Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (43 quarters reported)
$1.44B in Q4 2015 → $2.08B 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 |
|---|---|---|---|---|
| Humana Inc | 35.0% | Added 10% | 1,833,763 | $728M |
| LM Liberty Media Corp Del | 24.2% | Added 19% | 5,288,530 | $503M |
| Unitedhealth Group Inc | 21.0% | Added 4.0% | 1,051,012 | $437M |
| IT Ishares Tr Put | 19.7% | New | 6,000,000 | $410M |
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 |
|---|---|---|---|---|
| IT Ishares Tr | New | +6,000,000 | +$410M | 19.7% |
| Woodward Inc | Exited | −677,419 | −$242M | — |
| LM Liberty Media Corp Del | Added | +859,786 | +$81.8M | 24.2% |
| Humana Inc | Added | +168,641 | +$67M | 35.0% |
| Unitedhealth Group Inc | Added | +40,459 | +$16.8M | 21.0% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Masimo Corp | Exited | −1,560,697 | −$203M | — |
| LM Liberty Media Corp Del | Added | +2,314,866 | +$197M | 31.9% |
| Woodward Inc | Trimmed | −305,454 | −$109M | 20.5% |
| Humana Inc | Added | +421,938 | +$73.2M | 24.4% |
| Unitedhealth Group Inc | Added | +97,821 | +$26.5M | 23.2% |
quarter ended December 31, 2025 · filed February 18, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LM Liberty Media Corp Del | New | +2,113,878 | +$208M | 15.7% |
| Masimo Corp | New | +1,560,697 | +$203M | 15.3% |
| AM Applied Matls Inc | Exited | −881,453 | −$180M | — |
| Ferguson Enterprises Inc | Exited | −591,318 | −$133M | — |
| Woodward Inc | Trimmed | −392,520 | −$119M | 22.4% |
| Humana Inc | Added | +461,563 | +$118M | 24.0% |
| Unitedhealth Group Inc | Added | +11,341 | +$3.74M | 22.7% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AM Applied Matls Inc | Trimmed | −1,825,402 | −$374M | 15.4% |
| Humana Inc | New | +781,621 | +$203M | 17.3% |
| Ferguson Enterprises Inc | Trimmed | −678,416 | −$152M | 11.3% |
| IT Ishares Tr | Exited | −1,648,000 | −$133M | — |
| Unitedhealth Group Inc | Added | +292,015 | +$101M | 26.5% |
| Woodward Inc | Trimmed | −20,412 | −$5.16M | 29.6% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Canadian Pacific Kansas City | Exited | −4,063,480 | −$285M | — |
| Unitedhealth Group Inc | New | +609,376 | +$190M | 13.2% |
| IT Ishares Tr | New | +1,648,000 | +$133M | 9.2% |
| AM Applied Matls Inc | Added | +308,292 | +$56.4M | 34.5% |
| Woodward Inc | Trimmed | −186,290 | −$45.7M | 23.8% |
| Ferguson Enterprises Inc | Added | +120,224 | +$26.2M | 19.2% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ferguson Enterprises Inc | New | +1,149,510 | +$184M | 16.6% |
| Oracle Corp | Exited | −986,727 | −$164M | — |
| AM Applied Matls Inc | Added | +581,670 | +$84.4M | 31.5% |
| Canadian Pacific Kansas City | Added | +1,098,268 | +$77.1M | 25.8% |
| EC Everus Constr Group | Exited | −739,458 | −$48.6M | — |
| Woodward Inc | Added | +253,330 | +$46.2M | 26.1% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Visa Inc | Exited | −1,214,567 | −$334M | — |
| Oracle Corp | New | +986,727 | +$164M | 17.4% |
| BA Booz Allen Hamilton Hldg Cor | Exited | −978,002 | −$159M | — |
| Woodward Inc | Added | +751,541 | +$125M | 23.4% |
| IT Ishares Tr | Exited | −670,000 | −$65.7M | — |
| AM Applied Matls Inc | Added | +334,956 | +$54.5M | 31.3% |
| EC Everus Constr Group | New | +739,458 | +$48.6M | 5.1% |
| Canadian Pacific Kansas City | Added | +196,988 | +$14.3M | 22.7% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Woodward Inc | New | +577,224 | +$99M | 8.3% |
| BA Booz Allen Hamilton Hldg Cor | Trimmed | −307,546 | −$50.1M | 13.3% |
| Canadian Pacific Kansas City | Trimmed | −569,116 | −$48.7M | 19.8% |
| Propertyguru Group Ltd | Exited | −5,621,940 | −$27.3M | — |
| AM Applied Matls Inc | Trimmed | −104,974 | −$21.2M | 25.1% |
| Visa Inc | Trimmed | −14 | −$3.85K | 28.0% |
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