Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 -6.4%
S&P 500 total return (same window) +37.0%
Excess return -43.4%

Annualized: -5.2% · 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: 98.0% · Options excluded: 0.0%

Sector breakdown

04
Financials 37.5%
Industrials 32.1%
Technology 12.2%
Communication Services 4.9%
Materials 4.3%
Retail 3.8%
Consumer Discretionary 2.4%
Consumer products 2.1%
Consumer Staples 0.3%
Health Care 0.2%
Real Estate 0.0%
Other/Unmapped 0.2%

Full portfolio 41 positions

05
Type Streak 8Q trend
MA Mastercard Incorporated Common Stock $80,068,700 7.05% 155,897 $1,884,901 Down ×3
MCO Moody's Corporation Common Stock $78,903,194 6.94% 174,210 $2,575,585 Down ×3
FICO Fair Isaac Corporation Common Stock $74,358,417 6.54% 62,236 $22,243,170 Up ×2
CPRT Copart, Inc. - Common Stock $70,437,029 6.20% 2,498,653 $12,126,507 Up ×4
TDG Transdigm Group Incorporated Common Stock $61,596,194 5.42% 46,242 $26,623,417 Up ×2
MSFT Microsoft Corporation - Common Stock $61,154,566 5.38% 163,944 $140,381 Down ×3
MSCI MSCI Inc. Common Stock $58,360,089 5.14% 104,207 $747,466 Down ×2
LIN Linde plc - Ordinary Shares $48,721,720 4.29% 93,887 $5,306,033 Up ×2
AON Aon plc Class A Ordinary Shares (Ireland) $48,139,497 4.24% 145,134 $687,609 Down ×2
VRSK Verisk Analytics, Inc. - Common Stock $45,129,534 3.97% 251,376 $3,649,994 Up ×4
CME CME Group Inc. - Class A Common Stock $44,177,925 3.89% 200,054 $4,058,467 Up ×3
WM Waste Management, Inc. Common Stock $42,996,227 3.78% 192,912 $-7,709,694 Down ×2
AMZN Amazon.com, Inc. - Common Stock $42,785,149 3.77% 179,513 $2,827,490 Down ×3
MRSH Marsh Common Stock $39,113,449 3.44% 234,676 $-1,665,861 Down ×2
RSG Republic Services, Inc. Common Stock $38,721,963 3.41% 181,725 $-3,789,162 Down ×2
GOOG Alphabet Inc. - Class C Capital Stock $37,103,184 3.27% 105,010 $-4,525,079 Down ×3
SPGI S&P Global Inc. Common Stock $34,652,532 3.05% 85,087 $-1,381,423 Up ×1
RACE Ferrari N.V. Common Shares $27,474,258 2.42% 73,798 $6,434,513 Up ×1
CNI Canadian National Railway Company Common Stock $24,795,362 2.18% 207,945 $-1,622,592 Down ×2
CP Canadian Pacific Kansas City Limited Common Shares $24,382,011 2.15% 281,385 $-2,197,597 Down ×2
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B $22,744,728 2.00% 45,454 $960,296 Down ×4
VMC Vulcan Materials Company (Holding Company) Common Stock $20,310,849 1.79% 68,848 $8,445,104 Up ×1
V Visa Inc. $19,283,031 1.70% 56,204 $1,971,932 Down ×4
META Meta Platforms, Inc. - Class A Common Stock $18,696,159 1.65% 33,191 $4,492,459 Up ×1
MLM Martin Marietta Materials, Inc. Common Stock $18,191,425 1.60% 31,544 $4,874,306 Up ×4
PG Procter & Gamble Company (The) Common Stock $16,223,957 1.43% 110,638 $-84,042 Down ×2
CRH CRH PLC Ordinary Shares $14,315,851 1.26% 133,793 $1,698,192 Up ×5
CL Colgate-Palmolive Company Common Stock $7,864,219 0.69% 85,779 $509,637 Down ×3
KO Coca-Cola Company (The) Common Stock $3,408,010 0.30% 41,934 $218,897
WCN Waste Connections, Inc. Common Shares $3,215,617 0.28% 19,291 Up ×1
INTU Intuit Inc. - Common Stock $2,121,669 0.19% 8,129 $-16,957,964 Down ×2
SGOV iShares Trust $1,280,343 0.11% 12,718 $126,074 Up ×1
SYK Stryker Corporation Common Stock $1,067,308 0.09% 3,390 $-46,613
AAPL Apple Inc. - Common Stock $997,135 0.09% 3,446 $-7,733,825 Down ×3
EFX Equifax, Inc. Common Stock $894,229 0.08% 5,634 $-120,286
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A $748,850 0.07% 1 $30,710
JNJ Johnson & Johnson Common Stock $725,847 0.06% 2,858 $27,237
VOO Vanguard S&P 500 ETF $458,553 0.04% 668 Up ×1
CBRE CBRE Group Inc Common Stock Class A $321,910 0.03% 2,390 $-14,782,016 Down ×3
VCSH Vanguard Short-Term Corporate Bond ETF $200,954 0.02% 2,543 Up ×1
ETV Eaton Vance Corporation Eaton Vance Tax-Managed Buy-Write Opportunities Fund Common Shares of Beneficial Interest $166,656 0.01% 11,200 $13,552

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
CPRT $70,437,029 6.20% up ×4
VRSK $45,129,534 3.97% up ×4
CME $44,177,925 3.89% up ×3
MLM $18,191,425 1.60% up ×4
CRH $14,315,851 1.26% up ×5

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
WCN $3,215,617 19,291 0.28%
VOO $458,553 668 0.04%
VCSH $200,954 2,543 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TDG Bought more +16K +$26.6M
FICO Bought more +13K +$22.2M
CPRT Bought more +742K +$12.1M
VMC Bought more +25K +$8.4M
WM Trimmed -28K -$7.7M
RACE Bought more +12K +$6.4M
LIN Bought more +6K +$5.3M
MLM Bought more +9K +$4.9M
GOOG Trimmed -40K -$4.5M
META Bought more +8K +$4.5M

3 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
PEP June 30, 2025 104,477 $15,665,325 -4.7%
CSGP June 30, 2026 195,980 $7,905,834 -3.3%
PGR June 30, 2026 36,318 $7,199,681 -3.7%
ADBE June 30, 2026 29,120 $7,078,490 15.9%
AMGN March 31, 2026 1,598 $523,042 14.5%
CAT March 31, 2026 596 $341,431 19.3%
BDX June 30, 2025 1,284 $294,113 30.6%
XOM June 30, 2026 1,500 $254,490 20.0%
TJX Sept. 30, 2025 2,000 $246,980 -8.2%
ORLY March 31, 2026 2,625 $239,427 -8.0%
SCHW March 31, 2026 2,088 $208,613 2.9%