Performance vs S&P 500

03
Tracked Q2 2025–Q2 2026 +15.0%
S&P 500 total return (same window) +21.7%
Excess return -6.6%

Annualized: +15.0% · S&P 500: +21.7%

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: 99.8% · Options excluded: 0.0%

Sector breakdown

04
Financials 21.0%
Healthcare 15.8%
Energy 15.2%
Communication Services 13.5%
Technology 13.4%
Consumer products 6.4%
Industrials 5.3%
Retail 3.6%
Materials 3.4%
Consumer Discretionary 1.0%
Real Estate 0.9%
Utilities 0.2%
Consumer Staples 0.1%
Other/Unmapped 0.3%

Full portfolio 139 positions

05
Type Streak 8Q trend
C Citigroup, Inc. Common Stock $1,056,234,173 10.10% 7,546,686 $150,291,277 Down ×4
TTE TotalEnergies SE Ordinary Shares $919,021,994 8.79% 11,828,205 $-170,885,274 Up ×1
T AT&T Inc. $745,682,579 7.13% 36,023,313 $-154,319,045 Up ×4
AVGO Broadcom Inc. - Common Stock $691,338,785 6.61% 1,830,149 $46,429,512 Down ×1
KMB Kimberly-Clark Corporation - Common Stock $632,372,676 6.05% 5,760,888 Up ×1
AZN AstraZeneca PLC - American Depositary Shares $540,611,974 5.17% 2,891,426 $-15,054,834 Up ×1
MRK Merck & Company, Inc. Common Stock (new) $486,754,916 4.66% 3,787,976 $38,232,841 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $365,277,533 3.49% 764,867 $128,255,625 Up ×2
CSCO Cisco Systems, Inc. - Common Stock $319,016,897 3.05% 2,715,962 $92,893,800 Down ×1
TRP TC Energy Corporation Common Stock $314,611,423 3.01% 4,755,014 $19,574,780 Up ×4
CME CME Group Inc. - Class A Common Stock $250,075,621 2.39% 1,132,435 $-88,230,674 Down ×2
EQH Equitable Holdings, Inc. Common Stock $225,645,748 2.16% 5,142,337 $40,310,800 Up ×4
FCX Freeport-McMoRan, Inc. Common Stock $207,840,633 1.99% 3,304,828 $41,126,798 Up ×3
RF Regions Financial Corporation Common Stock $203,742,881 1.95% 6,746,453 $33,563,976 Up ×4
ENB Enbridge Inc Common Stock $199,114,707 1.90% 3,674,988 $1,937,826 Up ×3
MDT Medtronic plc. Ordinary Shares $196,492,638 1.88% 2,511,730 $21,712,916 Up ×2
CP Canadian Pacific Kansas City Limited Common Shares $174,846,443 1.67% 2,017,847 $15,267,878 Down ×3
GOOGL Alphabet Inc. - Class A Common Stock $174,414,786 1.67% 488,051 $52,218,464 Up ×2
HD Home Depot, Inc. (The) Common Stock $163,959,169 1.57% 464,895 $-7,395,481 Down ×1
LIN Linde plc - Ordinary Shares $140,698,033 1.35% 270,794 $5,290,640 Down ×1
ABBV AbbVie Inc. Common Stock $136,173,980 1.30% 541,146 $26,813,048 Up ×2
SOBO South Bow Corporation Common Shares $130,974,108 1.25% 3,721,332 $10,296,027 Up ×5
FER Ferrovial SE - Ordinary Shares $117,347,173 1.12% 1,712,697 $5,750,088 Down ×1
ALC Alcon Inc. Ordinary Shares $109,653,266 1.05% 1,632,356 $-18,763,213 Down ×2
SCHW Charles Schwab Corporation (The) Common Stock $107,997,514 1.03% 1,170,451 $31,915,065 Up ×2
LLY Eli Lilly and Company Common Stock $95,572,981 0.91% 79,682 $40,223,062 Up ×2
CIM Chimera Investment Corporation Common Stock $73,529,053 0.70% 5,511,923 $4,801,463 Up ×4
META Meta Platforms, Inc. - Class A Common Stock $73,490,193 0.70% 130,466 $1,278,233 Up ×1
BZ KANZHUN LIMITED - American Depository Shares $69,674,692 0.67% 5,413,729 $-13,783,116 Down ×1
MA Mastercard Incorporated Common Stock $63,401,866 0.61% 123,446 $14,478,656 Up ×1
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $59,288,862 0.57% 617,721 $-17,264,823 Up ×4
SLRC SLR Investment Corp. - Closed End Fund $58,247,510 0.56% 4,708,772 $-8,056,888 Up ×2
BKNG Booking Holdings Inc. - Common Stock $56,363,588 0.54% 316,223 $9,161,690 Up ×2
ADBE Adobe Inc. - Common Stock $55,315,831 0.53% 269,807 $13,137,805 Up ×3
MELI MercadoLibre, Inc. - Common Stock $49,988,136 0.48% 29,450 $-3,649,522 Down ×1
AMD Advanced Micro Devices, Inc. - Common Stock $49,043,327 0.47% 84,425 $24,109,319 Down ×2
NFLX Netflix, Inc. - Common Stock $47,520,127 0.45% 665,548 $35,406,669 Up ×1
PFE Pfizer, Inc. Common Stock $47,437,696 0.45% 1,970,004 $-15,522,887 Down ×1
TJX TJX Companies, Inc. (The) Common Stock $46,794,714 0.45% 308,876 $4,687,733 Up ×2
LHX L3Harris Technologies, Inc. Common Stock $44,503,277 0.43% 153,148 $773,462 Up ×1
COF Capital One Financial Corporation Common Stock $40,092,503 0.38% 199,843 $14,612,505 Up ×1
CACI CACI International, Inc. Class A Common Stock $39,863,986 0.38% 86,051 $-6,130,012 Up ×2
ASML ASML Holding N.V. - New York Registry Shares $37,296,032 0.36% 18,747 $11,522,676 Down ×6
MU Micron Technology, Inc. - Common Stock $36,116,580 0.35% 31,289 $27,798,621 Up ×1
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $34,980,154 0.33% 365,023 $4,350,971 Down ×1
MFIC MidCap Financial Investment Corporation - Closed End Fund $32,636,853 0.31% 3,237,783 $-3,755,828
RACE Ferrari N.V. Common Shares $29,688,266 0.28% 79,745 $-2,817,149 Down ×1
SHOP Shopify Inc. - Class A Subordinate Voting Shares $28,150,736 0.27% 246,547 $440,985 Up ×2
MSFT Microsoft Corporation - Common Stock $24,596,939 0.24% 65,940 $14,409,490 Up ×2
MUFG Mitsubishi UFJ Financial Group, Inc. Common Stock $24,456,599 0.23% 1,229,407 $6,175,989 Up ×2
AAPL Apple Inc. - Common Stock $24,116,131 0.23% 83,343 $23,778,844 Up ×1
ING ING Group, N.V. Common Stock $23,810,924 0.23% 758,793 $6,455,398 Up ×6
COHR Coherent Corp. Common Stock $21,038,269 0.20% 53,333 $3,227,069 Down ×6
ANET Arista Networks, Inc. Common Stock $19,689,432 0.19% 115,902 $-980,335 Down ×1
TLN Talen Energy Corporation - Common Stock $19,055,069 0.18% 49,589 $6,090,819 Up ×2
CIGI Colliers International Group Inc. - Subordinate Voting Shares $19,040,542 0.18% 203,021 $5,803,882 Up ×3
SAP SAP SE ADS $18,341,710 0.18% 119,017 $962,697 Up ×3
AER AerCap Holdings N.V. Ordinary Shares $17,785,014 0.17% 121,999 $1,961,575 Up ×1
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $17,681,912 0.17% 228,036 $7,091,630 Up ×6
CCZ Comcast Holdings ZONES $17,651,234 0.17% 281,010 $429,212
MRX Marex Group plc - Ordinary Shares $16,762,896 0.16% 275,027 $-1,464,841 Down ×2
LPLA LPL Financial Holdings Inc. - Common Stock $15,483,105 0.15% 54,967 $4,349,387 Up ×2
SONY Sony Group Corporation American Depositary Shares $15,025,301 0.14% 749,018 $1,174,227 Up ×2
BAP Credicorp Ltd. Common Stock $13,613,873 0.13% 34,945 $-151,408 Down ×4
IQV IQVIA Holdings, Inc. Common Stock $13,337,783 0.13% 69,029 Up ×1
CRDO Credo Technology Group Holding Ltd - Ordinary Shares $13,040,546 0.12% 47,952 $8,386,096 Down ×2
SN SharkNinja, Inc. Ordinary Shares $12,975,231 0.12% 85,212 $-5,008,813 Down ×2
EFA iShares Trust $12,705,563 0.12% 122,310 $248,738 Down ×1
ACWX iShares MSCI ACWI ex U.S. ETF $12,418,564 0.12% 163,166 $-5,600,617 Down ×1
PGR Progressive Corporation (The) Common Stock $11,869,699 0.11% 54,336 $10,745,678 Up ×1
TBBB BBB Foods Inc. Class A Common Shares $11,376,035 0.11% 273,003 $5,374,595 Up ×1
UBER Uber Technologies, Inc. Common Stock $11,329,625 0.11% 157,007 Up ×1
XP XP Inc. - Class A Common Stock $10,919,387 0.10% 671,549 $65,502 Up ×2
NU Nu Holdings Ltd. Class A Ordinary Shares $10,840,892 0.10% 811,444 $-1,232,825 Down ×6
TRU TransUnion Common Stock $9,994,636 0.10% 138,545 $-494,914 Down ×6
MMYT MakeMyTrip Limited - Ordinary Shares $9,860,355 0.09% 185,032 $-1,421,175 Down ×1
BLDR Builders FirstSource, Inc. Common Stock $9,743,656 0.09% 108,892 $-5,001,976 Down ×1
CLBT Cellebrite DI Ltd. - Ordinary Shares $9,035,312 0.09% 618,857 $-2,150,576 Down ×1
LRCX Lam Research Corporation - Common Stock $8,796,166 0.08% 20,299 Up ×1
VSCO Victorias Secret & Co. Common Stock $8,093,720 0.08% 96,954 $6,608,716 Up ×1
CCC CCC Intelligent Solutions Holdings Inc. - Common Stock $7,866,224 0.08% 1,524,462 $5,179,760 Up ×1
AGX Argan, Inc. Common Stock $7,860,128 0.08% 9,843 $-5,673,335 Down ×1
IBN ICICI Bank Limited Common Stock $7,819,318 0.07% 269,353 $2,807,668 Up ×2
SITM SiTime Corporation - Common Stock $7,006,027 0.07% 9,397 $-317,810 Down ×1
RPRX Royalty Pharma plc - Class A Ordinary Shares $6,903,451 0.07% 123,122 $5,396,761 Up ×1
VRT Vertiv Holdings, LLC Class A Common Stock $6,750,306 0.06% 20,161 $-22,070,403 Down ×6
SGI Somnigroup International Inc. Common Stock $6,424,723 0.06% 81,948 Up ×1
DDOG Datadog, Inc. - Class A Common Stock $6,249,421 0.06% 24,003 $5,696,239 Up ×1
HEI-A (filed as HEIA) HEICO Corporation Class A $6,231,364 0.06% 24,161 $5,067,836 Up ×1
RGEN Repligen Corporation - Common Stock $5,987,942 0.06% 43,887 $2,523,916 Up ×1
RDDT Reddit, Inc. Class A Common Stock $5,942,685 0.06% 34,236 $4,807,451 Up ×1
DECK Deckers Outdoor Corporation Common Stock $5,941,613 0.06% 59,841 $848,133 Up ×1
SPGI S&P Global Inc. Common Stock $5,743,588 0.05% 14,103 $3,384,227 Up ×1
DEO Diageo plc Common Stock $5,343,261 0.05% 66,475 $2,034,554 Up ×2
SARO StandardAero, Inc. Common Stock $5,241,997 0.05% 175,259 $919,114 Up ×1
RJF Raymond James Financial, Inc. Common Stock $5,047,852 0.05% 33,203 Up ×1
SLB SLB Limited Common Shares $4,951,464 0.05% 106,506 $3,247,680 Up ×1
TPR Tapestry, Inc. Common Stock $4,369,589 0.04% 29,851 $3,504,585 Up ×1
LYB LyondellBasell Industries NV Ordinary Shares Class A (Netherlands) $4,364,896 0.04% 82,904 $-74,348,749 Down ×1
IOT Samsara Inc. Class A Common Stock $4,165,634 0.04% 128,450 $3,028,819 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
T $745,682,579 7.13% up ×4
TRP $314,611,423 3.01% up ×4
EQH $225,645,748 2.16% up ×4
FCX $207,840,633 1.99% up ×3
RF $203,742,881 1.95% up ×4
ENB $199,114,707 1.90% up ×3
SOBO $130,974,108 1.25% up ×5
CIM $73,529,053 0.70% up ×4
BABA $59,288,862 0.57% up ×4
ADBE $55,315,831 0.53% up ×3
ING $23,810,924 0.23% up ×6
CIGI $19,040,542 0.18% up ×3
SAP $18,341,710 0.18% up ×3
SHEL $17,681,912 0.17% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
KMB $632,372,676 5,760,888 6.05%
IQV $13,337,783 69,029 0.13%
UBER $11,329,625 157,007 0.11%
LRCX $8,796,166 20,299 0.08%
SGI $6,424,723 81,948 0.06%
RJF $5,047,852 33,203 0.05%
COCO $3,186,162 48,173 0.03%
Unknown issuer (CUSIP: G9723Y105) $2,008,848 168,669 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TTE Bought more +167K -$170.9M
T Bought more +5.0M -$154.3M
C Trimmed -442K +$150.3M
TSM Bought more +64K +$128.3M
CSCO Trimmed -198K +$92.9M
CME Trimmed -13K -$88.2M
GOOGL Bought more +63K +$52.2M
AVGO Trimmed -253K +$46.4M
FCX Bought more +469K +$41.1M
EQH Bought more +148K +$40.3M

1 position 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
TECK June 30, 2025 314,848 $114,708,929 56.1%
PDD June 30, 2025 62,498 $73,966,383 -26.0%
VTMX June 30, 2025 267,382 $60,989,834 32.9%
YMM June 30, 2025 436,514 $55,742,838 -31.6%
VIST June 30, 2025 110,312 $51,361,267 51.2%
ONTO June 30, 2025 32,774 $39,767,972 121.6%
NVO Dec. 31, 2025 544,386 $30,207,979 -24.7%
ELME Dec. 31, 2025 1,599,492 $26,967,435 No longer tracked
H June 30, 2025 20,407 $24,998,575 24.1%
NBIS June 30, 2025 103,823 $21,917,035 229.5%
STVN Sept. 30, 2025 742,245 $18,133,045 -24.5%
VB June 30, 2026 64,480 $16,888,602
MTSI June 30, 2026 74,613 $16,569,309 -31.4%
CWST June 30, 2026 203,167 $16,119,270 -8.7%
SNDX June 30, 2025 130,746 $16,062,146 52.9%
VERA June 30, 2025 66,572 $15,990,594 31.3%
DCO June 30, 2026 130,431 $15,912,582 -11.6%
AIT June 30, 2026 56,414 $14,967,762 -11.5%
FLUT March 31, 2026 66,216 $14,239,089 -23.0%
TTE Dec. 31, 2025 233,917 $13,962,506 42.0%
TTAN March 31, 2026 124,159 $13,222,934 27.4%
CVSA March 31, 2026 123,239 $12,751,539 9.8%
TCOM March 31, 2026 176,758 $12,710,668 -22.5%
DIS June 30, 2025 12,336 $12,175,632 -12.1%
XPO June 30, 2026 62,018 $12,065,602 -11.5%
PNFP June 30, 2026 139,204 $11,991,033 -1.4%
TXNM Dec. 31, 2025 207,615 $11,740,628 -0.5%
KMPR Sept. 30, 2025 175,524 $11,328,319 -42.8%
WAL June 30, 2026 158,357 $11,219,593 -7.6%
CLH June 30, 2026 37,762 $10,827,498 4.9%
MYRG June 30, 2026 37,351 $10,544,934 -44.1%
DTM June 30, 2026 77,547 $10,443,255 -15.0%
PKX June 30, 2025 20,804 $9,888,141 7.5%
THC June 30, 2026 52,134 $9,838,207 43.5%
AIZ June 30, 2026 44,316 $9,652,468 6.1%
WD March 31, 2026 160,103 $9,630,196 -22.9%
AGYS June 30, 2026 126,433 $8,994,444 10.2%
SXT June 30, 2026 101,425 $8,767,177 6.7%
PSTG June 30, 2026 147,434 $8,704,503 No longer tracked
MMYT June 30, 2025 8,674 $8,499,653 -56.7%
ACA June 30, 2026 79,739 $8,463,498 No longer tracked
VRRM March 31, 2026 356,591 $7,991,204 -78.0%
STKL March 31, 2026 2,074,489 $7,883,058 No longer tracked
PJT June 30, 2026 56,023 $7,827,534 -1.4%
WH June 30, 2026 96,056 $7,802,629 -11.7%
CASY March 31, 2026 14,020 $7,748,994 -7.9%
GPI June 30, 2026 21,853 $7,225,257 -14.3%
MTDR June 30, 2026 113,175 $7,150,397 20.2%
CXT March 31, 2026 142,960 $6,729,127 43.6%
NTNX March 31, 2026 129,597 $6,698,869 91.2%
AVTR March 31, 2026 576,959 $6,611,950 112.9%
MNDY March 31, 2026 41,714 $6,155,318 41.5%
COST Sept. 30, 2025 6,152 $6,090,111 6.2%
SRPT June 30, 2025 9,458 $6,036,096 11.3%
RYAN Sept. 30, 2025 87,201 $5,928,796 -24.4%
RPAY Dec. 31, 2025 1,093,704 $5,720,072 21.1%
CYBR Dec. 31, 2025 11,465 $5,539,315 No longer tracked
ENTG Sept. 30, 2025 65,921 $5,316,529 72.3%
NTSK March 31, 2026 302,288 $5,302,132 212.4%
BROS March 31, 2026 85,792 $5,252,186 -15.3%
BJ June 30, 2026 52,579 $5,174,825 18.6%
CSTM June 30, 2026 205,467 $5,050,379 -23.3%
FROG June 30, 2026 107,419 $5,041,174 10.6%
RMBS June 30, 2026 58,106 $4,998,859 -31.4%
AORT June 30, 2026 130,276 $4,770,707 2.0%
EDU June 30, 2025 9,527 $4,554,859 -6.0%
SDHC Sept. 30, 2025 224,457 $4,358,955 -41.6%
ENTG March 31, 2026 51,267 $4,319,245 35.9%
GLOB June 30, 2026 92,277 $4,254,893 49.6%
FRPT March 31, 2026 64,667 $3,940,160 10.3%
FOUR March 31, 2026 56,879 $3,581,671 -12.8%
CWAN Dec. 31, 2025 181,830 $3,276,577 No longer tracked
CHDN March 31, 2026 28,342 $3,224,753 -8.8%
CELH June 30, 2026 88,133 $3,126,959 -4.4%
FWONK June 30, 2026 36,301 $3,086,311 -4.5%
EEM June 30, 2025 6,842 $2,989,954
INSP March 31, 2026 25,197 $2,323,919 37.6%
CCB March 31, 2026 19,252 $2,206,087 -38.1%
RARE Dec. 31, 2025 69,248 $2,082,980 -25.2%
AS March 31, 2026 40,253 $1,503,450 -14.4%
TME June 30, 2026 151,834 $1,409,020 -0.2%
GKOS June 30, 2026 10,886 $1,171,987 29.8%
MIR June 30, 2026 51,597 $959,188 -6.6%
VEEV June 30, 2026 4,803 $843,695 79.1%
STEP June 30, 2026 16,225 $774,257 3.9%
WCN March 31, 2026 4,337 $760,536 10.7%
VXUS March 31, 2026 9,722 $733,428
PODD June 30, 2026 3,249 $681,770 -2.2%
PWR March 31, 2026 1,503 $634,356 10.5%
AVAV June 30, 2026 3,206 $586,858 -23.7%
ONON June 30, 2026 15,334 $521,663 -9.8%
PAC June 30, 2026 1,999 $493,493 -12.2%
RDY Sept. 30, 2025 28,702 $431,391 1.2%
GRAB Sept. 30, 2025 75,486 $379,695 -54.3%
SMPL Dec. 31, 2025 11,885 $294,986 -46.0%
POOL Sept. 30, 2025 963 $280,695 -36.9%
KRG March 31, 2026 11,077 $265,516 -1.1%
QCOM Sept. 30, 2025 1,659 $264,212 10.0%
AL March 31, 2026 3,950 $253,709 No longer tracked
ASX Sept. 30, 2025 23,104 $238,664 296.0%
FANG Dec. 31, 2025 1,544 $220,946 37.2%
CPNG June 30, 2026 11,064 $208,888 -18.8%