Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (51 quarters reported)
$449M in Q4 2013 → $197M 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 |
|---|---|---|---|---|
| Penn Entertainment Inc | 58.6% | Trimmed 4.9% | 5,398,590 | $115M |
| FA First Amern Finl Corp | 23.5% | Unchanged | 675,000 | $46.3M |
| UN Ugi Corp New | 12.6% | Added 24% | 18,380,000 | $24.8M |
| Fossil Group Inc | 4.6% | Unchanged | 2,163,349 | $8.96M |
| Optimum Communications Inc | 0.7% | Trimmed 56% | 1,001,744 | $1.45M |
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 |
|---|---|---|---|---|
| United Parks & Resorts Inc | Exited | −600,000 | −$19.6M | — |
| DB Driven Brands Hldgs Inc | Exited | −950,000 | −$12M | — |
| Penn Entertainment Inc | Trimmed | −276,410 | −$5.9M | 58.6% |
| UN Ugi Corp New | Added | +3,502,000 | +$4.72M | 12.6% |
| Optimum Communications Inc | Trimmed | −1,298,256 | −$1.88M | 0.7% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| DB Driven Brands Hldgs Inc | Trimmed | −4,300,000 | −$54.2M | 6.3% |
| E Enviri Corp | Exited | −1,250,000 | −$22.4M | — |
| UN Ugi Corp New | New | +14,878,000 | +$20.9M | 11.0% |
| United Parks & Resorts Inc | New | +600,000 | +$19.6M | 10.3% |
| EH Equitable Hldgs Inc | Exited | −400,000 | −$19.1M | — |
| Penn Entertainment Inc | Trimmed | −575,000 | −$8.64M | 44.7% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CE Caesars Entertainment Inc Ne | Exited | −3,500,000 | −$94.6M | — |
| RS Ryder Sys Inc | Exited | −335,000 | −$63.2M | — |
| Six Flags Entertainment Corp | Exited | −2,175,000 | −$49.4M | — |
| Clarivate PLC | Exited | −11,125,000 | −$42.6M | — |
| UN Ugi Corp New | Exited | −1,200,000 | −$39.9M | — |
| WH Willscot Hldgs Corp | Exited | −1,550,000 | −$32.7M | — |
| E Enviri Corp | Trimmed | −1,475,000 | −$26.4M | 8.5% |
| United Parks & Resorts Inc | Exited | −425,000 | −$22M | — |
| FA First Amern Finl Corp | Trimmed | −350,000 | −$21.5M | 15.7% |
| EH Equitable Hldgs Inc | Trimmed | −400,000 | −$19.1M | 7.2% |
Showing the 10 largest of 15 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| United Parks & Resorts Inc | Trimmed | −1,175,000 | −$60.7M | 3.0% |
| RS Ryder Sys Inc | Trimmed | −300,000 | −$56.6M | 8.6% |
| Mgm Resorts International | Exited | −1,500,000 | −$51.6M | — |
| EH Equitable Hldgs Inc | New | +800,000 | +$40.6M | 5.5% |
| Boyd Gaming Corp | Exited | −500,000 | −$39.1M | — |
| FA First Amern Finl Corp | Trimmed | −375,000 | −$24.1M | 8.9% |
| GC Granite Constr Inc | Exited | −250,000 | −$23.4M | — |
| UN Ugi Corp New | Added | +600,000 | +$20M | 5.4% |
| Six Flags Entertainment Corp | Added | +775,000 | +$17.6M | 6.7% |
| WH Willscot Hldgs Corp | Added | +550,000 | +$11.6M | 4.4% |
Showing the 10 largest of 15 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Boyd Gaming Corp | Trimmed | −850,000 | −$66.5M | 4.3% |
| Mgm Resorts International | Trimmed | −1,500,000 | −$51.6M | 5.7% |
| FA First Amern Finl Corp | Trimmed | −775,000 | −$47.6M | 9.5% |
| Six Flags Entertainment Corp | New | +1,400,000 | +$42.6M | 4.7% |
| RS Ryder Sys Inc | Trimmed | −175,000 | −$27.8M | 11.1% |
| GC Granite Constr Inc | New | +250,000 | +$23.4M | 2.6% |
| IH Iqvia Hldgs Inc | New | +120,000 | +$18.9M | 2.1% |
| UN Ugi Corp New | Trimmed | −400,000 | −$14.6M | 2.4% |
| CE Caesars Entertainment Inc Ne | Trimmed | −400,000 | −$11.4M | 10.9% |
| WH Willscot Hldgs Corp | Trimmed | −400,000 | −$11M | 3.0% |
Showing the 10 largest of 14 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PH Playa Hotels & Resorts Nv | Exited | −12,500,000 | −$158M | — |
| Penn Entertainment Inc | Trimmed | −7,250,000 | −$118M | 12.1% |
| FA First Amern Finl Corp | Trimmed | −1,170,000 | −$76.8M | 14.6% |
| RS Ryder Sys Inc | Trimmed | −390,000 | −$56.1M | 11.9% |
| Clarivate PLC | New | +12,000,000 | +$47.2M | 4.8% |
| Boyd Gaming Corp | Trimmed | −650,000 | −$42.8M | 9.1% |
| CE Caesars Entertainment Inc Ne | Added | +1,650,000 | +$41.3M | 10.0% |
| United Parks & Resorts Inc | Added | +900,000 | +$40.9M | 6.5% |
| WH Willscot Hldgs Corp | New | +1,400,000 | +$38.9M | 4.0% |
| UN Ugi Corp New | New | +1,000,000 | +$33.1M | 3.4% |
Showing the 10 largest of 14 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Boyd Gaming Corp | Trimmed | −1,000,000 | −$72.5M | 10.9% |
| RS Ryder Sys Inc | Trimmed | −450,000 | −$70.6M | 14.2% |
| CE Caesars Entertainment Inc Ne | Added | +1,750,000 | +$58.5M | 5.7% |
| United Parks & Resorts Inc | Trimmed | −800,000 | −$45M | 2.1% |
| FA First Amern Finl Corp | Trimmed | −455,000 | −$28.4M | 15.7% |
| Mgm Resorts International | Added | +500,000 | +$17.3M | 7.8% |
| DB Driven Brands Hldgs Inc | Trimmed | −150,000 | −$2.42M | 9.0% |
| Modivcare Inc | Trimmed | −200,000 | −$2.37M | 0.9% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CE Caesars Entertainment Inc Ne | Trimmed | −2,800,000 | −$117M | 1.5% |
| Mgm Resorts International | New | +2,500,000 | +$97.7M | 7.2% |
| FA First Amern Finl Corp | Trimmed | −1,275,000 | −$84.2M | 18.4% |
| RS Ryder Sys Inc | Trimmed | −525,000 | −$76.5M | 17.6% |
| Rush Street Interactive Inc | Exited | −7,000,000 | −$67.1M | — |
| Boyd Gaming Corp | Trimmed | −1,000,000 | −$64.7M | 14.2% |
| Modivcare Inc | New | +1,200,000 | +$17.1M | 1.3% |
| United Parks & Resorts Inc | Trimmed | −300,000 | −$15.2M | 4.8% |
| Global Business Travel Group | Exited | −2,175,000 | −$14.4M | — |
| DB Driven Brands Hldgs Inc | Added | +350,000 | +$4.99M | 7.9% |
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