Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +25.8%
S&P 500 total return (same window) +37.0%
Excess return -11.2%

Annualized: +20.2% · 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: 95.2% · Options excluded: 0.0%

Sector breakdown

04
Energy 30.9%
Industrials 14.3%
Communication Services 10.6%
Financials 10.4%
Consumer Discretionary 7.6%
Real Estate 5.5%
Retail 5.0%
Technology 4.6%
Utilities 1.7%
Materials 1.5%
Consumer Staples 0.7%
Health Care 0.1%
Other/Unmapped 7.1%

Full portfolio 43 positions

05
Type Streak 8Q trend
YPF YPF Sociedad Anonima Common Stock $146,931,576 13.03% 3,231,396 $-2,423,547
AERO Grupo Aeromexico, S.A.B. de C.V. American Depositary Shares (each representing ten (10) Common Shares) $96,394,590 8.55% 5,355,255 $23,718,794 Up ×2
KSPI Joint Stock Company Kaspi.kz - American Depository Shares $90,971,913 8.07% 1,049,999 $11,171,191 Down ×1
Unknown issuer (CUSIP: 05501U601) $79,603,321 7.06% 8,854,652 Up ×1
AER AerCap Holdings N.V. Ordinary Shares $65,133,484 5.78% 446,793 $12,347,580 Up ×4
PUMP ProPetro Holding Corp. Common Stock $58,756,730 5.21% 4,097,401 $23,237,334 Up ×2
HEPS D-Market Electronic Services & Trading - American Depositary Shares $56,426,850 5.01% 19,390,670 $13,268,059 Up ×1
LTH Life Time Group Holdings, Inc. Common Stock $49,890,021 4.43% 1,221,597 $18,111,759 Up ×2
IRS IRSA Inversiones Y Representaciones S.A. Global Depositary Shares (Each representing ten shares of Common Stock) $41,226,143 3.66% 2,670,087 $-2,055,967
CORZ Core Scientific, Inc. - Common Stock $39,720,952 3.52% 1,552,206 $3,623,160 Down ×1
DVN Devon Energy Corporation Common Stock $39,359,986 3.49% 952,565 Up ×1
LULU lululemon athletica inc. - Common Stock $35,327,520 3.13% 309,402 $12,561,244 Up ×2
GLNG Golar LNG Limited - Common Shares $34,015,451 3.02% 682,493 Up ×1
TDAY USA TODAY Co., Inc. Common Stock $31,621,833 2.80% 3,698,460 $5,667,378 Up ×1
VEON VEON Ltd. - American Depositary Shares $31,388,913 2.78% 601,205 $13,163,057 Up ×2
TDS Telephone and Data Systems, Inc. Common Shares $29,641,457 2.63% 800,904 $-1,129,601 Up ×2
KYIV Kyivstar Group Ltd. - Common Shares $26,943,683 2.39% 1,666,276 $10,080,970
NU Nu Holdings Ltd. Class A Ordinary Shares $26,635,404 2.36% 1,993,668 $12,265,404 Up ×1
VIST Vista Energy S.A.B. de C.V. American Depositary Shares, each representing one series A share, with no par value $23,519,998 2.09% 368,652 $-4,302,168
SVC Service Properties Trust - Shares of Beneficial Interest $20,504,657 1.82% 12,132,933 Up ×1
PAM Pampa Energia S.A. $19,065,494 1.69% 232,138 $-1,478,719
ECO Okeanis Eco Tankers Corp. Common Stock $17,227,697 1.53% 343,729 $-161,355
GPRK Geopark Ltd Common Shares $17,207,709 1.53% 1,890,957 $10,154,168 Up ×1
MU Micron Technology, Inc. - Common Stock $12,408,618 1.10% 10,750 $4,638,298 Down ×1
CF CF Industries Holdings, Inc. Common Stock $11,993,043 1.06% 110,780 $1,504,568 Up ×1
CRESY Cresud S.A.C.I.F. y A. - American Depositary Shares, each representing ten shares of Common Stock $7,766,624 0.69% 692,830 $-1,046,174
TGS Transportadora de Gas del Sur SA TGS Common Stock $5,800,769 0.51% 195,115 $-952,161
NEM Newmont Corporation $5,154,466 0.46% 55,187 $-819,527
HAFN Hafnia Limited Common Shares $5,086,698 0.45% 766,069 Up ×1
HSDT Solana Company - Class A Common Stock $959,162 0.09% 581,310 $-46,504
SOLZ Solana ETF $428,040 0.04% 58,000 $-56,805
Unknown issuer (CUSIP: 85238K118) $82,000 0.01% 200,000 Up ×1
SOUNW SoundHound AI, Inc. - Warrant $48,000 0.00% 25,000 $-6,500
AENTW Alliance Entertainment Holding Corporation - Warrants $43,050 0.00% 100,000 $-16,960
NIOBW NioCorp Developments Ltd. - Warrant $21,498 0.00% 15,356 $-4,761
FLDDW Fold Holdings, Inc. - Warrant $19,219 0.00% 187,500 $-1,406
BKKTWS CUSIP: 05759B115 $9,675 0.00% 150,000 $-10,725
BKSYWS CUSIP: 09263B116 $6,530 0.00% 130,600 $862
SPWRW SunPower Inc. - Warrant $5,160 0.00% 37,500 $-4,215
PGYWW Pagaya Technologies Ltd. - Warrants $3,500 0.00% 66,666 $967
PSQHWS CUSIP: 693691115 $2,139 0.00% 53,333 $-229
SLNDWS CUSIP: 84445C118 $1,913 0.00% 75,000 $-712
KIDZW Classover Holdings, Inc. - Warrants $1,890 0.00% 150,000 $-585

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
AER $65,133,484 5.78% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 05501U601) $79,603,321 8,854,652 7.06%
DVN $39,359,986 952,565 3.49%
GLNG $34,015,451 682,493 3.02%
SVC $20,504,657 12,132,933 1.82%
HAFN $5,086,698 766,069 0.45%
Unknown issuer (CUSIP: 85238K118) $82,000 200,000 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AERO Bought more +168K +$23.7M
PUMP Bought more +1.6M +$23.2M
LTH Bought more +42K +$18.1M
HEPS Bought more +2.9M +$13.3M
VEON Bought more +208K +$13.2M
LULU Bought more +161K +$12.6M
AER Bought more +62K +$12.3M
NU Bought more +994K +$12.3M
KSPI Trimmed -27K +$11.2M
GPRK Bought more +1.1M +$10.2M

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
CTRA June 30, 2026 1,360,808 $47,818,793 No longer tracked
AL Dec. 31, 2025 375,000 $23,868,750 No longer tracked
PARR June 30, 2026 150,000 $9,396,000 49.8%
NBR March 31, 2026 134,789 $7,319,043 -7.5%
JEF March 31, 2026 108,747 $6,739,052 11.4%
INDV Dec. 31, 2025 199,997 $4,821,928 -0.5%
PBF March 31, 2026 170,945 $4,636,028 69.6%
IRSWS Sept. 30, 2025 2,730,134 $4,586,625 No longer tracked
CAR Sept. 30, 2025 25,000 $4,226,250 -30.7%
CRESW Sept. 30, 2025 1,924,767 $1,616,804 No longer tracked
RILY Dec. 31, 2025 52,000 $230,724 4.1%
ASBP March 31, 2026 97,391 $12,846 -71.6%
PSEWF Dec. 31, 2025 132,285 $2,447 No longer tracked
ASBPW June 30, 2026 99,692 $1,655 -33.5%