Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (45 quarters reported)
$113M in Q2 2013 → $113M 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 | 47.0% | Trimmed 12% | 83,123 | $52.9M |
| Wayfair Inc | 18.5% | Trimmed 4.7% | 225,850 | $20.9M |
| WA World Accep Corporation | 14.1% | Trimmed 8.3% | 71,150 | $15.9M |
| Cimpress PLC | 10.4% | Trimmed 11% | 115,225 | $11.7M |
| BA British Amern Tob PLC | 9.9% | Trimmed 54% | 181,000 | $11.2M |
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 |
|---|---|---|---|---|
| BA British Amern Tob PLC | Trimmed | −216,500 | −$13.4M | 9.9% |
| CA Credit Accep Corp Mich | Trimmed | −11,775 | −$7.5M | 47.0% |
| WA World Accep Corporation | Trimmed | −6,450 | −$1.44M | 14.1% |
| Cimpress PLC | Trimmed | −14,175 | −$1.44M | 10.4% |
| Wayfair Inc | Trimmed | −11,250 | −$1.04M | 18.5% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Yelp Inc | Exited | −8,000 | −$243K | — |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BA British Amern Tob PLC | New | +397,500 | +$22.5M | 20.8% |
| Yelp Inc | Trimmed | −96,280 | −$2.93M | 0.2% |
| CA Credit Accep Corp Mich | Trimmed | −1,315 | −$583K | 38.9% |
| Vapotherm Inc | Exited | −17,125 | −$43.3K | — |
| Wayfair Inc | Trimmed | −400 | −$40.2K | 22.0% |
| Cimpress PLC | Trimmed | −250 | −$16.6K | 8.0% |
| WA World Accep Corporation | Trimmed | −50 | −$7.02K | 10.1% |
quarter ended September 30, 2023 · filed November 14, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Vapotherm Inc | Trimmed | −119,875 | −$303K | 0.1% |
| CA Credit Accep Corp Mich | Trimmed | −400 | −$184K | 54.0% |
quarter ended June 30, 2023 · filed August 14, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Yelp Inc | Trimmed | −50,100 | −$1.82M | 4.4% |
| Vapotherm Inc | Trimmed | −450 | −$200 | 0.1% |
quarter ended March 31, 2023 · filed May 15, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CA Credit Accep Corp Mich | Trimmed | −500 | −$218K | 62.6% |
| Vapotherm Inc | Trimmed | −2,500 | −$1.65K | 0.1% |
quarter ended December 31, 2022 · filed February 14, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CA Credit Accep Corp Mich | Added | +12,375 | +$5.87M | 68.6% |
| Wayfair Inc | Added | +65,000 | +$2.14M | 11.6% |
| Cimpress PLC | Added | +60,000 | +$1.66M | 5.3% |
| WA World Accep Corp Del | Added | +17,000 | +$1.12M | 7.6% |
| Yelp Inc | Added | +36,000 | +$984K | 6.3% |
quarter ended September 30, 2022 · filed November 14, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CA Credit Accep Corp Mich | Trimmed | −15,000 | −$6.57M | 68.0% |
| Copart Inc | Exited | −25,800 | −$2.8M | — |
| Yelp Inc | Trimmed | −60,000 | −$2.03M | 7.4% |
| Wayfair Inc | Trimmed | −50,000 | −$1.63M | 10.3% |
| WA World Accep Corp Del | Trimmed | −10,000 | −$968K | 10.8% |
| Cimpress PLC | Trimmed | −30,000 | −$734K | 3.1% |
| Global Industrial Company | Exited | −20,000 | −$675K | — |
| Vapotherm Inc | Trimmed | −45,000 | −$70.7K | 0.4% |
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