Performance vs S&P 500

03
Tracked Q1 2025–Q1 2026 +1.0%
S&P 500 total return (same window) +19.3%
Excess return -18.3%

Annualized: +1.0% · S&P 500: +19.3%

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: 99.9% · Options excluded: 0.0%

Sector breakdown

04
Industrials 34.5%
Financials 14.9%
Health Care 14.6%
Retail 11.1%
Technology 10.9%
Consumer Discretionary 4.9%
Consumer Staples 3.7%
Materials 2.1%
Consumer products 1.7%
Energy 0.5%
Real Estate 0.4%
Communication Services 0.2%
Utilities 0.1%
Other/Unmapped 0.4%

Full portfolio 213 positions

05
Type Streak 8Q trend
HQY HealthEquity, Inc. - Common Stock $601,949,194 4.00% 7,202,934 $-1,728,276 Up ×3
ENSG The Ensign Group, Inc. - Common Stock $414,685,892 2.75% 2,057,995 $-79,792,305 Down ×3
CAMT Camtek Ltd. - Ordinary Shares $413,640,292 2.75% 2,728,318 $76,739,651 Down ×2
MEDP Medpace Holdings, Inc. - Common Stock $371,633,927 2.47% 773,931 $7,512,862 Up ×1
NVMI Nova Ltd. - Ordinary Shares $370,284,933 2.46% 852,641 $-69,141,279 Down ×3
FN Fabrinet Ordinary Shares $366,701,573 2.44% 703,140 $-7,956,079 Down ×3
ECG Everus Construction Group, Inc. Common Stock $356,216,417 2.37% 3,017,249 $171,377,983 Up ×1
SXI Standex International Corporation Common Stock $335,708,091 2.23% 1,317,226 $38,065,127 Down ×1
RBC RBC Bearings Incorporated Common Stock $312,818,654 2.08% 575,966 $-137,107,757 Down ×5
KAI Kadant Inc Common Stock $303,619,362 2.02% 1,038,548 $43,337,388 Up ×2
SITE SiteOne Landscape Supply, Inc. Common Stock $282,396,060 1.88% 2,121,524 $22,292,733 Up ×1
OZK Bank OZK - Common Stock $281,140,381 1.87% 6,126,398 $-38,484,396 Down ×2
OLLI Ollie's Bargain Outlet Holdings, Inc. - Common Stock $275,229,329 1.83% 2,990,323 $-71,652,561 Down ×3
VVV Valvoline Inc. Common Stock $269,305,583 1.79% 7,996,009 $32,642,105 Down ×4
SAIA Saia, Inc. - Common Stock $249,015,366 1.65% 708,880 $9,282,749 Down ×3
FRPT Freshpet, Inc. - Common Stock $244,179,126 1.62% 4,141,437 $4,278,889 Up ×2
BCPC Balchem Corporation - Common Stock $241,241,900 1.60% 1,423,424 $60,012,094 Up ×3
NPO Enpro Inc. Common Stock $228,061,923 1.51% 909,882 $-8,400,551 Down ×2
CSW CSW Industrials, Inc. Common Stock $227,657,932 1.51% 873,659 $32,028,112 Up ×2
MC Moelis & Company Class A Common Stock $213,329,540 1.42% 3,742,624 $-22,628,965 Up ×5
MELI MercadoLibre, Inc. - Common Stock $212,536,325 1.41% 122,923 $-37,042,575 Down ×2
CWST Casella Waste Systems, Inc. - Class A Common Stock $204,873,335 1.36% 2,582,220 $-163,914,054 Down ×1
SKY Champion Homes, Inc. Common Stock $203,533,362 1.35% 2,736,767 $131,562,937 Up ×1
LOAR Loar Holdings Inc. Common Stock $201,031,412 1.34% 3,509,014 $-7,386,208 Up ×2
PAY Paymentus Holdings, Inc. Class A Common Stock $200,581,158 1.33% 7,896,896 $-69,613,324 Down ×1
GLBE Global-E Online Ltd. - ordinary shares $199,247,440 1.32% 6,458,588 $9,729,763 Up ×4
FROG JFrog Ltd. - Ordinary shares $195,042,629 1.30% 4,156,033 $104,733,839 Up ×1
UFPI UFP Industries, Inc. - Common Stock $187,732,085 1.25% 2,037,908 $48,125,211 Up ×2
AAON AAON, Inc. - Common Stock $187,686,765 1.25% 2,268,118 $48,041,447 Up ×1
FIVE Five Below, Inc. - Common Stock $186,983,919 1.24% 818,382 $-51,998,584 Down ×5
FOUR Shift4 Payments, Inc. Class A Common Stock $183,939,050 1.22% 4,206,244 $-242,929,857 Down ×1
COCO The Vita Coco Company, Inc. - Common Stock $176,092,678 1.17% 3,675,489 $68,055,541 Up ×1
HLNE Hamilton Lane Incorporated - Class A Common Stock $174,108,642 1.16% 1,751,596 $-28,994,806 Up ×2
XPEL XPEL, Inc. - Common Stock $170,160,845 1.13% 3,844,574 $-20,220,850 Up ×2
CCC CCC Intelligent Solutions Holdings Inc. - Common Stock $169,390,560 1.12% 28,231,760 $-11,797,826 Up ×3
PCOR Procore Technologies, Inc. Common Stock $168,541,191 1.12% 2,956,863 $-139,543,551 Down ×2
FSS Federal Signal Corporation Common Stock $162,911,612 1.08% 1,506,488 $-21,277,117 Down ×1
UFPT UFP Technologies, Inc. - Common Stock $150,487,797 1.00% 777,313 $-12,932,278 Up ×2
FND Floor & Decor Holdings, Inc. Common Stock $147,171,359 0.98% 2,897,074 $3,877,095 Up ×1
RLI RLI Corp. Common Stock (DE) $147,160,633 0.98% 2,579,955 $23,155,493 Up ×3
RGEN Repligen Corporation - Common Stock $146,512,822 0.97% 1,243,531 Up ×1
TBBB BBB Foods Inc. Class A Common Shares $145,010,810 0.96% 4,099,825 $31,174,917 Up ×4
NU Nu Holdings Ltd. Class A Ordinary Shares $144,440,860 0.96% 10,051,556 $-26,418,545 Down ×4
SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share $134,392,101 0.89% 1,622,897 $-51,956,287 Up ×1
CNS Cohen & Steers Inc Common Stock $131,199,157 0.87% 2,097,509 $5,551,014 Up ×1
TREX Trex Company, Inc. Common Stock $128,808,435 0.86% 3,536,750 $2,469,113 Down ×4
INTR Inter & Co. Inc. - Class A Common Shares $120,742,215 0.80% 15,168,620 $-9,723,764 Down ×1
GWRE Guidewire Software, Inc. Common Stock $119,870,695 0.80% 801,489 $-5,065,864 Up ×1
NOVT Novanta Inc. - Common Shares $117,713,741 0.78% 996,645 $40,991,131 Up ×1
PJT PJT Partners Inc. Class A Common Stock $115,204,310 0.77% 824,537 $17,039,685 Up ×2
GSHD Goosehead Insurance, Inc. - Class A Common Stock $97,786,404 0.65% 2,292,227 $-29,859,357 Up ×1
CTS CTS Corporation Common Stock $95,230,049 0.63% 1,993,929 $-1,761,097 Down ×1
BELFB Bel Fuse Inc. - Class B Common Stock $94,774,808 0.63% 478,709 $25,143,898 Up ×2
ROAD Construction Partners, Inc. - Common Stock $92,945,213 0.62% 836,440 $27,051,238 Up ×1
WING Wingstop Inc. - Common Stock $88,655,548 0.59% 572,082 $2,953,690 Up ×1
DXPE DXP Enterprises, Inc. - Common Stock $88,538,657 0.59% 633,641 $5,679,485 Down ×1
PCTY Paylocity Holding Corporation - Common Stock $87,297,616 0.58% 808,012 $-41,105,402 Down ×5
MMYT MakeMyTrip Limited - Ordinary Shares $87,248,942 0.58% 2,339,741 $-29,799,897 Up ×5
ALSN Allison Transmission Holdings, Inc. Common Stock $85,960,319 0.57% 734,327 $-5,410,241 Down ×1
ADUS Addus HomeCare Corporation - Common Stock $81,271,811 0.54% 867,825 $-16,184,721 Down ×2
ESE ESCO Technologies Inc. Common Stock $81,106,028 0.54% 288,254 Up ×1
ARLO Arlo Technologies, Inc. Common Stock $77,215,779 0.51% 5,426,267 $2,754,214 Up ×1
ICFI ICF International, Inc. - Common Stock $76,705,957 0.51% 1,174,850 $-145,467,788 Down ×1
LMB Limbach Holdings, Inc. - Common Stock $75,680,324 0.50% 969,639 $-1,966,799 Down ×1
HWKN Hawkins, Inc. - Common Stock $72,141,619 0.48% 469,672 $-6,335,024 Down ×1
UTI Universal Technical Institute Inc Common Stock $71,433,814 0.47% 1,978,776 $25,578,721 Up ×1
AGYS Agilysys, Inc. - Common Stock $67,848,352 0.45% 953,730 $-17,402,354 Up ×1
WHD Cactus, Inc. Class A Common Stock $63,922,025 0.42% 1,349,420 $29,485,792 Up ×1
AXGN Axogen, Inc. - Common Stock $61,534,006 0.41% 1,857,350 $31,305,494 Up ×1
ALG Alamo Group, Inc. Common Stock $61,220,037 0.41% 371,098 $1,612,925 Up ×3
APAM Artisan Partners Asset Management Inc. Class A Common Stock $57,188,159 0.38% 1,571,535 $-10,413,190 Down ×1
FDP Fresh Del Monte Produce, Inc. Common Stock $55,758,530 0.37% 1,384,961 $-7,852,030 Down ×2
FTDR Frontdoor, Inc. - Common Stock $54,611,833 0.36% 1,033,141 $-9,566,561 Down ×1
GVA Granite Construction Incorporated Common Stock $53,896,729 0.36% 449,589 $-23,054,986 Down ×2
LOPE Grand Canyon Education, Inc. - Common Stock $53,763,826 0.36% 316,202 $-26,594,505 Down ×1
AX Axos Financial, Inc. Common Stock $52,447,859 0.35% 616,381 $-774,121 Down ×5
HLIO Helios Technologies, Inc. Common Stock $51,703,808 0.34% 799,008 $20,134,812 Up ×1
EPR EPR Properties Common Stock $48,633,012 0.32% 973,439 Up ×1
SBH Sally Beauty Holdings, Inc. (Name to be changed from Sally Holdings, Inc.) Common Stock $47,003,285 0.31% 3,393,739 $-9,039,485 Down ×2
ADT ADT Inc. Common Stock $46,290,091 0.31% 7,045,676 $-10,636,988 Down ×1
BROS Dutch Bros Inc. Class A Common Stock $44,672,241 0.30% 881,805 $-5,828,994 Up ×3
STEP StepStone Group Inc. - Class A Common Stock $43,984,478 0.29% 921,720 $-14,888,674 Up ×1
MD Pediatrix Medical Group, Inc. Common Stock $43,860,708 0.29% 2,050,524 Up ×1
PNTG The Pennant Group, Inc. - Common Stock $43,241,580 0.29% 1,418,687 $26,817,181 Up ×2
ESPR Esperion Therapeutics, Inc. - Common Stock $43,206,778 0.29% 15,768,897 $8,257,470 Up ×2
NPKI NPK International Inc. Common Stock $42,006,814 0.28% 2,899,021 $15,593,226 Up ×1
SFBS ServisFirst Bancshares, Inc. Common Stock $40,213,303 0.27% 552,153 $5,620,933 Up ×1
SCSC ScanSource, Inc. - Common Stock $39,929,710 0.27% 1,099,992 $-3,192,178 Down ×2
OSK Oshkosh Corporation (Holding Company)Common Stock $38,375,586 0.25% 260,686 $-16,709,023 Down ×1
ESQ Esquire Financial Holdings, Inc. - Common Stock $36,984,945 0.25% 344,046 $180,544 Down ×2
SHAK Shake Shack, Inc. Class A Common Stock $36,032,327 0.24% 407,283 $7,649,532 Up ×1
EEFT Euronet Worldwide, Inc. - Common Stock $34,429,703 0.23% 518,754 $-21,715,198 Down ×2
TMDX TransMedics Group, Inc. - Common Stock $34,410,175 0.23% 346,144 $-5,959,134 Up ×2
HWC Hancock Whitney Corporation - Common Stock $33,004,164 0.22% 519,015 $-92,051 Down ×2
BRBR BellRing Brands, Inc. Common Stock $32,089,365 0.21% 1,994,367 $-130,026,749 Down ×2
MAMA Mama's Creations, Inc. - Common Stock $31,861,656 0.21% 2,077,031 $-5,446,936 Down ×5
LINC Lincoln Educational Services Corporation - Common Stock $31,622,639 0.21% 777,351 $4,676,576 Down ×2
RDVT Red Violet, Inc. - Common Stock $31,542,606 0.21% 911,636 $-14,086,588 Up ×1
PLPC Preformed Line Products Company - Common Stock $30,564,697 0.20% 112,889 Up ×1
PTRN Pattern Group Inc. - Series A Common Stock $30,358,957 0.20% 2,442,394 $7,215,210 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
HQY $601,949,194 4.00% up ×3
BCPC $241,241,900 1.60% up ×3
MC $213,329,540 1.42% up ×5
GLBE $199,247,440 1.32% up ×4
CCC $169,390,560 1.12% up ×3
RLI $147,160,633 0.98% up ×3
TBBB $145,010,810 0.96% up ×4
MMYT $87,248,942 0.58% up ×5
ALG $61,220,037 0.41% up ×3
BROS $44,672,241 0.30% up ×3
DERM $10,005,505 0.07% up ×4
AIOT $6,904,525 0.05% up ×3
SU $5,118,038 0.03% up ×4
MANH $1,443,154 0.01% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
RGEN $146,512,822 1,243,531 0.97%
ESE $81,106,028 288,254 0.54%
EPR $48,633,012 973,439 0.32%
MD $43,860,708 2,050,524 0.29%
PLPC $30,564,697 112,889 0.20%
BLLN $29,179,224 369,638 0.19%
HYAC $19,322,784 1,674,418 0.13%
PPHC $7,800,117 603,017 0.05%
TLSI $5,751,840 1,437,960 0.04%
USB $4,768,069 91,676 0.03%
MLAB $4,530,022 51,233 0.03%
SN $1,536,927 14,513 0.01%
SLGN $883,204 22,763 0.01%
SNX $846,924 5,020 0.01%
BUR $98,102 21,704 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
FOUR Trimmed -2.6M -$242.9M
ECG Bought more +857K +$171.4M
CWST Trimmed -1.2M -$163.9M
ICFI Trimmed -1.4M -$145.5M
PCOR Trimmed -1.3M -$139.5M
RBC Trimmed -427K -$137.1M
SKY Bought more +1.9M +$131.6M
FROG Bought more +2.7M +$104.7M
ENSG Trimmed -781K -$79.8M
CAMT Trimmed -440K +$76.7M

4 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
PNFP Sept. 30, 2025 2,892,041 $319,310,247 2.7%
CWAN March 31, 2026 8,430,212 $203,336,713 No longer tracked
MOD March 31, 2026 1,313,775 $175,402,100 -16.5%
TCOM June 30, 2025 2,045,587 $130,058,421 -34.3%
GLOB March 31, 2026 1,243,309 $81,275,109 -22.5%
MORN March 31, 2026 336,065 $73,030,285 9.0%
VERX Dec. 31, 2025 2,728,504 $67,639,614 -38.1%
EPAM March 31, 2026 291,570 $59,736,862 -20.4%
TGNA Sept. 30, 2025 3,242,220 $54,339,607 No longer tracked
GDYN Sept. 30, 2025 4,669,558 $53,933,395 3.7%
JBI Dec. 31, 2025 5,262,405 $51,939,937 -34.4%
NCNO March 31, 2026 1,973,671 $50,604,924 27.2%
IOSP June 30, 2025 528,144 $50,041,644 16.0%
FBK Dec. 31, 2025 831,614 $46,354,164 -5.3%
PDD June 30, 2025 385,503 $45,624,280 -26.4%
SLVM Dec. 31, 2025 941,999 $41,655,196 -31.9%
YETI March 31, 2026 814,213 $35,963,788 10.4%
BHE Dec. 31, 2025 881,608 $33,985,988 104.4%
ALKT March 31, 2026 1,413,011 $32,598,164 -9.5%
GCMG June 30, 2025 2,452,248 $32,443,241 13.3%
NSA March 31, 2026 989,702 $27,919,493 No longer tracked
TRNS June 30, 2025 367,747 $27,378,764 5.4%
ABR March 31, 2026 3,478,546 $26,993,517 -54.4%
DHT March 31, 2026 2,127,983 $25,982,672 28.9%
FLYW June 30, 2025 2,683,828 $25,496,366 52.7%
OS March 31, 2026 1,334,873 $24,534,966 No longer tracked
BCO June 30, 2025 273,750 $23,586,300 14.4%
CNMD March 31, 2026 574,896 $23,340,778 33.4%
CYBR Sept. 30, 2025 52,742 $21,459,665 No longer tracked
MGPI June 30, 2025 723,152 $21,246,206 -57.2%
BLZE Dec. 31, 2025 1,834,205 $17,021,422 207.1%
PAR Sept. 30, 2025 239,903 $16,642,071 -62.9%
POOL March 31, 2026 62,293 $14,249,524 -21.5%
ACVA March 31, 2026 1,677,907 $13,456,814 146.5%
EXAS Dec. 31, 2025 239,208 $13,087,070 No longer tracked
CTLP June 30, 2025 1,546,260 $12,169,066 No longer tracked
AEYE March 31, 2026 1,136,129 $11,349,929 7.6%
VMD Sept. 30, 2025 1,546,010 $10,682,929 34.8%
BOOT Sept. 30, 2025 57,852 $8,793,504 -26.2%
HCI Dec. 31, 2025 45,538 $8,740,108 -3.1%
PI Sept. 30, 2025 78,462 $8,714,774 4.5%
PMTS Sept. 30, 2025 357,754 $8,485,925 64.1%
WYFI Dec. 31, 2025 308,517 $8,382,407 11.1%
SCVL Dec. 31, 2025 397,677 $8,267,705 No longer tracked
MKTX Sept. 30, 2025 36,532 $8,159,057 -5.8%
PRO Dec. 31, 2025 343,114 $7,860,742 No longer tracked
TCMD June 30, 2025 577,723 $7,637,498 119.6%
ASUR Sept. 30, 2025 770,025 $7,515,444 -5.6%
POWI June 30, 2025 140,967 $7,118,834 -5.7%
MNDY March 31, 2026 47,365 $6,989,179 17.7%
SRAD Dec. 31, 2025 245,453 $6,602,686 -49.1%
RPC March 31, 2026 667,147 $6,544,712 5.8%
KRT Dec. 31, 2025 259,186 $6,534,079 139.7%
INMD June 30, 2025 359,647 $6,380,138 -2.2%
BASE Sept. 30, 2025 245,929 $5,995,749 No longer tracked
LAKE Sept. 30, 2025 438,644 $5,969,945 -26.8%
LFVN Sept. 30, 2025 446,341 $5,838,140 -37.9%
RXST Sept. 30, 2025 448,539 $5,831,007 -46.9%
CWCO June 30, 2025 233,486 $5,718,072 0.0%
SHOO Sept. 30, 2025 228,124 $5,470,414 37.7%
MGY Sept. 30, 2025 238,309 $5,357,186 0.2%
MYFW June 30, 2025 250,684 $4,925,941 32.8%
CDTX Dec. 31, 2025 51,310 $4,913,446 No longer tracked
NATR June 30, 2025 388,498 $4,875,650 -15.6%
ROP Sept. 30, 2025 8,504 $4,820,407 -28.6%
CMRC June 30, 2025 815,171 $4,695,385 -34.9%
EVRG March 31, 2026 59,389 $4,305,109 -3.7%
STRL June 30, 2025 34,183 $3,869,857 125.7%
GENK June 30, 2025 674,157 $3,721,347 -59.9%
WDAY Sept. 30, 2025 13,539 $3,249,360 -22.7%
DAVA Sept. 30, 2025 208,519 $3,194,511 -78.5%
EWT June 30, 2025 66,425 $3,153,859 105.4%
NRIX Dec. 31, 2025 313,889 $2,900,334 20.5%
ODFL Sept. 30, 2025 16,033 $2,602,156 26.5%
XYZ June 30, 2025 45,458 $2,469,733 11.3%
SMIN Sept. 30, 2025 29,914 $2,308,763
HUBS March 31, 2026 5,729 $2,299,048 -10.9%
DSGX March 31, 2026 24,826 $2,177,960 13.2%
APH Sept. 30, 2025 20,377 $2,012,229 -29.5%
SSTI March 31, 2026 208,413 $1,673,556 26.4%
DOW June 30, 2025 44,152 $1,541,788 6.0%
CPRT Dec. 31, 2025 31,562 $1,419,343 -31.0%
ICLR June 30, 2025 6,443 $1,127,461 11.8%
ANSS Sept. 30, 2025 3,120 $1,095,806 No longer tracked
IWO March 31, 2026 3,093 $999,070
AZEK June 30, 2025 13,245 $647,548 No longer tracked
SGMO March 31, 2026 1,416,717 $595,021 No longer tracked
IWN March 31, 2026 2,765 $501,046 11.5%
FSV Dec. 31, 2025 1,142 $217,536 -17.6%
PAX March 31, 2026 13,508 $214,642 -11.8%
MSFT Dec. 31, 2025 411 $212,877 9.2%
AAPL March 31, 2026 783 $212,866 31.4%
IWM March 31, 2026 611 $150,404 13.2%
BTMD June 30, 2025 20,000 $66,600 -71.1%
IEV June 30, 2025 679 $39,518 11.2%