Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$656M in Q2 2013 → $2.72B 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 |
|---|---|---|---|---|
| Charles Schwab Corporation | 10.0% | Trimmed 0.4% | 2,936,893 | $271M |
| Somnigroup International | 8.6% | Added 1.2% | 2,975,857 | $233M |
| BH Booking Hldgs Inc | 7.8% | Added 2396% | 1,181,664 | $211M |
| Progressive Corporation | 7.3% | Trimmed 0.6% | 908,992 | $199M |
| TI Thor Inds Inc Com | 7.1% | Added 0.3% | 2,560,247 | $192M |
| AE American Express Co Com | 7.0% | Added 0.6% | 566,262 | $192M |
| Arista Networks Inc | 5.7% | Trimmed 0.6% | 912,952 | $155M |
| FA Floor And Decor Holdings Inc | 5.6% | Trimmed 0.0% | 2,585,135 | $153M |
| BH Berkshire Hathaway Inc Del Cl | 5.6% | Trimmed 0.6% | 302,128 | $151M |
| IB Installed Building Products In | 5.5% | Trimmed 21% | 652,368 | $150M |
| Asbury Automotive Group | 5.2% | Trimmed 0.4% | 706,608 | $142M |
| Armstrong World Industries Inc | 4.6% | Added 39% | 784,126 | $126M |
| BH Berkshire Hathaway Inc Del Cl | 4.4% | Trimmed 2.4% | 160 | $120M |
| MA Moelis And Company | 3.6% | Trimmed 0.8% | 1,503,334 | $98.3M |
| Kinsale Capital Group Inc | 3.5% | Added 58% | 285,392 | $94.1M |
| Analog Devices Inc | 3.2% | Trimmed 67% | 221,787 | $88.1M |
| Nvr Inc | 2.9% | Added 1.6% | 11,583 | $78.9M |
| Canada Goose Holdings Inc | 0.6% | Unchanged | 1,758,525 | $16.7M |
| Patrick Industries Inc | 0.5% | Added 6.8% | 156,000 | $14M |
| Lakeland Financial Corporation | 0.5% | Unchanged | 210,411 | $13M |
| Forward Air Corp | 0.2% | New | 398,551 | $5.38M |
| Clarivate PLC | 0.2% | Unchanged | 2,250,000 | $4.86M |
| Smurfit Westrock PLC | 0.2% | Unchanged | 105,000 | $4.86M |
| Whirlpool Corp | 0.1% | Unchanged | 52,500 | $2.07M |
| International Paper | 0.0% | Trimmed 1.3% | 30,000 | $1.14M |
| German American Bancorp Inc | 0.0% | Unchanged | 15,000 | $712K |
| KC Kimberly-clark Corp Com | 0.0% | Unchanged | 5,000 | $549K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Booking Hldgs Inc | Added | +1,134,317 | +$202M | 7.8% |
| Analog Devices Inc | Trimmed | −458,072 | −$182M | 3.2% |
| IB Installed Building Products In | Trimmed | −174,499 | −$40.1M | 5.5% |
| Armstrong World Industries Inc | Added | +220,675 | +$35.4M | 4.6% |
| Kinsale Capital Group Inc | Added | +104,346 | +$34.4M | 3.5% |
| Forward Air Corp | New | +398,551 | +$5.38M | 0.2% |
| Burford Capital Ltd | Exited | −1,103,016 | −$4.99M | — |
| BH Berkshire Hathaway Inc Del Cl | Trimmed | −4 | −$3M | 4.4% |
| Somnigroup International | Added | +34,225 | +$2.68M | 8.6% |
| Ies Holdings Inc | Exited | −5,000 | −$2.38M | — |
Showing the 10 largest of 22 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Analog Devices Inc | Trimmed | −239,716 | −$76.3M | 8.0% |
| Kinsale Capital Group Inc | New | +181,046 | +$61.9M | 2.3% |
| Charles Schwab Corporation | Trimmed | −75,576 | −$7.1M | 10.2% |
| MA Moelis And Company | Added | +108,905 | +$6.21M | 3.2% |
| BH Berkshire Hathaway Inc Del Cl | Trimmed | −8 | −$5.75M | 4.3% |
| Somnigroup International | Trimmed | −60,070 | −$4.44M | 8.0% |
| Lci Industries | Exited | −35,318 | −$4.29M | — |
| TI Thor Inds Inc Com | Trimmed | −47,996 | −$3.83M | 7.5% |
| IB Installed Building Products In | Trimmed | −13,977 | −$3.71M | 8.1% |
| AE American Express Co Com | Trimmed | −10,280 | −$3.11M | 6.3% |
Showing the 10 largest of 23 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Fiserv Inc | Exited | −1,561,524 | −$201M | — |
| WH Willscot Holdings Corp Class A | Exited | −2,636,203 | −$55.7M | — |
| Charles Schwab Corporation | Trimmed | −107,325 | −$10.7M | 9.8% |
| Somnigroup International | Trimmed | −113,049 | −$10.1M | 8.7% |
| TI Thor Inds Inc Com | Trimmed | −58,966 | −$6.05M | 8.7% |
| BH Booking Hldgs Inc | Trimmed | −979 | −$5.24M | 8.2% |
| IB Installed Building Products In | Trimmed | −19,736 | −$5.12M | 7.1% |
| BH Berkshire Hathaway Inc Del Cl | Trimmed | −9,997 | −$5.02M | 5.0% |
| AE American Express Co Com | Trimmed | −13,193 | −$4.88M | 6.9% |
| Analog Devices Inc | Trimmed | −17,684 | −$4.8M | 8.1% |
Showing the 10 largest of 22 changes.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Somnigroup International | Trimmed | −878,464 | −$74.1M | 7.7% |
| AE American Express Co Com | Trimmed | −221,239 | −$73.5M | 5.7% |
| Armstrong World Industries Inc | Trimmed | −256,188 | −$50.2M | 3.4% |
| Fiserv Inc | Added | +351,289 | +$45.3M | 5.9% |
| Arista Networks Inc | Trimmed | −227,093 | −$33.1M | 4.1% |
| Charles Schwab Corporation | Trimmed | −64,942 | −$6.2M | 8.8% |
| BH Booking Hldgs Inc | Trimmed | −648 | −$3.5M | 7.7% |
| BH Berkshire Hathaway Inc Del Cl | Trimmed | −4 | −$3.02M | 3.8% |
| Progressive Corporation | Trimmed | −9,593 | −$2.37M | 6.7% |
| Analog Devices Inc | Trimmed | −7,748 | −$1.9M | 6.7% |
Showing the 10 largest of 19 changes.
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Alphabet Inc | Exited | −792,054 | −$124M | — |
| IB Installed Building Products In | Added | +366,250 | +$66M | 4.6% |
| Fiserv Inc | Added | +295,248 | +$50.9M | 6.1% |
| TI Thor Inds Inc Com | Added | +225,997 | +$20.1M | 6.9% |
| Somnigroup International | Trimmed | −271,084 | −$18.4M | 7.9% |
| FA Floor And Decor Holdings Inc | Added | +214,151 | +$16.3M | 5.7% |
| Progressive Corporation | Trimmed | −48,064 | −$12.8M | 7.3% |
| BH Berkshire Hathaway Inc Del Cl | Trimmed | −10 | −$7.29M | 3.8% |
| BH Berkshire Hathaway Inc Del Cl | Trimmed | −14,368 | −$6.98M | 4.6% |
| Charles Schwab Corporation | Trimmed | −75,288 | −$6.87M | 8.5% |
Showing the 10 largest of 26 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Somnigroup International | New | +4,264,299 | +$255M | 7.9% |
| TS Tempur Sealy Intl Inc Com | Exited | −4,238,753 | −$240M | — |
| IB Installed Building Products In | New | +500,327 | +$85.8M | 2.7% |
| FA Floor And Decor Holdings Inc | Added | +575,520 | +$46.3M | 5.9% |
| AE American Express Co Com | Trimmed | −166,674 | −$44.8M | 6.8% |
| MA Moelis And Company | Trimmed | −581,453 | −$33.9M | 2.6% |
| TI Thor Inds Inc Com | Added | +409,636 | +$31.1M | 5.8% |
| Fiserv Inc | Added | +108,027 | +$23.9M | 6.3% |
| Progressive Corporation | Trimmed | −77,319 | −$21.9M | 8.7% |
| BH Berkshire Hathaway Inc Del Cl | Trimmed | −16 | −$12.8M | 4.6% |
Showing the 10 largest of 27 changes.
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Arista Networks Inc | New | +1,168,603 | +$129M | 4.0% |
| Arista Networks Inc | Exited | −292,497 | −$112M | — |
| BH Booking Hldgs Inc | Trimmed | −13,911 | −$69.1M | 7.5% |
| MA Moelis And Company | Trimmed | −584,980 | −$43.2M | 4.5% |
| TI Thor Inds Inc Com | Added | +283,744 | +$27.2M | 6.0% |
| Patrick Industries Inc | Added | +42,000 | +$3.49M | 0.3% |
| Analog Devices Inc | Added | +7,969 | +$1.69M | 6.1% |
| Asbury Automotive Group | Added | +3,490 | +$848K | 5.3% |
| AE American Express Co Com | Trimmed | −2,762 | −$820K | 8.9% |
| TS Tempur Sealy Intl Inc Com | Added | +14,233 | +$807K | 7.4% |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Fiserv Inc | New | +804,504 | +$145M | 4.4% |
| Progressive Corporation | Trimmed | −153,788 | −$39M | 8.2% |
| Nvr Inc | Trimmed | −3,846 | −$37.7M | 3.3% |
| Asbury Automotive Group | Added | +158,074 | +$37.7M | 5.1% |
| MA Moelis And Company | Trimmed | −458,070 | −$31.4M | 5.4% |
| BH Berkshire Hathaway Inc Del Cl | Trimmed | −8 | −$5.53M | 4.2% |
| FA Floor And Decor Holdings Inc | Added | +23,928 | +$2.97M | 6.7% |
| AE American Express Co Com | Trimmed | −10,858 | −$2.94M | 8.1% |
| Charles Schwab Corporation | Added | +34,854 | +$2.26M | 6.5% |
| TI Thor Inds Inc Com | Added | +20,003 | +$2.2M | 5.9% |
Showing the 10 largest of 22 changes.
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