Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (27 quarters reported)
$134M in Q4 2019 → $310M 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 |
|---|---|---|---|---|
| Mastercard Incorporated | 25.5% | Added 75% | 153,430 | $78.8M |
| Visa Inc | 20.7% | Added 85% | 186,550 | $64M |
| Transdigm Group Inc | 19.7% | Unchanged | 45,754 | $60.9M |
| Microsoft Corp | 15.7% | Unchanged | 130,140 | $48.5M |
| LM Liberty Media Corp Del | 10.8% | Unchanged | 351,706 | $33.5M |
| T Tucows Inc | 4.8% | Unchanged | 1,091,985 | $14.7M |
| LM Liberty Media Corp Del | 2.9% | Unchanged | 104,010 | $9.11M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 25, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mastercard Incorporated | Added | +65,780 | +$33.8M | 25.5% |
| Visa Inc | Added | +85,840 | +$29.5M | 20.7% |
| Grindr Inc | Exited | −1,241,080 | −$15M | — |
quarter ended March 31, 2026 · filed May 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mastercard Incorporated | Added | +43,330 | +$21.7M | 17.7% |
| Microsoft Corp | Added | +45,860 | +$17M | 19.5% |
| Visa Inc | Added | +52,460 | +$15.9M | 12.3% |
| Transdigm Group Inc | Trimmed | −12,710 | −$14.7M | 21.5% |
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Microsoft Corp | New | +84,280 | +$40.8M | 16.6% |
| Transdigm Group Inc | Added | +20,244 | +$26.9M | 31.6% |
| Mastercard Incorporated | New | +44,320 | +$25.3M | 10.3% |
| Visa Inc | New | +48,250 | +$16.9M | 6.9% |
| Grindr Inc | New | +1,241,080 | +$16.8M | 6.8% |
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Transdigm Group Inc | New | +38,220 | +$50.4M | 43.0% |
| LM Liberty Media Corp Del | Trimmed | −31,350 | −$3.27M | 31.3% |
quarter ended June 30, 2025 · filed August 13, 2025
No position changes this quarter.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LM Liberty Media Corp Del | Added | +119,760 | +$10.8M | 56.2% |
| Brookfield Corp | Exited | −181,615 | −$10.4M | — |
| LM Liberty Media Corp Del | Added | +44,090 | +$3.59M | 13.8% |
| T Tucows Inc | Added | +188,360 | +$3.18M | 30.0% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Brookfield Corp | Trimmed | −856,789 | −$49.2M | 18.8% |
| Kkr & Co Inc | Exited | −210,364 | −$27.5M | — |
| LM Liberty Media Corp Del | New | +263,296 | +$24.4M | 44.1% |
| BA Brookfield Asset Managmt Ltd | Exited | −145,552 | −$6.88M | — |
| LM Liberty Media Corp Del | New | +59,920 | +$5.04M | 9.1% |
| T Tucows Inc | Trimmed | −6,607 | −$113K | 28.0% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Brookfield Corp | Trimmed | −589,370 | −$31.3M | 50.8% |
| Kkr & Co Inc | Trimmed | −150,780 | −$19.7M | 25.3% |
| BA Brookfield Asset Managmt Ltd | Trimmed | −32,280 | −$1.53M | 6.3% |
| T Tucows Inc | Trimmed | −4,922 | −$103K | 17.5% |
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