Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +27.4%
S&P 500 total return (same window) +37.0%
Excess return -9.6%

Annualized: +21.4% · 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: 99.5% · Options excluded: 0.0%

Sector breakdown

04
Technology 29.8%
Communication Services 13.6%
Industrials 11.3%
Financials 10.9%
Health Care 8.3%
Retail 6.4%
Consumer Discretionary 6.2%
Consumer Staples 2.0%
Utilities 1.9%
Energy 1.9%
Real Estate 0.4%
Other/Unmapped 7.2%

Full portfolio 77 positions

05
Type Streak 8Q trend
MU Micron Technology, Inc. - Common Stock $67,648,320 6.16% 58,606 $43,948,844 Down ×1
TSLA Tesla, Inc. - Common Stock $58,421,340 5.32% 138,900 $6,785,265
VOO Vanguard S&P 500 ETF $57,289,569 5.21% 83,414 $7,445,533
LITE Lumentum Holdings Inc. - Common Stock $48,414,319 4.41% 56,423 $9,364,054 Up ×1
AAPL Apple Inc. - Common Stock $45,140,160 4.11% 156,000 $5,548,920
TSM Taiwan Semiconductor Manufacturing Company Ltd. $43,426,395 3.95% 90,932 $14,906,119 Up ×2
GOOGL Alphabet Inc. - Class A Common Stock $35,386,777 3.22% 99,020 $1,346,574 Down ×1
GOOG Alphabet Inc. - Class C Capital Stock $32,827,184 2.99% 92,908 $-3,625,551 Down ×2
NVDA NVIDIA Corporation - Common Stock $30,573,352 2.78% 152,798 $10,513,515 Up ×1
AMZN Amazon.com, Inc. - Common Stock $26,351,824 2.40% 110,564 $3,559,588 Up ×1
MSFT Microsoft Corporation - Common Stock $25,171,390 2.29% 67,480 $-899,683 Down ×1
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $23,995,000 2.18% 250,000 $-6,115,400 Up ×2
V Visa Inc. $23,978,560 2.18% 69,890 $2,879,186 Up ×4
STX Seagate Technology Holdings PLC - Ordinary Shares (Ireland) $21,002,260 1.91% 21,764 $8,566,231 Down ×3
EFA iShares Trust $20,655,915 1.88% 198,844 $1,342,197
PDD PDD Holdings Inc. - American Depositary Shares $19,968,960 1.82% 261,785 $-7,006,867 Down ×1
KDP Keurig Dr Pepper Inc. - Common Stock $18,970,373 1.73% 579,602 $5,576,381 Up ×1
QXO QXO, Inc. Common Stock $18,599,017 1.69% 1,076,332 $1,043,434 Up ×2
CFG Citizens Financial Group, Inc. Common Stock $16,743,787 1.52% 238,958 $2,450,537 Up ×3
ELV Elevance Health, Inc. Common Stock $16,375,695 1.49% 42,344 $2,925,003 Down ×1
ETN Eaton Corporation, PLC Ordinary Shares $16,174,663 1.47% 37,958 $7,485,786 Up ×1
AVGO Broadcom Inc. - Common Stock $15,928,962 1.45% 42,168 $-1,103,683 Down ×1
CPAY Corpay, Inc. Common Stock $15,624,697 1.42% 46,883 $1,982,213
TEL TE Connectivity plc Ordinary Shares $15,621,751 1.42% 77,485 $2,954,512 Up ×2
MDT Medtronic plc. Ordinary Shares $14,419,119 1.31% 184,317 $5,918,407 Up ×1
SNPS Synopsys, Inc. - Common Stock $14,408,507 1.31% 32,301 $-1,893,958 Down ×1
CNP CenterPoint Energy, Inc (Holding Co) Common Stock $14,253,942 1.30% 323,659 $7,062,968 Up ×1
USB U.S. Bancorp Common Stock $14,036,658 1.28% 232,395 $-87,178 Down ×2
COP ConocoPhillips Common Stock $13,560,646 1.23% 130,441 $-3,490,586 Up ×4
LMT Lockheed Martin Corporation Common Stock $13,062,045 1.19% 25,639
UNH UnitedHealth Group Incorporated Common Stock (DE) $12,867,905 1.17% 30,960 $3,600,468 Down ×3
IQV IQVIA Holdings, Inc. Common Stock $12,857,245 1.17% 66,542 $2,311,904 Up ×3
QCOM QUALCOMM Incorporated - Common Stock $12,699,508 1.16% 68,724 $429,350 Down ×1
WFC Wells Fargo & Company Common Stock $11,752,648 1.07% 142,215 $3,325,372 Up ×3
ALLE Allegion plc Ordinary Shares $11,741,171 1.07% 83,573 Up ×1
SPXC SPX Technologies, Inc. Common Stock $11,430,561 1.04% 46,623 Up ×1
APG APi Group Corporation Common Stock $11,288,138 1.03% 266,544 $2,909,939 Up ×1
SPOT Spotify Technology S.A. Ordinary Shares $11,170,174 1.02% 24,329 $127,803 Up ×3
AUR Aurora Innovation, Inc. - Class A Common Stock $11,158,979 1.02% 1,636,214 $5,674,192 Up ×1
GEHC GE HealthCare Technologies Inc. - Common Stock $10,502,761 0.96% 164,080
NTES NetEase, Inc. - American Depositary Shares, each representing 5 ordinary shares $10,251,200 0.93% 80,000 $1,296,000
BRO Brown & Brown, Inc. Common Stock $9,631,224 0.88% 150,136 $-159,145
TXN Texas Instruments Incorporated - Common Stock $9,428,252 0.86% 31,631 $1,552,769 Down ×1
ICE Intercontinental Exchange Inc. Common Stock $9,408,436 0.86% 76,423 Up ×1
ALGN Align Technology, Inc. - Common Stock $9,270,566 0.84% 54,966 $-152,255
BE Bloom Energy Corporation Class A Common Stock $8,938,731 0.81% 29,530 $4,511,731 Down ×1
ZTS Zoetis Inc. Class A Common Stock $8,747,159 0.80% 121,725 $-4,144,351 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $8,537,223 0.78% 15,156 $-824,540 Down ×1
DELL Dell Technologies Inc. Class C Common Stock $7,503,952 0.68% 17,392 Up ×1
XOM Exxon Mobil Corporation Common Stock $7,497,451 0.68% 54,838 $7,396,334 Up ×1
LPLA LPL Financial Holdings Inc. - Common Stock $7,398,325 0.67% 26,265 $-435,589 Up ×1
ADSK Autodesk, Inc. - Common Stock $6,873,330 0.63% 35,353 $-475,532 Up ×3
PPL PPL Corporation Common Stock $6,771,024 0.62% 186,273 $969,552 Up ×1
AJG Arthur J. Gallagher & Co. Common Stock $6,260,144 0.57% 27,269 $-8,485,489 Down ×1
AVTR Avantor, Inc. Common Stock $5,791,579 0.53% 585,008 $-2,196,526 Down ×1
CRM Salesforce, Inc. Common Stock $5,756,158 0.52% 36,743 $-1,102,658
BKNG Booking Holdings Inc. - Common Stock $5,731,842 0.52% 32,158 Up ×1
UBER Uber Technologies, Inc. Common Stock $5,341,788 0.49% 74,027 $-6,668,652 Down ×1
ORCL Oracle Corporation Common Stock $4,357,078 0.40% 29,731 $-518,883 Down ×1
AMT American Tower Corporation (REIT) Common Stock $4,347,363 0.40% 26,578 $-709,749 Down ×2
ATI ATI Inc. Common Stock $4,337,186 0.39% 22,005 Up ×1
ACM AECOM Common Stock $3,454,821 0.31% 49,496 $-743,430
PM Philip Morris International Inc Common Stock $3,421,008 0.31% 18,910 $-17,613,712 Down ×3
PTC PTC Inc. - Common Stock $3,354,108 0.31% 29,523 $-6,475,137 Down ×1
HTT High Templar Tech Limited American depositary shares, each representing one Class A ordinary share $3,328,000 0.30% 1,300,000 $806,000
AMD Advanced Micro Devices, Inc. - Common Stock $3,027,703 0.28% 5,212 Up ×1
URI United Rentals, Inc. Common Stock $2,272,577 0.21% 2,006 $-5,027,594 Down ×2
ATAT Atour Lifestyle Holdings Limited - American Depositary Shares $2,162,400 0.20% 68,000 Up ×1
BIDU Baidu, Inc. - American Depositary Shares, each representing 8 ordinary share $2,057,220 0.19% 18,000 $497,340 Up ×2
BZ KANZHUN LIMITED - American Depository Shares $1,930,500 0.18% 150,000 $1,331,431 Up ×3
FUTU Futu Holdings Limited - American Depositary Shares $1,406,100 0.13% 15,000 $-36,403,390 Down ×1
TAL TAL Education Group American Depositary Shares $1,339,800 0.12% 140,000
NOK Nokia Corporation Sponsored American Depositary Shares $1,031,404 0.09% 77,666 Up ×1
EWC iShares, Inc. $1,015,905 0.09% 17,625 $187,480 Up ×1
TCOM Trip.com Group Limited - American Depositary Shares $796,800 0.07% 20,000 $-199,000
WTW Willis Towers Watson Public Limited Company - Ordinary Shares $357,031 0.03% 1,366 $-40,065
NBP NovaBridge Biosciences - American Depositary Shares $333,315 0.03% 170,931 $-87,175

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
V $23,978,560 2.18% up ×4
CFG $16,743,787 1.52% up ×3
COP $13,560,646 1.23% up ×4
IQV $12,857,245 1.17% up ×3
WFC $11,752,648 1.07% up ×3
SPOT $11,170,174 1.02% up ×3
ADSK $6,873,330 0.63% up ×3
BZ $1,930,500 0.18% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
LMT $13,062,045 25,639 1.19%
ALLE $11,741,171 83,573 1.07%
SPXC $11,430,561 46,623 1.04%
GEHC $10,502,761 164,080 0.96%
ICE $9,408,436 76,423 0.86%
DELL $7,503,952 17,392 0.68%
BKNG $5,731,842 32,158 0.52%
ATI $4,337,186 22,005 0.39%
AMD $3,027,703 5,212 0.28%
ATAT $2,162,400 68,000 0.20%
TAL $1,339,800 140,000 0.12%
NOK $1,031,404 77,666 0.09%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
MU Trimmed -12K +$43.9M
TSM Bought more +7K +$14.9M
NVDA Bought more +38K +$10.5M
LITE Bought more +856 +$9.4M
STX Trimmed -10K +$8.6M
AJG Trimmed -41K -$8.5M
ETN Bought more +14K +$7.5M
VOO Price move only +0 +$7.4M
CNP Bought more +157K +$7.1M
PDD Trimmed -2K -$7.0M

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
VNET June 30, 2025 3,318,335 $27,210,347 -46.2%
YMM Sept. 30, 2025 1,211,700 $14,310,177 -36.1%
EFX June 30, 2026 77,197 $13,900,864 14.9%
GEHC Dec. 31, 2025 136,859 $10,278,111 -12.9%
FISV June 30, 2026 164,057 $9,154,381 1.7%
ROP March 31, 2026 17,260 $7,682,944 23.8%
GDS March 31, 2026 200,000 $6,980,000 -44.8%
ADBE June 30, 2026 28,591 $6,949,900 28.7%
PTC Sept. 30, 2025 39,992 $6,892,221 -4.5%
CMG June 30, 2026 211,277 $6,762,977 -19.1%
PGR June 30, 2026 33,145 $6,570,665 4.4%
FUTU June 30, 2025 62,361 $6,382,648 -19.7%
XPEV March 31, 2026 308,737 $6,261,186 -46.2%
APD Sept. 30, 2025 21,224 $5,986,441 12.6%
BK Dec. 31, 2025 53,781 $5,859,978 No longer tracked
SPGI June 30, 2026 12,807 $5,447,329
EXPE June 30, 2026 23,468 $5,418,527 12.9%
ADI June 30, 2026 16,607 $5,283,351 -1.5%
NXPI Dec. 31, 2025 23,083 $5,256,692 8.2%
PWR March 31, 2026 11,879 $5,013,651 -0.5%
COST March 31, 2026 5,788 $4,991,224 0.7%
IDXX March 31, 2026 6,979 $4,721,503 -0.3%
LMT March 31, 2026 9,621 $4,653,389 0.0%
ISRG March 31, 2026 8,125 $4,601,675 -1.9%
CARR March 31, 2026 84,220 $4,450,185 -0.1%
INTU March 31, 2026 6,286 $4,163,972 -20.6%
NDAQ March 31, 2026 42,868 $4,163,769 20.8%
MRVL Dec. 31, 2025 48,596 $4,085,466 168.9%
ZTS Sept. 30, 2025 25,940 $4,045,343 -44.6%
CDNS March 31, 2026 12,594 $3,936,633 13.9%
QQQ March 31, 2026 6,404 $3,934,041 29.0%
FICO March 31, 2026 2,252 $3,807,276 -23.6%
MCO March 31, 2026 7,426 $3,793,572 10.8%
MA March 31, 2026 6,512 $3,717,571 24.8%
MSCI March 31, 2026 6,210 $3,562,863 14.2%
LEGN June 30, 2025 100,475 $3,409,117 -45.7%
J March 31, 2026 25,227 $3,341,568 14.0%
WM March 31, 2026 14,100 $3,097,911 4.2%
CSGP March 31, 2026 45,969 $3,090,956 -15.9%
AVGO June 30, 2025 18,346 $3,071,671 16.7%
TW March 31, 2026 27,563 $2,964,125 4.2%
VRSK March 31, 2026 12,931 $2,892,535 3.2%
TMO March 31, 2026 4,975 $2,882,764 37.1%
ODFL June 30, 2025 16,391 $2,711,891 12.6%
EWJ March 31, 2026 33,005 $2,664,824 15.9%
CPRT March 31, 2026 67,196 $2,630,723 -12.7%
ROL March 31, 2026 42,529 $2,552,591 -34.8%
PANW March 31, 2026 12,745 $2,347,629 137.4%
PHG Sept. 30, 2025 95,255 $2,284,215 -1.4%
BLD Dec. 31, 2025 5,745 $2,245,491 No longer tracked
TTD March 31, 2026 58,716 $2,228,859 -42.7%
NOW March 31, 2026 14,275 $2,186,787 52.0%
DIS Sept. 30, 2025 16,946 $2,101,473 -1.7%
ICLR Sept. 30, 2025 14,202 $2,065,681 5.9%
SPOT June 30, 2025 3,565 $1,960,857 -23.9%
ONC June 30, 2025 7,000 $1,905,190 56.0%
CHA Sept. 30, 2025 70,000 $1,827,700 -25.3%
AXON March 31, 2026 3,158 $1,793,523 -1.0%
HLT Sept. 30, 2025 6,729 $1,792,202 34.8%
ACN March 31, 2026 6,492 $1,741,804 25.8%
LIN March 31, 2026 3,909 $1,666,759 2.6%
URTH Sept. 30, 2025 9,769 $1,654,673
EQIX March 31, 2026 2,026 $1,552,240 -2.6%
DQ Sept. 30, 2025 100,000 $1,517,000 -63.7%
BAH March 31, 2026 17,968 $1,515,780 0.4%
CRWD March 31, 2026 3,188 $1,494,407
TTWO Sept. 30, 2025 5,984 $1,453,214 -21.2%
IT March 31, 2026 5,346 $1,348,689 45.4%
RSG March 31, 2026 6,004 $1,272,428 9.8%
ZTO June 30, 2026 49,100 $1,235,847 -11.3%
BUD June 30, 2025 20,000 $1,231,200 22.6%
TAL June 30, 2025 79,174 $1,045,889 -0.5%
IQ Dec. 31, 2025 400,000 $1,024,000 -52.0%
WCN Sept. 30, 2025 5,481 $1,023,412 6.1%
MRSH Dec. 31, 2025 4,965 $1,000,596 6.4%
VMC March 31, 2026 3,010 $858,512 -3.9%
EA Sept. 30, 2025 4,856 $775,503 No longer tracked
TJX March 31, 2026 4,598 $706,299 -9.2%
SOXX March 31, 2026 1,940 $584,231 45.5%
EWH March 31, 2026 26,993 $573,601
LLY June 30, 2025 500 $412,955 63.4%
TME Dec. 31, 2025 14,366 $335,302 -51.5%
CRNX June 30, 2025 8,500 $285,090 No longer tracked
TRU June 30, 2026 3,325 $230,057 12.9%
HTHT Dec. 31, 2025 5,111 $199,891 -1.7%
CSIQ March 31, 2026 2,900 $68,933 -33.4%