Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +57.5%
S&P 500 total return (same window) +37.0%
Excess return +20.5%

Annualized: +43.8% · 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: 99.5% · Options excluded: 10.0%

Sector breakdown

04
Consumer Discretionary 26.0%
Retail 20.4%
Industrials 17.4%
Financials 11.0%
Communication Services 10.4%
Technology 4.0%
Consumer products 4.0%
Health Care 4.0%
Real Estate 2.9%

Full portfolio 26 positions

05
Type Streak 8Q trend
RDDT Reddit, Inc. Class A Common Stock $55,545,600 9.30% 320,000 $-4,008,345 Down ×1
XYZ Block, Inc. Class A Common Stock, $50,920,000 8.52% 670,000 $16,069,220 Up ×1
SG Sweetgreen, Inc. Class A Common Stock $46,693,000 7.82% 5,300,000 $11,920,000 Down ×1
AS Amer Sports, Inc. Ordinary Shares $45,684,000 7.65% 1,350,000 $-14,395,000 Down ×1
REAL The RealReal, Inc. - Common Stock $38,907,000 6.51% 3,300,000 $14,668,666 Up ×2
QXO QXO, Inc. Common Stock $32,832,000 5.50% 1,900,000 $5,255,600 Up ×2
TPR Tapestry, Inc. Common Stock $32,789,120 5.49% 224,000 $-5,310,580 Down ×2
AMZN Amazon.com, Inc. - Common Stock $29,792,500 4.99% 125,000 $-17,484,790 Down ×1
LUXE LuxExperience B.V. American Depositary Shares, each representing one Ordinary Share $25,633,500 4.29% 3,450,000 $-4,286,500 Down ×1
WOLF Wolfspeed, Inc. Common Stock New $24,125,000 4.04% 500,000 $8,784,200 Down ×1
GRMN Garmin Ltd. Common Stock (Switzerland) $23,754,000 3.98% 100,000 $8,557,345 Up ×1
ESTA Establishment Labs Holdings Inc. - Common Shares $23,597,750 3.95% 275,000 $3,724,750 Down ×3
DECK Deckers Outdoor Corporation Common Stock $19,858,000 3.32% 200,000 Up ×1
BLDR Builders FirstSource, Inc. Common Stock $19,685,600 3.30% 220,000 $3,219,600 Up ×3
DAL Delta Air Lines, Inc. Common Stock $17,608,080 2.95% 188,000 $-1,471,680 Down ×1
EBAY eBay Inc. - Common Stock $16,762,500 2.81% 150,000 Up ×1
SHLS Shoals Technologies Group, Inc. - Class A Common Stock $15,840,000 2.65% 1,600,000 $2,680,000 Down ×1
COIN Coinbase Global, Inc. - 3Class A Common Stock $14,619,292 2.45% 100,002 Up ×1
AER AerCap Holdings N.V. Ordinary Shares $14,578,000 2.44% 100,000 $-1,883,600 Down ×2
FOR Forestar Group Inc Common Stock $11,394,000 1.91% 360,000 $762,600 Down ×1
TDUP ThredUp Inc. - Class A Common Stock $10,677,821 1.79% 1,558,806 $5,118,221 Down ×2
VFC V.F. Corporation Common Stock $10,008,000 1.68% 600,000 $-2,894,546 Down ×1
STUB StubHub Holdings, Inc. Class A Common Stock $6,435,000 1.08% 500,000 Up ×1
REAX The Real Brokerage, Inc. - Common Shares $6,006,000 1.01% 3,300,000 $4,756,000 Up ×1
SYM Symbotic Inc. - Class A Common Stock $3,146,500 0.53% 70,000 $1,713,186 Up ×1
CROX Crocs, Inc. - Common Stock $515,012 0.09% 4,269 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
BLDR $19,685,600 3.30% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
DECK $19,858,000 200,000 3.32%
EBAY $16,762,500 150,000 2.81%
COIN $14,619,292 100,002 2.45%
STUB $6,435,000 500,000 1.08%
CROX $515,012 4,269 0.09%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AMZN Trimmed -102K -$17.5M
XYZ Bought more +91K +$16.1M
REAL Bought more +631K +$14.7M
AS Trimmed -475K -$14.4M
SG Trimmed -1.4M +$11.9M
WOLF Trimmed -440K +$8.8M
GRMN Bought more +34K +$8.6M
TPR Trimmed -46K -$5.3M
QXO Bought more +480K +$5.3M
TDUP Trimmed -136K +$5.1M

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
CROX June 30, 2025 612,500 $65,047,500 17.7%
TSLA June 30, 2026 86,320 $32,089,460 -11.5%
GOOGL March 31, 2026 80,000 $25,040,000 11.4%
GRMN Dec. 31, 2025 100,000 $24,622,000 44.8%
COCO June 30, 2026 490,000 $23,475,900 -14.5%
SAM June 30, 2026 90,000 $20,736,000 14.3%
U March 31, 2026 360,000 $15,901,200 85.9%
SBUX Dec. 31, 2025 180,000 $15,228,000 19.7%
DESP June 30, 2025 800,000 $15,032,000 No longer tracked
GPI June 30, 2026 44,000 $14,547,720 -15.9%
URBN Dec. 31, 2025 200,000 $14,286,000 15.0%
GPGI March 31, 2026 740,000 $14,267,200 -33.7%
RUM June 30, 2025 2,000,000 $14,140,000 -37.2%
Z June 30, 2026 335,000 $13,862,300 4.6%
WWW March 31, 2026 600,000 $10,890,000 24.8%
DOCU June 30, 2026 225,000 $10,667,250 92.0%
FOXF Dec. 31, 2025 420,000 $10,201,800 -11.9%
AFRM March 31, 2026 130,000 $9,675,900 52.9%
SIRI June 30, 2026 400,000 $9,232,000 -6.5%
RDW Sept. 30, 2025 500,000 $8,150,000 -7.0%
LULU June 30, 2026 50,442 $7,722,670 -13.3%
MTH June 30, 2025 102,500 $7,265,200 -4.2%
NAGE Sept. 30, 2025 500,000 $7,205,000 -74.0%
HOV June 30, 2025 65,360 $6,843,846 -3.1%
GAP June 30, 2025 240,000 $4,946,400 2.3%
YOU March 31, 2026 129,031 $4,526,407 -6.3%
FLUT March 31, 2026 20,000 $4,300,800 -21.4%
SYM June 30, 2025 154,100 $3,114,361 1.1%
DMRC Dec. 31, 2025 250,000 $2,442,500 10.8%
SOUN Dec. 31, 2025 118,166 $1,900,109 -55.6%
RHLD March 31, 2026 5,900 $1,217,937 -26.4%