Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$746M in Q2 2013 → $927M 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 |
|---|---|---|---|---|
| Viasat Inc | 21.3% | New | 2,203,640 | $198M |
| Echostar Corp | 13.9% | Trimmed 20% | 1,270,079 | $129M |
| Global Business Travel Group | 11.1% | Trimmed 50% | 10,998,642 | $103M |
| Masterbrand Inc | 10.9% | Added 664% | 9,821,896 | $101M |
| OP Office Pptys Income Tr | 7.9% | New | 4,327,521 | $73.6M |
| AH Aercap Holdings Nv | 6.4% | Unchanged | 404,266 | $58.9M |
| T& Telephone & Data Sys Inc | 5.1% | Unchanged | 1,275,282 | $47.2M |
| Molina Healthcare Inc | 4.9% | Trimmed 35% | 200,000 | $45.7M |
| EH Elevance Health Inc Formerly | 3.5% | Unchanged | 84,800 | $32.8M |
| Kbr Inc | 2.1% | New | 575,000 | $19.9M |
| FB Fortune Brands Innovations I | 2.0% | New | 332,000 | $18.2M |
| CD Centene Corp Del | 1.4% | Unchanged | 208,500 | $13.4M |
| CE Caesars Entertainment Inc Ne | 1.4% | Unchanged | 420,000 | $12.7M |
| Unitedhealth Group Inc | 1.2% | Unchanged | 27,500 | $11.4M |
| Grupo Aeromexico Sab De Cv | 1.1% | Added 5.8% | 583,580 | $10.5M |
| Sable Offshore Corp | 1.0% | New | 3,000,000 | $9.24M |
| Optimum Communications Inc | 0.8% | Trimmed 37% | 5,189,270 | $7.52M |
| AS Azul S A | 0.8% | New | 816,991 | $7.34M |
| C& Cbl & Assoc Pptys Inc | 0.7% | Unchanged | 117,613 | $6.24M |
| SC Studio City Intl Hldgs Ltd | 0.6% | Unchanged | 3,239,073 | $5.93M |
| Echostar Corp | 0.6% | Trimmed 92% | 1,915,906 | $5.9M |
| NC Norwegian Cruise Line Hldgs | 0.6% | New | 260,000 | $5.49M |
| MI Mercer Intl Inc | 0.3% | Unchanged | 4,648,133 | $3.07M |
| Ehealth Inc | 0.1% | Unchanged | 467,395 | $696K |
| AP American Pub Ed Inc | 0.1% | Unchanged | 10,000 | $537K |
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 |
|---|---|---|---|---|
| Viasat Inc | New | +2,203,640 | +$198M | 21.3% |
| Global Business Travel Group | Trimmed | −10,955,174 | −$103M | 11.1% |
| Masterbrand Inc | Added | +8,535,799 | +$87.8M | 10.9% |
| OP Office Pptys Income Tr | New | +4,327,521 | +$73.6M | 7.9% |
| Echostar Corp | Trimmed | −21,130,000 | −$65M | 0.6% |
| Echostar Corp | Trimmed | −314,778 | −$31.9M | 13.9% |
| Molina Healthcare Inc | Trimmed | −110,000 | −$25.2M | 4.9% |
| Vistance Networks Inc | Exited | −1,368,663 | −$24.9M | — |
| Kbr Inc | New | +575,000 | +$19.9M | 2.1% |
| FB Fortune Brands Innovations I | New | +332,000 | +$18.2M | 2.0% |
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 |
|---|---|---|---|---|
| AH Aercap Holdings Nv | Trimmed | −900,597 | −$124M | 8.2% |
| Echostar Corp | Trimmed | −30,905,000 | −$113M | 12.5% |
| Echostar Corp | Trimmed | −682,930 | −$80M | 27.5% |
| Molina Healthcare Inc | Added | +200,000 | +$26.7M | 6.1% |
| Vistance Networks Inc | New | +1,368,663 | +$24.9M | 3.7% |
| T& Telephone & Data Sys Inc | Added | +398,702 | +$16.8M | 8.0% |
| Masterbrand Inc | New | +1,286,097 | +$10.7M | 1.6% |
| Grupo Aeromexico Sab De Cv | New | +551,601 | +$7.73M | 1.1% |
| American Woodmark Corp | New | +72,402 | +$2.88M | 0.4% |
| Global Business Travel Group | Added | +500,000 | +$2.79M | 18.2% |
Showing the 10 largest of 11 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Echostar Corp | Trimmed | −3,332,012 | −$362M | 26.4% |
| EH Elevance Health Inc Formerly | Added | +32,300 | +$11.3M | 3.2% |
| Molina Healthcare Inc | Added | +51,600 | +$8.95M | 2.0% |
| CE Caesars Entertainment Inc Ne | Added | +100,000 | +$2.34M | 1.1% |
| Global Business Travel Group | Added | +1 | +$8 | 17.6% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Echostar Corp | Trimmed | −2,345,042 | −$179M | 41.4% |
| Global Business Travel Group | New | +21,453,815 | +$173M | 16.8% |
| AP American Pub Ed Inc | Trimmed | −695,379 | −$27.4M | — |
| EH Elevance Health Inc Formerly | New | +52,500 | +$17M | 1.6% |
| AH Aercap Holdings Nv | Trimmed | −105,000 | −$12.7M | 15.3% |
| Molina Healthcare Inc | New | +58,400 | +$11.2M | 1.1% |
| Unitedhealth Group Inc | New | +27,500 | +$9.5M | 0.9% |
| CD Centene Corp Del | New | +208,500 | +$7.44M | 0.7% |
| Gohealth Inc | New | +924,244 | +$4.45M | 0.4% |
| MI Mercer Intl Inc | Added | +1,279,293 | +$3.68M | 1.3% |
Showing the 10 largest of 11 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| US United States Stl Corp New | Exited | −3,540,422 | −$150M | — |
| Echostar Corp | Added | +1,584,857 | +$43.9M | 40.0% |
| AH Aercap Holdings Nv | Trimmed | −215,000 | −$25.2M | 30.0% |
| Echostar Corp | Trimmed | −20,904,642 | −$24.2M | 11.4% |
| AP American Pub Ed Inc | Trimmed | −421,876 | −$12.9M | 3.9% |
| T& Telephone & Data Sys Inc | Added | +300,000 | +$10.7M | 5.6% |
| MI Mercer Intl Inc | Added | +1,656,115 | +$5.8M | 2.1% |
| Astronics Corp | Exited | −225,893 | −$5.46M | — |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| US United States Stl Corp New | Added | +1,515,321 | +$64M | 22.3% |
| AH Aercap Holdings Nv | Trimmed | −400,000 | −$40.9M | 24.8% |
| T& Telephone & Data Sys Inc | New | +570,213 | +$22.1M | 3.3% |
| Echostar Corp | Trimmed | −700,000 | −$17.9M | 24.3% |
| Astronics Corp | Trimmed | −433,711 | −$10.5M | 0.8% |
| AP American Pub Ed Inc | Trimmed | −133,724 | −$2.98M | 3.8% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Dish Network Corporation | Exited | −108,722,000 | −$94.3M | — |
| Echostar Corp | New | +74,855,548 | +$79M | 13.1% |
| Dish Network Corporation | Exited | −72,298,000 | −$58.7M | — |
| US United States Stl Corp New | Added | +1,412,601 | +$48M | 11.4% |
| Echostar Corp | Added | +1,144,050 | +$26.2M | 26.8% |
| LN Loma Negra C I A S A Mtn 14 | Exited | −2,895,296 | −$23.3M | — |
| Carnival Corp | Exited | −1,124,260 | −$20.8M | — |
| AH Aercap Holdings Nv | Trimmed | −117,160 | −$11.2M | 32.1% |
| Astronics Corp | New | +659,604 | +$10.5M | 1.7% |
| NG Nebius Group N.v. | Exited | −387,585 | −$3.59M | — |
Showing the 10 largest of 12 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| UH Upstart Hldgs Inc | Exited | −76,456,000 | −$59.5M | — |
| LN Loma Negra C I A S A Mtn 14 | Trimmed | −1,595,190 | −$12.9M | 3.6% |
| US United States Stl Corp New | Added | +312,500 | +$11M | 3.3% |
| Telecom Argentina Sa | Exited | −340,428 | −$2.46M | — |
| AP American Pub Ed Inc | Trimmed | −141,103 | −$2.08M | 2.8% |
| OP Office Pptys Income Tr | Exited | −489,684 | −$999K | — |
| Ehealth Inc | New | +175,405 | +$716K | 0.1% |
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