Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (10 quarters reported)
$216M in Q1 2024 → $165M 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 |
|---|---|---|---|---|
| Xplr Infrastructure LP | 55.4% | Unchanged | 7,753,653 | $91.6M |
| Equipmentshare Com Inc | 37.0% | Trimmed 8.8% | 3,114,655 | $61.2M |
| LM Liberty Media Corp Del | 3.2% | Unchanged | 95,578,000 | $5.29M |
| Xplr Infrastructure LP Call | 2.8% | New | 389,200 | $4.6M |
| LM Liberty Media Corp Del | 1.6% | Unchanged | 54,668,000 | $2.65M |
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 |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −2,500,000 | −$199M | — |
| Global Business Travel Group | Exited | −3,593,635 | −$20.1M | — |
| Equipmentshare Com Inc | Trimmed | −300,000 | −$5.9M | 37.0% |
| Xplr Infrastructure LP | New | +389,200 | +$4.6M | 2.8% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −8,700,000 | −$701M | — |
| IT Ishares Tr | New | +2,500,000 | +$199M | 52.6% |
| Equipmentshare Com Inc | New | +3,414,655 | +$69.6M | 18.4% |
| Xplr Infrastructure LP | Added | +854,343 | +$9.07M | 21.8% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +8,700,000 | +$701M | 86.9% |
| Xplr Infrastructure LP | Added | +3,610,961 | +$36.1M | 8.5% |
| Global Business Travel Group | Trimmed | −3,593,623 | −$27.5M | 3.4% |
| AM Ardagh Metal Packaging S A | Exited | −2,451,062 | −$9.78M | — |
| LM Liberty Media Corp Del | Trimmed | −9,505,000 | −$585K | 0.7% |
| LM Liberty Media Corp Del | Trimmed | −3,713,000 | −$236K | 0.4% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −9,000,000 | −$726M | — |
| Global Business Travel Group | New | +7,187,258 | +$58.1M | 49.7% |
| Xplr Infrastructure LP | New | +3,288,349 | +$33.4M | 28.6% |
| BC Burford Cap Ltd | Exited | −313,200 | −$4.47M | — |
| FC Frontier Communications Pare | Exited | −93,562 | −$3.41M | — |
| LM Liberty Media Corp Del | Trimmed | −17,850,000 | −$1.63M | 8.2% |
| LM Liberty Media Corp Del | Trimmed | −8,420,000 | −$868K | 5.1% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +9,000,000 | +$726M | 95.1% |
| R The Realreal Inc | Exited | −6,779,000 | −$5.72M | — |
| AM Ardagh Metal Packaging S A | Trimmed | −1,150,021 | −$4.92M | 1.4% |
| BC Burford Cap Ltd | New | +313,200 | +$4.47M | 0.6% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FC Frontier Communications Pare | Trimmed | −1,429,725 | −$51.3M | 4.5% |
| Echostar Corp | Exited | −16,742,448 | −$17.7M | — |
| R The Realreal Inc | Exited | −18,470,000 | −$14.3M | — |
| R The Realreal Inc | New | +6,779,000 | +$5.72M | 7.7% |
| AM Ardagh Metal Packaging S A | Added | +1,664,083 | +$5.03M | 14.7% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Dish Network Corporation | Exited | −90,500,000 | −$73.7M | — |
| Echostar Corp | New | +16,742,448 | +$17.7M | 11.9% |
| FC Frontier Communications Pare | Trimmed | −206,268 | −$7.16M | 35.6% |
| AM Ardagh Metal Packaging S A | New | +1,937,000 | +$5.83M | 3.9% |
| R The Realreal Inc | Trimmed | −4,250,000 | −$3.29M | 9.6% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −360,000 | −$196M | — |
| FC Frontier Communications Pare | Added | +362,888 | +$12.9M | 28.9% |
| Dish Network Corporation | Added | +500,000 | +$407K | 34.7% |
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