Performance vs S&P 500

03
Tracked Q2 2025–Q2 2026 +65.2%
S&P 500 total return (same window) +21.7%
Excess return +43.5%

Annualized: +65.2% · S&P 500: +21.7%

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: 99.6% · Options excluded: 0.0%

Sector breakdown

04
Financials 49.1%
Materials 28.9%
Healthcare 9.1%
Consumer Staples 7.7%
Industrials 1.8%
Retail 1.5%
Real Estate 1.2%
Energy 0.5%
Consumer Discretionary 0.3%

Full portfolio 14 positions

05
Type Streak 8Q trend
AMR Alpha Metallurgical Resources, Inc. Common Stock $46,183,200 28.91% 280,000 $-11,292,400
IBKR Interactive Brokers Group, Inc. - Class A Common Stock $43,520,000 27.24% 500,000 $9,985,000
UBS UBS Group AG Registered Ordinary Shares $31,088,988 19.46% 627,300 $6,580,377
NTRA Natera, Inc. - Common Stock $13,572,500 8.50% 50,000 $3,573,000
CRESY Cresud S.A.C.I.F. y A. - American Depositary Shares, each representing ten shares of Common Stock $12,331,000 7.72% 1,100,000 $-1,661,000
LOMA Loma Negra Compania Industrial Argentina Sociedad Anonima ADS $2,862,500 1.79% 250,000 $90,000
AMZN Amazon.com, Inc. - Common Stock $2,407,234 1.51% 10,100
GGAL Grupo Financiero Galicia S.A. - American Depositary Shares, Class B Shares underlying $2,251,350 1.41% 45,000 $149,400
IRS IRSA Inversiones Y Representaciones S.A. Global Depositary Shares (Each representing ten shares of Common Stock) $1,849,403 1.16% 119,780 $-92,231
GPN Global Payments Inc. Common Stock $1,451,200 0.91% 20,000 $105,200
BNTX BioNTech SE - American Depositary Shares $930,500 0.58% 10,000 $41,700
TGS Transportadora de Gas del Sur SA TGS Common Stock $743,250 0.47% 25,000
TSLA Tesla, Inc. - Common Stock $420,600 0.26% 1,000 $-29,120
NU Nu Holdings Ltd. Class A Ordinary Shares $133,600 0.08% 10,000 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
AMZN $2,407,234 10,100 1.51%
TGS $743,250 25,000 0.47%
NU $133,600 10,000 0.08%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AMR Price move only +0 -$11.3M
IBKR Price move only +0 +$10.0M
UBS Price move only +0 +$6.6M
NTRA Price move only +0 +$3.6M
CRESY Price move only +0 -$1.7M
GGAL Price move only +0 +$149K
GPN Price move only +0 +$105K
IRS Price move only +0 -$92K
LOMA Price move only +0 +$90K
BNTX Price move only +0 +$42K

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
B Dec. 31, 2025 1,900,000 $62,263,000 -7.6%
GOLD June 30, 2025 2,000,300 $38,885,832 90.7%
AMZN March 31, 2026 33,900 $7,824,798 20.8%
AMZN Sept. 30, 2025 30,484 $6,687,885 14.6%
NEM Sept. 30, 2025 101,000 $5,884,260 37.1%
VAL Dec. 31, 2025 40,000 $1,950,800 55.5%
YPF March 31, 2026 50,000 $1,808,000 7.5%
TGS March 31, 2026 25,000 $777,250 -27.7%
BRK-A (filed as BRKA) March 31, 2026 1 $754,800 No longer tracked
BRK-B (filed as BRKB) Dec. 31, 2025 1 $754,200 No longer tracked
VIST June 30, 2025 12,166 $566,448 34.4%
BMA June 30, 2025 6,300 $475,713 -8.1%
BBAR Dec. 31, 2025 30,000 $249,600 -31.5%