Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (49 quarters reported)
$88M in Q2 2013 → $368M 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 |
|---|---|---|---|---|
| BC Bain Cap Specialty Fin Inc | 40.2% | Unchanged | 11,822,433 | $148M |
| IT Ishares Tr | 34.3% | Added 78% | 1,578,713 | $126M |
| IE Invesco Exch Traded Fd Tr Ii | 22.0% | Added 8.6% | 3,971,884 | $80.9M |
| Octave Specialty Group Inc | 1.9% | Unchanged | 1,108,012 | $6.91M |
| AS Algoma Stl Group Inc | 0.9% | Unchanged | 825,777 | $3.34M |
| SA Ssga Active ETF Tr | 0.7% | Unchanged | 60,136 | $2.42M |
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 | Added | +689,636 | +$55.2M | 34.3% |
| IE Invesco Exch Traded Fd Tr Ii | Added | +313,786 | +$6.39M | 22.0% |
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IE Invesco Exch Traded Fd Tr Ii | Trimmed | −3,469,019 | −$70.8M | 24.6% |
| IT Ishares Tr | Added | +223,044 | +$17.7M | 23.3% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IE Invesco Exch Traded Fd Tr Ii | Added | +1,715,807 | +$36M | 39.1% |
| IT Ishares Tr | Added | +411,991 | +$33.2M | 14.0% |
| AS Algoma Stl Group Inc | Trimmed | −11,435 | −$46.9K | 0.9% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IE Invesco Exch Traded Fd Tr Ii | Added | +1,849,508 | +$38.7M | 35.7% |
| IT Ishares Tr | New | +254,042 | +$20.6M | 6.5% |
| SS SPDR Series Trust | Exited | −42,021 | −$4.09M | — |
| SA Ssga Active ETF Tr | Trimmed | −71,659 | −$2.98M | 0.8% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Talos Energy Inc | Exited | −13,332,891 | −$130M | — |
| IE Invesco Exch Traded Fd Tr Ii | Added | +784,368 | +$16.4M | 27.0% |
| SA Ssga Active ETF Tr | Trimmed | −169,402 | −$7.05M | 2.0% |
| SS SPDR Series Trust | New | +42,021 | +$4.09M | 1.5% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BC Bain Cap Specialty Fin Inc | Trimmed | −487,676 | −$8.1M | 48.0% |
| Talos Energy Inc | Trimmed | −600,000 | −$5.83M | 31.7% |
| IE Invesco Exch Traded Fd Tr Ii | Trimmed | −250,209 | −$5.18M | 14.1% |
| IT Ishares Tr | Exited | −16,234 | −$1.28M | — |
| SA Ssga Active ETF Tr | Trimmed | −9,404 | −$387K | 3.0% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IE Invesco Exch Traded Fd Tr Ii | Trimmed | −793,202 | −$16.7M | 14.2% |
| IT Ishares Tr | Exited | −100,294 | −$11.3M | — |
| SA Ssga Active ETF Tr | Added | +250,465 | +$10.5M | 2.9% |
| Talos Energy Inc | Trimmed | −739,060 | −$7.18M | 30.1% |
| IT Ishares Tr | Trimmed | −85,265 | −$6.71M | 0.3% |
| AS Algoma Stl Group Inc | Trimmed | −595,156 | −$5.82M | 1.8% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SA Ssga Active ETF Tr | Trimmed | −503,758 | −$21M | 0.5% |
| AF Ambac Finl Group Inc | New | +1,108,012 | +$10.6M | 2.2% |
| IE Invesco Exch Traded Fd Tr Ii | Added | +215,272 | +$4.52M | 16.6% |
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