Performance vs S&P 500

03
Tracked Q1 2025–Q4 2025 +26.9%
S&P 500 total return (same window) +26.1%
Excess return +0.8%

Annualized: +37.1% · S&P 500: +36.0%

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: 99.0% · Options excluded: 0.0%

Sector breakdown

04
Industrials 26.6%
Healthcare 17.7%
Technology 15.2%
Financials 10.6%
Utilities 8.4%
Communication Services 5.3%
Retail 4.5%
Energy 3.4%
Consumer Discretionary 2.7%
Consumer Staples 1.6%
Real Estate 1.5%
Materials 1.3%
Consumer products 1.0%
Other/Unmapped 0.2%

Full portfolio 558 positions

05
Type Streak 8Q trend
NVDA NVIDIA Corporation - Common Stock $32,875,101 2.55% 176,274 $1,073,473 Up ×1
POWL Powell Industries, Inc. - Common Stock $24,335,028 1.89% 76,338 $8,128,280 Up ×4
AAPL Apple Inc. - Common Stock $24,241,756 1.88% 89,170 $4,077,097 Up ×1
LLY Eli Lilly and Company Common Stock $23,113,143 1.79% 21,507 $5,387,127 Down ×1
CAT Caterpillar, Inc. Common Stock $21,895,664 1.70% 38,221 $5,165,831 Up ×2
NEE NextEra Energy, Inc. Common Stock $19,652,303 1.53% 244,797 $9,377,057 Up ×4
MSFT Microsoft Corporation - Common Stock $19,397,998 1.51% 40,110 $-5,571,336 Down ×1
AMZN Amazon.com, Inc. - Common Stock $16,343,210 1.27% 70,805 $-88,311 Down ×1
AVGO Broadcom Inc. - Common Stock $15,615,340 1.21% 45,118 $2,435,106 Up ×1
BELFB Bel Fuse Inc. - Class B Common Stock $15,252,790 1.18% 89,918 $7,793,396 Up ×4
APH Amphenol Corporation Common Stock $14,953,917 1.16% 110,655 $6,696,822 Up ×4
JNJ Johnson & Johnson Common Stock $14,254,923 1.11% 68,881 $6,679,960 Up ×1
PWR Quanta Services, Inc. Common Stock $13,809,803 1.07% 32,720 $4,659,409 Up ×4
V Visa Inc. $12,982,232 1.01% 37,017 $-82,039 Down ×1
META Meta Platforms, Inc. - Class A Common Stock $12,964,828 1.01% 19,641 $452,462 Up ×1
GEV GE Vernova Inc. Common Stock $12,849,840 1.00% 19,661 $5,876,259 Up ×2
TSLA Tesla, Inc. - Common Stock $12,382,141 0.96% 27,533 $-1,308,564 Down ×1
AEP American Electric Power Company, Inc. - Common Stock $12,008,383 0.93% 104,140 $5,891,083 Up ×4
ABBV AbbVie Inc. Common Stock $11,833,269 0.92% 51,789 $646,645 Up ×2
JPM JP Morgan Chase & Co. Common Stock $11,768,441 0.91% 36,523 $126,235 Down ×1
MRK Merck & Company, Inc. Common Stock (new) $11,643,861 0.90% 110,620 $5,035,800 Up ×2
ROK Rockwell Automation, Inc. Common Stock $11,601,678 0.90% 29,819 $1,034,687 Down ×1
ETR Entergy Corporation Common Stock $11,374,343 0.88% 123,059 $4,560,290 Up ×3
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $11,140,232 0.86% 22,163 $-34,170 Down ×1
HUBB Hubbell Inc Common Stock $10,980,620 0.85% 24,725 $5,220,921 Up ×4
TKR Timken Company (The) Common Stock $10,631,929 0.83% 126,375 $2,463,622 Up ×2
ET Energy Transfer LP Common Units $10,616,262 0.82% 643,800 $8,186,166 Up ×2
NI NiSource Inc Common Stock $10,475,078 0.81% 250,840 $4,559,432 Up ×4
IDA IDACORP, Inc. Common Stock $10,049,876 0.78% 79,408 $4,495,876 Up ×2
PH Parker-Hannifin Corporation Common Stock $10,031,570 0.78% 11,413 $854,164 Down ×1
GOOGL Alphabet Inc. - Class A Common Stock $9,888,609 0.77% 31,593 $296,126 Down ×1
GE GE Aerospace Common Stock $9,856,344 0.76% 31,998 $-419,667 Down ×1
TEX Terex Corporation Common Stock $9,766,725 0.76% 182,966 $2,594,575 Up ×2
AIT Applied Industrial Technologies, Inc. Common Stock $9,608,077 0.75% 37,419 $101,158 Up ×2
OGE OGE Energy Corp Common Stock $9,379,055 0.73% 219,650 $3,996,466 Up ×3
IR Ingersoll Rand Inc. Common Stock $9,205,919 0.71% 116,207 $1,809,363 Up ×2
ITRI Itron, Inc. - Common Stock $8,967,119 0.70% 96,566 $2,588,900 Up ×4
ATI ATI Inc. Common Stock $8,964,707 0.70% 78,117 $2,781,566 Up ×2
CGNX Cognex Corporation - Common Stock $8,748,033 0.68% 243,136 $-2,771,213 Down ×1
MA Mastercard Incorporated Common Stock $8,560,916 0.66% 14,996 $74,271 Up ×1
TMO Thermo Fisher Scientific Inc Common Stock $8,265,854 0.64% 14,265 $1,467,814 Up ×2
XOM Exxon Mobil Corporation Common Stock $8,176,862 0.63% 67,948 $493,175 Down ×1
WMT Walmart Inc. - Common Stock $8,140,283 0.63% 73,066 $828,176 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $8,040,184 0.62% 25,622 $-67,596 Down ×1
RVMD Revolution Medicines, Inc. - Common Stock $8,013,029 0.62% 100,603 $2,085,818 Down ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $7,948,058 0.62% 24,077 $-313,935 Up ×2
APG APi Group Corporation Common Stock $7,519,506 0.58% 196,537 $946,381 Up ×2
SPXC SPX Technologies, Inc. Common Stock $7,325,397 0.57% 36,616 $669,118 Up ×1
PLTR Palantir Technologies Inc. - Class A Common Stock $7,281,884 0.57% 40,967 $119,710 Up ×1
GILD Gilead Sciences, Inc. - Common Stock $7,132,912 0.55% 58,114 $313,072 Down ×1
NFLX Netflix, Inc. - Common Stock $7,105,039 0.55% 75,779 $-1,648,276 Up ×1
MOD Modine Manufacturing Company Common Stock $7,094,054 0.55% 53,135 Up ×1
VRT Vertiv Holdings, LLC Class A Common Stock $7,090,692 0.55% 43,767 $2,131,773 Up ×4
XEL Xcel Energy Inc. - Common Stock $7,032,211 0.55% 95,210 $2,637,270 Up ×3
HON Honeywell International Inc. - Common Stock $6,920,232 0.54% 35,472 $2,648,345 Up ×2
BMY Bristol-Myers Squibb Company Common Stock $6,891,320 0.53% 127,759 $2,280,386 Up ×3
BAC Bank of America Corporation Common Stock $6,740,745 0.52% 122,559 $399,147 Down ×1
PPL PPL Corporation Common Stock $6,606,523 0.51% 188,650 $2,653,814 Up ×3
AMGN Amgen Inc. - Common Stock $6,589,405 0.51% 20,132 $1,519,964 Up ×3
BWXT BWX Technologies, Inc. Common Stock $6,495,846 0.50% 37,583 $1,753,112 Up ×4
AMD Advanced Micro Devices, Inc. - Common Stock $6,481,767 0.50% 30,266 $1,625,802 Up ×1
BBIO BridgeBio Pharma, Inc. - Common Stock $6,379,419 0.50% 83,402 $1,364,041 Down ×3
COST Costco Wholesale Corporation - Common Stock $6,301,118 0.49% 7,307 $-480,973 Down ×1
PG Procter & Gamble Company (The) Common Stock $6,250,466 0.49% 43,615 $-159,505 Up ×1
CSCO Cisco Systems, Inc. - Common Stock $6,153,927 0.48% 79,890 $671,706 Down ×1
ABT Abbott Laboratories Common Stock $6,144,723 0.48% 49,044 $-506,737 Down ×1
INTU Intuit Inc. - Common Stock $6,123,410 0.48% 9,244 $-543,157 Down ×1
ORCL Oracle Corporation Common Stock $6,028,176 0.47% 30,928 $-1,998,695 Up ×1
HD Home Depot, Inc. (The) Common Stock $5,917,488 0.46% 17,197 $-520,171 Up ×1
WFC Wells Fargo & Company Common Stock $5,902,729 0.46% 63,334 $578,315 Down ×1
LRCX Lam Research Corporation - Common Stock $5,842,202 0.45% 34,129 $1,010,420 Down ×1
PNW Pinnacle West Capital Corporation Common Stock $5,480,773 0.43% 61,790 $1,151,361 Up ×4
CVX Chevron Corporation Common Stock $5,445,609 0.42% 35,730 $-119,053 Down ×1
MU Micron Technology, Inc. - Common Stock $5,422,505 0.42% 18,999 $2,234,222 Down ×1
AEIS Advanced Energy Industries, Inc. - Common Stock $5,421,636 0.42% 25,895 $3,088,166 Up ×2
IBM International Business Machines Corporation Common Stock $5,233,438 0.41% 17,668 $233,563 Down ×1
KO Coca-Cola Company (The) Common Stock $5,224,724 0.41% 74,735 $253,708 Down ×1
GS Goldman Sachs Group, Inc. (The) Common Stock $5,209,833 0.40% 5,927 $477,125 Down ×1
HRI Herc Holdings Inc. Common Stock $4,836,594 0.38% 32,596 $2,482,045 Up ×1
AMAT Applied Materials, Inc. - Common Stock $4,775,645 0.37% 18,583 $2,221,513 Up ×1
KLAC KLA Corporation - Common Stock $4,699,929 0.36% 3,868 $255,018 Down ×1
CRM Salesforce, Inc. Common Stock $4,678,046 0.36% 17,659 $480,539 Down ×1
ATMU Atmus Filtration Technologies Inc. Common Stock $4,664,477 0.36% 89,857 $2,109,633 Up ×1
RTX RTX Corporation Common Stock $4,636,352 0.36% 25,280 $340,656 Down ×1
SPGI S&P Global Inc. Common Stock $4,619,696 0.36% 8,840 $-74,622 Down ×1
PM Philip Morris International Inc Common Stock $4,485,586 0.35% 27,965 $-281,148 Down ×1
VRTX Vertex Pharmaceuticals Incorporated - Common Stock $4,357,696 0.34% 9,612 $577,978 Down ×1
EXE Expand Energy Corporation - Common Stock $4,351,384 0.34% 39,429 $4,010,460 Up ×1
ISRG Intuitive Surgical, Inc. - Common Stock $4,262,425 0.33% 7,526 $1,618,401 Up ×1
MCD McDonald's Corporation Common Stock $4,101,249 0.32% 13,419 $11,193 Down ×1
BSX Boston Scientific Corporation Common Stock $3,971,041 0.31% 41,647 $-222,168 Down ×1
MS Morgan Stanley Common Stock $3,865,361 0.30% 21,773 $394,151 Down ×1
EXEL Exelixis, Inc. - Common Stock $3,830,654 0.30% 87,398 $1,383,257 Up ×1
C Citigroup, Inc. Common Stock $3,827,315 0.30% 32,799 $488,472 Down ×1
DHR Danaher Corporation Common Stock $3,826,169 0.30% 16,714 $603,254 Up ×2
COGT Cogent Biosciences, Inc. - Common Stock $3,776,806 0.29% 106,329 $2,485,512 Up ×1
DIS Walt Disney Company (The) Common Stock $3,775,002 0.29% 33,181 $-35,215 Down ×1
REGN Regeneron Pharmaceuticals, Inc. - Common Stock $3,752,832 0.29% 4,862 $732,880 Down ×1
PEP PepsiCo, Inc. - Common Stock $3,689,182 0.29% 25,705 $68,498 Down ×1
NUVL Nuvalent, Inc. - Class A Common Stock $3,667,310 0.28% 36,458 $812,865 Up ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
POWL $24,335,028 1.89% up ×4
NEE $19,652,303 1.53% up ×4
BELFB $15,252,790 1.18% up ×4
APH $14,953,917 1.16% up ×4
PWR $13,809,803 1.07% up ×4
AEP $12,008,383 0.93% up ×4
ETR $11,374,343 0.88% up ×3
HUBB $10,980,620 0.85% up ×4
NI $10,475,078 0.81% up ×4
OGE $9,379,055 0.73% up ×3
ITRI $8,967,119 0.70% up ×4
VRT $7,090,692 0.55% up ×4
XEL $7,032,211 0.55% up ×3
BMY $6,891,320 0.53% up ×3
PPL $6,606,523 0.51% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
MOD $7,094,054 53,135 0.55%
CMC $3,141,204 45,380 0.24%
MIR $2,458,210 104,962 0.19%
HALO $1,699,729 25,256 0.13%
OLMA $1,112,625 44,505 0.09%
CVNA $960,518 2,276 0.07%
XNCR $925,597 60,457 0.07%
ARES $690,483 4,272 0.05%
RKT $675,180 34,875 0.05%
AVBP $643,981 32,007 0.05%
ARVN $578,780 48,801 0.04%
SNDK $550,722 2,320 0.04%
CMPX $537,945 100,176 0.04%
VKTX $494,173 14,047 0.04%
FIX $465,712 499 0.04%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
NEE Bought more +109K +$9.4M
ET Bought more +502K +$8.2M
POWL Bought more +23K +$8.1M
BELFB Bought more +37K +$7.8M
APH Bought more +44K +$6.7M
JNJ Bought more +28K +$6.7M
AEP Bought more +50K +$5.9M
GEV Bought more +8K +$5.9M
FAST Trimmed -100K -$5.6M
MSFT Trimmed -8K -$5.6M

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
ETN Dec. 31, 2025 34,882 $13,054,589 36.9%
LIN Dec. 31, 2025 20,301 $9,642,975 12.5%
CRH Dec. 31, 2025 55,359 $6,637,544 -34.3%
JCI Dec. 31, 2025 54,525 $5,995,024 30.5%
CLH Dec. 31, 2025 22,874 $5,311,800 35.8%
TSM Dec. 31, 2025 17,739 $4,954,325 55.6%
GMAB Dec. 31, 2025 132,043 $4,049,759 12.8%
WCC June 30, 2025 24,991 $3,881,102 106.1%
MDT Dec. 31, 2025 36,325 $3,459,593 -10.1%
NVT Dec. 31, 2025 34,947 $3,447,172 66.3%
AON Dec. 31, 2025 9,635 $3,435,648 -23.6%
MRUS Dec. 31, 2025 33,134 $3,119,566 No longer tracked
ACN Dec. 31, 2025 10,629 $2,621,111 -25.9%
TXNM June 30, 2025 48,155 $2,575,329 3.7%
ONC Dec. 31, 2025 6,771 $2,306,880 17.9%
BEP Sept. 30, 2025 83,130 $2,120,646 9.9%
ZLAB Dec. 31, 2025 62,067 $2,103,451 37.9%
CB Dec. 31, 2025 7,091 $2,001,435 6.0%
TT Dec. 31, 2025 4,693 $1,980,258 19.2%
BPMC June 30, 2025 20,972 $1,856,232 No longer tracked
LEGN Dec. 31, 2025 54,543 $1,778,647 -14.6%
RCL Dec. 31, 2025 4,827 $1,561,921 -0.4%
GFL Sept. 30, 2025 30,106 $1,519,149 -11.4%
ARGX Dec. 31, 2025 2,031 $1,497,984 9.3%
GRMN Dec. 31, 2025 5,139 $1,265,325 38.6%
CNI Sept. 30, 2025 11,357 $1,181,582 27.0%
ICLR Dec. 31, 2025 6,429 $1,125,075 -11.1%
TER June 30, 2025 13,611 $1,124,269 399.4%
NXPI Dec. 31, 2025 4,894 $1,114,511 12.3%
STX Dec. 31, 2025 4,476 $1,056,605 208.3%
URGN Dec. 31, 2025 50,458 $1,006,637 76.8%
TEL Dec. 31, 2025 4,444 $975,591 -3.1%
ADI June 30, 2025 4,664 $940,589 75.3%
SLB Dec. 31, 2025 26,213 $900,941 27.0%
ELVN Dec. 31, 2025 40,314 $825,228 205.0%
DCI June 30, 2025 11,848 $794,527 27.8%
IMCR Dec. 31, 2025 21,370 $776,372 -14.4%
ASND Dec. 31, 2025 3,682 $732,018 6.9%
CP Dec. 31, 2025 9,739 $725,458 16.7%
ENTG Dec. 31, 2025 7,312 $676,068 97.6%
TECH June 30, 2025 11,252 $659,705 40.7%
MIRM Dec. 31, 2025 8,957 $656,638 5.0%
HCM Dec. 31, 2025 40,959 $645,104 6.5%
ACGL Dec. 31, 2025 6,892 $625,311 -2.4%
CCL Dec. 31, 2025 18,491 $534,575 -15.7%
ARVN Sept. 30, 2025 72,114 $530,759 -13.0%
VKTX Sept. 30, 2025 19,755 $523,508 13.9%
RNA Dec. 31, 2025 11,978 $521,881 -89.1%
TEVA Sept. 30, 2025 28,861 $483,710 95.7%
GPCR Sept. 30, 2025 22,880 $474,531 -1.2%
WTW Dec. 31, 2025 1,336 $461,521 -12.2%
LNTH June 30, 2025 4,329 $422,510 22.1%
AAPG Dec. 31, 2025 10,385 $405,430 -41.4%
EG Dec. 31, 2025 1,090 $381,751 8.5%
IOVA Dec. 31, 2025 173,872 $377,302 420.7%
QURE Dec. 31, 2025 6,250 $364,813 -2.0%
AMCR Dec. 31, 2025 40,619 $332,263 0.4%
APTV Dec. 31, 2025 3,743 $322,721 -42.8%
CGEM Sept. 30, 2025 42,692 $321,471 161.6%
AKRO Dec. 31, 2025 6,632 $314,887 No longer tracked
INCY June 30, 2025 5,042 $305,293 69.3%
STE Dec. 31, 2025 1,224 $302,867 -17.7%
ILMN Dec. 31, 2025 3,144 $298,586 108.2%
MREO Sept. 30, 2025 102,583 $278,000 -81.6%
PNR Dec. 31, 2025 2,439 $270,144 -49.1%
SW Dec. 31, 2025 6,175 $262,870 10.0%
CPRX Sept. 30, 2025 11,352 $246,338 No longer tracked
AXSM Sept. 30, 2025 2,327 $242,916 47.6%
RACE Sept. 30, 2025 469 $230,157 -20.0%
ACAD Sept. 30, 2025 10,596 $228,556 -6.5%
ORIC June 30, 2025 40,934 $228,412 20.2%
K Dec. 31, 2025 2,656 $217,845 No longer tracked
DNLI Sept. 30, 2025 15,174 $212,284 37.7%
XENE June 30, 2025 6,111 $205,024 21.5%
AUTL Dec. 31, 2025 115,823 $188,791 -10.6%
DAWN Dec. 31, 2025 19,542 $137,771 No longer tracked
RCKT Sept. 30, 2025 32,030 $78,474 -21.5%
TALK Sept. 30, 2025 27,834 $77,379 No longer tracked
VYGR Sept. 30, 2025 14,960 $46,526 -47.5%