CIK 1461945
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Unclassified | 31.87% | 9 |
| Distributors | 14.82% | 1 |
| Utilities | 13.12% | 2 |
| Insurance | 12.15% | 2 |
| Equity Real Estate Investment Trusts (REITs) | 9.85% | 1 |
| Hotels, Restaurants & Leisure | 7.19% | 3 |
| Electrical Equipment & Components | 5.00% | 1 |
| Capital Markets | 4.45% | 2 |
| Commercial Services & Supplies | 0.66% | 1 |
| Food & Staples Retailing | 0.59% | 1 |
| Oil, Gas & Consumable Fuels | 0.29% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | SPY | STATE STR SPDR S&P 500 ETF T | Unclassified | 22.10% |
| 2 | UNFI | UNITED NATURAL FOODS INC | Consumer Discretionary | 14.82% |
| 3 | FNF | Fidelity National Financial, Inc. | Financials | 11.62% |
| 4 | HHH | Howard Hughes Holdings Inc. | Real Estate | 9.85% |
| 5 | SRE | SEMPRA | Utilities | 6.90% |
| 6 | KMI | KINDER MORGAN, INC. | Utilities | 6.23% |
| 7 | GNRC | GENERAC HOLDINGS INC. | Information Technology | 5.00% |
| 8 | RRGB | RED ROBIN GOURMET BURGERS INC | Consumer Discretionary | 3.65% |
| 9 | JYNT | JOINT Corp | Financials | 3.50% |
| 10 | MCD | MCDONALDS CORP | Consumer Discretionary | 2.44% |
16/24 names classified · sector 70.3% of weight · industry 68.1% · mkt cap 69.7%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 70.3% of the book is sector-classified (unclassified names shown, never dropped).
Only 49% of book weight classified — the grid is NOT representative of the whole book.
Classified: 49.1% of book weight (12/22 names) · unclassified 50.9%: SPY, UNFI, , RRGB, FCRS.U, BRK.B, TLF, SLF, VTI, KRSP.U. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | SPYSTATE STR SPDR S&P 500 ETF T | 50,944 | $33M | 22.1% | ADD 46% |
| 2 | UNFIUNITED NAT FOODS INC | 494,371 | $22M | 14.8% | ADD 7% |
| 3 | FNFFIDELITY NATL FINL INC | 376,527 | $17M | 11.6% | ADD 10% |
| 4 | HHHHOWARD HUGHES HOLDINGS INC | 234,100 | $15M | 9.9% | ADD 29% |
| 5 | SRESEMPRA | 106,400 | $10M | 6.9% | NEW |
| 6 | KMIKINDER MORGAN INC DEL | 279,239 | $9M | 6.2% | HOLD |
| 7 | GNRCGENERAC HLDGS INC | 38,510 | $8M | 5.0% | ADD 75% |
| 8 | RRGBRED ROBIN GOURMET BURGERS IN | 1,871,235 | $5M | 3.6% | HOLD |
| 9 | JYNTJOINT CORP | 593,906 | $5M | 3.5% | HOLD |
| 10 | MCDMCDONALDS CORP | 11,800 | $4M | 2.4% | NEW |
| 11 | FCRS.UFutureCrest Acquisition Corp | 330,677 | $3M | 2.2% | HOLD |
| 12 | BRK.BBERKSHIRE HATHAWAY INC DEL | 6,675 | $3M | 2.1% | NEW |
| 13 | AIR LEASE CORP | 40,000 | $3M | 1.7% | NEW |
| 14 | TLFTANDY LEATHER FACTORY INC | 876,059 | $2M | 1.3% | HOLD |
| 15 | BJRIBJS RESTAURANTS INC | 47,443 | $2M | 1.1% | TRIM −62% |
| 16 | KENNEDY-WILSON HOLDINGS INC | 151,334 | $2M | 1.1% | NEW |
| 17 | JHGJANUS HENDERSON GROUP PLC | 28,000 | $1M | 1.0% | NEW |
| 18 | FARMER BROS CO | 979,650 | $1M | 0.8% | HOLD |
| 19 | DASHDOORDASH INC | 6,600 | $990,990 | 0.7% | NEW |
| 20 | KRKROGER CO | 12,293 | $889,521 | 0.6% | TRIM −20% |
| 21 | SLFSUN LIFE FINANCIAL INC. | 12,762 | $798,391 | 0.5% | NEW |
| 22 | VTIVANGUARD INDEX FDS | 1,560 | $500,464 | 0.3% | NEW |
| 23 | BRNBARNWELL INDS INC | 409,224 | $441,962 | 0.3% | NEW |
| 24 | KRSP.URICE ACQUISITION CORP 3 | 10,000 | $106,000 | 0.1% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| SPYSTATE STR SPDR S&P 500 ETF T | 31K | 31K | 33K | 35K | 35K | 51K | $33M |
| UNFIUNITED NAT FOODS INC | 470K | 470K | 470K | 470K | 463K | 494K | $22M |
| FNFFIDELITY NATL FINL INC | — | 180K | 211K | 346K | 342K | 377K | $17M |
| HHHHOWARD HUGHES HOLDINGS INC | — | — | — | 10K | 181K | 234K | $15M |
| SRESEMPRA | — | — | — | — | — | 106K | $10M |
| KMIKINDER MORGAN INC DEL | — | — | — | 287K | 279K | 279K | $9M |
| GNRCGENERAC HLDGS INC | — | 65K | 134K | 127K | 22K | 39K | $8M |
| RRGBRED ROBIN GOURMET BURGERS IN | 1.9M | 1.9M | 1.9M | 1.9M | 1.9M | 1.9M | $5M |
| JYNTJOINT CORP | — | — | 479K | 594K | 594K | 594K | $5M |
| MCDMCDONALDS CORP | — | — | — | — | — | 12K | $4M |
| FCRS/UFutureCrest Acquisition Corp | — | — | — | 100K | 331K | 331K | $3M |
| BRK.BBERKSHIRE HATHAWAY INC DEL | 26K | 25K | 25K | — | — | 7K | $3M |
| AIR LEASE CORP | — | — | — | — | — | 40K | $3M |
| TLFTANDY LEATHER FACTORY INC | 876K | 876K | 876K | 876K | 876K | 876K | $2M |
| BJRIBJS RESTAURANTS INC | — | — | 125K | 125K | 125K | 47K | $2M |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Where this firm's principals came from and which firms its alumni went on to found.
