Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 -26.2%
S&P 500 total return (same window) +37.0%
Excess return -63.2%

Annualized: -21.6% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Financials 70.4%
Real Estate 28.4%
Consumer Discretionary 1.0%
Retail 0.2%

Full portfolio 5 positions

05
Type Streak 8Q trend
PAYO Payoneer Global Inc. - Common Stock $243,483,466 70.37% 34,197,116 $78,311,396
Z Zillow Group, Inc. - Class C Capital Stock $86,207,200 24.92% 2,735,000 $-26,967,100
ZG Zillow Group, Inc. - Class A Common Stock $12,056,652 3.48% 384,337 $-3,851,056
NRDY Nerdy Inc. Class A Common Stock $3,618,404 1.05% 3,949,791 $394,585
RENT Rent the Runway, Inc. - Class A Common Stock $622,065 0.18% 197,481 $-321,894

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
PAYO Price move only +0 +$78.3M
Z Price move only +0 -$27.0M
ZG Price move only +0 -$3.9M
NRDY Price move only +0 +$395K
RENT Price move only +0 -$322K

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
EGHT June 30, 2025 50,958 $101,916 16.3%