Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (49 quarters reported)
$494M in Q2 2013 → $190M 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 |
|---|---|---|---|---|
| Surgery Partners Inc | 53.7% | Trimmed 41% | 6,058,141 | $102M |
| IT Ishares Tr | 19.5% | New | 999,000 | $37M |
| IT Ishares Tr | 10.0% | New | 237,100 | $19M |
| Talen Energy Corp | 9.5% | Unchanged | 47,000 | $18.1M |
| Vistra Corp | 4.9% | Unchanged | 59,000 | $9.36M |
| Optimum Communications Inc | 2.4% | Trimmed 61% | 3,125,000 | $4.53M |
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 |
|---|---|---|---|---|
| Surgery Partners Inc | Trimmed | −4,171,589 | −$70.1M | 53.7% |
| Boeing Co | Exited | −258,355 | −$51.4M | — |
| IT Ishares Tr | New | +999,000 | +$37M | 19.5% |
| BS Blackstone Secd Lending Fd | Exited | −1,250,000 | −$29.6M | — |
| Uwm Holdings Corporation | Exited | −7,799,000 | −$28.2M | — |
| Uniti Group LLC | Exited | −2,498,226 | −$23.4M | — |
| IT Ishares Tr | New | +237,100 | +$19M | 10.0% |
| SS Select Sector SPDR Tr | Exited | −116,660 | −$18.9M | — |
| Venture Global Inc | Exited | −890,000 | −$14M | — |
| Optimum Communications Inc | Trimmed | −4,907,126 | −$7.12M | 2.4% |
Showing the 10 largest of 11 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Boeing Co | Exited | −1,706,000 | −$118M | — |
| PG&E Corp | Exited | −110,000,000 | −$114M | — |
| Boeing Co | Trimmed | −405,645 | −$80.7M | 15.7% |
| LF Lpl Finl Hldgs Inc | Exited | −104,000 | −$37.1M | — |
| AC Annaly Capital Management In | Exited | −1,426,225 | −$31.9M | — |
| BS Blackstone Secd Lending Fd | New | +1,250,000 | +$29.6M | 9.0% |
| AI Agnc Invt Corp | Trimmed | −2,636,000 | −$26.4M | 1.9% |
| AF Ally Finl Inc | Exited | −438,500 | −$19.9M | — |
| SS Select Sector SPDR Tr | New | +116,660 | +$18.9M | 5.8% |
| Rh | Exited | −87,000 | −$15.6M | — |
Showing the 10 largest of 14 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −9,500,000 | −$771M | — |
| IT Ishares Tr | Exited | −6,500,000 | −$725M | — |
| Nvidia Corporation | Exited | −600,000 | −$112M | — |
| LF Lpl Finl Hldgs Inc | New | +104,000 | +$37.1M | 5.1% |
| SG Sl Green Rlty Corp | Exited | −450,330 | −$26.9M | — |
| AI Agnc Invt Corp | Added | +1,926,000 | +$20.6M | 4.8% |
| AC Annaly Capital Management In | Added | +826,225 | +$18.5M | 4.4% |
| SS SPDR Series Trust | Exited | −275,000 | −$17.4M | — |
| Boeing Co | Added | +80,000 | +$17.4M | 19.9% |
| Rh | New | +87,000 | +$15.6M | 2.2% |
Showing the 10 largest of 19 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +6,500,000 | +$725M | 31.0% |
| IT Ishares Tr | Added | +5,500,000 | +$447M | 33.0% |
| Surgery Partners Inc | Added | +3,114,930 | +$67.4M | 8.6% |
| Zto Express Cayman Inc | Exited | −37,513,000 | −$36.9M | — |
| Boeing Co | Trimmed | −166,000 | −$35.8M | 5.4% |
| AH Aveanna Healthcare Hldgs Inc | Trimmed | −3,264,000 | −$29M | 0.5% |
| Uniti Group LLC | New | +4,491,482 | +$27.5M | 1.2% |
| SG Sl Green Rlty Corp | New | +450,330 | +$26.9M | 1.2% |
| UG Uniti Group Inc | Exited | −6,000,000 | −$25.9M | — |
| SS SPDR Series Trust | New | +275,000 | +$17.4M | 0.7% |
Showing the 10 largest of 20 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +4,000,000 | +$323M | 30.7% |
| PG&E Corp | Trimmed | −108,000,000 | −$107M | 10.4% |
| PG&E Corp | Exited | −2,500,000 | −$43M | — |
| Boeing Co | Trimmed | −150,000 | −$31.4M | 15.0% |
| Surgery Partners Inc | Added | +1,225,000 | +$27.2M | 13.2% |
| PG&E Corp | Exited | −1,000,000 | −$17.2M | — |
| RG Realogy Grp Llc/realogy Co | Exited | −16,500,000 | −$15.4M | — |
| Anywhere Real Estate Inc | Added | +3,050,000 | +$11M | 1.7% |
| AU Altice Usa Inc | Exited | −3,800,000 | −$10.1M | — |
| AH Aveanna Healthcare Hldgs Inc | Trimmed | −1,710,000 | −$8.94M | 2.3% |
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 |
|---|---|---|---|---|
| PG&E Corp | Added | +100,000,000 | +$106M | 26.8% |
| PG&E Corp | Exited | −1,600,000 | −$79.9M | — |
| Boeing Co | Added | +400,000 | +$68.2M | 17.8% |
| Surgery Partners Inc | Added | +2,200,000 | +$52.3M | 13.8% |
| PG&E Corp | New | +2,500,000 | +$43M | 5.0% |
| Zto Express Cayman Inc | New | +36,013,000 | +$36.2M | 4.2% |
| BP Bausch Plus Lomb Corp | Exited | −1,136,321 | −$20.5M | — |
| UG Uniti Group Inc | Added | +1,800,000 | +$9.07M | 2.6% |
| UH Upstart Hldgs Inc | Exited | −10,000,000 | −$9M | — |
| Anywhere Real Estate Inc | New | +1,750,000 | +$5.83M | 0.7% |
Showing the 10 largest of 15 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PG&E Corp | New | +118,000,000 | +$128M | 19.4% |
| Boeing Co | New | +1,700,000 | +$104M | 15.8% |
| Boeing Co | New | +500,000 | +$88.5M | 13.4% |
| Nvidia Corporation | New | +600,000 | +$80.6M | 12.2% |
| PG&E Corp | New | +1,600,000 | +$79.9M | 12.1% |
| Surgery Partners Inc | Added | +1,350,000 | +$28.6M | 9.0% |
| PG&E Corp | New | +860,000 | +$17.4M | 2.6% |
| UH Upstart Hldgs Inc | Trimmed | −9,800,000 | −$8.82M | 1.4% |
| BP Bausch Plus Lomb Corp | Added | +404,256 | +$7.3M | 3.1% |
| UG Uniti Group Inc | Added | +1,040,000 | +$5.72M | 2.2% |
Showing the 10 largest of 12 changes.
quarter ended September 30, 2024 · filed November 18, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Surgery Partners Inc | New | +1,450,000 | +$46.7M | 32.3% |
| BP Bausch Plus Lomb Corp | New | +732,065 | +$14.1M | 9.7% |
| AM Ardagh Metal Packaging S A | Trimmed | −3,350,000 | −$12.6M | 2.6% |
| UG Uniti Group Inc | New | +1,560,000 | +$8.8M | 6.1% |
| Dish Network Corporation | Exited | −11,500,000 | −$7.16M | — |
| Braemar Hotels & Resorts Inc | Exited | −6,700,000 | −$5.9M | — |
| C& Cbl & Assoc Pptys Inc | New | +4,582 | +$115K | 0.1% |
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