Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (39 quarters reported)
$465M in Q4 2016 → $1.7B 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 |
|---|---|---|---|---|
| Assurant Inc | 7.3% | Added 18% | 464,516 | $125M |
| GA Gallagher Arthur J & Co | 4.8% | Added 208% | 356,202 | $81.8M |
| Aon PLC | 4.3% | Added 116% | 221,600 | $73.5M |
| PO Progressive Corp Ohio | 4.1% | New | 321,100 | $70.1M |
| CO Capital One Finl Corp | 3.8% | Added 93% | 322,039 | $64.6M |
| Invitation Homes Inc | 3.7% | Added 171% | 2,052,463 | $62M |
| Welltower Inc | 3.4% | Added 84% | 253,512 | $57.5M |
| Nasdaq Inc | 3.3% | Added 9.4% | 709,159 | $55.9M |
| Caretrust REIT Inc | 3.1% | Added 44% | 1,299,374 | $52.4M |
| Udr Inc | 2.8% | New | 1,172,691 | $46.8M |
| M Moodys Corp | 2.5% | Added 4.7% | 94,628 | $42.9M |
| Msci Inc | 2.4% | Added 34% | 72,866 | $40.8M |
| Renaissancere Holdings Ltd | 2.2% | Added 51% | 117,000 | $37.1M |
| Blackrock Inc | 2.0% | New | 35,015 | $33.7M |
| Mastercard Incorporated | 1.9% | Trimmed 46% | 64,172 | $33M |
| Apple Hospitality REIT Inc | 1.9% | New | 1,958,612 | $32.9M |
| HW Hilton Worldwide Hldgs Inc | 1.6% | New | 83,000 | $27.4M |
| Visa Inc | 1.6% | New | 77,132 | $26.5M |
| TR Terreno Rlty Corp | 1.5% | Trimmed 1.7% | 403,366 | $26.1M |
| DR Digital Rlty Tr Inc | 1.5% | New | 143,457 | $25.8M |
| Ensign Group Inc | 1.5% | Added 193% | 156,664 | $25.1M |
| Extra Space Storage Inc | 1.5% | New | 172,265 | $25M |
| HJ Henry Jack & Assoc Inc | 1.3% | New | 166,100 | $22.9M |
| Cintas Corp | 1.3% | New | 126,300 | $21.5M |
| AI American Intl Group Inc | 1.2% | Trimmed 60% | 283,100 | $21.1M |
| Public Storage | 1.2% | Trimmed 58% | 64,597 | $20.6M |
| PH Paylocity Hldg Corp | 1.1% | Trimmed 46% | 185,799 | $19.4M |
| Ecolab Inc | 1.1% | New | 69,040 | $19.2M |
| Chubb Limited | 1.1% | Trimmed 47% | 54,339 | $18.5M |
| SS Skyward Specialty Ins Group | 1.1% | Added 11% | 311,537 | $18.2M |
| IM Iron Mtn Inc Del | 1.0% | New | 137,932 | $17.4M |
| AF American Finl Group Inc Ohio | 1.0% | Added 131% | 124,290 | $17.4M |
| Transunion | 1.0% | Added 75% | 228,200 | $16.5M |
| Terawulf Inc | 1.0% | Added 309% | 657,403 | $16.2M |
| Tpg Inc | 0.9% | Added 210% | 394,934 | $16M |
| Applied Digital Corp | 0.9% | Added 104% | 519,964 | $15.8M |
| HI Hanover Ins Group Inc | 0.9% | Added 56% | 73,178 | $15.7M |
| Unum Group | 0.9% | Trimmed 53% | 174,635 | $15.6M |
| Kkr & Co Inc | 0.9% | Added 115% | 168,600 | $15.5M |
| WC Wp Carey Inc | 0.9% | Trimmed 55% | 211,582 | $15.1M |
| AH Affirm Hldgs Inc | 0.9% | Trimmed 45% | 180,609 | $14.7M |
| EP Eastgroup Pptys Inc | 0.8% | Trimmed 40% | 68,242 | $13.8M |
| Toast Inc | 0.8% | New | 495,752 | $13.8M |
| IE Invesco Exchange Traded Fd T | 0.8% | Trimmed 3.2% | 64,650 | $13.8M |
| Nnn REIT Inc | 0.8% | New | 290,600 | $13.5M |
| Everest Group Ltd | 0.8% | New | 36,100 | $12.9M |
| AG Apollo Global Mgmt Inc | 0.7% | New | 106,800 | $12.6M |
| Netstreit Corp | 0.7% | Added 79% | 594,178 | $12.6M |
| TM Tradeweb Mkts Inc | 0.7% | New | 124,600 | $12.4M |
| Corpay Inc | 0.7% | Trimmed 48% | 36,272 | $12.1M |
| Voya Financial Inc | 0.7% | Trimmed 37% | 131,255 | $11.9M |
| Sabra Health Care REIT Inc | 0.7% | New | 595,300 | $11.6M |
| QH Q2 Hldgs Inc | 0.7% | Added 170% | 238,336 | $11.5M |
| LF Lpl Finl Hldgs Inc | 0.6% | Added 69% | 37,280 | $10.5M |
| NI Neptune Ins Hldgs Inc | 0.6% | Added 44% | 330,535 | $10.4M |
| AE Axa Equitable Hldgs Inc | 0.6% | Added 10% | 232,000 | $10.2M |
| IB International Business Machs | 0.6% | New | 34,700 | $9.76M |
| Forgent Power Solutions Inc | 0.5% | Added 315% | 166,000 | $9.27M |
| Shopify Inc | 0.5% | New | 77,800 | $8.88M |
| H8 Hut 8 Mng Corp | 0.5% | Trimmed 50% | 66,681 | $7.7M |
Showing top 60 of 80 positions.
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 |
|---|---|---|---|---|
| PO Progressive Corp Ohio | New | +321,100 | +$70.1M | 4.1% |
| GA Gallagher Arthur J & Co | Added | +240,460 | +$55.2M | 4.8% |
| Udr Inc | New | +1,172,691 | +$46.8M | 2.8% |
| Wyndham Hotels & Resorts Inc | Exited | −496,400 | −$40.3M | — |
| Aon PLC | Added | +118,880 | +$39.4M | 4.3% |
| Invitation Homes Inc | Added | +1,293,863 | +$39.1M | 3.7% |
| IE Intercontinental Exchange In | Exited | −214,900 | −$33.8M | — |
| Blackrock Inc | New | +35,015 | +$33.7M | 2.0% |
| Apple Hospitality REIT Inc | New | +1,958,612 | +$32.9M | 1.9% |
| AI American Intl Group Inc | Trimmed | −418,200 | −$31.2M | 1.2% |
Showing the 10 largest of 100 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Visa Inc | Exited | −282,437 | −$99.1M | — |
| Mastercard Incorporated | New | +118,190 | +$59.1M | 4.8% |
| HJ Henry Jack & Assoc Inc | Exited | −303,908 | −$55.5M | — |
| AI American Intl Group Inc | Added | +474,400 | +$35.7M | 4.3% |
| WC Wp Carey Inc | New | +470,700 | +$32M | 2.6% |
| Chubb Limited | Trimmed | −97,546 | −$31.8M | 2.7% |
| CH Cboe Holdings Inc | Trimmed | −111,441 | −$31.3M | 0.7% |
| Ventas Inc | Exited | −395,722 | −$30.6M | — |
| Host Hotels & Resorts Inc | Exited | −1,722,643 | −$30.5M | — |
| Msci Inc | New | +54,340 | +$29.3M | 2.4% |
Showing the 10 largest of 104 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nasdaq Inc | New | +589,384 | +$57.2M | 3.7% |
| Visa Inc | Added | +144,737 | +$50.8M | 6.5% |
| Assurant Inc | Added | +150,168 | +$36.2M | 6.1% |
| Equinix Inc | New | +43,120 | +$33M | 2.2% |
| IE Intercontinental Exchange In | New | +191,400 | +$31M | 2.0% |
| Chubb Limited | Added | +95,605 | +$29.8M | 4.1% |
| IM Iron Mtn Inc Del | Exited | −286,900 | −$29.2M | — |
| FI First Indl Rlty Tr Inc | New | +505,685 | +$29M | 1.9% |
| Metlife Inc | Exited | −335,600 | −$27.6M | — |
| CF Cincinnati Finl Corp | Exited | −171,895 | −$27.2M | — |
Showing the 10 largest of 102 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Brown & Brown Inc | Exited | −456,930 | −$50.7M | — |
| Visa Inc | New | +137,700 | +$47M | 4.1% |
| Invitation Homes Inc | Exited | −1,330,699 | −$43.6M | — |
| Tpg Inc | New | +722,200 | +$41.5M | 3.6% |
| Ventas Inc | New | +573,527 | +$40.1M | 3.5% |
| Mastercard Incorporated | Trimmed | −69,427 | −$39.5M | 1.5% |
| Welltower Inc | Exited | −250,955 | −$38.6M | — |
| EP Essex Ppty Tr Inc | Exited | −130,200 | −$36.9M | — |
| Sabra Health Care REIT Inc | Exited | −1,852,938 | −$34.2M | — |
| Nasdaq Inc | Exited | −377,823 | −$33.8M | — |
Showing the 10 largest of 104 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Brown & Brown Inc | New | +456,930 | +$50.7M | 3.9% |
| IM Iron Mtn Inc Del | New | +369,137 | +$37.9M | 2.9% |
| Thomson Reuters Corp | Exited | −216,953 | −$37.5M | — |
| Blackrock Inc | New | +34,957 | +$36.7M | 2.8% |
| BF Broadridge Financial Solutio | Exited | −146,381 | −$35.5M | — |
| Nasdaq Inc | New | +377,823 | +$33.8M | 2.6% |
| Fair Isaac Corp | Exited | −17,753 | −$32.7M | — |
| IR Independence Rlty Tr Inc | Exited | −1,492,450 | −$31.7M | — |
| AG Apollo Global Mgmt Inc | Exited | −227,167 | −$31.1M | — |
| Carlyle Group Inc | New | +544,213 | +$28M | 2.1% |
Showing the 10 largest of 104 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GA Gallagher Arthur J & Co | Trimmed | −228,380 | −$78.8M | 0.8% |
| Invitation Homes Inc | New | +1,558,139 | +$54.3M | 4.6% |
| IE Intercontinental Exchange In | New | +233,275 | +$40.2M | 3.4% |
| MA Mid Amer Apt Cmntys Inc | Exited | −231,398 | −$35.8M | — |
| AT American Tower Corp New | Added | +162,964 | +$35.5M | 3.4% |
| Fair Isaac Corp | New | +17,753 | +$32.7M | 2.8% |
| FR Federal Realty Invt Tr | Exited | −276,397 | −$30.9M | — |
| FI First Indl Rlty Tr Inc | Exited | −591,855 | −$29.7M | — |
| BP Brixmor Ppty Group Inc | New | +1,043,537 | +$27.7M | 2.4% |
| Travelers Companies Inc | New | +103,589 | +$27.4M | 2.3% |
Showing the 10 largest of 90 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GA Gallagher Arthur J & Co | New | +254,280 | +$72.2M | 6.5% |
| Aon PLC | Exited | −160,399 | −$55.5M | — |
| Godaddy Inc | Trimmed | −163,449 | −$32.3M | 1.4% |
| FR Federal Realty Invt Tr | New | +276,397 | +$30.9M | 2.8% |
| Voya Financial Inc | Exited | −374,999 | −$29.7M | — |
| SC Sun Cmntys Inc | Exited | −213,100 | −$28.8M | — |
| Globant S A | New | +109,491 | +$23.5M | 2.1% |
| Fiserv Inc | Exited | −130,300 | −$23.4M | — |
| Everest Group Ltd | New | +58,961 | +$21.4M | 1.9% |
| RG Reinsurance Grp Of America I | Added | +93,362 | +$19.9M | 2.0% |
Showing the 10 largest of 91 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Aon PLC | New | +160,399 | +$55.5M | 5.0% |
| Invitation Homes Inc | Exited | −1,187,000 | −$42.6M | — |
| Gartner Inc | Exited | −92,717 | −$41.6M | — |
| Prudential Financial Inc | Exited | −296,010 | −$34.7M | — |
| Equinix Inc | New | +35,900 | +$31.9M | 2.9% |
| AE Axa Equitable Hldgs Inc | Exited | −772,384 | −$31.6M | — |
| DR Digital Rlty Tr Inc | Exited | −204,009 | −$31M | — |
| M& Marsh & Mclennan Cos Inc | Exited | −140,766 | −$29.7M | — |
| SC Sun Cmntys Inc | New | +213,100 | +$28.8M | 2.6% |
| IE Invesco Exchange Traded Fd T | Exited | −164,000 | −$26.9M | — |
Showing the 10 largest of 92 changes.
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