Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (54 quarters reported)
$494M in Q2 2013 → $4.71B now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| CE Cenovus Energy Inc | 9.0% | Added 1.5% | 13,568,058 | $422M |
| Merck & Co Inc | 7.1% | Trimmed 1.2% | 2,305,916 | $335M |
| Apa Corporation | 6.8% | Trimmed 1.2% | 7,714,207 | $320M |
| Macerich Co | 5.4% | Trimmed 1.6% | 11,298,361 | $253M |
| SP Simon Ppty Group Inc New | 5.4% | Trimmed 10% | 1,255,022 | $252M |
| Amgen Inc | 5.3% | Trimmed 11% | 586,504 | $247M |
| Conocophillips | 4.1% | Trimmed 1.2% | 1,558,825 | $195M |
| Target Corp | 4.1% | Trimmed 13% | 1,233,410 | $193M |
| D R Horton Inc | 4.1% | Trimmed 1.2% | 1,396,714 | $191M |
| Lennar Corp | 4.0% | Added 13% | 2,284,725 | $186M |
| Diamondback Energy Inc | 3.9% | Trimmed 1.2% | 997,743 | $183M |
| Nvr Inc | 3.6% | Trimmed 1.5% | 27,829 | $171M |
| American Express Co | 3.6% | Trimmed 1.2% | 562,102 | $171M |
| OP Occidental Pete Corp | 3.5% | Added 1.7% | 2,939,694 | $163M |
| Fifth Third Bancorp | 3.4% | Trimmed 1.5% | 3,125,275 | $158M |
| WA Western Alliance Bancorp | 3.0% | Added 19% | 1,890,270 | $142M |
| Jpmorgan Chase & Co | 2.7% | Trimmed 1.9% | 385,586 | $128M |
| Unitedhealth Group Inc | 2.5% | Trimmed 1.2% | 324,391 | $119M |
| BO Bank Of Amer Corp | 2.5% | Trimmed 17% | 2,167,615 | $118M |
| Zoetis Inc | 2.3% | Added 28% | 1,580,996 | $110M |
| U Haul Holding Company | 2.3% | Trimmed 1.3% | 2,005,288 | $106M |
| CA Credit Accep Corp Mich | 2.2% | Trimmed 1.2% | 196,381 | $104M |
| Ebay Inc. | 1.8% | Trimmed 1.2% | 805,908 | $85.5M |
| Crocs Inc | 1.8% | Added 45% | 709,816 | $83.3M |
| Home Depot Inc | 1.7% | Trimmed 1.3% | 286,495 | $81.5M |
| Ulta Beauty Inc | 1.4% | Trimmed 1.2% | 116,537 | $63.6M |
| M& M & T Bk Corp | 1.3% | Trimmed 1.2% | 274,204 | $59.7M |
| Frontline PLC | 0.8% | Added 20% | 760,775 | $37.7M |
| West Fraser Timber Co Ltd | 0.3% | Added 55% | 192,278 | $13.3M |
| Garrett Motion Inc | 0.2% | Added 60% | 440,241 | $11.5M |
| IT Ishares Tr | 0.0% | Trimmed 7.5% | 4,586 | $1.14M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 16, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Amgen Inc | Trimmed | −72,737 | −$30.7M | 5.3% |
| SP Simon Ppty Group Inc New | Trimmed | −144,703 | −$29.1M | 5.4% |
| Target Corp | Trimmed | −176,556 | −$27.7M | 4.1% |
| Crocs Inc | Added | +220,571 | +$25.9M | 1.8% |
| Zoetis Inc | Added | +347,786 | +$24.3M | 2.3% |
| BO Bank Of Amer Corp | Trimmed | −439,218 | −$23.9M | 2.5% |
| WA Western Alliance Bancorp | Added | +295,592 | +$22.2M | 3.0% |
| Lennar Corp | Added | +264,284 | +$21.6M | 4.0% |
| Frontline PLC | Added | +127,002 | +$6.29M | 0.8% |
| CE Cenovus Energy Inc | Added | +197,427 | +$6.14M | 9.0% |
Showing the 10 largest of 32 changes.
quarter ended June 30, 2026 · filed August 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ebay Inc. | Trimmed | −955,571 | −$107M | 2.0% |
| Zoetis Inc | New | +1,233,210 | +$88.6M | 1.9% |
| Qualcomm Inc | Exited | −545,810 | −$70.3M | — |
| Nvr Inc | Added | +6,710 | +$45.7M | 4.1% |
| Lennar Corp | Added | +434,216 | +$39.3M | 3.9% |
| CE Cenovus Energy Inc | Trimmed | −1,497,372 | −$37.1M | 7.1% |
| SP Simon Ppty Group Inc New | Trimmed | −160,135 | −$35.8M | 6.7% |
| WA Western Alliance Bancorp | Added | +239,087 | +$19.7M | 2.8% |
| Fifth Third Bancorp | Added | +340,401 | +$19.2M | 3.8% |
| Merck & Co Inc | Trimmed | −136,930 | −$17.6M | 6.4% |
Showing the 10 largest of 33 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Apa Corporation | Trimmed | −1,233,224 | −$52.3M | 7.6% |
| CE Cenovus Energy Inc | Trimmed | −1,895,975 | −$50.3M | 8.6% |
| American Express Co | Trimmed | −165,788 | −$50.1M | 4.0% |
| Merck & Co Inc | Trimmed | −366,902 | −$44.1M | 6.5% |
| SP Simon Ppty Group Inc New | Trimmed | −231,470 | −$43.2M | 6.3% |
| Jpmorgan Chase & Co | Trimmed | −146,698 | −$43.2M | 2.7% |
| Amgen Inc | Trimmed | −103,877 | −$36.5M | 5.3% |
| Macerich Co | Trimmed | −1,808,473 | −$34.2M | 5.0% |
| Conocophillips | Trimmed | −246,242 | −$32.5M | 4.8% |
| Diamondback Energy Inc | Trimmed | −158,444 | −$31.3M | 4.6% |
Showing the 10 largest of 32 changes.
quarter ended December 31, 2025 · filed February 09, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ovintiv Inc | Exited | −3,459,320 | −$140M | — |
| Fifth Third Bancorp | Added | +1,624,138 | +$76M | 3.2% |
| DE Devon Energy Corp New | Exited | −1,478,887 | −$51.8M | — |
| SP Simon Ppty Group Inc New | Trimmed | −124,175 | −$23M | 6.9% |
| Merck & Co Inc | Trimmed | −196,374 | −$20.7M | 6.2% |
| American Express Co | Trimmed | −53,421 | −$19.8M | 5.9% |
| WA Western Alliance Bancorp | Added | +223,707 | +$18.8M | 2.7% |
| Amgen Inc | Trimmed | −55,588 | −$18.2M | 5.4% |
| Macerich Co | Trimmed | −968,119 | −$17.9M | 5.3% |
| D R Horton Inc | Trimmed | −119,238 | −$17.2M | 5.1% |
Showing the 10 largest of 35 changes.
quarter ended September 30, 2025 · filed November 10, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ebay Inc. | Trimmed | −758,661 | −$69M | 3.8% |
| Crocs Inc | New | +634,082 | +$53M | 1.0% |
| Diamondback Energy Inc | Added | +258,738 | +$37M | 3.6% |
| Ovintiv Inc | Trimmed | −896,260 | −$36.2M | 2.7% |
| DE Devon Energy Corp New | Trimmed | −921,799 | −$32.3M | 1.0% |
| SP Simon Ppty Group Inc New | Trimmed | −146,514 | −$27.5M | 6.9% |
| Unitedhealth Group Inc | Added | +77,680 | +$26.8M | 2.2% |
| D R Horton Inc | Trimmed | −140,682 | −$23.8M | 6.0% |
| American Express Co | Trimmed | −62,880 | −$20.9M | 5.3% |
| Macerich Co | Trimmed | −1,142,078 | −$20.8M | 5.2% |
Showing the 10 largest of 31 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Diamondback Energy Inc | New | +1,053,675 | +$145M | 2.9% |
| American Express Co | Trimmed | −343,542 | −$110M | 5.7% |
| DE Devon Energy Corp New | Trimmed | −3,305,636 | −$105M | 1.5% |
| BH Berkshire Hathaway Inc Del | Exited | −189,065 | −$101M | — |
| Jpmorgan Chase & Co. | Trimmed | −339,152 | −$98.3M | 3.8% |
| BA Bank America Corp | Trimmed | −2,011,673 | −$95.2M | 3.5% |
| Unitedhealth Group Inc | New | +252,438 | +$78.8M | 1.6% |
| OP Occidental Pete Corp | Trimmed | −1,866,260 | −$78.4M | 3.4% |
| Ovintiv Inc | Trimmed | −1,694,018 | −$64.5M | 3.3% |
| SH Siriusxm Holdings Inc | Exited | −2,450,931 | −$55.3M | — |
Showing the 10 largest of 37 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SP Simon Ppty Group Inc New | Trimmed | −221,491 | −$36.8M | 6.7% |
| MP Millrose Pptys Inc | New | +1,186,210 | +$31.4M | 0.5% |
| American Express Co | Trimmed | −116,157 | −$31.3M | 5.7% |
| Amgen Inc | Trimmed | −99,042 | −$30.9M | 5.6% |
| OP Occidental Pete Corp | Trimmed | −611,190 | −$30.2M | 5.0% |
| Macerich Co | Trimmed | −1,735,476 | −$29.8M | 5.4% |
| D R Horton Inc | Trimmed | −213,245 | −$27.1M | 4.9% |
| Lennar Corp | Trimmed | −226,072 | −$25.9M | 4.7% |
| Jpmorgan Chase & Co. | Trimmed | −93,373 | −$22.9M | 4.2% |
| BA Bank America Corp | Trimmed | −535,374 | −$22.3M | 4.0% |
Showing the 10 largest of 35 changes.
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ulta Beauty Inc | New | +204,891 | +$89.1M | 1.4% |
| American Express Co | Trimmed | −285,049 | −$84.6M | 6.2% |
| Jpmorgan Chase & Co. | Trimmed | −328,993 | −$78.9M | 4.0% |
| BA Bank America Corp | Trimmed | −1,739,446 | −$76.4M | 4.2% |
| Apa Corporation | Added | +3,013,953 | +$69.6M | 4.5% |
| SH Siriusxm Holdings Inc | New | +2,680,495 | +$61.1M | 0.9% |
| Target Corp | Added | +247,229 | +$33.4M | 3.1% |
| SP Simon Ppty Group Inc New | Trimmed | −62,066 | −$10.7M | 6.8% |
| Macerich Co | Trimmed | −483,692 | −$9.64M | 6.2% |
| Lennar Corp | Trimmed | −63,350 | −$8.64M | 5.5% |
Showing the 10 largest of 34 changes.
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