CIK 1472850
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 |
|---|---|---|
| Commercial Services & Supplies | 20.47% | 2 |
| Pharmaceuticals & Biotechnology | 17.15% | 1 |
| Utilities | 14.86% | 1 |
| Real Estate Management & Development | 12.00% | 1 |
| Hotels, Restaurants & Leisure | 11.03% | 1 |
| Machinery | 9.17% | 2 |
| Unclassified | 8.11% | 4 |
| Distributors | 7.19% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | GRFS | Grifols SA | Health Care | 17.15% |
| 2 | TIC | TIC Solutions, Inc. | Industrials | 15.96% |
| 3 | NRG | NRG ENERGY, INC. | Utilities | 14.86% |
| 4 | MRP | Millrose Properties, Inc. | Real Estate | 12.00% |
| 5 | ARMK | Aramark | Consumer Discretionary | 11.03% |
| 6 | REZI | RESIDEO TECHNOLOGIES, INC. | Consumer Discretionary | 7.19% |
| 7 | AMRZ | AMRIZE LTD | Unclassified | 5.88% |
| 8 | TRS | TRIMAS CORP | Industrials | 4.78% |
| 9 | AMTM | Amentum Holdings, Inc. | Industrials | 4.52% |
| 10 | CNH | CNH Industrial N.V. | Industrials | 4.40% |
9/13 names classified · sector 91.9% of weight · industry 91.9% · mkt cap 74.7%; 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: 91.9% of the book is sector-classified (unclassified names shown, never dropped).
Only 40% of book weight classified — the grid is NOT representative of the whole book.
Classified: 39.6% of book weight (5/13 names) · unclassified 60.4%: GRFS, TIC, MRP, REZI, AMRZ, VGK, FBTC, IBIT. 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 | GRFSGRIFOLS S A | 19,354,679 | $155M | 17.2% | ADD 6% |
| 2 | TICTIC SOLUTIONS INC | 21,945,094 | $144M | 16.0% | ADD 14% |
| 3 | NRGNRG ENERGY INC | 920,000 | $134M | 14.9% | ADD 47% |
| 4 | MRPMILLROSE PPTYS INC | 3,879,312 | $109M | 12.0% | ADD 2% |
| 5 | ARMKARAMARK | 2,462,657 | $100M | 11.0% | ADD 26% |
| 6 | REZIRESIDEO TECHNOLOGIES INC | 1,928,882 | $65M | 7.2% | TRIM −22% |
| 7 | AMRZAMRIZE LTD | 950,020 | $53M | 5.9% | TRIM −3% |
| 8 | TRSTRIMAS CORP | 1,202,500 | $43M | 4.8% | ADD 46% |
| 9 | AMTMAMENTUM HOLDINGS INC | 1,567,000 | $41M | 4.5% | NEW |
| 10 | CNHCNH INDL N V | 3,617,840 | $40M | 4.4% | NEW |
| 11 | VGKVANGUARD INTL EQUITY INDEX F | 213,000 | $18M | 1.9% | NEW |
| 12 | FBTCFIDELITY WISE ORIGIN BITCOIN | 27,000 | $2M | 0.2% | TRIM −55% |
| 13 | IBITISHARES BITCOIN TRUST ETF | 27,407 | $1M | 0.1% | TRIM −53% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| GRFSGRIFOLS S A | 16.2M | 18.1M | 18.6M | 17.5M | 18.2M | 19.4M | $155M |
| TICTIC SOLUTIONS INC | — | 8.5M | 9.7M | 14.6M | 19.2M | 21.9M | $144M |
| NRGNRG ENERGY INC | 1.4M | 1.0M | 613K | 772K | 625K | 920K | $134M |
| MRPMILLROSE PPTYS INC | — | 1.4M | 2.8M | 1.8M | 3.8M | 3.9M | $109M |
| ARMKARAMARK | 2.5M | 2.1M | 2.2M | 2.1M | 1.9M | 2.5M | $100M |
| REZIRESIDEO TECHNOLOGIES INC | — | — | — | 966K | 2.5M | 1.9M | $65M |
| AMRZAMRIZE LTD | — | — | — | — | 983K | 950K | $53M |
| TRSTRIMAS CORP | — | — | — | — | 823K | 1.2M | $43M |
| AMTMAMENTUM HOLDINGS INC | — | — | — | — | — | 1.6M | $41M |
| CNHCNH INDL N V | — | — | — | — | — | 3.6M | $40M |
| VGKVANGUARD INTL EQUITY INDEX F | — | 220K | 100K | — | — | 213K | $18M |
| FBTCFIDELITY WISE ORIGIN BITCOIN | — | — | — | — | 60K | 27K | $2M |
| IBITISHARES BITCOIN TRUST ETF | — | — | — | 137K | 58K | 27K | $1M |
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.
