Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +215.1%
S&P 500 total return (same window) +37.0%
Excess return +178.1%

Annualized: +150.6% · 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: 0.0%

Sector breakdown

04
Technology 82.7%
Communication Services 12.2%
Industrials 1.6%
Consumer Discretionary 0.7%
Real Estate 0.1%
Other/Unmapped 2.8%

Full portfolio 29 positions

05
Type Streak 8Q trend
SNDK Sandisk Corporation - Common Stock $561,472,612 11.11% 246,939 $34,916,797 Down ×1
STX Seagate Technology Holdings PLC - Ordinary Shares (Ireland) $544,950,940 10.78% 564,716 $353,072,768 Up ×3
WDC Western Digital Corporation - Common Stock $500,891,889 9.91% 784,212 $279,980,813 Down ×1
MU Micron Technology, Inc. - Common Stock $495,536,697 9.81% 429,300 $230,776,219 Down ×2
LITE Lumentum Holdings Inc. - Common Stock $494,687,893 9.79% 576,519 $-475,222,104 Down ×1
STM STMicroelectronics N.V. Common Stock $431,058,752 8.53% 5,755,892 Up ×1
TER Teradyne, Inc. - Common Stock $319,429,233 6.32% 660,196 $155,422,818 Up ×2
AMAT Applied Materials, Inc. - Common Stock $268,809,954 5.32% 371,798 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $218,204,598 4.32% 456,906
LRCX Lam Research Corporation - Common Stock $213,732,656 4.23% 493,233 Up ×1
ASML ASML Holding N.V. - New York Registry Shares $209,545,726 4.15% 105,329 $48,012,179 Down ×1
INTC Intel Corporation - Common Stock $162,936,900 3.22% 1,166,919 Up ×1
Unknown issuer (CUSIP: 84615Q103) $130,189,169 2.58% 761,964 Up ×1
RDDT Reddit, Inc. Class A Common Stock $114,767,277 2.27% 661,178 $86,046,432 Up ×1
ALAB Astera Labs, Inc. - Common Stock $86,320,987 1.71% 178,711
FORM FormFactor, Inc. - Common Stock $85,481,306 1.69% 534,492 Up ×1
MOD Modine Manufacturing Company Common Stock $78,411,758 1.55% 293,655 $-173,621,972 Down ×1
APP Applovin Corporation - Class A Common Stock $73,059,099 1.45% 141,799 $40,741,499 Up ×2
AS Amer Sports, Inc. Ordinary Shares $37,607,644 0.74% 1,111,337 $-25,886,115 Down ×3
Unknown issuer (CUSIP: 81141RAG5) $9,162,643 0.18% 9,258,000 $108,319
U Unity Software Inc. Common Stock $5,697,937 0.11% 199,368 $-41,495,003 Down ×1
RBLX Roblox Corporation Class A Common Stock $4,985,504 0.10% 91,679
BEKE KE Holdings Inc American Depositary Shares (each representing three Class A Ordinary Shares) $3,697,275 0.07% 254,458
Unknown issuer (CUSIP: 89677QAB3) $687,893 0.01% 699,000 $-30,284
Unknown issuer (CUSIP: 53229X101) $480,400 0.01% 20,000 Up ×1
ORCLPRD CUSIP: 68389X204 $449,500 0.01% 10,000 $-600
Unknown issuer (CUSIP: 19260QAF4) $448,580 0.01% 500,000 $-18,075
Unknown issuer (CUSIP: 01609WBG6) $409,026 0.01% 347,000 $-64,313
Unknown issuer (CUSIP: 88557WAB7) $221,990 0.00% 250,000 $9,790

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
STX $544,950,940 10.78% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
STM $431,058,752 5,755,892 8.53%
AMAT $268,809,954 371,798 5.32%
TSM $218,204,598 456,906 4.32%
LRCX $213,732,656 493,233 4.23%
INTC $162,936,900 1,166,919 3.22%
Unknown issuer (CUSIP: 84615Q103) $130,189,169 761,964 2.58%
ALAB $86,320,987 178,711 1.71%
FORM $85,481,306 534,492 1.69%
RBLX $4,985,504 91,679 0.10%
BEKE $3,697,275 254,458 0.07%
Unknown issuer (CUSIP: 53229X101) $480,400 20,000 0.01%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
LITE Trimmed -804K -$475.2M
STX Bought more +75K +$353.1M
WDC Trimmed -32K +$280.0M
MU Trimmed -354K +$230.8M
MOD Trimmed -869K -$173.6M
TER Bought more +107K +$155.4M
RDDT Bought more +448K +$86.0M
ASML Trimmed -17K +$48.0M
APP Bought more +61K +$40.7M
SNDK Trimmed -582K +$34.9M

1 position 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
COHR June 30, 2026 2,676,129 $637,480,689 -14.6%
GLW June 30, 2026 1,978,013 $268,950,428 -35.7%
TSEM June 30, 2026 1,467,302 $257,482,155 -7.6%
AMZN June 30, 2026 805,900 $167,844,793 5.5%
KEYS June 30, 2026 577,247 $162,997,235 9.9%
RBLX Dec. 31, 2025 1,142,280 $158,228,626 -45.6%
AVGO Sept. 30, 2025 542,300 $149,484,995 7.6%
NVDA June 30, 2026 693,800 $120,998,720 16.9%
GOOG March 31, 2026 362,900 $113,878,020 18.6%
AMZN Sept. 30, 2025 482,400 $105,833,736 14.6%
PDD Dec. 31, 2025 756,540 $99,991,892 -33.5%
AVGO March 31, 2026 283,840 $98,237,024 14.7%
TSM March 31, 2026 320,892 $97,515,870 39.9%
AXTI June 30, 2026 1,347,119 $76,758,841 19.1%
NOK June 30, 2026 8,615,862 $69,271,530 -20.2%
BABA June 30, 2025 513,722 $67,929,460 -6.7%
NFLX June 30, 2025 61,800 $57,630,354 -95.0%
META Dec. 31, 2025 65,887 $48,386,095 10.3%
GDX June 30, 2026 506,821 $46,510,963 16.3%
SE Sept. 30, 2025 280,200 $44,815,188 -46.7%
TSLA March 31, 2026 98,000 $44,072,560 -0.3%
NKE March 31, 2026 640,350 $40,796,699 -35.9%
GEV Sept. 30, 2025 75,528 $39,965,641 60.8%
GEV March 31, 2026 59,711 $39,025,318 13.3%
SAP June 30, 2025 131,233 $35,228,187 -31.4%
SHOP Dec. 31, 2025 222,200 $33,021,142 -6.0%
CIEN March 31, 2026 133,700 $31,268,419 0.8%
AMD Sept. 30, 2025 210,729 $29,902,445 291.8%
CHRW March 31, 2026 172,707 $27,764,377 -5.0%
SPOT Sept. 30, 2025 34,802 $26,704,967 -32.3%
FUTU June 30, 2025 253,100 $25,904,785 -17.3%
BE Dec. 31, 2025 301,500 $25,497,855 232.8%
AAPL June 30, 2025 114,100 $25,345,033 62.6%
CRDO March 31, 2026 174,500 $25,108,805 132.9%
NTES June 30, 2025 237,206 $24,413,242 -12.9%
CVNA Dec. 31, 2025 61,100 $23,049,364 -84.9%
V June 30, 2025 63,100 $22,114,026 1.6%
TQQQ June 30, 2025 370,000 $21,201,000
LX June 30, 2025 2,030,028 $20,482,983 -90.5%
PGR June 30, 2025 60,000 $16,980,600 -21.2%
ORCL Dec. 31, 2025 58,536 $16,462,665 -27.0%
DECK June 30, 2025 139,800 $15,631,038 -23.2%
TCOM June 30, 2026 310,767 $15,473,089 -4.4%
ALAB March 31, 2026 92,400 $15,371,664 219.6%
ONON June 30, 2025 222,100 $9,754,632 -40.7%
MNDY June 30, 2025 35,629 $8,663,548 -74.9%
YMM Sept. 30, 2025 576,195 $6,804,863 -37.0%
TPR March 31, 2026 50,000 $6,388,500 -16.3%
GDS June 30, 2026 150,000 $6,043,500 -8.2%
LULU March 31, 2026 27,000 $5,610,870 -38.3%
EL March 31, 2026 53,000 $5,550,160 28.1%
HOOD June 30, 2026 80,000 $5,544,000 12.4%
CLS Sept. 30, 2025 35,000 $5,463,850 57.2%
ZETA Sept. 30, 2025 328,900 $5,094,661 64.2%
AAOI Dec. 31, 2025 194,351 $5,039,521 231.6%
DUOL March 31, 2026 26,000 $4,563,000 46.4%
ELF Sept. 30, 2025 36,500 $4,542,060 -21.0%
VNET Dec. 31, 2025 400,000 $4,132,000 -39.4%
NTES Dec. 31, 2025 24,014 $3,649,888 -14.8%
AMD March 31, 2026 15,000 $3,212,400 211.6%
CELH Dec. 31, 2025 51,400 $2,954,986 -41.5%
BABA March 31, 2026 20,000 $2,931,600 -15.6%
TCOM Dec. 31, 2025 37,736 $2,837,747 -47.0%
CRWD Sept. 30, 2025 5,000 $2,546,550 -44.9%
APH Dec. 31, 2025 20,000 $2,475,000 -35.7%
CAR Sept. 30, 2025 14,200 $2,400,510 -30.7%
BTI Dec. 31, 2025 45,000 $2,388,600 -7.0%
ZS Sept. 30, 2025 7,000 $2,197,580 -34.4%
BA Sept. 30, 2025 10,000 $2,095,300 -10.3%
KLAR Dec. 31, 2025 55,000 $2,015,750 -56.7%
BEKE June 30, 2025 100,000 $2,009,000 -7.4%
NIO June 30, 2026 300,000 $1,809,000 -33.4%
QFIN Sept. 30, 2025 35,000 $1,517,600 -77.6%
YSG Sept. 30, 2025 144,948 $1,397,299 -70.9%
VRT June 30, 2026 5,000 $1,252,900 -24.7%
TME Dec. 31, 2025 44,500 $1,038,630 -55.8%
JOYY March 31, 2026 10,400 $673,504 35.6%
MPWR June 30, 2025 1,000 $579,980 96.9%
HSAI Dec. 31, 2025 20,000 $562,000 -31.3%
ZK June 30, 2025 18,000 $433,620 No longer tracked
RLX March 31, 2026 97,696 $227,632 -22.3%
QBTS June 30, 2025 15,000 $114,000 No longer tracked
IQ March 31, 2026 40,891 $78,511 -26.5%