Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +45.7%
S&P 500 total return (same window) +37.0%
Excess return +8.7%

Annualized: +35.2% · 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: 92.5% · Options excluded: 0.0%

Sector breakdown

04
Technology 27.4%
Industrials 11.9%
Communication Services 9.8%
Healthcare 7.7%
Retail 7.4%
Financials 5.7%
Consumer products 2.3%
Consumer Staples 2.2%
Materials 1.0%
Consumer Discretionary 0.9%
Utilities 0.4%
Real Estate 0.3%
Energy 0.3%
Other/Unmapped 22.7%

Full portfolio 205 positions

05
Type Streak 8Q trend
TSM Taiwan Semiconductor Manufacturing Company Ltd. $17,224,518 7.57% 36,067 $4,862,644 Down ×6
LLY Eli Lilly and Company Common Stock $11,476,291 5.05% 9,568 $2,582,190 Down ×2
SPYM State Street SPDR Portfolio S&P 500 ETF $11,199,987 4.93% 127,446 $1,705,064 Up ×6
NVDA NVIDIA Corporation - Common Stock $10,388,526 4.57% 51,919 $1,418,643 Up ×1
VUG VANGUARD INDEX FUNDS $9,278,155 4.08% 107,710 $1,486,909 Up ×4
GOOG Alphabet Inc. - Class C Capital Stock $9,082,521 3.99% 25,705 $1,693,532 Down ×4
PWR Quanta Services, Inc. Common Stock $8,187,366 3.60% 11,371 $1,092,053 Down ×3
AMZN Amazon.com, Inc. - Common Stock $7,081,797 3.11% 29,713 $897,844 Up ×1
MSFT Microsoft Corporation - Common Stock $6,732,147 2.96% 18,048 $69,860 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $6,551,338 2.88% 18,332 $1,234,483 Down ×3
V Visa Inc. $6,345,149 2.79% 18,494 $717,802 Down ×2
NVMI Nova Ltd. - Ordinary Shares $6,143,910 2.70% 11,316 $-47,186 Down ×3
COST Costco Wholesale Corporation - Common Stock $6,034,899 2.65% 6,451 $-476,964 Down ×2
SPY SPY $5,910,861 2.60% 7,915 $767,470 Up ×2
PH Parker-Hannifin Corporation Common Stock $5,300,598 2.33% 5,419 $422,153 Down ×2
GRMN Garmin Ltd. Common Stock (Switzerland) $5,027,096 2.21% 21,163 $111,848 Down ×2
VIG VANGUARD SPECIALIZED FUNDS $4,718,201 2.07% 19,940 $473,337 Up ×2
PM Philip Morris International Inc Common Stock $4,376,724 1.92% 24,193 $-136,004 Down ×3
DRS Leonardo DRS, Inc. - Common Stock $3,922,852 1.73% 91,935 $-145,416 Up ×1
EWY iShares, Inc. $3,848,664 1.69% 19,062 $423,053 Down ×1
VBK VANGUARD INDEX FUNDS $3,642,938 1.60% 9,962 $628,650 Down ×1
ETN Eaton Corporation, PLC Ordinary Shares $3,499,724 1.54% 8,213 $559,676 Down ×2
AVGO Broadcom Inc. - Common Stock $3,468,896 1.53% 9,183 $656,627 Up ×3
AMD Advanced Micro Devices, Inc. - Common Stock $3,418,075 1.50% 5,884 $2,054,076 Down ×1
ADI Analog Devices, Inc. - Common Stock $3,412,615 1.50% 8,592 $594,620 Down ×6
APH Amphenol Corporation Common Stock $3,394,266 1.49% 19,251 $1,247,806 Up ×1
VGT VANGUARD WORLD FUND $3,345,170 1.47% 27,988 $886,958 Up ×2
VOT VANGUARD INDEX FUNDS $3,270,415 1.44% 10,677 $531,764 Up ×2
LRCX Lam Research Corporation - Common Stock $3,156,242 1.39% 7,284 $1,624,299 Up ×1
JPM JP Morgan Chase & Co. Common Stock $3,026,153 1.33% 9,245 $156,043 Down ×1
ARM Arm Holdings plc - American Depositary Shares $2,947,541 1.30% 8,313 $270,641 Down ×3
GS Goldman Sachs Group, Inc. (The) Common Stock $2,331,816 1.03% 2,306 $580,435 Up ×3
ISRG Intuitive Surgical, Inc. - Common Stock $2,271,946 1.00% 5,713 $-342,790 Up ×1
HD Home Depot, Inc. (The) Common Stock $2,237,188 0.98% 6,343 $-132,000 Down ×3
SXT Sensient Technologies Corporation Common Stock $2,187,658 0.96% 17,744 Up ×1
CSCO Cisco Systems, Inc. - Common Stock $2,173,683 0.96% 18,506 $718,857 Down ×1
MU Micron Technology, Inc. - Common Stock $2,070,798 0.91% 1,794 $1,446,469 Down ×1
ASX ASE Technology Holding Co., Ltd. American Depositary Shares (each representing Two Common Shares) $1,984,829 0.87% 43,990 Up ×1
MCD McDonald's Corporation Common Stock $1,808,481 0.80% 6,690 $-1,797,706 Down ×2
UTHR United Therapeutics Corporation - Common Stock $1,628,741 0.72% 3,006 $8,126 Up ×2
WMT Walmart Inc. - Common Stock $1,338,462 0.59% 11,818 $-79,178 Up ×3
BIDU Baidu, Inc. - American Depositary Shares, each representing 8 ordinary share $1,318,564 0.58% 11,537 $37,791 Up ×2
Unknown issuer (CUSIP: 15675D103) $1,277,159 0.56% 5,779 Up ×1
SATS EchoStar Corporation - Common stock $1,228,962 0.54% 12,108 Up ×1
ABBV AbbVie Inc. Common Stock $1,172,731 0.52% 4,660 $-110,740 Down ×1
ORCL Oracle Corporation Common Stock $1,172,293 0.52% 7,999 $-21,707 Down ×2
NFLX Netflix, Inc. - Common Stock $1,153,610 0.51% 16,157 $-402,771 Down ×1
UNP Union Pacific Corporation Common Stock $1,141,703 0.50% 4,197 $42,647 Down ×6
VOO VANGUARD INDEX FUNDS $825,906 0.36% 1,203 $111,211 Up ×1
CARR Carrier Global Corporation Common Stock $746,528 0.33% 10,178 $97,837 Down ×3
MDY State Street SPDR S&P MIDCAP 400 ETF Trust $667,214 0.29% 949 $82,153
VYM VANGUARD WHITEHALL FUNDS $623,540 0.27% 3,946 $36,467 Down ×1
SPOT Spotify Technology S.A. Ordinary Shares $607,889 0.27% 1,324 $-1,771,080 Down ×2
PEP PepsiCo, Inc. - Common Stock $591,656 0.26% 4,370 $-172,510 Down ×6
BRX Brixmor Property Group Inc. Common Stock $581,642 0.26% 18,447 $187,478 Up ×1
Unknown issuer (CUSIP: 84615Q103) $568,281 0.25% 3,326 Up ×1
VO VANGUARD INDEX FUNDS $455,604 0.20% 5,655 $47,552 Up ×1
MA Mastercard Incorporated Common Stock $404,784 0.18% 788 $16,610 Up ×5
XOM Exxon Mobil Corporation Common Stock $355,114 0.16% 2,597 $-84,428 Up ×2
VDC VANGUARD WORLD FUND $327,408 0.14% 1,452 $-9,700 Down ×6
CAT Caterpillar, Inc. Common Stock $318,406 0.14% 299 $106,576
MGEE MGE Energy Inc. - Common Stock $288,140 0.13% 3,534 $-49,704 Down ×3
JNJ Johnson & Johnson Common Stock $241,602 0.11% 951 $2,791 Down ×1
NEE NextEra Energy, Inc. Common Stock $229,057 0.10% 2,610 $-13,128 Up ×2
NI NiSource Inc Common Stock $218,276 0.10% 4,590 $5,973 Up ×1
VTI VANGUARD INDEX FUNDS $209,409 0.09% 566 $31,873 Up ×4
DIS Walt Disney Company (The) Common Stock $199,187 0.09% 2,069 $42,138 Up ×2
BLK BlackRock, Inc. Common Stock $192,312 0.08% 200 $-30
MRK Merck & Company, Inc. Common Stock (new) $178,776 0.08% 1,391 $12,618 Up ×6
SYK Stryker Corporation Common Stock $169,671 0.07% 539 $-6,920 Up ×6
IRM Iron Mountain Incorporated (Delaware)Common Stock REIT $167,294 0.07% 1,324 $33,132 Up ×2
BMY Bristol-Myers Squibb Company Common Stock $163,390 0.07% 2,836 $-7,095 Up ×4
SCHW Charles Schwab Corporation (The) Common Stock $156,859 0.07% 1,700 $-31,101 Down ×1
GWW W.W. Grainger, Inc. Common Stock $152,365 0.07% 112 $30,194
PG Procter & Gamble Company (The) Common Stock $138,739 0.06% 946 $-171,353 Down ×6
PSX Phillips 66 Common Stock $120,564 0.05% 713 $-8,633 Up ×6
KKR KKR & Co. Inc. Common Stock $115,309 0.05% 1,256 $-667 Up ×2
CME CME Group Inc. - Class A Common Stock $109,091 0.05% 494 $-36,812
SHY iShares 1-3 Year Treasury Bond ETF $102,126 0.04% 1,244 $-4,008 Down ×1
IWV iShares Trust $100,611 0.04% 236 $11,491 Down ×1
VCSH Vanguard Short-Term Corporate Bond ETF $96,928 0.04% 1,226 $787 Up ×1
CG The Carlyle Group Inc. - Common Stock $96,460 0.04% 2,291 $-13,532 Up ×6
ON ON Semiconductor Corporation - Common Stock $94,540 0.04% 1,000 $32,620
MDYV SPDR SERIES TRUST $94,154 0.04% 993 $10,008 Up ×6
TSLA Tesla, Inc. - Common Stock $92,953 0.04% 221 $11,168 Up ×1
IGM iShares Trust $92,423 0.04% 565 $25,464
VXUS Vanguard Total International Stock ETF $89,867 0.04% 1,051 $71,960 Up ×1
CVX Chevron Corporation Common Stock $81,162 0.04% 490 $-19,998 Up ×3
WTRG Essential Utilities, Inc. Common Stock $80,146 0.04% 2,092 $-3,322 Up ×3
MO Altria Group, Inc. $78,048 0.03% 1,085 $7,488 Up ×6
FAST Fastenal Company - Common Stock $75,347 0.03% 1,569 $2,947 Up ×2
SYY Sysco Corporation Common Stock $75,222 0.03% 900 $11,025
CNQ Canadian Natural Resources Limited Common Stock $75,050 0.03% 1,900 Up ×1
WM Waste Management, Inc. Common Stock $72,302 0.03% 324 $-1,916 Up ×3
DRTS Alpha Tau Medical Ltd. - Ordinary Shares $70,021 0.03% 5,566 $30,669
MGV VANGUARD WORLD FUND $65,380 0.03% 400 $7,400
ITW Illinois Tool Works Inc. Common Stock $61,398 0.03% 227 $2,660 Up ×3
PEG Public Service Enterprise Group Incorporated Common Stock $56,361 0.02% 694 $600 Up ×3
TMO Thermo Fisher Scientific Inc Common Stock $55,970 0.02% 112 $1,151
COP ConocoPhillips Common Stock $51,519 0.02% 496 $-13,430 Up ×3

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
SPYM $11,199,987 4.93% up ×6
VUG $9,278,155 4.08% up ×4
AVGO $3,468,896 1.53% up ×3
GS $2,331,816 1.03% up ×3
WMT $1,338,462 0.59% up ×3
MA $404,784 0.18% up ×5
VTI $209,409 0.09% up ×4
MRK $178,776 0.08% up ×6
SYK $169,671 0.07% up ×6
BMY $163,390 0.07% up ×4
PSX $120,564 0.05% up ×6
CG $96,460 0.04% up ×6
MDYV $94,154 0.04% up ×6
CVX $81,162 0.04% up ×3
WTRG $80,146 0.04% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SXT $2,187,658 17,744 0.96%
ASX $1,984,829 43,990 0.87%
Unknown issuer (CUSIP: 15675D103) $1,277,159 5,779 0.56%
SATS $1,228,962 12,108 0.54%
Unknown issuer (CUSIP: 84615Q103) $568,281 3,326 0.25%
CNQ $75,050 1,900 0.03%
MOAT $16,634 160 0.01%
SCHG $14,566 430 0.01%
IJH $14,456 187 0.01%
FNDF $13,796 261 0.01%
NACP $7,662 126 0.00%
IAU $6,117 81 0.00%
IJR $4,166 28 0.00%
FIW $1,862 17 0.00%
GME $1,149 52 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TSM Trimmed -512 +$4.9M
LLY Trimmed -102 +$2.6M
AMD Trimmed -821 +$2.1M
MCD Trimmed -5K -$1.8M
SPOT Trimmed -4K -$1.8M
SPYM Bought more +3K +$1.7M
GOOG Trimmed -53 +$1.7M
LRCX Bought more +114 +$1.6M
VUG Bought more +90K +$1.5M
MU Trimmed -54 +$1.4M

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
ASML Sept. 30, 2025 6,061 $4,857,225 92.9%
HDB Dec. 31, 2025 88,600 $3,026,576 -38.9%
BMI March 31, 2026 15,887 $2,770,800 -16.1%
AER June 30, 2025 25,666 $2,622,296 23.4%
VRTX Sept. 30, 2025 5,193 $2,311,924 28.9%
CLBT Sept. 30, 2025 130,915 $2,094,640 -40.3%
UBER June 30, 2025 24,408 $1,778,367 -27.0%
MRSH June 30, 2026 9,981 $1,731,219 2.0%
TATT March 31, 2026 35,102 $1,567,656 -13.4%
DECK Sept. 30, 2025 11,148 $1,149,025 -21.9%
MKC Dec. 31, 2025 5,963 $398,960 -34.4%
HON Sept. 30, 2025 1,456 $339,074 7.9%
RLI Sept. 30, 2025 4,130 $298,269 -14.2%
AMT Sept. 30, 2025 1,307 $288,874 -15.7%
ADP Dec. 31, 2025 848 $248,888 0.2%
TXN Dec. 31, 2025 1,000 $183,730 69.3%
FCX Sept. 30, 2025 3,281 $142,232 83.7%
REGN Sept. 30, 2025 208 $109,200 30.8%
HUM Sept. 30, 2025 358 $87,524 49.3%
FAST Sept. 30, 2025 1,545 $64,904 3.5%
ACN Sept. 30, 2025 187 $55,893 -19.3%
CWT Sept. 30, 2025 527 $23,982 0.2%
SCHZ June 30, 2025 1,035 $23,980 -4.3%
LOW June 30, 2026 80 $18,903 -18.0%
BNDX June 30, 2025 355 $17,316
ADAM June 30, 2025 2,647 $17,181 16.6%
CRM March 31, 2026 61 $16,062 25.7%
HUBS Sept. 30, 2025 27 $15,030 -54.1%
MELI Dec. 31, 2025 5 $11,685 -15.8%
GIS Sept. 30, 2025 220 $11,400 -36.5%
HON June 30, 2026 49 $11,076 -4.4%
BKNG Dec. 31, 2025 2 $10,951 -97.0%
VRSK June 30, 2026 44 $8,407 -8.7%
UNH June 30, 2025 16 $8,259 19.2%
SCHE June 30, 2026 239 $7,871
SHOP Dec. 31, 2025 50 $7,431 -6.0%
SCHX Sept. 30, 2025 303 $7,402 15.3%
UL (filed as ULXXXX) Sept. 30, 2025 116 $7,091 -10.6%
CHD Sept. 30, 2025 70 $6,771 7.6%
HUBS June 30, 2026 27 $6,591 17.5%
NKE June 30, 2026 110 $5,786 -17.5%
OTIS Sept. 30, 2025 58 $5,783 -29.9%
CFO Sept. 30, 2025 75 $5,347
FLAU June 30, 2026 161 $5,296
ANSS Sept. 30, 2025 15 $5,269 No longer tracked
MDB Dec. 31, 2025 15 $4,656 -14.7%
ALLE June 30, 2026 31 $4,504 9.8%
NOW June 30, 2026 40 $4,182 35.4%
PAYX Dec. 31, 2025 33 $4,171 -11.8%
ROL June 30, 2026 78 $4,166 -27.7%
CPRT Dec. 31, 2025 88 $3,958 -30.5%
SCHF Sept. 30, 2025 178 $3,931 19.9%
SPSM June 30, 2025 96 $3,911
BJ June 30, 2026 33 $3,248 8.9%
RSP Sept. 30, 2025 16 $2,934 11.3%
IJR June 30, 2025 28 $2,880 26.5%
U Sept. 30, 2025 109 $2,638 8.9%
SPYG Sept. 30, 2025 27 $2,574
IWP March 31, 2026 18 $2,477 8.9%
TYL June 30, 2026 7 $2,397 10.4%
SCHA Sept. 30, 2025 73 $1,839 18.7%
GLOB June 30, 2025 15 $1,766 -61.4%
FELE June 30, 2025 18 $1,695 9.9%
FLSW June 30, 2025 32 $1,144
VSNT June 30, 2026 14 $519 -14.1%
XYZ Dec. 31, 2025 5 $362 14.2%
TIGO June 30, 2026 23 $344 -2.7%
LCID (filed as LCIDXXXX) Sept. 30, 2025 100 $211 -82.6%
IJH Dec. 31, 2025 0 $2 10.6%