Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +24.0%
S&P 500 total return (same window) +37.0%
Excess return -13.0%

Annualized: +18.8% · 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: 88.8% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 20.9%
Technology 12.5%
Energy 8.4%
Communication Services 5.3%
Industrials 4.9%
Financials 4.5%
Retail 4.1%
Consumer Staples 1.6%
Consumer Discretionary 1.5%
Materials 0.5%
Utilities 0.3%
Real Estate 0.3%
Other/Unmapped 35.2%

Full portfolio 134 positions

05
Type Streak 8Q trend
MRK Merck & Company, Inc. Common Stock (new) $14,821,191 13.94% 115,340 $938,642 Down ×4
CVX Chevron Corporation Common Stock $7,008,333 6.59% 42,280 $-1,658,088 Up ×1
BIL SPDR SERIES TRUST $4,541,403 4.27% 49,557 $-2,917,268 Down ×1
CI The Cigna Group Common Stock $3,220,218 3.03% 11,681 $100,309 Down ×4
SPY SPY $2,791,954 2.63% 3,739 $450,809 Up ×1
AAPL Apple Inc. - Common Stock $2,478,229 2.33% 8,565 $535,162 Up ×1
NVDA NVIDIA Corporation - Common Stock $2,310,271 2.17% 11,546 $593,820 Up ×2
AMZN Amazon.com, Inc. - Common Stock $2,261,131 2.13% 9,487 $231,540 Down ×4
GOOGL Alphabet Inc. - Class A Common Stock $1,854,270 1.74% 5,189 $492,202 Up ×1
MSFT Microsoft Corporation - Common Stock $1,796,091 1.69% 4,815 $27,049 Up ×1
AVGO Broadcom Inc. - Common Stock $1,648,879 1.55% 4,365 $394,126 Up ×1
IVV iShares Trust $1,536,722 1.45% 2,052 $176,739 Down ×5
SPYM State Street SPDR Portfolio S&P 500 ETF $1,510,920 1.42% 17,193 Up ×1
SPYG SPDR SERIES TRUST $1,481,663 1.39% 12,452 $515,487 Up ×1
VTI VANGUARD INDEX FUNDS $1,471,649 1.38% 3,977 Up ×1
SPDW SPDR INDEX SHARES FUNDS $1,468,767 1.38% 29,148 $486,013 Up ×1
JNJ Johnson & Johnson Common Stock $1,447,375 1.36% 5,699 $-58,620 Down ×4
IEF iShares 7-10 Year Treasury Bond ETF $1,387,248 1.30% 14,669 $-43,684 Down ×1
HGER Harbor ETF Trust $1,177,561 1.11% 40,135 $187,753 Up ×1
FLJP Franklin Templeton ETF Trust $1,160,104 1.09% 29,185 Up ×1
TSLA Tesla, Inc. - Common Stock $976,212 0.92% 2,321 $266,541 Up ×2
GOVT iShares Trust $961,316 0.90% 42,200 $599,659 Up ×1
VEA VANGUARD TAX-MANAGED FUNDS $948,837 0.89% 13,317 $715,265 Up ×1
SPMB SPDR SERIES TRUST $942,508 0.89% 42,246 $568,304 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $934,548 0.88% 1,659 $120,359 Up ×2
QQQ Invesco QQQ Trust, Series 1 $915,461 0.86% 1,243 $650,589 Up ×2
SPYV SPDR SERIES TRUST $907,777 0.85% 14,933 $287,094 Up ×1
GLDM SPDR Gold MiniShares Trust $896,254 0.84% 11,285 $-170,886 Down ×3
SHYG iShares Trust $895,572 0.84% 21,117 $488,465 Up ×1
VXUS Vanguard Total International Stock ETF $760,262 0.72% 8,893 $38,204 Down ×4
VT VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $756,656 0.71% 4,821 $85,112 Down ×2
SPXL Direxion Shares ETF Trust $755,169 0.71% 2,790 $263,546 Up ×2
IJH iShares Trust $749,966 0.71% 9,726 $93,232 Up ×1
VCIT Vanguard Intermediate-Term Corporate Bond ETF $748,148 0.70% 9,052 $436,346 Up ×1
VZ Verizon Communications Inc. Common Stock $743,744 0.70% 17,566 $-208,751 Down ×1
BND Vanguard Total Bond Market ETF $710,462 0.67% 9,678 Up ×1
SPTL SPDR SERIES TRUST $694,046 0.65% 26,460 $400,590 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $693,234 0.65% 1,962 $-21,621 Down ×6
V Visa Inc. $638,491 0.60% 1,861 $-66,937 Down ×6
MA Mastercard Incorporated Common Stock $635,836 0.60% 1,238 $-187,104 Down ×6
SPEM SPDR INDEX SHARES FUNDS $619,289 0.58% 11,960 $107,735 Up ×1
CSCO Cisco Systems, Inc. - Common Stock $580,722 0.55% 4,944 $101,681 Down ×6
PM Philip Morris International Inc Common Stock $579,274 0.54% 3,202 $-83,409 Down ×1
GE GE Aerospace Common Stock $564,706 0.53% 1,511 $222,763 Up ×1
BA Boeing Company (The) Common Stock $563,038 0.53% 2,601 $87,356 Up ×2
JPM JP Morgan Chase & Co. Common Stock $561,698 0.53% 1,716 $48,389 Down ×1
WFC Wells Fargo & Company Common Stock $559,458 0.53% 6,770 $11,832 Down ×1
CRM Salesforce, Inc. Common Stock $547,683 0.52% 3,496 $-25,021 Up ×5
JD JD.com, Inc. - American Depositary Shares $541,170 0.51% 21,239 $-81,515 Up ×2
USB U.S. Bancorp Common Stock $538,406 0.51% 8,914 $74,529 Down ×4
TSM Taiwan Semiconductor Manufacturing Company Ltd. $535,356 0.50% 1,121 $298,115 Up ×1
SPSM SPDR SERIES TRUST $528,430 0.50% 9,163 $192,945 Up ×1
STIP iShares Trust $519,586 0.49% 5,086 $-26,110 Down ×5
XOM Exxon Mobil Corporation Common Stock $511,743 0.48% 3,743 $-130,590 Down ×1
ABBV AbbVie Inc. Common Stock $507,558 0.48% 2,017 $101,504 Up ×1
ASML ASML Holding N.V. - New York Registry Shares $503,329 0.47% 253 $38,397 Down ×4
PANW Palo Alto Networks, Inc. - Common Stock $493,115 0.46% 1,446 Up ×1
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $486,331 0.46% 6,272 $-72,971 Up ×2
VWO VANGUARD INTERNATIONAL EQUITY INDEX FUNDS $482,481 0.45% 8,083 $265,740 Up ×1
GEV GE Vernova Inc. Common Stock $459,370 0.43% 391 $196,627 Up ×1
ORCL Oracle Corporation Common Stock $457,822 0.43% 3,124 $-211,234 Down ×4
ETN Eaton Corporation, PLC Ordinary Shares $452,113 0.43% 1,061 $147,378 Up ×2
APH Amphenol Corporation Common Stock $444,856 0.42% 2,523 $50,391 Down ×6
SLYG SPDR SERIES TRUST $442,926 0.42% 3,718 $110,843 Up ×1
T AT&T Inc. $436,481 0.41% 21,086 $-112,416 Up ×2
DFAC Dimensional ETF Trust $431,566 0.41% 9,729 $54,433 Up ×6
MDLZ Mondelez International, Inc. - Class A Common Stock $423,851 0.40% 7,328 $30,285 Up ×2
IJR iShares Trust $421,645 0.40% 2,843 $68,232
CVS CVS Health Corporation Common Stock $409,662 0.39% 3,960 $67,439 Down ×1
UPS United Parcel Service, Inc. Common Stock $401,943 0.38% 3,739 $178,620 Up ×1
IBM International Business Machines Corporation Common Stock $398,474 0.37% 1,417 $54,765 Down ×5
GLW Corning Incorporated Common Stock $391,574 0.37% 1,533 $110,660 Down ×4
BAC Bank of America Corporation Common Stock $382,621 0.36% 6,715 $44,979 Down ×6
IWM iShares Trust $380,419 0.36% 1,266 $67,195 Up ×1
LLY Eli Lilly and Company Common Stock $380,219 0.36% 317 $-146,809 Down ×4
RTX RTX Corporation Common Stock $375,097 0.35% 1,977 $31,156 Up ×1
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $363,783 0.34% 727 $14,926 Down ×4
MU Micron Technology, Inc. - Common Stock $358,984 0.34% 311 Up ×1
PEP PepsiCo, Inc. - Common Stock $356,373 0.34% 2,632 $88,497 Up ×2
STZ Constellation Brands, Inc. Common Stock $348,838 0.33% 2,508 $-33,662 Down ×1
CNC Centene Corporation Common Stock $344,316 0.32% 5,364
PFE Pfizer, Inc. Common Stock $332,208 0.31% 13,796 $-2,730 Up ×2
LUV Southwest Airlines Company Common Stock $322,712 0.30% 6,276
TMO Thermo Fisher Scientific Inc Common Stock $321,873 0.30% 642 $13,684 Up ×2
AVUV AMERICAN CENTURY ETF TRUST $320,009 0.30% 2,565 $22,071 Down ×1
C Citigroup, Inc. Common Stock $315,750 0.30% 2,256 $47,536 Down ×6
FCX Freeport-McMoRan, Inc. Common Stock $312,690 0.29% 4,972 $1,803 Down ×4
PCG Pacific Gas & Electric Co. Common Stock $312,061 0.29% 18,553 $4,779 Up ×2
LOW Lowe's Companies, Inc. Common Stock $310,292 0.29% 1,407 $-97,579 Down ×1
SDCI USCF ETF Trust $307,999 0.29% 11,649 $-29,804 Down ×1
MDYV SPDR SERIES TRUST $304,089 0.29% 3,206 $21,561 Down ×6
XLK SELECT SECTOR SPDR TRUST $302,927 0.28% 1,590 $91,616
MDYG SPDR SERIES TRUST $299,056 0.28% 2,668 $36,797 Down ×6
SHY iShares 1-3 Year Treasury Bond ETF $295,514 0.28% 3,599 Up ×1
AMT American Tower Corporation (REIT) Common Stock $294,427 0.28% 1,800 $-38,480 Down ×1
SDY SPDR SERIES TRUST $294,069 0.28% 1,932 $38,259 Up ×6
SPSB SPDR SERIES TRUST $294,008 0.28% 9,797 Up ×1
TJX TJX Companies, Inc. (The) Common Stock $292,850 0.28% 1,933 $-95,541 Down ×6
MS Morgan Stanley Common Stock $286,176 0.27% 1,369 $20,067 Down ×4
SLYV SPDR SERIES TRUST $284,559 0.27% 2,608 $29,477 Down ×6

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
CRM $547,683 0.52% up ×5
DFAC $431,566 0.41% up ×6
SDY $294,069 0.28% up ×6

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SPYM $1,510,920 17,193 1.42%
VTI $1,471,649 3,977 1.38%
FLJP $1,160,104 29,185 1.09%
BND $710,462 9,678 0.67%
PANW $493,115 1,446 0.46%
MU $358,984 311 0.34%
CNC $344,316 5,364 0.32%
LUV $322,712 6,276 0.30%
SHY $295,514 3,599 0.28%
SPSB $294,008 9,797 0.28%
JQUA $259,196 3,586 0.24%
CAT $256,641 241 0.24%
APP $249,887 485 0.24%
TXN $238,456 800 0.22%
SNOW $235,922 927 0.22%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
BIL Trimmed -32K -$2.9M
CVX Bought more +393 -$1.7M
MRK Trimmed -69 +$939K
VEA Bought more +10K +$715K
QQQ Bought more +784 +$651K
GOVT Bought more +26K +$600K
NVDA Bought more +2K +$594K
SPMB Bought more +26K +$568K
AAPL Bought more +909 +$535K
SPYG Bought more +3K +$515K

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
BBJP March 31, 2026 24,595 $1,621,056
JPST Sept. 30, 2025 29,358 $1,486,396
VIG June 30, 2025 7,030 $1,376,685
IVVB Dec. 31, 2025 43,960 $1,363,200
INDA March 31, 2026 18,059 $976,089
NFLX Dec. 31, 2025 694 $929,356 -28.5%
INDA June 30, 2025 16,852 $887,089
VOO June 30, 2025 1,565 $843,435
SHLD June 30, 2025 20,678 $773,564
QUAL June 30, 2025 3,925 $698,964
WDAY Dec. 31, 2025 2,357 $565,680 -13.3%
FNGU Dec. 31, 2025 22,411 $557,810
FISV Dec. 31, 2025 3,066 $528,609 -34.0%
OLLI Dec. 31, 2025 3,905 $514,601 -19.7%
VEA June 30, 2025 10,707 $512,009
USDU June 30, 2025 17,615 $487,231
PDBC June 30, 2026 26,746 $463,241
ADSK Dec. 31, 2025 1,465 $453,520 -28.4%
NVO Dec. 31, 2025 6,520 $450,010 -26.7%
FNGA June 30, 2025 756 $441,194 No longer tracked
FDS June 30, 2025 885 $425,048 -40.5%
CAT Dec. 31, 2025 1,079 $418,878 47.6%
SAP Dec. 31, 2025 1,351 $410,840 -14.1%
TDY Sept. 30, 2025 819 $407,624 5.3%
FE June 30, 2025 10,126 $402,812 7.7%
PAYC Dec. 31, 2025 1,737 $401,941 38.7%
GDDY Dec. 31, 2025 2,190 $394,331 -21.7%
TIP Dec. 31, 2025 3,426 $376,997
UNH Dec. 31, 2025 1,198 $373,740 12.7%
POOL June 30, 2025 1,083 $369,238 -44.6%
CSGP Dec. 31, 2025 4,537 $364,775 -59.3%
BAH Dec. 31, 2025 3,449 $359,144 -20.2%
HGER Sept. 30, 2025 14,688 $353,246 38.0%
AAON June 30, 2025 2,939 $345,862 12.9%
NOW June 30, 2026 3,294 $344,387 35.4%
CTAS Dec. 31, 2025 1,542 $343,666 2.6%
ABT March 31, 2026 2,724 $341,290 -5.0%
ACN March 31, 2026 1,267 $339,937 0.3%
CMDT Sept. 30, 2025 12,677 $339,363
HLI Dec. 31, 2025 1,793 $322,650 -27.5%
ADBE March 31, 2026 920 $321,991 -2.2%
SE Dec. 31, 2025 1,988 $317,961 -25.4%
APP March 31, 2026 468 $315,348 -32.6%
AON March 31, 2026 885 $312,299 -16.5%
MPC Dec. 31, 2025 1,871 $310,792 159.7%
MSCI June 30, 2026 576 $310,469 -4.3%
GOLD June 30, 2025 19,937 $309,024 90.7%
SRE Sept. 30, 2025 4,281 $305,473 -12.9%
SFM June 30, 2025 2,360 $299,885 -60.8%
MET Dec. 31, 2025 3,728 $299,805 19.6%
RBIL Dec. 31, 2025 5,973 $299,098
EPAC Sept. 30, 2025 6,663 $298,902 -13.1%
ABNB March 31, 2026 2,167 $294,105 28.6%
LUV March 31, 2026 7,090 $293,030 13.0%
FSS Dec. 31, 2025 2,734 $290,952 7.1%
AES June 30, 2026 20,625 $290,606 1.7%
LRN Sept. 30, 2025 2,286 $289,179 -47.0%
AME Sept. 30, 2025 1,656 $285,064 34.0%
MORN Dec. 31, 2025 898 $281,909 -15.5%
MPWR Dec. 31, 2025 382 $279,388 58.8%
SPSC Sept. 30, 2025 2,073 $275,149 -20.9%
MDT Sept. 30, 2025 3,045 $273,624 -9.3%
SHW Dec. 31, 2025 796 $273,315 -1.4%
NSSC June 30, 2025 7,652 $272,105 21.8%
WST Sept. 30, 2025 1,210 $270,895 39.1%
IVOO June 30, 2025 2,552 $269,236 17.7%
IDXX June 30, 2026 465 $261,279 -1.5%
RELX Dec. 31, 2025 4,789 $260,235 -17.3%
ISRG March 31, 2026 459 $259,959 -15.0%
ZTS June 30, 2026 2,182 $257,934 -3.0%
TFIN June 30, 2025 2,837 $257,827 12.8%
ZBRA June 30, 2025 661 $255,291 21.9%
SONY March 31, 2026 9,943 $254,541 15.1%
APPF Sept. 30, 2025 1,134 $249,367 -26.4%
UL (filed as ULXXXX) Dec. 31, 2025 4,010 $245,291 -8.7%
BRO Dec. 31, 2025 2,168 $240,366 -24.8%
RYAN Dec. 31, 2025 3,485 $236,945 -27.0%
CSX Dec. 31, 2025 7,225 $235,752 30.8%
KNSL Dec. 31, 2025 486 $235,175 -15.7%
HEI-A (filed as HEIA) Dec. 31, 2025 902 $233,393 No longer tracked
DIS June 30, 2025 2,087 $232,387 -17.6%
CW Dec. 31, 2025 475 $232,061 -1.0%
AZPN June 30, 2025 926 $231,157 No longer tracked
PEN Sept. 30, 2025 855 $228,636 25.4%
INTU June 30, 2026 527 $227,865 7.7%
SPGI June 30, 2026 535 $227,557 0.3%
CASY Dec. 31, 2025 444 $226,560 11.8%
KO June 30, 2026 2,976 $226,324 5.4%
VRNA Dec. 31, 2025 2,384 $225,479 No longer tracked
NCNO Dec. 31, 2025 8,061 $225,466 -27.1%
OS Dec. 31, 2025 7,919 $224,108 No longer tracked
SNPS March 31, 2026 473 $222,178 23.6%
BBVA Dec. 31, 2025 14,375 $220,944 15.7%
DECK June 30, 2025 1,081 $219,540 -23.2%
COST Dec. 31, 2025 220 $217,787 6.8%
GSHD Dec. 31, 2025 2,051 $216,401 -38.2%
VVV June 30, 2025 5,936 $214,764 -19.3%
COO Dec. 31, 2025 3,015 $214,547 -30.6%
SFBS Dec. 31, 2025 2,754 $213,463 11.9%
IT Dec. 31, 2025 528 $213,428 -26.7%
HD March 31, 2026 620 $213,342 -14.0%
XLK June 30, 2025 913 $212,361 57.8%
RVLV June 30, 2025 6,331 $212,025 3.5%
CSGP June 30, 2026 5,191 $209,405 -3.3%
GGAL June 30, 2025 3,344 $208,398 -28.8%
BR Sept. 30, 2025 859 $208,273 -34.1%
CNC March 31, 2026 5,056 $208,054 92.4%
THC June 30, 2026 1,100 $207,581 38.2%
EME March 31, 2026 335 $204,949 6.5%
TDC June 30, 2025 6,571 $204,687 35.1%
WAB Sept. 30, 2025 1,127 $204,381 43.4%
BIV June 30, 2025 2,731 $204,088
SNOW Dec. 31, 2025 907 $202,959 55.5%
GLD June 30, 2026 470 $202,236
XHLF June 30, 2025 4,020 $201,724
QCOM March 31, 2026 1,175 $200,984 43.6%
BMA June 30, 2025 2,076 $200,874 -8.1%
CPRT March 31, 2026 5,126 $200,683 -18.0%
JQUA Dec. 31, 2025 3,333 $200,146
LYG Sept. 30, 2025 49,435 $188,842 21.1%
VG Sept. 30, 2025 13,148 $135,424 -7.5%
TIGR Dec. 31, 2025 11,944 $115,260 -56.5%
ERIC Sept. 30, 2025 11,034 $85,624 12.3%
HMY June 30, 2025 10,178 $83,561 24.4%
NOK Dec. 31, 2025 15,654 $81,088 63.8%
VNET Dec. 31, 2025 10,237 $70,635 -39.4%
HLLY Sept. 30, 2025 11,890 $30,557 -25.5%