Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (11 quarters reported)
$119M in Q4 2023 → $83M 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 |
|---|---|---|---|---|
| TI Tfi Intl Inc | 54.7% | Trimmed 3.2% | 316,400 | $45.4M |
| Warner Bros Discovery Inc | 19.3% | Trimmed 3.2% | 600,000 | $16M |
| Builders Firstsource Inc | 13.9% | Added 2.7% | 128,900 | $11.5M |
| UN United Nat Foods Inc | 12.1% | Added 17% | 220,724 | $10.1M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TI Tfi Intl Inc | Trimmed | −10,500 | −$1.51M | 54.7% |
| UN United Nat Foods Inc | Added | +32,224 | +$1.47M | 12.1% |
| Warner Bros Discovery Inc | Trimmed | −20,000 | −$533K | 19.3% |
| Builders Firstsource Inc | Added | +3,400 | +$304K | 13.9% |
quarter ended March 31, 2026 · filed May 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Warner Bros Discovery Inc | Trimmed | −2,432,000 | −$66.8M | 23.9% |
| TI Tfi Intl Inc | Added | +4,700 | +$511K | 49.8% |
| UN United Nat Foods Inc | Trimmed | −4,500 | −$203K | 11.9% |
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Xpo Inc | Exited | −55,300 | −$7.15M | — |
| WI Wesco Intl Inc | Exited | −33,000 | −$6.98M | — |
| Warner Bros Discovery Inc | Added | +175,000 | +$5.04M | 62.5% |
| UN United Nat Foods Inc | Trimmed | −76,900 | −$2.59M | 4.6% |
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Warner Bros Discovery Inc | Added | +476,000 | +$9.3M | 45.3% |
| WI Wesco Intl Inc | Trimmed | −20,200 | −$4.27M | 5.6% |
| Xpo Inc | Trimmed | −27,700 | −$3.58M | 5.8% |
| UN United Nat Foods Inc | Trimmed | −58,600 | −$2.2M | 8.2% |
| Builders Firstsource Inc | Trimmed | −16,948 | −$2.05M | 12.3% |
| TI Tfi Intl Inc | Added | +8,700 | +$766K | 22.9% |
| Rxo Inc | Exited | −16,100 | −$253K | — |
quarter ended June 30, 2025 · filed August 11, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Xpo Inc | Trimmed | −106,600 | −$13.5M | 10.4% |
| Builders Firstsource Inc | Added | +26,548 | +$3.1M | 16.5% |
| TI Tfi Intl Inc | Added | +30,300 | +$2.72M | 28.0% |
| Warner Bros Discovery Inc | Added | +191,000 | +$2.19M | 27.4% |
| WI Wesco Intl Inc | Trimmed | −10,500 | −$1.94M | 9.8% |
| Rxo Inc | Trimmed | −103,000 | −$1.62M | 0.3% |
| Qxo Inc | Exited | −113,000 | −$1.53M | — |
| UN United Nat Foods Inc | Trimmed | −64,600 | −$1.51M | 7.6% |
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TI Tfi Intl Inc | Added | +125,072 | +$9.69M | 20.9% |
| UN United Nat Foods Inc | Trimmed | −303,050 | −$8.3M | 10.3% |
| Xpo Inc | Trimmed | −62,700 | −$6.75M | 19.4% |
| Allegiant Travel Co | Exited | −40,600 | −$3.82M | — |
| Vestis Corp | Exited | −166,500 | −$2.54M | — |
| WI Wesco Intl Inc | Trimmed | −14,200 | −$2.21M | 9.4% |
| Qxo Inc | Trimmed | −137,000 | −$1.85M | 1.5% |
| Builders Firstsource Inc | Added | +8,000 | +$1M | 13.8% |
| Rxo Inc | Trimmed | −12,000 | −$229K | 2.2% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Xpo Inc | Trimmed | −94,800 | −$12.4M | 23.7% |
| Warner Bros Discovery Inc | Added | +985,000 | +$10.4M | 16.7% |
| WI Wesco Intl Inc | Trimmed | −42,800 | −$7.75M | 10.1% |
| UN United Nat Foods Inc | Trimmed | −215,884 | −$5.9M | 13.6% |
| Builders Firstsource Inc | Added | +32,000 | +$4.57M | 11.0% |
| Qxo Inc | Added | +150,015 | +$2.39M | 2.8% |
| Rxo Inc | Trimmed | −71,000 | −$1.69M | 2.2% |
| Allegiant Travel Co | Added | +16,900 | +$1.59M | 2.7% |
| TI Tfi Intl Inc | Added | +4,200 | +$567K | 15.3% |
| Vestis Corp | Trimmed | −23,000 | −$351K | 1.8% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Warner Bros Discovery Inc | Added | +440,000 | +$3.63M | 7.8% |
| Forward Air Corp | Exited | −140,500 | −$2.68M | — |
| Xpo Inc | Trimmed | −15,000 | −$1.61M | 28.7% |
| Qxo Inc | New | +99,985 | +$1.58M | 1.2% |
| TI Tfi Intl Inc | Trimmed | −11,300 | −$1.55M | 16.2% |
| WI Wesco Intl Inc | Trimmed | −7,950 | −$1.34M | 15.6% |
| Builders Firstsource Inc | Added | +6,600 | +$1.28M | 11.3% |
| Allegiant Travel Co | Added | +10,000 | +$551K | 1.0% |
| Vestis Corp | Trimmed | −20,000 | −$298K | 2.2% |
| UN United Nat Foods Inc | Added | +5,000 | +$84.1K | 11.8% |
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