Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (36 quarters reported)
$315M in Q4 2017 → $110M 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 |
|---|---|---|---|---|
| Accelerant Holdings | 82.5% | New | 4,594,265 | $90.6M |
| AP Altisource Portfolio Solutio | 9.2% | Unchanged | 1,504,550 | $10.1M |
| Onity Group Inc | 6.6% | Unchanged | 254,054 | $7.2M |
| AP Altisource Portfolio Solutio | 1.0% | Unchanged | 4,566,175 | $1.05M |
| AP Altisource Portfolio Solutio | 0.7% | Unchanged | 4,566,175 | $776K |
| New Found Gold Corp | 0.1% | Unchanged | 57,860 | $95.1K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 23, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Accelerant Holdings | New | +4,594,265 | +$90.6M | 82.5% |
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS State Str SPDR S&P 500 ETF T | Exited | −500,000 | −$325M | — |
| IT Ishares Tr | Exited | −750,000 | −$186M | — |
| IQ Invesco Qqq Tr | Exited | −100,000 | −$57.7M | — |
| AP Altisource Portfolio Solutio | Added | +19,011 | +$143K | 45.9% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS State Str SPDR S&P 500 ETF T | New | +500,000 | +$325M | 55.0% |
| IT Ishares Tr | New | +750,000 | +$186M | 31.5% |
| IQ Invesco Qqq Tr | New | +100,000 | +$57.7M | 9.8% |
quarter ended December 31, 2025 · filed March 09, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −1,075,000 | −$716M | — |
| IQ Invesco Qqq Tr | Exited | −1,075,000 | −$645M | — |
| IT Ishares Tr | Exited | −1,950,000 | −$472M | — |
| New Found Gold Corp | New | +57,860 | +$172K | 0.7% |
quarter ended September 30, 2025 · filed March 09, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −725,000 | −$483M | 38.4% |
| IQ Invesco Qqq Tr | Trimmed | −725,000 | −$435M | 34.6% |
| IT Ishares Tr | Trimmed | −1,650,000 | −$399M | 25.3% |
| AE Ark ETF Tr | Exited | −400,000 | −$28.1M | — |
| AP Altisource Portfolio Solutio | Added | +8,211 | +$95.7K | 0.9% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Added | +2,700,000 | +$583M | 26.5% |
| SS SPDR S&P 500 ETF Tr | Added | +900,000 | +$556M | 37.9% |
| IQ Invesco Qqq Tr | Added | +900,000 | +$496M | 33.8% |
| AE Ark ETF Tr | New | +400,000 | +$28.1M | 1.0% |
| AP Altisource Portfolio Solutio | New | +1,477,328 | +$12.6M | 0.4% |
| AP Altisource Portfolio Solns S | Exited | −11,818,638 | −$8.05M | — |
| AP Altisource Portfolio Solutio | New | +4,566,175 | +$2.33M | 0.1% |
| AP Altisource Portfolio Solutio | New | +4,566,175 | +$2.28M | 0.1% |
| Onity Group Inc | Trimmed | −1,500 | −$57.3K | 0.3% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IQ Invesco Qqq Tr | New | +900,000 | +$422M | 37.6% |
| IT Ishares Tr | New | +900,000 | +$180M | 16.0% |
| SS SPDR S&P 500 ETF Tr | Trimmed | −100,000 | −$55.9M | 44.9% |
| AP Altisource Portfolio Solns S | Added | +7,541,500 | +$5.14M | 0.7% |
| Onity Group Inc | Trimmed | −55,762 | −$1.8M | 0.7% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IQ Invesco Qqq Tr | Exited | −2,820,600 | −$1.38B | — |
| IT Ishares Tr | Exited | −4,500,000 | −$994M | — |
| SS SPDR S&P 500 ETF Tr | Trimmed | −1,450,000 | −$850M | 97.9% |
| Onity Group Inc | Trimmed | −60,134 | −$1.85M | 1.6% |
Loading...
