Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$516M in Q2 2013 → $1.18B 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 |
|---|---|---|---|---|
| HG Hertz Global Hldgs Inc | 35.0% | Unchanged | 181,455,469 | $412M |
| SS State Street SPDR S&P 500 ETF T Put | 31.7% | New | 500,000 | $373M |
| IT Ishares Tr Put | 10.2% | Trimmed 25% | 1,500,000 | $120M |
| Wheels Up Experience Inc | 9.8% | New | 12,908,460 | $116M |
| Echostar Corp Call | 4.1% | New | 475,000 | $48.2M |
| Echostar Corp Put | 3.2% | New | 375,000 | $38.1M |
| Sportradar Group Ag Call | 2.5% | New | 2,000,000 | $29.9M |
| T& Telephone & Data Sys Inc | 1.4% | Unchanged | 445,695 | $16.5M |
| AS Azul S A | 1.4% | New | 1,773,734 | $16M |
| T& Telephone & Data Sys Inc Call | 0.6% | New | 200,000 | $7.42M |
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 |
|---|---|---|---|---|
| SS State Street SPDR S&P 500 ETF T | New | +500,000 | +$373M | 31.7% |
| IT Ishares Tr | Exited | −1,500,000 | −$372M | — |
| Wheels Up Experience Inc | Exited | −258,169,208 | −$133M | — |
| Wheels Up Experience Inc | New | +12,908,460 | +$116M | 9.8% |
| Echostar Corp | New | +475,000 | +$48.2M | 4.1% |
| IT Ishares Tr | Trimmed | −500,000 | −$40M | 10.2% |
| Echostar Corp | New | +375,000 | +$38.1M | 3.2% |
| Sportradar Group Ag | New | +2,000,000 | +$29.9M | 2.5% |
| AS Azul S A | New | +1,773,734 | +$16M | 1.4% |
| T& Telephone & Data Sys Inc | New | +200,000 | +$7.42M | 0.6% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +1,500,000 | +$372M | 24.5% |
| IT Ishares Tr | Exited | −1,000,000 | −$87.2M | — |
| Echostar Corp | Exited | −125,031 | −$13.6M | — |
| T& Telephone & Data Sys Inc | Trimmed | −70,305 | −$2.96M | 1.2% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −2,000,000 | −$484M | — |
| IT Ishares Tr | Exited | −2,000,000 | −$187M | — |
| IT Ishares Tr | New | +1,000,000 | +$87.2M | 6.3% |
| T& Telephone & Data Sys Inc | Added | +344,061 | +$14.1M | 1.5% |
| Echostar Corp | Added | +31 | +$3.37K | 1.0% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Added | +1,000,000 | +$242M | 18.9% |
| IT Ishares Tr | New | +2,000,000 | +$187M | 7.3% |
| IT Ishares Tr | Exited | −1,000,000 | −$88.3M | — |
| Global Blue Group Holding Ag | Exited | −9,286,969 | −$69.4M | — |
| T& Telephone & Data Sys Inc | New | +171,939 | +$6.75M | 0.3% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −500,000 | −$280M | — |
| IT Ishares Tr | Added | +500,000 | +$108M | 10.5% |
| IT Ishares Tr | New | +1,000,000 | +$88.3M | 4.3% |
| IT Ishares Tr | Trimmed | −1,000,000 | −$80.7M | 7.9% |
| DA Delta Air Lines Inc Del | Exited | −800,000 | −$34.9M | — |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −1,000,000 | −$199M | 5.9% |
| IT Ishares Tr | Trimmed | −1,000,000 | −$78.9M | 13.9% |
| DA Delta Air Lines Inc Del | New | +800,000 | +$34.9M | 2.1% |
| Braemar Hotels & Resorts Inc | Exited | −6,500,000 | −$5.94M | — |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +1,500,000 | +$331M | 15.8% |
| IT Ishares Tr | New | +4,000,000 | +$315M | 15.0% |
| SS SPDR S&P 500 ETF Tr | New | +500,000 | +$293M | 13.9% |
| SS SPDR S&P 500 ETF Tr | Exited | −500,000 | −$287M | — |
| IT Ishares Tr | Exited | −3,000,000 | −$241M | — |
| IT Ishares Tr | Exited | −500,000 | −$110M | — |
| Ati Physical Therapy Inc | Exited | −258,600 | −$1.58M | — |
| Echostar Corp | Added | +20,000 | +$458K | 0.1% |
| Wheels Up Experience Inc | Added | +43,264 | +$71.4K | 20.3% |
| HG Hertz Global Hldgs Inc | Trimmed | −5 | −$18 | 31.6% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −1,000,000 | −$544M | — |
| SS SPDR S&P 500 ETF Tr | New | +500,000 | +$287M | 14.9% |
| IT Ishares Tr | New | +3,000,000 | +$241M | 12.5% |
| IT Ishares Tr | Exited | −1,000,000 | −$203M | — |
| IT Ishares Tr | New | +500,000 | +$110M | 5.7% |
| IT Ishares Tr | Exited | −1,000,000 | −$91.8M | — |
| IT Ishares Tr | Exited | −1,000,000 | −$77.1M | — |
| Echostar Corp | New | +105,000 | +$2.61M | 0.1% |
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