. Common Stock $20,279,848 0.40% 619,420 $-995,598 Up ×1
AYI Acuity Inc. Common Stock $19,854,598 0.40% 52,711 $10,797,711 Up ×1
CHDN Churchill Downs, Incorporated - Common Stock $19,808,321 0.39% 220,975 $80,593 Up ×2
FBIN Fortune Brands Innovations, Inc. Common Stock $19,414,128 0.39% 353,626 $8,046,190 Up ×2
OLED Universal Display Corporation - Common Stock $19,293,136 0.38% 222,809 $1,619,595 Up ×1
UBSI United Bankshares, Inc. - Common Stock $19,068,287 0.38% 416,064 $1,174,803 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
DOC $39,561,462 0.79% up ×6
VC $38,803,041 0.77% up ×3
NX $33,800,460 0.67% up ×6
OCFC $29,640,715 0.59% up ×6
GPOR $29,016,403 0.58% up ×3
NMRK $27,294,665 0.54% up ×3
MLR $23,582,043 0.47% up ×5
SUPN $22,051,888 0.44% up ×6
CHCT $21,632,737 0.43% up ×6
BMRN $16,608,127 0.33% up ×3
ASGN $12,714,809 0.25% up ×6
AKAM $8,096,794 0.16% up ×3
EMN $6,860,427 0.14% up ×3
CHKP $6,097,958 0.12% up ×4
STRA $4,442,811 0.09% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
MBC $20,306,105 1,973,382 0.40%
WAY $17,419,704 848,499 0.35%
CERT $12,392,937 1,892,050 0.25%
VNT $10,436,610 359,882 0.21%
MTDR $7,142,434 143,480 0.14%
KWR $6,707,491 42,220 0.13%
DVN $2,617,291 63,342 0.05%
DECK $1,036,091 10,435 0.02%
Unknown issuer (CUSIP: G9600F104) $228,744 5,445 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SIMO Trimmed -153K +$61.2M
COHU Trimmed -227K +$43.9M
VSH Trimmed -432K +$30.2M
MKSI Trimmed -50K +$29.8M
GVA Trimmed -10K +$18.4M
MGY Trimmed -36K -$17.8M
ADEA Trimmed -207K +$17.1M
LYTS Trimmed -124K +$16.7M
KALU Trimmed -11K +$16.1M
MSGE Trimmed -27K +$15.3M

3 positions 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
PIPR March 31, 2026 187,275 $63,619,621 -14.3%
SASR June 30, 2025 1,116,408 $31,203,616 No longer tracked
LXP (filed as LXPXXXX) Dec. 31, 2025 3,247,561 $29,098,150 22.9%
HSII Dec. 31, 2025 496,558 $24,713,746 No longer tracked
AMWD June 30, 2026 386,189 $15,381,927 No longer tracked
GDEN June 30, 2026 427,520 $11,410,542 No longer tracked
HELE March 31, 2026 381,645 $8,109,990 77.8%
LUCK March 31, 2026 612,926 $5,191,495 -36.8%
EHAB June 30, 2026 336,694 $4,744,021 No longer tracked
HUN Dec. 31, 2025 402,492 $3,614,389 -11.6%
BLMN March 31, 2026 575,678 $3,551,942 53.3%
KLAC June 30, 2026 1,890 $2,782,855 -31.4%
CIEN June 30, 2026 7,018 $2,724,598 -20.6%
CTRA June 30, 2026 62,940 $2,211,712 No longer tracked
CF Dec. 31, 2025 12,955 $1,162,064 50.0%
CBRL June 30, 2026 22,005 $618,561 5.7%
MX Dec. 31, 2025 197,446 $618,006 38.8%
DOX Dec. 31, 2025 6,294 $516,423 -27.4%
LION March 31, 2026 46,000 $419,980 16.5%
CMCSA Sept. 30, 2025 11,400 $406,866 -31.3%
LITE March 31, 2026 1,000 $368,590 55.3%
CERT March 31, 2026 36,000 $317,160 76.7%
SLB Dec. 31, 2025 8,300 $285,271 31.0%
IP June 30, 2026 7,100 $253,470 -15.9%
STRZ March 31, 2026 21,000 $245,700 100.3%
PRU March 31, 2026 1,045 $117,960 16.2%
CVS June 30, 2025 1,688 $114,362 26.1%
KVUE March 31, 2026 4,763 $82,162 0.9%
SFNC March 31, 2026 3,500 $65,975 16.8%
ESLT June 30, 2026 58 $49,458 -6.5%
VOYA March 31, 2026 500 $37,245 43.6%
SLVM June 30, 2026 645 $27,245 -11.7%
OXY June 30, 2026 231 $15,015 20.1%
RDUS Sept. 30, 2025 184 $5,474 No longer tracked
OGN June 30, 2026 730 $4,373 1.2%
IJS June 30, 2026 8 $894 -4.2%
O March 31, 2026 9 $507 -12.1%
IJS Sept. 30, 2025 5 $497 18.4%
QRVO June 30, 2025 7 $478 34.5%
DECK June 30, 2025 3 $287 -22.2%