Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +2.0%
S&P 500 total return (same window) +37.0%
Excess return -35.0%

Annualized: +1.6% · 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: 99.6% · Options excluded: 0.0%

Sector breakdown

04
Financials 33.2%
Technology 18.6%
Healthcare 16.1%
Communication Services 11.3%
Retail 5.3%
Materials 2.5%
Industrials 1.8%
Consumer Discretionary 0.9%
Consumer Staples 0.0%
Utilities 0.0%
Other/Unmapped 10.3%

Full portfolio 56 positions

05
Type Streak 8Q trend
JPM JP Morgan Chase & Co. Common Stock $1,571,184,000 13.38% 4,800,000 $159,216,000
GOOGL Alphabet Inc. - Class A Common Stock $1,141,296,832 9.72% 3,193,600 $304,324,696 Up ×2
TMO Thermo Fisher Scientific Inc Common Stock $1,032,801,600 8.79% 2,060,000 $20,249,800
BLK BlackRock, Inc. Common Stock $880,308,180 7.50% 915,500 $3,517,173 Up ×2
SPGI S&P Global Inc. Common Stock $821,884,056 7.00% 2,133,600 $-84,111,411 Up ×3
MSFT Microsoft Corporation - Common Stock $736,546,641 6.27% 1,974,550 $69,407,758 Up ×1
Unknown issuer (CUSIP: 438516205) $458,995,000 3.91% 2,050,000 Up ×1
Unknown issuer (CUSIP: 43849R105) $458,741,000 3.91% 2,075,000 Up ×1
NVDA NVIDIA Corporation - Common Stock $442,158,882 3.76% 2,209,800 $30,260,962 Down ×1
INTU Intuit Inc. - Common Stock $387,585,000 3.30% 1,485,000 $-395,022,800 Down ×1
AMZN Amazon.com, Inc. - Common Stock $354,101,738 3.02% 1,485,700 $125,900,299 Up ×2
PFE Pfizer, Inc. Common Stock $352,772,000 3.00% 14,650,000 $-58,600,000
V Visa Inc. $329,366,400 2.80% 960,000 $19,570,400 Down ×1
LIN Linde plc - Ordinary Shares $291,903,750 2.49% 562,500 $13,038,750
AVGO Broadcom Inc. - Common Stock $242,364,400 2.06% 641,600 $43,782,784
TJX TJX Companies, Inc. (The) Common Stock $207,706,500 1.77% 1,371,000 $-13,206,510 Down ×2
RSG Republic Services, Inc. Common Stock $186,381,076 1.59% 874,700 $34,030,764 Up ×4
ADI Analog Devices, Inc. - Common Stock $158,868,000 1.35% 400,000
DHR Danaher Corporation Common Stock $154,098,320 1.31% 809,000 $32,943,920 Up ×5
AJG Arthur J. Gallagher & Co. Common Stock $146,855,929 1.25% 639,700 $9,176,023 Up ×1
MDLN Medline Inc. - Class A common stock $145,237,800 1.24% 3,682,500 $34,766,550 Up ×2
UNH UnitedHealth Group Incorporated Common Stock (DE) $124,689,000 1.06% 300,000 $16,453,000 Down ×1
META Meta Platforms, Inc. - Class A Common Stock $121,783,298 1.04% 216,200 $-1,911,208
CDNS Cadence Design Systems, Inc. - Common Stock $112,596,000 0.96% 300,000 $-2,303,245 Down ×1
ZTS Zoetis Inc. Class A Common Stock $107,790,000 0.92% 1,500,000 $-223,198,000 Down ×2
BSX Boston Scientific Corporation Common Stock $101,911,304 0.87% 2,387,800 $-73,958,121 Down ×1
KKR KKR & Co. Inc. Common Stock $100,958,000 0.86% 1,100,000 $-792,000
CMG Chipotle Mexican Grill, Inc. Common Stock $93,500,000 0.80% 2,750,000 $2,271,500 Down ×1
NFLX Netflix, Inc. - Common Stock $66,059,280 0.56% 925,200
Unknown issuer (CUSIP: 15675D103) $43,857,450 0.37% 198,450 Up ×1
USFD US Foods Holding Corp. Common Stock $36,094,250 0.31% 353,000 $3,544,120
Unknown issuer (CUSIP: 84615Q103) $31,609,100 0.27% 185,000 Up ×1
AAPL Apple Inc. - Common Stock $28,733,448 0.24% 99,300 $105,936 Down ×1
MU Micron Technology, Inc. - Common Stock $27,587,531 0.23% 23,900 $22,013,171 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $21,251,865 0.18% 44,500 $332,760 Down ×1
XLE SELECT SECTOR SPDR TRUST $21,244,000 0.18% 400,000
MA Mastercard Incorporated Common Stock $19,773,600 0.17% 38,500 $536,690
WMT Walmart Inc. - Common Stock $16,989,000 0.14% 150,000
XLF SELECT SECTOR SPDR TRUST $16,083,000 0.14% 300,000 $-107,342,000 Down ×1
MCHP Microchip Technology Incorporated - Common Stock $15,640,800 0.13% 171,500 $3,267,985 Down ×1
GRAB Grab Holdings Limited - Class A Ordinary Shares $14,911,598 0.13% 3,955,331 $435,087
EUFN iShares MSCI Europe Financials ETF $14,738,220 0.13% 378,000 $-648,055 Down ×2
Unknown issuer (CUSIP: 38013D106) $14,687,000 0.13% 950,000 Up ×1
TSLA Tesla, Inc. - Common Stock $9,757,920 0.08% 23,200 $2,285,745 Up ×1
BAC Bank of America Corporation Common Stock $9,658,110 0.08% 169,500 $-223,074,390 Down ×2
ORLY O'Reilly Automotive, Inc. - Common Stock $9,291,881 0.08% 100,900 $-22,198
LLY Eli Lilly and Company Common Stock $8,995,725 0.08% 7,500 $2,097,450
WFC Wells Fargo & Company Common Stock $8,338,376 0.07% 100,900 $305,727
WST West Pharmaceutical Services, Inc. Common Stock $8,328,800 0.07% 23,200 $934,920 Down ×1
C Citigroup, Inc. Common Stock $7,641,816 0.07% 54,600 Up ×1
ORCL Oracle Corporation Common Stock $7,071,038 0.06% 48,250
SNOW Snowflake Inc. Common Stock $6,260,700 0.05% 24,600 $2,550,528
CARR Carrier Global Corporation Common Stock $4,474,350 0.04% 61,000 Up ×1
HSY The Hershey Company Common Stock $4,210,800 0.04% 24,000 Up ×1
ISRG Intuitive Surgical, Inc. - Common Stock $3,499,584 0.03% 8,800 $1,379,030 Up ×1
PCG Pacific Gas & Electric Co. Common Stock $3,027,600 0.03% 180,000 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
SPGI $821,884,056 7.00% up ×3
RSG $186,381,076 1.59% up ×4
DHR $154,098,320 1.31% up ×5

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 438516205) $458,995,000 2,050,000 3.91%
Unknown issuer (CUSIP: 43849R105) $458,741,000 2,075,000 3.91%
ADI $158,868,000 400,000 1.35%
NFLX $66,059,280 925,200 0.56%
Unknown issuer (CUSIP: 15675D103) $43,857,450 198,450 0.37%
Unknown issuer (CUSIP: 84615Q103) $31,609,100 185,000 0.27%
XLE $21,244,000 400,000 0.18%
WMT $16,989,000 150,000 0.14%
Unknown issuer (CUSIP: 38013D106) $14,687,000 950,000 0.13%
C $7,641,816 54,600 0.07%
ORCL $7,071,038 48,250 0.06%
CARR $4,474,350 61,000 0.04%
HSY $4,210,800 24,000 0.04%
PCG $3,027,600 180,000 0.03%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
INTU Trimmed -325K -$395.0M
GOOGL Bought more +283K +$304.3M
ZTS Trimmed -1.3M -$223.2M
JPM Price move only +0 +$159.2M
AMZN Bought more +390K +$125.9M
SPGI Bought more +4K -$84.1M
BSX Trimmed -415K -$74.0M
MSFT Bought more +172K +$69.4M
PFE Price move only +0 -$58.6M
AVGO Price move only +0 +$43.8M

2 positions 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
HON June 30, 2026 4,100,000 $926,723,000 -4.4%
WMT March 31, 2026 1,567,000 $174,579,470 -16.1%
UBER March 31, 2026 2,100,000 $171,591,000 -5.3%
DIS March 31, 2026 1,420,000 $161,553,400 6.0%
SPY Sept. 30, 2025 170,000 $105,034,500 No longer tracked
BA Dec. 31, 2025 480,000 $103,598,400 -10.9%
CRM March 31, 2026 380,500 $100,798,255 25.7%
IBM June 30, 2026 365,000 $88,472,350 -20.8%
COO Dec. 31, 2025 948,100 $65,001,736 -30.6%
SRAD June 30, 2025 2,975,525 $64,330,851 -58.1%
SPY March 31, 2026 75,000 $51,144,000 No longer tracked
MA Sept. 30, 2025 85,000 $47,764,900 -2.9%
KNTK Sept. 30, 2025 959,015 $42,244,610 22.9%
IVV March 31, 2026 50,000 $34,247,000
AVDX Dec. 31, 2025 2,040,316 $20,301,144 No longer tracked
XLE Dec. 31, 2025 202,300 $18,073,482 40.5%
XLU June 30, 2026 340,000 $15,602,600 No longer tracked
ADI March 31, 2026 56,500 $15,322,800 31.1%
TEAM March 31, 2026 74,700 $12,111,858 175.3%
BTSG Sept. 30, 2025 500,000 $11,795,000 103.8%
NIQ Dec. 31, 2025 750,000 $11,775,000 0.9%
IR March 31, 2026 135,100 $10,702,622 -5.1%
ICE June 30, 2026 68,000 $10,695,040 22.0%
TTWO Sept. 30, 2025 40,000 $9,714,000 -21.5%
CSCO June 30, 2026 121,600 $9,434,944 -4.5%
XLF June 30, 2025 175,000 $8,716,750 2.1%
SARO June 30, 2026 325,000 $8,394,750 -29.6%
ETN June 30, 2025 29,700 $8,073,351 22.2%
ACGL June 30, 2025 83,300 $8,011,794 2.8%
TOL March 31, 2026 59,000 $7,977,980 0.1%
EA June 30, 2025 51,000 $7,370,520 No longer tracked
NFLX March 31, 2026 76,400 $7,163,264 -30.3%
ELV Sept. 30, 2025 18,300 $7,117,968 19.6%
ACN June 30, 2025 21,600 $6,740,064 -33.5%
AMP March 31, 2026 13,550 $6,644,107 10.5%
SNPS Dec. 31, 2025 13,000 $6,414,070 4.3%
HUBS Dec. 31, 2025 13,000 $6,081,400 -46.5%
MIAX March 31, 2026 135,000 $5,991,300 -15.2%
BIRK June 30, 2026 142,200 $5,095,026 -22.5%
RACE March 31, 2026 13,000 $4,804,280 14.7%
ORCL Dec. 31, 2025 15,000 $4,218,600 -27.0%
STUB March 31, 2026 250,000 $3,382,500 -13.3%
NOW June 30, 2025 3,750 $2,985,525 -34.6%
TXN March 31, 2026 12,300 $2,133,927 51.3%
NVO June 30, 2025 30,000 $2,083,200 -45.9%
SONDQ Dec. 31, 2025 129,673 $164,685 No longer tracked
ALUR March 31, 2026 49,695 $61,125 No longer tracked