Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (40 quarters reported)
$105M in Q4 2016 → $87.2M now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Progressive Corp | 27.6% | Unchanged | 116,170 | $24.1M |
| SC Schwab Charles Corp | 20.6% | Unchanged | 183,499 | $17.9M |
| Ulta Beauty Inc | 13.6% | Unchanged | 21,673 | $11.8M |
| LC Lowes Cos Inc | 10.6% | Unchanged | 50,000 | $9.21M |
| Fiserv Inc | 9.8% | Unchanged | 190,000 | $8.58M |
| Jpmorgan Chase & Co | 9.7% | Trimmed 64% | 25,697 | $8.5M |
| Brown & Brown Inc | 8.1% | Unchanged | 116,397 | $7.09M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Jpmorgan Chase & Co | Trimmed | −45,000 | −$14.9M | 9.7% |
quarter ended June 30, 2026 · filed July 14, 2026
No position changes this quarter.
quarter ended March 31, 2026 · filed April 20, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Brown & Brown Inc | New | +116,397 | +$7.59M | 7.4% |
| JC Jpmorgan Chase &CO. Com | Trimmed | −13,000 | −$3.82M | 20.3% |
| UB Ulta Beauty Inc Com | Trimmed | −1,500 | −$784K | 11.1% |
quarter ended December 31, 2025 · filed January 22, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Carmax Inc | Exited | −247,520 | −$11.1M | — |
| Fiserv Inc | Added | +105,000 | +$7.05M | 11.5% |
| Jpmorgan Chase & Co | Trimmed | −11,200 | −$3.61M | 24.4% |
| UB Ulta Beauty Inc Com | Trimmed | −3,000 | −$1.82M | 12.7% |
| SC Schwab Charles Corp | Trimmed | −15,000 | −$1.5M | 16.6% |
quarter ended September 30, 2025 · filed October 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Fiserv Inc | New | +85,000 | +$11M | 8.7% |
| Berkshire Hathaway Inc | Exited | −6 | −$4.37M | — |
| Deere & Co | Exited | −5,000 | −$2.54M | — |
quarter ended June 30, 2025 · filed July 28, 2025
No position changes this quarter.
quarter ended March 31, 2025 · filed April 22, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Berkshire Hathaway Inc | Trimmed | −4 | −$3.19M | 4.0% |
quarter ended December 31, 2024 · filed January 21, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| JC Jpmorgan Chase &CO. Com | Trimmed | −14,695 | −$3.52M | 19.3% |
| Bread Financial Holdings Inc | Exited | −62,000 | −$2.95M | — |
| UB Ulta Beauty Inc Com | Added | +3,173 | +$1.38M | 9.6% |
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