Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$1.28B in Q2 2013 → $4.26B 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 |
|---|---|---|---|---|
| Unitedhealth Group Inc | 14.9% | Trimmed 19% | 1,526,157 | $634M |
| Progressive Corp | 11.0% | Trimmed 12% | 2,153,186 | $470M |
| Autozone Inc | 10.2% | Trimmed 17% | 136,373 | $436M |
| Visa Inc | 8.3% | Trimmed 18% | 1,034,433 | $355M |
| AC Arch Cap Group Ltd | 7.6% | Added 9.2% | 3,331,135 | $323M |
| Mastercard Incorporated | 6.9% | Trimmed 4.6% | 572,290 | $294M |
| EI Expeditors Intl Wash Inc | 5.9% | Trimmed 20% | 1,553,964 | $253M |
| OA Oreilly Automotive Inc | 5.9% | Trimmed 22% | 2,740,457 | $252M |
| M Moodys Corp | 4.5% | Trimmed 22% | 422,806 | $191M |
| DP Dominos Pizza Inc | 4.4% | Trimmed 15% | 638,541 | $189M |
| Nike Inc | 4.2% | New | 4,343,816 | $178M |
| Nvr Inc | 3.2% | Trimmed 21% | 20,141 | $137M |
| TC Tjx Cos Inc New | 3.1% | Trimmed 20% | 872,770 | $132M |
| Ross Stores Inc | 3.0% | Trimmed 67% | 595,704 | $127M |
| DW Disney Walt Co | 2.9% | Trimmed 21% | 1,298,132 | $125M |
| Fastenal Co | 2.9% | Trimmed 22% | 2,574,816 | $124M |
| SE Strategic Ed Inc | 1.0% | Trimmed 30% | 559,012 | $42.8M |
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 |
|---|---|---|---|---|
| Ross Stores Inc | Trimmed | −1,223,102 | −$260M | 3.0% |
| Cummins Inc | Exited | −448,781 | −$241M | — |
| Nike Inc | New | +4,343,816 | +$178M | 4.2% |
| Unitedhealth Group Inc | Trimmed | −364,532 | −$152M | 14.9% |
| Autozone Inc | Trimmed | −28,660 | −$91.6M | 10.2% |
| Visa Inc | Trimmed | −220,540 | −$75.7M | 8.3% |
| OA Oreilly Automotive Inc | Trimmed | −773,217 | −$71.2M | 5.9% |
| Progressive Corp | Trimmed | −302,198 | −$66M | 11.0% |
| EI Expeditors Intl Wash Inc | Trimmed | −399,041 | −$65M | 5.9% |
| M Moodys Corp | Trimmed | −116,187 | −$52.6M | 4.5% |
Showing the 10 largest of 18 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ross Stores Inc | Trimmed | −895,533 | −$194M | 7.9% |
| Cummins Inc | Trimmed | −314,867 | −$169M | 4.8% |
| Visa Inc | Added | +225,939 | +$68.3M | 7.6% |
| Unitedhealth Group Inc | Added | +232,202 | +$62.8M | 10.2% |
| SE Strategic Ed Inc | Trimmed | −685,592 | −$56.9M | 1.3% |
| OA Oreilly Automotive Inc | Trimmed | −392,970 | −$36.3M | 6.5% |
| Autozone Inc | Trimmed | −9,885 | −$33.4M | 11.2% |
| Fastenal Co | Trimmed | −440,308 | −$20.4M | 3.1% |
| AC Arch Cap Group Ltd | Added | +164,419 | +$15.8M | 5.9% |
| EI Expeditors Intl Wash Inc | Trimmed | −99,526 | −$14.3M | 5.6% |
Showing the 10 largest of 17 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ross Stores Inc | Trimmed | −1,306,074 | −$235M | 8.6% |
| Progressive Corp | Added | +948,281 | +$216M | 10.1% |
| Cummins Inc | Trimmed | −340,904 | −$174M | 6.8% |
| Mastercard Incorporated | Added | +32,969 | +$18.8M | 6.3% |
| DP Dominos Pizza Inc | Added | +40,477 | +$16.9M | 5.7% |
| EI Expeditors Intl Wash Inc | Added | +109,791 | +$16.4M | 5.4% |
| Visa Inc | Added | +46,241 | +$16.2M | 6.3% |
| AC Arch Cap Group Ltd | Added | +162,367 | +$15.6M | 4.9% |
| Unitedhealth Group Inc | Added | +45,239 | +$14.9M | 9.6% |
| M Moodys Corp | Added | +26,429 | +$13.5M | 5.0% |
Showing the 10 largest of 17 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Unitedhealth Group Inc | Added | +594,960 | +$205M | 9.6% |
| Progressive Corp | Added | +653,763 | +$161M | 6.7% |
| Ross Stores Inc | Added | +157,385 | +$24M | 10.6% |
| Autozone Inc | Added | +5,293 | +$22.7M | 12.8% |
| Cummins Inc | Added | +48,493 | +$20.5M | 8.1% |
| SE Strategic Ed Inc | Trimmed | −224,516 | −$19.3M | 2.4% |
| Mastercard Incorporated | Added | +27,271 | +$15.5M | 5.8% |
| AC Arch Cap Group Ltd | Added | +141,223 | +$12.8M | 4.3% |
| SS SPDR Series Trust | Exited | −139,663 | −$12.8M | — |
| DP Dominos Pizza Inc | Added | +28,765 | +$12.4M | 5.6% |
Showing the 10 largest of 19 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OA Oreilly Automotive Inc | Added | +3,568,040 | +$322M | 7.1% |
| Unitedhealth Group Inc | New | +1,018,288 | +$318M | 6.5% |
| Fastenal Co | Added | +1,991,619 | +$83.6M | 3.4% |
| Autozone Inc | Trimmed | −2,770 | −$10.3M | 12.7% |
| Ross Stores Inc | Trimmed | −43,155 | −$5.51M | 10.1% |
| TC Tjx Cos Inc New | Trimmed | −39,666 | −$4.9M | 2.7% |
| Progressive Corp | Trimmed | −13,552 | −$3.62M | 5.0% |
| SE Strategic Ed Inc | Trimmed | −38,930 | −$3.31M | 3.1% |
| DW Disney Walt Co | Trimmed | −24,554 | −$3.04M | 4.0% |
| Visa Inc | Added | +6,606 | +$2.35M | 6.9% |
Showing the 10 largest of 19 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TC Tjx Cos Inc New | Trimmed | −1,152,362 | −$140M | 2.9% |
| OA Oreilly Automotive Inc | Trimmed | −18,401 | −$26.4M | 8.9% |
| Progressive Corp | Added | +63,996 | +$18.1M | 5.7% |
| Mastercard Incorporated | Added | +6,246 | +$3.42M | 6.7% |
| Visa Inc | Added | +6,790 | +$2.38M | 7.1% |
| Nvr Inc | Added | +256 | +$1.85M | 3.7% |
| Autozone Inc | Trimmed | −471 | −$1.8M | 14.0% |
| EI Expeditors Intl Wash Inc | Added | +14,127 | +$1.7M | 4.8% |
| M Moodys Corp | Added | +2,779 | +$1.29M | 5.2% |
| Cummins Inc | Added | +3,637 | +$1.14M | 7.1% |
Showing the 10 largest of 17 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AC Arch Cap Group Ltd | Trimmed | −807,997 | −$74.6M | 5.1% |
| TC Tjx Cos Inc New | Trimmed | −68,110 | −$8.23M | 5.9% |
| Fastenal Co | Trimmed | −49,449 | −$3.56M | 3.1% |
| OA Oreilly Automotive Inc | Added | +2,185 | +$2.59M | 7.9% |
| Mastercard Incorporated | Added | +4,748 | +$2.5M | 6.4% |
| Autozone Inc | Added | +694 | +$2.22M | 11.8% |
| EI Expeditors Intl Wash Inc | Added | +9,592 | +$1.06M | 4.4% |
| SS SPDR Ser Tr | Added | +11,014 | +$1.01M | 0.3% |
| Ross Stores Inc | Added | +5,655 | +$855K | 12.8% |
| Cummins Inc | Added | +2,243 | +$782K | 7.9% |
Showing the 10 largest of 18 changes.
quarter ended September 30, 2024 · filed November 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nvr Inc | Trimmed | −9,103 | −$89.3M | 4.9% |
| Arch Capital Group Ltd | Trimmed | −279,986 | −$31.3M | 8.0% |
| Moody's Corp. | Trimmed | −6,134 | −$2.91M | 5.2% |
| Autozone Inc. | Added | +796 | +$2.51M | 11.3% |
| Ross Stores Inc | Added | +14,193 | +$2.14M | 12.5% |
| MC Mastercard Inc Class A | Added | +3,170 | +$1.57M | 5.8% |
| VC Visa Inc Cl A | Added | +5,579 | +$1.53M | 5.4% |
| O'reilly Automotive Inc | Added | +1,247 | +$1.44M | 7.4% |
| EI Expeditors International Of Wa | Added | +6,878 | +$904K | 5.1% |
| Strategic Education Inc | Added | +9,001 | +$833K | 3.6% |
Showing the 10 largest of 17 changes.
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