Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$907M in Q2 2013 → $650M 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 |
|---|---|---|---|---|
| Ast Spacemobile Inc | 19.9% | Trimmed 0.5% | 1,455,969 | $129M |
| AM Applied Matls Inc | 16.4% | Trimmed 0.5% | 147,512 | $107M |
| Sunbelt Rentals Holdings Inc | 7.9% | Trimmed 0.3% | 702,078 | $51.4M |
| Brookfield Corp | 7.9% | Trimmed 0.6% | 1,204,081 | $51.3M |
| M Markel Corp | 6.2% | Trimmed 0.6% | 20,578 | $40.2M |
| OA Oreilly Automotive Inc | 5.3% | Trimmed 0.5% | 376,817 | $34.7M |
| Aon PLC | 5.1% | Trimmed 0.5% | 100,650 | $33.4M |
| BA Brookfield Asset Managmt Ltd | 4.2% | Trimmed 0.2% | 602,709 | $27M |
| HW Hilton Worldwide Hldgs Inc | 3.3% | Unchanged | 64,139 | $21.2M |
| Alphabet Inc | 3.0% | Trimmed 2.0% | 54,423 | $19.2M |
| Nvr Inc | 2.8% | Trimmed 0.4% | 2,662 | $18.1M |
| Cdw Corp | 2.7% | Trimmed 0.2% | 124,310 | $17.5M |
| AT American Tower Corp New | 2.6% | Trimmed 0.5% | 105,005 | $17.2M |
| Carmax Inc | 2.3% | Trimmed 0.4% | 283,226 | $15M |
| Transdigm Group Inc | 2.2% | Unchanged | 10,801 | $14.4M |
| Danaher Corporation | 2.1% | Unchanged | 70,935 | $13.5M |
| Rh | 1.6% | Trimmed 0.3% | 62,357 | $10.3M |
| ST Shenandoah Telecommunication | 1.5% | Trimmed 25% | 658,567 | $9.93M |
| CC Cogent Communications Hldgs | 1.4% | Trimmed 0.5% | 660,130 | $9.16M |
| F& Floor & Decor Hldgs Inc | 0.6% | Unchanged | 62,000 | $3.68M |
| DW Disney Walt Co | 0.5% | Trimmed 2.1% | 33,559 | $3.23M |
| Relx PLC | 0.2% | Unchanged | 47,000 | $1.49M |
| BW Brookfield Wealth Sol Ltd | 0.2% | Unchanged | 23,581 | $1.01M |
| Alphabet Inc | 0.1% | Unchanged | 2,535 | $906K |
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 |
|---|---|---|---|---|
| ST Shenandoah Telecommunication | Trimmed | −219,697 | −$3.31M | 1.5% |
| Ast Spacemobile Inc | Trimmed | −7,125 | −$633K | 19.9% |
| AM Applied Matls Inc | Trimmed | −808 | −$584K | 16.4% |
| Alphabet Inc | Trimmed | −1,128 | −$399K | 3.0% |
| Brookfield Corp | Trimmed | −6,766 | −$288K | 7.9% |
| M Markel Corp | Trimmed | −131 | −$256K | 6.2% |
| Sunbelt Rentals Holdings Inc | Trimmed | −2,452 | −$179K | 7.9% |
| OA Oreilly Automotive Inc | Trimmed | −1,871 | −$172K | 5.3% |
| Aon PLC | Trimmed | −507 | −$168K | 5.1% |
| AT American Tower Corp New | Trimmed | −573 | −$93.7K | 2.6% |
Showing the 10 largest of 17 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sunbelt Rentals Holdings Inc | New | +704,530 | +$44.2M | 7.8% |
| Ast Spacemobile Inc | Trimmed | −108,743 | −$9.01M | 21.4% |
| BA Brookfield Asset Managmt Ltd | Added | +200,281 | +$8.9M | 4.7% |
| Alphabet Inc | Trimmed | −12,363 | −$3.55M | 2.8% |
| AM Applied Matls Inc | Trimmed | −8,783 | −$3M | 8.9% |
| IT Ishares Tr | Exited | −18,657 | −$2.77M | — |
| OA Oreilly Automotive Inc | Trimmed | −20,066 | −$1.85M | 6.2% |
| Aon PLC | Trimmed | −5,410 | −$1.75M | 5.7% |
| AT American Tower Corp New | Trimmed | −4,297 | −$742K | 3.2% |
| Nvr Inc | Trimmed | −110 | −$725K | 3.1% |
Showing the 10 largest of 18 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ast Spacemobile Inc | Trimmed | −1,985,576 | −$144M | 21.2% |
| Brookfield Corp | Added | +403,948 | +$18.5M | 10.4% |
| IT Ishares Tr | New | +18,657 | +$2.77M | 0.5% |
| EC Encore Cap Group Inc | Exited | −35,733 | −$1.49M | — |
| AM Applied Matls Inc | Trimmed | −5,111 | −$1.31M | 7.5% |
| Carmax Inc | Trimmed | −14,569 | −$563K | 2.0% |
| CC Cogent Communications Hldgs | Added | +19,670 | +$424K | 2.7% |
| AT American Tower Corp New | Trimmed | −2,401 | −$422K | 3.6% |
| Cdw Corp | Trimmed | −2,681 | −$365K | 3.2% |
| BW Brookfield Wealth Sol Ltd | Added | +7,860 | +$361K | 0.2% |
Showing the 10 largest of 19 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EC Encore Cap Group Inc | Trimmed | −500,366 | −$20.9M | 0.2% |
| Ast Spacemobile Inc | Trimmed | −125,015 | −$6.14M | 28.6% |
| OA Oreilly Automotive Inc | Trimmed | −39,554 | −$4.26M | 7.1% |
| Alphabet Inc | Trimmed | −14,702 | −$3.58M | 2.7% |
| Brookfield Corp | Trimmed | −49,119 | −$3.37M | 9.1% |
| M Markel Corp | Trimmed | −1,279 | −$2.44M | 6.4% |
| Aon PLC | Trimmed | −6,620 | −$2.36M | 6.2% |
| AM Applied Matls Inc | Trimmed | −10,676 | −$2.19M | 5.4% |
| AT American Tower Corp New | Trimmed | −8,024 | −$1.54M | 3.5% |
| CC Cogent Communications Hldgs | Trimmed | −33,856 | −$1.3M | 4.0% |
Showing the 10 largest of 18 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OA Oreilly Automotive Inc | Added | +407,616 | +$36.7M | 6.1% |
| Brookfield Corp | Trimmed | −146,647 | −$9.07M | 8.1% |
| AM Applied Matls Inc | Trimmed | −32,549 | −$5.96M | 4.8% |
| M Markel Corp | Trimmed | −2,582 | −$5.16M | 6.7% |
| EC Encore Cap Group Inc | Trimmed | −124,562 | −$4.82M | 3.2% |
| Cdw Corp | Trimmed | −19,638 | −$3.51M | 3.6% |
| Ast Spacemobile Inc | Trimmed | −73,801 | −$3.45M | 26.4% |
| Transdigm Group Inc | Trimmed | −2,000 | −$3.04M | 2.5% |
| BA Brookfield Asset Managmt Ltd | Trimmed | −37,015 | −$2.05M | 3.5% |
| Carmax Inc | Trimmed | −30,226 | −$2.03M | 3.3% |
Showing the 10 largest of 20 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OA Oreilly Automotive Inc | Trimmed | −13,978 | −$20M | 7.5% |
| AT American Tower Corp New | Trimmed | −82,523 | −$18M | 4.6% |
| Aon PLC | Trimmed | −44,091 | −$17.6M | 7.8% |
| M Markel Corp | Trimmed | −8,448 | −$15.8M | 7.6% |
| Carmax Inc | Trimmed | −166,280 | −$13M | 4.5% |
| EC Encore Cap Group Inc | Trimmed | −288,140 | −$9.88M | 3.8% |
| Brookfield Corp | Trimmed | −66,705 | −$3.5M | 8.8% |
| Warner Music Group Corp | Exited | −107,601 | −$3.34M | — |
| Cdw Corp | Trimmed | −18,798 | −$3.01M | 4.1% |
| HW Hilton Worldwide Hldgs Inc | Trimmed | −12,240 | −$2.79M | 2.6% |
Showing the 10 largest of 21 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Carmax Inc | Trimmed | −158,331 | −$12.9M | 5.7% |
| Brookfield Corp | Trimmed | −224,530 | −$12.9M | 8.4% |
| Rh | Trimmed | −22,011 | −$8.66M | 3.9% |
| AT American Tower Corp New | Trimmed | −35,742 | −$6.56M | 5.2% |
| OA Oreilly Automotive Inc | Trimmed | −4,791 | −$5.68M | 7.3% |
| EC Encore Cap Group Inc | Trimmed | −113,785 | −$5.44M | 6.2% |
| BA Brookfield Asset Managmt Ltd | Trimmed | −64,474 | −$3.49M | 3.5% |
| Aon PLC | Trimmed | −8,450 | −$3.03M | 7.9% |
| HW Hilton Worldwide Hldgs Inc | Trimmed | −3,400 | −$840K | 2.7% |
| Alphabet Inc | Trimmed | −2,962 | −$564K | 2.4% |
Showing the 10 largest of 18 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AW American Woodmark Corporatio | Exited | −99,807 | −$7.84M | — |
| AT American Tower Corp New | Trimmed | −24,343 | −$5.66M | 6.9% |
| Brookfield Corp | Trimmed | −83,799 | −$4.45M | 8.3% |
| Aon PLC | Trimmed | −12,293 | −$4.25M | 7.1% |
| M Markel Corp | Trimmed | −2,535 | −$3.98M | 6.3% |
| AM Applied Matls Inc | Trimmed | −9,521 | −$1.92M | 5.4% |
| Warner Music Group Corp | Trimmed | −58,000 | −$1.82M | 0.4% |
| Ast Spacemobile Inc | Trimmed | −47,218 | −$1.23M | 12.0% |
| Carmax Inc | Trimmed | −12,301 | −$952K | 6.3% |
| Alphabet Inc | Trimmed | −5,629 | −$941K | 1.9% |
Showing the 10 largest of 21 changes.
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