Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 -23.1%
S&P 500 total return (same window) +37.0%
Excess return -60.1%

Annualized: -19.0% · 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
Communication Services 86.2%
Real Estate 13.8%

Full portfolio 2 positions

05
Type Streak 8Q trend
SPOT Spotify Technology S.A. Ordinary Shares $459,130,000 86.17% 1,000,000 $-25,780,000
Z Zillow Group, Inc. - Class C Capital Stock $73,694,895 13.83% 2,338,036 $-23,053,035

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SPOT Price move only +0 -$25.8M
Z Price move only +0 -$23.1M

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
CART Dec. 31, 2025 2,700,000 $99,252,000 -1.6%