Performance vs S&P 500

03
Tracked Q1 2025–Q4 2025 +328.4%
S&P 500 total return (same window) +26.1%
Excess return +302.4%

Annualized: +589.8% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Industrials 77.7%
Healthcare 22.3%

Full portfolio 3 positions

05
Type Streak 8Q trend
BW Babcock & Wilcox Enterprises, Inc. Common Stock $15,318,708 77.68% 2,416,200 $8,311,728
ADCT ADC Therapeutics SA Common Shares $2,410,983 12.23% 682,998 $-321,009
CBUS Cibus, Inc. - Class A Common Stock $1,990,471 10.09% 1,143,949 $514,777

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
BW Price move only +0 +$8.3M
CBUS Price move only +0 +$515K
ADCT Price move only +0 -$321K

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
FGEN June 30, 2025 195,707 $60,650 No longer tracked