Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +32.1%
S&P 500 total return (same window) +37.0%
Excess return -4.9%

Annualized: +25.0% · 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: 96.0% · Options excluded: 0.0%

Sector breakdown

04
Financials 24.3%
Industrials 23.8%
Technology 23.3%
Healthcare 7.2%
Retail 6.0%
Communication Services 5.8%
Consumer Discretionary 3.2%
Energy 1.7%
Utilities 0.6%
Materials 0.6%
Consumer Staples 0.1%
Consumer products 0.1%
Other/Unmapped 3.4%

Full portfolio 203 positions

05
Type Streak 8Q trend
AMD Advanced Micro Devices, Inc. - Common Stock $744,437,791 6.82% 1,282,430 $442,560,447 Down ×1
AMZN Amazon.com, Inc. - Common Stock $576,103,262 5.28% 2,418,468 $68,750,563 Down ×1
V Visa Inc. $550,850,651 5.05% 1,607,924 $82,814,943 Up ×6
GEV GE Vernova Inc. Common Stock $546,556,492 5.01% 465,513 $143,951,897 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $544,175,171 4.99% 1,523,852 $101,453,035 Down ×2
GE GE Aerospace Common Stock $537,392,316 4.92% 1,439,418 $144,884,559 Up ×1
IBKR Interactive Brokers Group, Inc. - Class A Common Stock $520,149,240 4.77% 5,975,636 $123,494,649 Up ×4
TSM Taiwan Semiconductor Manufacturing Company Ltd. $515,960,185 4.73% 1,082,574 $154,850,855 Up ×3
MSFT Microsoft Corporation - Common Stock $480,248,025 4.40% 1,288,098 $22,182,476 Up ×3
FERG Ferguson Enterprises Inc. Common Stock $469,945,322 4.31% 1,980,510 $34,875,564 Up ×3
TMO Thermo Fisher Scientific Inc Common Stock $408,009,352 3.74% 814,886 $17,633,024 Up ×3
COF Capital One Financial Corporation Common Stock $368,652,319 3.38% 1,838,344 $85,909,623 Up ×3
SNPS Synopsys, Inc. - Common Stock $364,115,964 3.34% 816,669 $52,236,613 Up ×6
UNH UnitedHealth Group Incorporated Common Stock (DE) $349,962,345 3.21% 842,562 $111,766,065 Down ×2
MRSH Marsh Common Stock $348,202,306 3.19% 2,090,489 $-2,746,653 Up ×5
CME CME Group Inc. - Class A Common Stock $347,510,212 3.18% 1,573,940 $-83,721,160 Up ×5
URI United Rentals, Inc. Common Stock $337,323,040 3.09% 297,832 $128,441,071 Up ×4
IBM International Business Machines Corporation Common Stock $325,531,418 2.98% 1,157,301 $55,202,810 Up ×1
YUMC Yum China Holdings, Inc. Common Stock $320,227,092 2.93% 7,838,137 $19,033,714 Up ×1
ICE Intercontinental Exchange Inc. Common Stock $301,710,142 2.76% 2,451,234 $-46,958,110 Up ×3
GRAB Grab Holdings Limited - Class A Ordinary Shares $265,046,104 2.43% 70,584,847 $36,035,676 Up ×2
VMC Vulcan Materials Company (Holding Company) Common Stock $168,186,491 1.54% 570,288 $53,880,990 Up ×5
EXP Eagle Materials Inc Common Stock $155,199,234 1.42% 689,422 $54,134,818 Up ×1
GLD SPDR Gold Shares $129,631,849 1.19% 351,835 $-11,203,174 Up ×1
SHG Shinhan Financial Group Co Ltd American Depositary Shares $124,308,915 1.14% 1,965,980 $12,634,247 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $87,363,315 0.80% 247,250 $2,684,188 Down ×3
SLB SLB Limited Common Shares $76,439,200 0.70% 1,645,092 $-8,383,369 Down ×2
QCOM QUALCOMM Incorporated - Common Stock $67,969,476 0.62% 367,840 $14,124,034 Down ×2
MELI MercadoLibre, Inc. - Common Stock $66,306,424 0.61% 39,058 $-869,791 Up ×2
LNG Cheniere Energy, Inc. Common Stock $61,721,037 0.57% 258,166 $-11,312,639 Up ×3
WEC WEC Energy Group, Inc. Common Stock $61,549,034 0.56% 527,164 $2,083,954 Up ×4
CP Canadian Pacific Kansas City Limited Common Shares $59,240,593 0.54% 683,953 $9,687,082 Up ×2
GDX VanEck Gold Miners ETF $48,455,842 0.44% 642,480 $-5,712,334 Up ×1
NEM Newmont Corporation $47,679,479 0.44% 510,733 $-9,708,774 Down ×2
PWR Quanta Services, Inc. Common Stock $30,838,760 0.28% 42,845 $3,955,175 Down ×2
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $28,666,253 0.26% 57,305 $-4,472,149 Down ×1
AXP American Express Company Common Stock $27,595,858 0.25% 81,583 $4,322,368 Up ×1
CCJ Cameco Corporation Common Stock $24,003,251 0.22% 235,661 $3,838,279 Up ×1
SGOL abrdn Physical Gold Shares ETF $23,125,284 0.21% 604,978 $-2,514,421 Up ×1
LMBS First Trust Low Duration Opportunities ETF $22,682,140 0.21% 455,785 $3,786,426 Up ×2
AAPL Apple Inc. - Common Stock $21,022,222 0.19% 72,701 $-4,159,477 Down ×2
WPM Wheaton Precious Metals Corp Common Shares (Canada) $20,755,239 0.19% 184,762 $-3,473,657 Down ×1
DGRO iShares Trust $19,775,625 0.18% 260,961 $1,459,781 Down ×1
ZTS Zoetis Inc. Class A Common Stock $18,930,717 0.17% 263,274 $-13,755,905 Down ×2
AIG American International Group, Inc. New Common Stock $14,612,587 0.13% 196,050 $-3,347,437 Down ×2
FPA First Trust Asia Pacific Ex-Japan AlphaDEX Fund $14,378,651 0.13% 270,250 $3,273,424 Up ×2
HTHT H World Group Limited - American Depositary Shares $13,115,029 0.12% 314,396
PCAR PACCAR Inc. - Common Stock $10,615,634 0.10% 88,401 $407,106 Up ×2
MCHI iShares MSCI China ETF $9,766,644 0.09% 191,409 $-989,585
TPL Texas Pacific Land Corporation Common Stock $9,610,015 0.09% 21,966 $-813,621
KO Coca-Cola Company (The) Common Stock $9,456,323 0.09% 116,407 $1,900,210 Up ×1
ORLY O'Reilly Automotive, Inc. - Common Stock $8,698,485 0.08% 94,482 $610,813 Up ×1
SPY SPY $8,455,909 0.08% 11,329 $2,464,552 Up ×1
FTGC First Trust Global Tactical Commodity Strategy Fund $6,809,134 0.06% 251,724 $-16,271 Up ×2
COPX Global X Funds $6,477,235 0.06% 84,191 $4,411,732 Up ×1
NVDA NVIDIA Corporation - Common Stock $6,416,174 0.06% 32,118 $1,545,185 Up ×1
GUNR FlexShares Trust $5,670,075 0.05% 115,000 $-673,325
VOO Vanguard S&P 500 ETF $4,681,811 0.04% 6,824 $-31,572 Down ×2
TSLA Tesla, Inc. - Common Stock $4,649,270 0.04% 11,061 $220,553 Down ×3
VEU Vanguard FTSE All World Ex US ETF $4,367,180 0.04% 52,161 $545,387 Up ×6
IVV iShares Trust $4,270,747 0.04% 5,696 $28,440 Down ×1
HYG iShares Trust $4,152,262 0.04% 51,913 $280,699 Up ×2
BZ KANZHUN LIMITED - American Depository Shares $4,091,373 0.04% 317,900 $1,112,314 Up ×1
GNR State Street SPDR S&P Global Natural Resources ETF $3,902,265 0.04% 58,009 $-427,817
FXI iShares China Large-Cap ETF $3,864,172 0.04% 122,342 $-527,294
MA Mastercard Incorporated Common Stock $3,768,601 0.03% 7,340 $-1,329,808 Down ×2
JPM JP Morgan Chase & Co. Common Stock $3,326,423 0.03% 10,164 $206,920 Down ×2
VIG Vanguard Div Appreciation ETF $3,272,848 0.03% 13,834 $276,132 Down ×2
VTI Vanguard Morningstar Total Stock Market ETF $3,216,585 0.03% 8,695 $822,462 Up ×1
QQQ Invesco QQQ Trust, Series 1 $3,120,005 0.03% 4,240 $1,004,659 Up ×1
BKR Baker Hughes Company - Common Stock $3,059,955 0.03% 55,194 Up ×1
CVX Chevron Corporation Common Stock $2,941,666 0.03% 17,746 $-774,718 Down ×1
XOM Exxon Mobil Corporation Common Stock $2,925,049 0.03% 21,436 $-289,874 Up ×1
ALV Autoliv, Inc. Common Stock $2,725,354 0.02% 23,455 $199,426 Down ×1
DHI D.R. Horton, Inc. Common Stock $2,675,055 0.02% 16,427 $432,571 Up ×1
VV Vanguard Morningstar Large-Cap ETF $2,639,850 0.02% 7,678 $345,856
VT Vanguard Total World Stock Index ETF $2,633,223 0.02% 16,778 $-903,471 Down ×2
HDB HDFC Bank Limited Common Stock $2,609,311 0.02% 100,960 $1,278,934 Up ×1
SILJ Amplify Junior Silver Miners ETF $2,591,000 0.02% 100,000 $-379,500
BAC Bank of America Corporation Common Stock $2,448,439 0.02% 42,989 $59,349 Down ×2
META Meta Platforms, Inc. - Class A Common Stock $2,430,991 0.02% 4,318 $-222,177 Down ×1
ASML ASML Holding N.V. - New York Registry Shares $2,430,124 0.02% 1,222 $630,092 Down ×2
JNJ Johnson & Johnson Common Stock $2,416,349 0.02% 9,513 $-415,327 Down ×1
LLY Eli Lilly and Company Common Stock $2,383,645 0.02% 1,987 $2,022,032 Up ×1
BKNG Booking Holdings Inc. - Common Stock $2,203,279 0.02% 12,362 $-498,379 Up ×1
LEN Lennar Corporation Class A Common Stock $2,133,707 0.02% 23,586 $527,352 Up ×2
CDNS Cadence Design Systems, Inc. - Common Stock $2,055,510 0.02% 5,478 $566,994 Up ×1
LMT Lockheed Martin Corporation Common Stock $2,038,125 0.02% 4,005 $-399,480 Down ×1
AVGO Broadcom Inc. - Common Stock $1,930,619 0.02% 5,117 $470,157 Up ×1
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $1,910,205 0.02% 19,899 $-608,002 Down ×2
VCIT Vanguard Intermediate-Term Corporate Bond ETF $1,831,769 0.02% 22,167 $990,946 Up ×1
BA Boeing Company (The) Common Stock $1,816,972 0.02% 8,395 $163,805 Up ×1
TJX TJX Companies, Inc. (The) Common Stock $1,781,396 0.02% 11,758 $-110,583 Down ×2
VCSH Vanguard Short-Term Corporate Bond ETF $1,779,327 0.02% 22,516 $1,239,691 Up ×1
SPGI S&P Global Inc. Common Stock $1,699,662 0.02% 4,179 $-65,655 Up ×1
DXJ WisdomTree Trust $1,520,871 0.01% 8,758 $68,278 Down ×1
WM Waste Management, Inc. Common Stock $1,471,429 0.01% 6,605 $5,222 Up ×1
MRK Merck & Company, Inc. Common Stock (new) $1,411,501 0.01% 10,993 $53,378 Down ×1
ABBV AbbVie Inc. Common Stock $1,371,579 0.01% 5,460 $241,787 Up ×1
SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF $1,354,819 0.01% 26,900 $-3,093

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
V $550,850,651 5.05% up ×6
IBKR $520,149,240 4.77% up ×4
TSM $515,960,185 4.73% up ×3
MSFT $480,248,025 4.40% up ×3
FERG $469,945,322 4.31% up ×3
TMO $408,009,352 3.74% up ×3
COF $368,652,319 3.38% up ×3
SNPS $364,115,964 3.34% up ×6
MRSH $348,202,306 3.19% up ×5
CME $347,510,212 3.18% up ×5
URI $337,323,040 3.09% up ×4
ICE $301,710,142 2.76% up ×3
VMC $168,186,491 1.54% up ×5
LNG $61,721,037 0.57% up ×3
WEC $61,549,034 0.56% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
HTHT $13,115,029 314,396 0.12%
BKR $3,059,955 55,194 0.03%
VGT $697,434 5,837 0.01%
EWY $681,143 3,375 0.01%
IVW $519,963 3,781 0.00%
DELL $519,638 1,205 0.00%
SOXX $455,801 712 0.00%
FDX $384,873 1,230 0.00%
FANG $334,481 1,903 0.00%
Unknown issuer (CUSIP: 866966104) $310,574 4,154 0.00%
ALLW $298,606 10,207 0.00%
Unknown issuer (CUSIP: 438516205) $295,509 1,319 0.00%
Unknown issuer (CUSIP: 43849R105) $291,139 1,319 0.00%
TWLO $270,984 1,313 0.00%
IEFA $269,377 2,788 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AMD Trimmed -202K +$442.6M
TSM Bought more +15K +$154.9M
GE Bought more +56K +$144.9M
GEV Bought more +4K +$144.0M
URI Bought more +11K +$128.4M
IBKR Bought more +60K +$123.5M
UNH Trimmed -38K +$111.8M
GOOGL Trimmed -16K +$101.5M
COF Bought more +288K +$85.9M
CME Bought more +114K -$83.7M

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
HCA March 31, 2026 143,644 $67,029,318 -8.1%
VALWS March 31, 2026 768,475 $38,734,739 No longer tracked
CP Sept. 30, 2025 408,394 $32,373,392 15.2%
SLB Sept. 30, 2025 903,597 $30,541,579 46.3%
MSCI June 30, 2025 30,182 $17,068,238 -4.2%
HTHT March 31, 2026 337,618 $15,881,551 -16.9%
ASML June 30, 2025 21,678 $14,364,544 132.1%
UPS Sept. 30, 2025 124,711 $12,584,862 11.5%
ISRG Sept. 30, 2025 19,796 $10,758,175 -9.1%
MCO Sept. 30, 2025 16,804 $8,427,374 -5.9%
AL March 31, 2026 130,591 $8,390,472 No longer tracked
ADBE Sept. 30, 2025 21,515 $8,323,057 -32.3%
ALGN Sept. 30, 2025 36,506 $6,912,398 12.3%
RGEN Sept. 30, 2025 54,956 $6,835,138 41.8%
AMT Sept. 30, 2025 27,922 $6,169,893 -15.6%
NVO Sept. 30, 2025 66,848 $4,614,683 -32.3%
ROK June 30, 2025 14,793 $3,821,831 37.0%
TXN June 30, 2025 20,664 $3,713,789 42.0%
BMNR Dec. 31, 2025 71,000 $3,687,030 -1.3%
EL Sept. 30, 2025 43,833 $3,541,615 5.9%
VTI Sept. 30, 2025 10,498 $3,190,657 16.0%
JPM Sept. 30, 2025 10,612 $3,076,525 5.4%
KWEB June 30, 2025 86,778 $3,029,420
CQQQ June 30, 2025 65,511 $2,902,792
UBER June 30, 2026 38,488 $2,768,249 -3.7%
GDXJ March 31, 2026 20,000 $2,275,200 -6.0%
IAU June 30, 2025 34,927 $2,059,296 24.8%
TIP Sept. 30, 2025 18,576 $2,044,103
TLT March 31, 2026 22,086 $1,925,126
JNJ Sept. 30, 2025 11,998 $1,832,695 36.4%
IEF Sept. 30, 2025 18,453 $1,767,244
PL June 30, 2026 59,650 $1,479,300 -47.6%
GNR June 30, 2025 27,288 $1,453,086
BABA June 30, 2025 10,814 $1,429,935 -2.3%
GREK Sept. 30, 2025 23,780 $1,380,191 31.7%
ACWI June 30, 2026 9,477 $1,312,328
UL (filed as ULXXXX) June 30, 2025 21,954 $1,307,361 -12.9%
ADBE June 30, 2026 4,689 $1,139,638 16.5%
AKOB June 30, 2026 42,000 $1,075,620 No longer tracked
XHLF Sept. 30, 2025 20,908 $1,052,509
GSK June 30, 2025 27,052 $1,047,994 21.2%
SBUX Sept. 30, 2025 10,712 $981,584 11.6%
CIFR June 30, 2026 75,000 $964,875 -36.8%
VGK June 30, 2025 13,710 $962,579
SSO March 31, 2026 16,056 $929,883 37.9%
VPL June 30, 2025 10,637 $770,757
IBIT Dec. 31, 2025 11,807 $767,455 -2.2%
NGL June 30, 2026 57,970 $715,930 -1.1%
ITUB June 30, 2026 84,975 $713,365 21.4%
NEM June 30, 2025 14,335 $692,094 98.8%
EL June 30, 2026 9,612 $689,517 18.2%
CEF Sept. 30, 2025 22,500 $677,598
HECA June 30, 2026 22,597 $653,844
MGK June 30, 2026 1,775 $652,348 6.2%
FLRN Sept. 30, 2025 19,859 $612,253
SGOV June 30, 2026 5,967 $600,668 0.0%
EGO June 30, 2026 17,416 $598,065 21.9%
DBX June 30, 2025 22,149 $591,600 20.2%
CORZ June 30, 2026 37,500 $560,438 -35.1%
VOOG June 30, 2026 1,300 $530,049 5.7%
SNY March 31, 2026 10,572 $512,372 -18.0%
SUB March 31, 2026 4,798 $511,779
TIP June 30, 2026 4,635 $511,495
ORCL March 31, 2026 2,613 $509,417 -3.1%
LUNR June 30, 2026 27,000 $500,445 -33.2%
PM June 30, 2026 2,945 $486,897 4.8%
FDX March 31, 2026 1,653 $477,692 -18.8%
VGT March 31, 2026 617 $464,953 48.1%
HON June 30, 2026 2,030 $458,709 -4.4%
URTH June 30, 2026 2,540 $457,556
MOAT March 31, 2026 4,371 $452,617
BKAG Sept. 30, 2025 10,343 $436,268
TSLX June 30, 2026 23,130 $425,361 2.4%
SHOP June 30, 2026 3,423 $406,105 40.2%
COUR June 30, 2026 68,541 $399,251 -8.2%
BXSL June 30, 2026 16,767 $397,378 -0.8%
TCAF March 31, 2026 10,101 $385,858
VINP June 30, 2026 36,000 $380,340 10.2%
IEFA March 31, 2026 4,178 $373,722
DAL June 30, 2026 5,500 $365,888 -11.3%
KRP June 30, 2026 25,000 $361,375 1.8%
NFLX June 30, 2026 3,628 $348,850 -5.5%
INTC Sept. 30, 2025 15,219 $340,906 246.3%
SGI June 30, 2026 4,450 $329,144 -20.5%
CPNG Dec. 31, 2025 10,166 $327,345 -39.8%
MSIF June 30, 2026 26,506 $323,108 1.0%
IJR June 30, 2026 2,586 $321,427 -6.8%
TXN March 31, 2026 1,849 $320,792 51.9%
SCHW March 31, 2026 3,128 $312,597 4.2%
EQWL March 31, 2026 2,615 $308,884
VFH June 30, 2026 2,550 $308,078
TECK June 30, 2026 5,864 $303,550 14.1%
PDBC June 30, 2026 16,810 $290,813
AZN March 31, 2026 3,148 $289,427 -20.6%
EGO Sept. 30, 2025 14,045 $285,675 31.2%
APO June 30, 2026 2,550 $284,057 -2.5%
NET March 31, 2026 1,417 $279,354 74.2%
VHT June 30, 2026 1,025 $279,210
PFE June 30, 2026 9,685 $271,906 13.8%
BND March 31, 2026 3,584 $265,449
RSG March 31, 2026 1,238 $262,332 -2.8%
AMGN June 30, 2026 717 $252,183 11.3%
PYPL March 31, 2026 4,221 $246,401 20.3%
BLK March 31, 2026 222 $237,660 10.9%
SBUX March 31, 2026 2,786 $234,705 5.4%
WELL March 31, 2026 1,237 $229,494 13.4%
TDW June 30, 2026 2,700 $225,734 26.0%
YUM March 31, 2026 1,440 $217,894 -11.9%
SYK June 30, 2026 646 $212,227 -9.4%
TGB June 30, 2026 32,700 $211,569 No longer tracked
ALGN March 31, 2026 1,345 $210,102 -18.0%
VNM June 30, 2025 16,248 $202,775
PDM June 30, 2026 29,560 $194,357 -2.1%
ET March 31, 2026 10,400 $171,444 No longer tracked
BGC June 30, 2026 16,000 $156,560 14.1%
CSAN June 30, 2026 20,000 $82,700 No longer tracked