Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +14.5%
S&P 500 total return (same window) +37.0%
Excess return -22.5%

Annualized: +11.4% · 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: 100.0% · Options excluded: 4.0%

Sector breakdown

04
Health Care 39.3%
Technology 14.1%
Industrials 13.6%
Financials 13.2%
Retail 10.1%
Consumer Discretionary 9.7%

Full portfolio 8 positions

05
Type Streak 8Q trend
TMO Thermo Fisher Scientific Inc Common Stock $22,287,959 19.16% 44,455 $6,588,982 Up ×2
GWRE Guidewire Software, Inc. Common Stock $16,449,939 14.14% 133,685 $7,611,093 Up ×1
FERG Ferguson Enterprises Inc. Common Stock $15,766,781 13.55% 66,434 $2,734,078 Up ×1
OPCH Option Care Health, Inc. - Common Stock $15,387,534 13.23% 733,788 $-3,216,824 Up ×2
LPLA LPL Financial Holdings Inc. - Common Stock $15,334,096 13.18% 54,438 $269,131 Up ×2
ROST Ross Stores, Inc. - Common Stock $11,729,738 10.08% 55,108 $-60,566 Up ×1
CMG Chipotle Mexican Grill, Inc. Common Stock $11,331,996 9.74% 333,294 $-4,181,074 Down ×1
ACHC Acadia Healthcare Company, Inc. - Common Stock $8,043,972 6.91% 272,400

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ACHC $8,043,972 272,400 6.91%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
GWRE Bought more +75K +$7.6M
TMO Bought more +13K +$6.6M
CMG Trimmed -151K -$4.2M
OPCH Bought more +43K -$3.2M
FERG Bought more +11K +$2.7M
LPLA Bought more +4K +$269K
ROST Bought more +682 -$61K

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
VIK June 30, 2026 311,611 $22,897,176 -22.1%
CCC June 30, 2025 1,825,316 $16,482,603 -29.6%
ELF June 30, 2025 199,964 $12,555,740 -15.5%
FND March 31, 2026 197,991 $12,055,672 -10.7%
ELF March 31, 2026 119,712 $9,102,900 73.5%
FBIN Dec. 31, 2025 168,365 $8,989,007 -22.7%
SGOV Sept. 30, 2025 76,000 $7,652,440 0.0%
BIL Sept. 30, 2025 83,178 $7,629,918
TJX June 30, 2026 24,200 $3,864,740 -11.9%