Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +48.8%
S&P 500 total return (same window) +37.0%
Excess return +11.8%

Annualized: +37.4% · 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: 100.0% · Options excluded: 1.7%

Sector breakdown

04
Industrials 22.1%
Technology 19.9%
Communication Services 19.4%
Materials 12.1%
Retail 3.3%
Financials 3.2%
Healthcare 1.9%
Other/Unmapped 18.1%

Full portfolio 27 positions

05
Type Streak 8Q trend
Unknown issuer (CUSIP: 84615Q103) $512,580,000 13.49% 3,000,000 Up ×1
TKO TKO Group Holdings, Inc. Class A Common Stock $501,701,762 13.20% 2,492,185 $119,471,566 Up ×1
SHW Sherwin-Williams Company (The) Common Stock $269,984,755 7.11% 784,110 $86,861,592 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $238,159,383 6.27% 498,690 $45,163,573 Down ×5
GLW Corning Incorporated Common Stock $195,727,069 5.15% 766,265 $58,341,485 Down ×1
SOLS Solstice Advanced Materials Inc. - Common Stock $191,219,355 5.03% 2,158,232 $-11,767,456 Down ×1
GE GE Aerospace Common Stock $173,652,523 4.57% 464,647 $12,122,977 Down ×1
WDC Western Digital Corporation - Common Stock $140,027,224 3.69% 219,231 $65,512,098 Down ×1
AMZN Amazon.com, Inc. - Common Stock $124,753,830 3.28% 523,428 $7,033,794 Down ×3
HEI-A (filed as HEIA) HEICO Corporation Class A $122,653,227 3.23% 475,566 Up ×1
FERG Ferguson Enterprises Inc. Common Stock $122,324,629 3.22% 515,420 $65,077,727 Up ×2
TOST Toast, Inc. Class A Common Stock $122,106,431 3.21% 4,389,160 $-50,471,654 Down ×2
NVDA NVIDIA Corporation - Common Stock $110,227,180 2.90% 550,888 $17,870,172 Up ×1
CRS Carpenter Technology Corporation Common Stock $105,584,503 2.78% 171,170 $31,170,165 Down ×1
AUR Aurora Innovation, Inc. - Class A Common Stock $105,352,230 2.77% 15,447,541 Up ×1
GOOG Alphabet Inc. - Class C Capital Stock $103,456,437 2.72% 292,804 $19,462,682
Unknown issuer (CUSIP: 55658T105) $102,585,717 2.70% 2,630,403 Up ×1
CRH CRH PLC Ordinary Shares $94,125,332 2.48% 879,676 $1,653,791
PCOR Procore Technologies, Inc. Common Stock $90,096,216 2.37% 2,218,026 $-36,331,266
SPOT Spotify Technology S.A. Ordinary Shares $73,475,492 1.93% 160,032 $-36,585,016 Down ×2
WAT Waters Corporation Common Stock $72,437,476 1.91% 193,146 Up ×1
WULF TeraWulf Inc. - Common Stock $65,378,776 1.72% 2,646,914 Up ×1
WBD Warner Bros. Discovery, Inc. - Series A Common Stock $57,002,839 1.50% 2,138,141 $-1,710,513
Unknown issuer (CUSIP: G2R11M108) $47,627,105 1.25% 970,793 Up ×1
Unknown issuer (CUSIP: 31556C106) $26,555,455 0.70% 908,500 Up ×1
JCI Johnson Controls International plc Ordinary Share $24,076,882 0.63% 164,786 $2,498,155
FIG Figma, Inc. Class A Common Stock $6,544,582 0.17% 361,779 $-1,103,426

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 84615Q103) $512,580,000 3,000,000 13.49%
HEI-A (filed as HEIA) $122,653,227 475,566 3.23%
AUR $105,352,230 15,447,541 2.77%
Unknown issuer (CUSIP: 55658T105) $102,585,717 2,630,403 2.70%
WAT $72,437,476 193,146 1.91%
WULF $65,378,776 2,646,914 1.72%
Unknown issuer (CUSIP: G2R11M108) $47,627,105 970,793 1.25%
Unknown issuer (CUSIP: 31556C106) $26,555,455 908,500 0.70%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TKO Bought more +597K +$119.5M
SHW Bought more +213K +$86.9M
WDC Trimmed -56K +$65.5M
FERG Bought more +270K +$65.1M
GLW Trimmed -244K +$58.3M
TOST Trimmed -2.1M -$50.5M
TSM Trimmed -72K +$45.2M
SPOT Trimmed -67K -$36.6M
PCOR Price move only +0 -$36.3M
CRS Trimmed -18K +$31.2M

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
AMAT June 30, 2026 483,240 $165,166,600 -25.3%
UNP March 31, 2026 691,658 $159,994,329 14.7%
RDDT March 31, 2026 686,301 $157,760,011 9.8%
TRU March 31, 2026 1,748,965 $149,973,749 -8.3%
MOD June 30, 2026 646,333 $140,066,824 -33.3%
CRM March 31, 2026 403,232 $106,820,189 25.7%
DASH Sept. 30, 2025 394,764 $97,313,274 -30.5%
GEV June 30, 2025 273,114 $83,376,242 86.8%
CBRE Sept. 30, 2025 471,337 $66,043,740 -17.8%
MDLN March 31, 2026 1,502,000 $63,084,000 -20.0%
WDAY June 30, 2025 250,183 $58,425,236 -22.4%
CBRE June 30, 2026 400,221 $54,213,937 -3.8%
MNDY Dec. 31, 2025 198,314 $38,411,439 -46.6%
CNM March 31, 2026 698,200 $36,285,454 -16.3%
META March 31, 2026 51,313 $33,871,198 27.3%
MSFT March 31, 2026 56,689 $27,415,934 39.8%
BE June 30, 2026 90,257 $12,228,921 -4.5%