Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (23 quarters reported)
$268M in Q4 2020 → $4.49B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| DW Disney Walt Co | 11.3% | Added 144% | 5,255,314 | $506M |
| AH Aercap Holdings Nv | 9.1% | Trimmed 11% | 2,794,436 | $407M |
| Ferguson Enterprises Inc | 8.5% | Added 12% | 1,602,541 | $380M |
| KM Kinder Morgan Inc Del | 7.4% | Trimmed 1.6% | 10,399,659 | $332M |
| LP Louisiana Pac Corp | 7.4% | Added 29% | 4,209,054 | $331M |
| NN News Corp New | 7.3% | Added 6.3% | 13,232,481 | $329M |
| Carnival Corp Ltd | 6.6% | New | 10,351,493 | $296M |
| Dt Midstream Inc | 6.4% | Trimmed 25% | 1,974,250 | $290M |
| Genuine Parts Co | 5.4% | Added 150% | 2,061,340 | $243M |
| Siteone Landscape Supply Inc | 5.2% | Added 96% | 2,057,212 | $235M |
| VM Vulcan Matls Co | 4.2% | New | 643,887 | $190M |
| Loews Corp | 4.1% | Added 260% | 1,644,711 | $186M |
| Chevron Corporation | 3.9% | Added 2.1% | 1,043,921 | $173M |
| CO Capital One Finl Corp | 3.7% | New | 825,152 | $166M |
| MM Martin Marietta Matls Inc | 2.7% | New | 214,146 | $123M |
| Flowserve Corp | 2.6% | New | 1,552,748 | $115M |
| Sunbelt Rentals Holdings Inc | 2.0% | New | 1,212,270 | $90.7M |
| Fluor Corp | 1.5% | New | 1,290,963 | $67.6M |
| NN News Corp New | 0.7% | Trimmed 25% | 1,148,333 | $32.2M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| DW Disney Walt Co | Added | +3,104,202 | +$299M | 11.3% |
| Carnival Corp Ltd | New | +10,351,493 | +$296M | 6.6% |
| Carnival Corp | Exited | −9,305,802 | −$241M | — |
| Constellation Energy Corp | Exited | −813,117 | −$227M | — |
| VM Vulcan Matls Co | New | +643,887 | +$190M | 4.2% |
| CO Capital One Finl Corp | New | +825,152 | +$166M | 3.7% |
| Genuine Parts Co | Added | +1,237,807 | +$146M | 5.4% |
| Loews Corp | Added | +1,188,111 | +$135M | 4.1% |
| MM Martin Marietta Matls Inc | New | +214,146 | +$123M | 2.7% |
| Siteone Landscape Supply Inc | Added | +1,007,772 | +$115M | 5.2% |
Showing the 10 largest of 24 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Chevron Corporation | New | +1,022,484 | +$212M | 6.3% |
| DW Disney Walt Co | New | +2,151,112 | +$207M | 6.2% |
| Expand Energy Corporation | Exited | −1,841,634 | −$203M | — |
| IB Ishares Bitcoin Trust ETF | Exited | −3,921,034 | −$195M | — |
| Weyerhaeuser Co | New | +3,669,100 | +$89.6M | 2.7% |
| Genuine Parts Co | New | +823,533 | +$87.1M | 2.6% |
| Constellation Energy Corp | Added | +229,617 | +$64.1M | 6.8% |
| Dt Midstream Inc | Trimmed | −428,411 | −$57.7M | 10.5% |
| Siteone Landscape Supply Inc | Trimmed | −406,672 | −$54.1M | 4.2% |
| Lamar Advertising Co | Trimmed | −400,128 | −$50.7M | 0.7% |
Showing the 10 largest of 19 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AH Aercap Holdings Nv | Trimmed | −622,527 | −$89.5M | 14.8% |
| IB Ishares Bitcoin Trust ETF | Added | +1,319,501 | +$65.5M | 6.1% |
| LP Louisiana Pac Corp | Added | +737,406 | +$59.6M | 8.9% |
| Expand Energy Corporation | Added | +500,977 | +$55.3M | 6.3% |
| IT Ishares Tr | Exited | −174,219 | −$42.2M | — |
| Constellation Energy Corp | Added | +117,011 | +$41.3M | 6.4% |
| NN News Corp New | Trimmed | −1,045,008 | −$27.3M | 10.5% |
| Siteone Landscape Supply Inc | Trimmed | −208,619 | −$26M | 5.6% |
| Carnival Corp | Trimmed | −547,482 | −$16.7M | 7.2% |
| Dt Midstream Inc | Trimmed | −23,761 | −$2.84M | 11.4% |
Showing the 10 largest of 11 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Siteone Landscape Supply Inc | New | +1,664,731 | +$214M | 6.7% |
| IT Ishares Tr | Trimmed | −789,128 | −$191M | 1.3% |
| IB Ishares Bitcoin Trust ETF | New | +2,601,533 | +$169M | 5.3% |
| Ferguson Enterprises Inc | Added | +670,473 | +$151M | 8.8% |
| Dt Midstream Inc | Added | +1,010,965 | +$114M | 10.8% |
| Constellation Energy Corp | Trimmed | −224,782 | −$74M | 4.8% |
| Expand Energy Corporation | Added | +460,298 | +$48.9M | 4.4% |
| NN News Corp New | Trimmed | −1,402,008 | −$48.4M | 2.3% |
| NN News Corp New | Added | +1,358,375 | +$41.7M | 13.4% |
| AH Aercap Holdings Nv | Trimmed | −338,188 | −$40.9M | 14.8% |
Showing the 10 largest of 15 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SG SPDR Gold Tr | Exited | −1,263,196 | −$364M | — |
| Dt Midstream Inc | New | +2,063,116 | +$227M | 8.1% |
| IT Ishares Tr | Trimmed | −767,816 | −$166M | 7.4% |
| Six Flags Entertainment Corp | Exited | −3,801,830 | −$136M | — |
| Carnival Corp | Added | +4,155,630 | +$117M | 7.7% |
| KM Kinder Morgan Inc Del | Added | +3,739,398 | +$110M | 11.1% |
| AH Aercap Holdings Nv | Trimmed | −938,210 | −$110M | 17.8% |
| Expand Energy Corporation | New | +880,359 | +$103M | 3.7% |
| FE Flutter Entmt PLC | Exited | −395,887 | −$87.7M | — |
| NN News Corp New | Added | +1,503,213 | +$44.7M | 13.4% |
Showing the 10 largest of 16 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KM Kinder Morgan Inc Del | New | +6,857,982 | +$196M | 7.0% |
| IT Ishares Tr | Added | +898,067 | +$179M | 12.4% |
| SG SPDR Gold Tr | Added | +547,018 | +$158M | 13.1% |
| AH Aercap Holdings Nv | Added | +1,504,620 | +$154M | 19.2% |
| Western Digital Corp | Exited | −2,542,686 | −$152M | — |
| American Homes 4 Rent | Exited | −2,427,193 | −$90.8M | — |
| NC Norwegian Cruise Line Hldg L | New | +3,685,505 | +$69.9M | 2.5% |
| Carnival Corp | New | +3,548,555 | +$69.3M | 2.5% |
| NN News Corp New | Added | +2,185,542 | +$59.5M | 10.9% |
| LP Louisiana Pac Corp | Added | +635,817 | +$58.5M | 8.7% |
Showing the 10 largest of 16 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Ser Tr | Exited | −967,799 | −$127M | — |
| Cemex Sab De Cv | Exited | −17,422,432 | −$106M | — |
| SG SPDR Gold Tr | Added | +384,840 | +$93.2M | 8.1% |
| AC Axalta Coating Sys Ltd | Exited | −2,434,270 | −$88.1M | — |
| IT Ishares Tr | Added | +381,322 | +$84.3M | 8.6% |
| NN News Corp New | Added | +2,569,343 | +$70.8M | 11.5% |
| AH Aercap Holdings Nv | Added | +538,703 | +$51.6M | 16.6% |
| Constellation Energy Corp | Trimmed | −218,187 | −$48.8M | 9.0% |
| Western Digital Corp | Trimmed | −677,358 | −$40.4M | 7.1% |
| Ferguson Enterprises Inc | Added | +215,899 | +$37.5M | 6.7% |
Showing the 10 largest of 17 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FP Ferguson PLC New | Exited | −717,228 | −$139M | — |
| Six Flags Entertainment Corp | New | +3,204,210 | +$129M | 5.8% |
| SF Six Flags Entmt Corp New | Exited | −3,773,762 | −$125M | — |
| Ferguson Enterprises Inc | New | +608,571 | +$121M | 5.4% |
| Constellation Energy Corp | Added | +397,941 | +$103M | 12.6% |
| IT Ishares Tr | New | +451,774 | +$99.8M | 4.5% |
| Hca Healthcare Inc | Exited | −274,427 | −$88.2M | — |
| SG SPDR Gold Tr | New | +331,338 | +$80.5M | 3.6% |
| Knife River Corp | Trimmed | −873,761 | −$78.1M | 0.4% |
| NN News Corp New | Trimmed | −1,726,079 | −$46M | 7.6% |
Showing the 10 largest of 19 changes.
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