Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$1.31B in Q2 2013 → $1.96B 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 |
|---|---|---|---|---|
| CA Credit Accep Corp Mich | 46.8% | Unchanged | 1,436,951 | $915M |
| Cimpress PLC | 18.8% | Unchanged | 3,612,560 | $367M |
| WA World Accep Corporation | 17.3% | Unchanged | 1,512,424 | $339M |
| Wayfair Inc | 11.0% | Unchanged | 2,322,401 | $215M |
| BA British Amern Tob PLC | 2.9% | Unchanged | 920,100 | $56.8M |
| L Lennar Corp | 1.5% | Unchanged | 323,000 | $29.2M |
| Avantor Inc | 1.3% | Unchanged | 2,600,000 | $25.7M |
| Boston Beer Inc | 0.4% | Unchanged | 45,000 | $7.97M |
| Heartland Express Inc | 0.0% | Unchanged | 60,000 | $913K |
| RH Ryerson Hldg Corp | 0.0% | Unchanged | 30,000 | $738K |
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
No position changes this quarter.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Wayfair Inc | Trimmed | −600,000 | −$45.1M | 12.8% |
| BA British Amern Tob PLC | Added | +700,000 | +$40.9M | 3.9% |
| L Lennar Corp | Added | +303,000 | +$26.3M | 2.1% |
| Avantor Inc | New | +2,600,000 | +$20.4M | 1.5% |
| Boston Beer Inc | New | +45,000 | +$10.4M | 0.8% |
| Outdoor Holding Co | Exited | −587,000 | −$1M | — |
| TP Turning Pt Brands Inc | Exited | −3,500 | −$379K | — |
quarter ended December 31, 2025 · filed February 17, 2026
No position changes this quarter.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WA World Accep Corp Del | Trimmed | −329,710 | −$55.8M | 17.9% |
| L Lennar Corp | New | +20,000 | +$2.52M | 0.2% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CA Credit Accep Corp Mich | Trimmed | −115,477 | −$61.4M | 53.6% |
| WA World Accep Corp Del | Trimmed | −32,649 | −$5.66M | 22.4% |
| PM Philip Morris Intl Inc | Exited | −28,000 | −$4.44M | — |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WA World Accep Corp Del | Trimmed | −162,712 | −$20.6M | 18.1% |
| RH Ryerson Hldg Corp | New | +30,000 | +$689K | 0.1% |
| Heartland Express Inc | New | +60,000 | +$553K | — |
| LC Lineage Cell Therapeutics In | Exited | −386,000 | −$194K | — |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Wayfair Inc | Trimmed | −829,863 | −$36.8M | 9.5% |
| Yelp Inc | Exited | −796,371 | −$27.9M | — |
| Cimpress PLC | Trimmed | −293,932 | −$21.1M | 19.1% |
| TP Turning Pt Brands Inc | New | +3,500 | +$210K | — |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CA Credit Accep Corp Mich | Trimmed | −7,586 | −$3.36M | 45.9% |
| BA British Amern Tob PLC | Added | +20,100 | +$735K | 0.5% |
| LC Lineage Cell Therapeutics In | Trimmed | −234,000 | −$212K | — |
| A Ammo Inc | Added | +67,000 | +$95.8K | 0.1% |
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