CIK 1857024
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 | 53.69% | 6 |
| Aerospace & Defense | 41.95% | 1 |
| Paper & Forest Products | 2.75% | 1 |
| Health Care Equipment & Supplies | 1.61% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | KRMN | Karman Holdings Inc. | Industrials | 41.95% |
| 2 | RSP | INVESCO EXCHANGE TRADED FD T | Unclassified | 30.66% |
| 3 | SPY | STATE STR SPDR S&P 500 ETF T | Unclassified | 22.27% |
| 4 | PACK | Ranpak Holdings Corp. | Materials | 2.75% |
| 5 | HTFL | Heartflow, Inc. | Health Care | 1.61% |
| 6 | EFA | ISHARES TR | Unclassified | 0.26% |
| 7 | URTH | ISHARES INC | Unclassified | 0.25% |
| 8 | BIL | SPDR SERIES TRUST | Unclassified | 0.13% |
| 9 | IWM | ISHARES TR | Unclassified | 0.12% |
3/9 names classified · sector 46.3% of weight · industry 46.3% · mkt cap 46.3%; 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: 46.3% of the book is sector-classified (unclassified names shown, never dropped).
Only 42% of book weight classified — the grid is NOT representative of the whole book.
Classified: 41.9% of book weight (1/9 names) · unclassified 58.1%: RSP, SPY, PACK, HTFL, EFA, URTH, BIL, IWM. 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 | KRMNKARMAN HLDGS INC | 2,050,196 | $164M | 41.9% | HOLD |
| 2 | RSPINVESCO EXCHANGE TRADED FD T | 625,000 | $120M | 30.7% | HOLD |
| 3 | SPYSTATE STR SPDR S&P 500 ETF T | 133,977 | $87M | 22.3% | HOLD |
| 4 | PACKRANPAK HOLDINGS CORP | 3,018,616 | $11M | 2.8% | HOLD |
| 5 | HTFLHEARTFLOW INC | 259,666 | $6M | 1.6% | TRIM −87% |
| 6 | EFAISHARES TR | 10,460 | $1M | 0.3% | HOLD |
| 7 | URTHISHARES INC | 5,375 | $967,608 | 0.2% | HOLD |
| 8 | BILSPDR SERIES TRUST | 5,460 | $500,354 | 0.1% | HOLD |
| 9 | IWMISHARES TR | 1,970 | $488,560 | 0.1% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| KRMNKARMAN HLDGS INC | — | — | — | 2.1M | 2.1M | 2.1M | $164M |
| RSPINVESCO EXCHANGE TRADED FD T | — | — | 120K | 625K | 625K | 625K | $120M |
| SPYSTATE STR SPDR S&P 500 ETF T | 70K | 70K | 70K | 133K | 134K | 134K | $87M |
| PACKRANPAK HOLDINGS CORP | 98K | 98K | 98K | 3.0M | 3.0M | 3.0M | $11M |
| HTFLHEARTFLOW INC | — | — | — | 1.9M | 1.9M | 260K | $6M |
| EFAISHARES TR | — | — | — | — | 10K | 10K | $1M |
| URTHISHARES INC | — | — | — | — | 5K | 5K | $967,608 |
| BILSPDR SERIES TRUST | 5K | 5K | 5K | 5K | 5K | 5K | $500,354 |
| IWMISHARES TR | — | — | — | — | 2K | 2K | $488,560 |
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.
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