Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +27.1%
S&P 500 total return (same window) +37.0%
Excess return -9.9%

Annualized: +21.1% · 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: 96.9% · Options excluded: 0.0%

Sector breakdown

04
Technology 23.0%
Industrials 19.7%
Communication Services 13.2%
Health Care 13.2%
Financials 9.3%
Retail 6.8%
Consumer Discretionary 5.2%
Energy 4.0%
Materials 1.7%
Utilities 0.9%
Real Estate 0.8%
Other/Unmapped 2.0%

Full portfolio 67 positions

05
Type Streak 8Q trend
GOOG Alphabet Inc. - Class C Capital Stock $128,554,881 7.87% 363,838 $23,155,919 Down ×4
UNH UnitedHealth Group Incorporated Common Stock (DE) $114,751,702 7.02% 276,091 $33,237,276 Down ×3
MSFT Microsoft Corporation - Common Stock $73,882,579 4.52% 198,066 $18,385,582 Up ×2
NVDA NVIDIA Corporation - Common Stock $68,877,981 4.22% 344,235 $20,142,947 Up ×1
ASML ASML Holding N.V. - New York Registry Shares $65,500,323 4.01% 32,924 $19,662,239 Down ×4
WSO Watsco, Inc. Common Stock $58,568,901 3.59% 140,544 $-3,953,504 Down ×1
JPM JP Morgan Chase & Co. Common Stock $57,246,089 3.50% 174,888 $40,163,041 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $56,151,248 3.44% 117,577 $12,968,673 Down ×1
LLY Eli Lilly and Company Common Stock $54,569,267 3.34% 45,496 $10,517,803 Down ×3
WAB Westinghouse Air Brake Technologies Corporation Common Stock $54,529,566 3.34% 202,261 $3,274,275 Down ×2
AAPL Apple Inc. - Common Stock $54,428,616 3.33% 188,100 $11,372,635 Up ×1
CPAY Corpay, Inc. Common Stock $51,423,894 3.15% 154,301 $1,498,449 Down ×1
META Meta Platforms, Inc. - Class A Common Stock $50,888,745 3.11% 90,342 $11,629,184 Up ×3
EQT EQT Corporation Common Stock $48,503,163 2.97% 912,228 $-10,493,726 Down ×2
AMZN Amazon.com, Inc. - Common Stock $48,173,281 2.95% 202,120 $6,045,675 Down ×2
BKNG Booking Holdings Inc. - Common Stock $43,594,830 2.67% 244,585 $9,924,901 Up ×1
UBER Uber Technologies, Inc. Common Stock $41,249,037 2.52% 571,633 $8,529,806 Up ×1
ORLY O'Reilly Automotive, Inc. - Common Stock $39,549,984 2.42% 429,471 $-173,409 Down ×2
IDXX IDEXX Laboratories, Inc. - Common Stock $28,345,109 1.74% 53,843 $-2,034,598 Down ×4
SOXX iShares Trust $26,034,079 1.59% 40,630 Up ×1
FER Ferrovial SE - Ordinary Shares $24,145,986 1.48% 351,931 Up ×1
CAT Caterpillar, Inc. Common Stock $23,822,878 1.46% 22,371 $2,603,084 Down ×3
CSCO Cisco Systems, Inc. - Common Stock $20,150,615 1.23% 171,553 $1,508,143 Down ×2
HEI-A (filed as HEIA) HEICO Corporation Class A $19,926,385 1.22% 77,261 $3,617,361
SCCO Southern Copper Corporation Common Stock $19,884,112 1.22% 114,106 $99,965 Down ×3
RTX RTX Corporation Common Stock $18,553,317 1.14% 97,788 $-439,231 Down ×5
AVGO Broadcom Inc. - Common Stock $18,546,014 1.14% 49,096 $1,688,861 Down ×5
ETN Eaton Corporation, PLC Ordinary Shares $18,521,306 1.13% 43,465 $2,975,179
FAST Fastenal Company - Common Stock $17,092,292 1.05% 355,867 $499,838 Down ×2
GOOGL Alphabet Inc. - Class A Common Stock $16,560,883 1.01% 46,341 $3,235,065
FANG Diamondback Energy, Inc. - Common Stock $16,270,373 1.00% 92,561 $-2,235,651 Down ×1
LMT Lockheed Martin Corporation Common Stock $16,002,139 0.98% 31,410 $-420,950 Up ×1
BX Blackstone Inc. Common Stock $15,450,306 0.95% 131,302 $839,447 Up ×2
NEE NextEra Energy, Inc. Common Stock $15,377,128 0.94% 175,198 $-729,379 Up ×1
MCD McDonald's Corporation Common Stock $15,048,158 0.92% 55,670 $430,150 Up ×1
LOW Lowe's Companies, Inc. Common Stock $15,018,456 0.92% 68,114 $1,779,688 Up ×1
TM Toyota Motor Corporation Common Stock $14,447,236 0.88% 85,781 $-3,231,370
AMT American Tower Corporation (REIT) Common Stock $13,744,951 0.84% 84,031 $1,811,562 Up ×1
ZTS Zoetis Inc. Class A Common Stock $12,045,676 0.74% 167,627 $107,057 Up ×3
PAYX Paychex, Inc. - Common Stock $11,541,484 0.71% 117,375 $1,774,829 Up ×1
MPWR Monolithic Power Systems, Inc. - Common Stock $11,416,911 0.70% 8,259 $1,888,366 Down ×4
HEI Heico Corporation Common Stock $10,736,991 0.66% 30,144 $2,359,907 Down ×2
NXPI NXP Semiconductors N.V. - Common Stock $9,519,329 0.58% 33,873 $2,801,875 Down ×2
SNOW Snowflake Inc. Common Stock $9,406,829 0.58% 36,962 $3,809,446 Down ×2
V Visa Inc. $8,273,615 0.51% 24,115 $919,511 Down ×2
ORCL Oracle Corporation Common Stock $8,243,438 0.50% 56,250 Up ×1
SHW Sherwin-Williams Company (The) Common Stock $7,859,793 0.48% 22,827 $436,496 Down ×2
COST Costco Wholesale Corporation - Common Stock $7,742,885 0.47% 8,277 $-531,470 Down ×2
NKE Nike, Inc. Common Stock $7,344,994 0.45% 178,928 $-2,932,458 Down ×2
MA Mastercard Incorporated Common Stock $7,334,722 0.45% 14,281 $151,610 Down ×2
NOC Northrop Grumman Corporation Common Stock $6,900,641 0.42% 13,549 $-45,347,345 Down ×5
MKL Markel Group Inc. Common Stock $6,858,971 0.42% 3,512 $37,226 Down ×1
ISRG Intuitive Surgical, Inc. - Common Stock $6,401,853 0.39% 16,098 $-1,103,525 Down ×2
SPGI S&P Global Inc. Common Stock $5,839,701 0.36% 14,339 $-290,724 Down ×2
CMG Chipotle Mexican Grill, Inc. Common Stock $5,020,168 0.31% 147,652 $-29,883,952 Down ×2
GVI iShares Trust $1,651,581 0.10% 15,567 $45,194 Up ×5
VYM Vanguard High Dividend Yield ETF $1,256,339 0.08% 7,950 $78,944
SPYM State Street SPDR Portfolio S&P 500 ETF $1,023,011 0.06% 11,641 $132,009
VTI Vanguard Morningstar Total Stock Market ETF $786,705 0.05% 2,126 $104,663
IBIT iShares Bitcoin Trust ETF $636,904 0.04% 19,132 $-98,147
BA Boeing Company (The) Common Stock $529,919 0.03% 2,448 $42,694
DVY iShares Select Dividend ETF $438,578 0.03% 2,806 $13,722
VEU Vanguard FTSE All World Ex US ETF $428,800 0.03% 5,120 $16,276 Down ×1
SPY SPY $391,307 0.02% 524 $50,529
SPYD SPDR SERIES TRUST $255,964 0.02% 5,365 $11,749
FLRN SPDR SERIES TRUST $227,210 0.01% 7,365 $-91,825 Down ×1
SPDW SPDR INDEX SHARES FUNDS $201,157 0.01% 3,992

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
META $50,888,745 3.11% up ×3
ZTS $12,045,676 0.74% up ×3
GVI $1,651,581 0.10% up ×5

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SOXX $26,034,079 40,630 1.59%
FER $24,145,986 351,931 1.48%
ORCL $8,243,438 56,250 0.50%
SPDW $201,157 3,992 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
JPM Bought more +117K +$40.2M
UNH Trimmed -25K +$33.2M
GOOG Trimmed -4K +$23.2M
NVDA Bought more +65K +$20.1M
ASML Trimmed -2K +$19.7M
MSFT Bought more +48K +$18.4M
TSM Trimmed -10K +$13.0M
META Bought more +22K +$11.6M
AAPL Bought more +18K +$11.4M
LLY Trimmed -2K +$10.5M

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
CNC June 30, 2025 642,303 $38,994,215 29.3%
BRK-B (filed as BRKB) June 30, 2026 76,620 $36,716,304 No longer tracked
XLF June 30, 2025 629,272 $31,344,038 6.7%
NVO March 31, 2026 549,469 $27,956,983 6.3%
FND Sept. 30, 2025 232,178 $17,636,241 -35.1%
TROW March 31, 2026 128,774 $13,183,882 15.6%
SBUX Sept. 30, 2025 141,268 $12,944,387 19.1%
SPDW Sept. 30, 2025 9,460 $383,035
SPEM Sept. 30, 2025 8,478 $362,350 11.5%
SPSM Sept. 30, 2025 7,905 $336,753 15.4%