DaveManuel.com · Institutional Ownership · 13F Holdings

Governors Lane LP

Reported holdings as of Q2 2026, from 31 quarterly filings.

CIK

1644187

Reported value

$1.2B

Positions

194

Top 10 weight

36.1%

Filed

2026-08-14

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
NORFOLK SOUTHN CORP	NSC	$73.9M	234,843	6.17%	+1.96pp	4q	+2.4%+$1.7M
WARNER BROS DISCOVERY INC CALL+PUT	WBD	$68.5M	1,457,766	5.72%	+0.91pp	4q	-27.2%-$25.5M
TXNM ENERGY INC	TXNM	$61.3M	1,079,170	5.12%	+3.46pp	5q	+142.8%+$36.0M
MICRON TECHNOLOGY INC PUT	MU	$50.8M	options only	4.24%	+3.34pp	2q	OPTIONS
ELECTRONIC ARTS INC	EA	$37.4M	182,445	3.12%	+0.75pp	4q	HELD
COREBRIDGE FINL INC PUT	CRBG	$31.0M	722,000	2.59%	+1.83pp	5q	HELD
ASML HLDG NV CALL	ASML	$30.4M	5,770	2.54%	-0.99pp	9q	-34.4%-$15.9M
TAIWAN SEMICONDUCTOR MANUFAC CALL	TSM	$29.1M	36,869	2.43%	-7.51pp	14q	+117.1%+$15.7M
SHERWIN WILLIAMS CO	SHW	$26.2M	76,087	2.19%	-1.20pp	2q	+12.3%+$2.9M
QORVO INC	QRVO	$23.8M	254,976	1.99%	+0.72pp	3q	HELD
ROCKET COS INC	RKT	$23.4M	1,483,818	1.95%	-	new	NEW
WORKDAY INC	WDAY	$22.9M	186,926	1.91%	-	new	NEW
AMAZON COM INC CALL	AMZN	$22.8M	49,483	1.90%	-0.05pp	21q	+78.0%+$10.0M
CAPITAL ONE FINL CORP	COF	$20.0M	99,742	1.67%	+0.89pp	2q	+48.9%+$6.6M
AES CORP	AES	$19.5M	1,331,984	1.63%	+0.43pp	4q	HELD
META PLATFORMS INC CALL	META	$19.3M	20,765	1.61%	-5.00pp	2q	+5.2%+$962.0K
INTEL CORP PUT	INTC	$17.5M	options only	1.46%	-	new	OPTIONS
BLEICHROEDER ACQUISITI CORP	BBCQ	$14.4M	1,400,000	1.21%	-	new	NEW
BERTO ACQUISITION CORP	TACO	$14.2M	1,350,000	1.18%	-	new	NEW
NEW AMER ACQUISITION I CORP COM	NWAX	$13.9M	1,370,684	1.16%	+0.33pp	2q	+5.1%+$670.4K
BERTO ACQUISITION CORP II	GUACU	$13.7M	1,350,000	1.14%	-	new	NEW
TWO HBRS INVT CORP	TWO	$13.3M	1,072,123	1.11%	+0.87pp	2q	+225.4%+$9.2M
FERRARI N V	RACE	$12.8M	34,314	1.07%	-	new	NEW
SOMNIGROUP INTERNATIONAL INC	SGI	$11.8M	150,885	0.99%	-	new	NEW
FIFTH ERA ACQUISITION CORP I ORD SH	FERA	$11.7M	1,124,952	0.98%	+0.24pp	5q	HELD
PERIMETER ACQUISITION CORP I COM C	PMTR	$11.6M	1,116,900	0.97%	+0.24pp	5q	HELD
ARCHIMEDES TECH SPAC PTNRS I	ARCI	$11.5M	1,146,610	0.96%	+0.33pp	2q	+14.7%+$1.5M
UNIVERSAL DISPLAY CORP	OLED	$11.4M	131,172	0.95%	-	new	NEW
KARBON CAP PARTNERS CORP	KBON	$11.1M	1,100,000	0.93%	+0.22pp	2q	HELD
PROCAP ACQUISITION CORP	PCAP	$10.9M	1,063,797	0.91%	+0.22pp	4q	HELD
BOLD EAGLE ACQUISITION CORP CL A	BEAG	$10.7M	1,000,000	0.89%	+0.49pp	6q	+66.3%+$4.3M
CANTOR EQUITY PARTNERS II IN CALL	CEPT	$10.5M	380,000	0.87%	+0.14pp	5q	-64.2%-$18.8M
EVOLUTION GLOBAL ACQUISITION	EVOX	$10.4M	1,039,500	0.87%	+0.21pp	3q	HELD
HCM III ACQUISITION CORP O	HCMA	$10.4M	1,009,055	0.87%	+0.22pp	4q	HELD
REPUBLIC DIGITAL ACQUISITION	RDAG	$10.3M	997,199	0.86%	+0.21pp	5q	HELD
Silicon Valley Acquisition Corp	SVAQ	$10.1M	999,979	0.84%	+0.21pp	2q	HELD
MICROSOFT CORP CALL	MSFT	$10.1M	options only	0.84%	-	new	OPTIONS
CANTOR EQUITY PARTNERS V INC	CEPV	$10.0M	971,570	0.84%	+0.21pp	3q	HELD
KIMBERLY CLARK CORP	KMB	$10.0M	91,148	0.84%	+0.77pp	3q	+742.9%+$8.8M
KRAKACQUISITION CORPORATION	KRAQ	$10.0M	1,000,000	0.84%	+0.20pp	2q	HELD
RENATUS TACTICAL ACQUIS SHS CL A	RTAC	$9.2M	879,582	0.77%	+0.19pp	5q	HELD
CANTOR EQU	CEPF	$9.1M	877,821	0.76%	+0.19pp	4q	HELD
CRANE HBR ACQUISITION CORP I	CRAN	$9.1M	900,100	0.76%	+0.19pp	2q	HELD
NEW PROVID	NPAC	$9.1M	874,820	0.76%	+0.18pp	5q	HELD
DICKS SPORTING GOODS INC	DKS	$9.1M	39,947	0.76%	+0.38pp	2q	+34.1%+$2.3M
FUTURECREST ACQUISITION CORP CL A O	FCRS	$8.8M	850,701	0.73%	+0.19pp	3q	HELD
AMERICAN EXCEPTIONALISM ACQU	AEXA	$8.6M	725,990	0.72%	+0.15pp	4q	-11.6%-$1.1M
DANAHER CORP DEL	DHR	$8.3M	43,534	0.69%	-	new	NEW
1RT ACQUIS	ONCH	$7.7M	750,000	0.64%	+0.16pp	4q	HELD
TECK RESOURCES LTD	TECK	$7.6M	127,151	0.63%	+0.21pp	3q	HELD
WEN ACQUISITION CORP	WENN	$7.5M	730,000	0.63%	+0.15pp	4q	HELD
M EVO GBL ACQUISITION CORP I	MEVO	$7.4M	750,000	0.62%	+0.15pp	2q	HELD
SPRING VY ACQUISITION CORP I	SVAC	$7.2M	701,526	0.60%	+0.15pp	3q	HELD
GORES HLDGS X INC	GTEN	$7.0M	672,658	0.59%	+0.15pp	5q	HELD
Praetorian Acquisition Corp	PTOR	$7.0M	700,000	0.58%	+0.14pp	2q	HELD
ARCHIMEDES TECH SPAC PARTNER	ATII	$6.5M	604,857	0.54%	+0.04pp	5q	-20.4%-$1.7M
HCM IV ACQUISITION CORP	HACQ	$6.2M	616,587	0.52%	-	new	NEW
ALUSSA ENERGY ACQUISIT CORP	ALUB	$6.2M	613,500	0.51%	+0.12pp	2q	HELD
BEAZER HOMES USA INC	BZH	$6.1M	217,362	0.51%	-	new	NEW
NVIDIA CORPORATION	NVDA	$5.8M	28,800	0.48%	-	new	NEW
BROADCOM INC	AVGO	$5.7M	15,100	0.48%	-	new	NEW
BUILDERS FIRSTSOURCE INC CALL	BLDR	$5.6M	options only	0.47%	-0.08pp	2q	OPTIONS
ROKU INC	ROKU	$5.6M	40,700	0.47%	-	new	NEW
TEXASVENTURESACQUISITIONI	TVA	$5.6M	529,000	0.47%	+0.17pp	5q	+18.6%+$875.0K
SILICON LABORATORIES INC	SLAB	$5.5M	25,311	0.46%	+0.13pp	2q	HELD
SPRING VY ACQUISITION CORP I	SVIV	$5.4M	531,499	0.45%	+0.31pp	2q	+129.6%+$3.1M
NIKE INC CALL	NKE	$5.4M	options only	0.45%	-1.34pp	7q	OPTIONS
ARTIUS II ACQUISITION INC	AACB	$5.2M	500,000	0.44%	+0.27pp	5q	+100.0%+$2.6M
SIZZLE ACQUISITION CORP. II	SZZL	$5.2M	500,000	0.43%	+0.10pp	5q	HELD
MESHFLOW ACQUISITION CORP	MESH	$5.0M	500,000	0.42%	+0.10pp	2q	HELD
COLOMBIER ACQUISITION CORP I	CLBR	$4.8M	466,269	0.40%	+0.14pp	2q	+13.6%+$571.3K
COMPASS INC CALL	COMP	$4.7M	options only	0.39%	-	new	OPTIONS
KOCHAV DEFENSE ACQUI CO	KCHV	$4.7M	450,000	0.39%	+0.09pp	4q	HELD
PYROPHYTE ACQUISITION CORP.	PAII	$4.4M	435,274	0.37%	+0.09pp	4q	HELD
RANGE CAP ACQUISITION CORP I CL A O	RNGT	$4.2M	418,870	0.35%	+0.09pp	3q	HELD
SILVERBOX CORP V	SBXE	$4.0M	400,000	0.34%	+0.08pp	2q	HELD
NEWBURY STR II ACQUISITION COR ORD SHS CL A	NTWO	$3.7M	350,000	0.31%	+0.08pp	5q	HELD
UNIFIRST CORP MASS	UNF	$3.7M	14,055	0.31%	+0.08pp	3q	HELD
VIKING ACQUISITION CORP I O	VACI	$3.6M	350,000	0.30%	-	new	NEW
LIGHTWAVE	LWAC	$3.5M	342,966	0.29%	+0.07pp	4q	HELD
LAUNCHPAD CADENZA ACQU CORP	LPCV	$3.5M	350,000	0.29%	+0.07pp	2q	HELD
D. BORAL ARC ACQ I CORP.	BCAR	$3.5M	335,069	0.29%	+0.03pp	2q	-16.2%-$677.2K
BRIGHTHOUSE FINL INC PUT	BHF	$3.4M	options only	0.28%	+0.12pp	2q	OPTIONS
COHEN CIRC	CCII	$3.4M	329,018	0.28%	+0.07pp	4q	HELD
SPDR SERIES TRUST	XRT	$3.3M	37,228	0.27%	-	new	NEW
OAKTREE AC	OACC	$3.2M	300,000	0.27%	+0.06pp	5q	HELD
GLOBALSTAR INC	GSAT	$3.0M	37,100	0.25%	-	new	NEW
APEX TREAS	APXT	$3.0M	300,000	0.25%	+0.06pp	3q	HELD
CAESARS ENTERTAINMENT INC NE	CZR	$2.9M	96,800	0.24%	-	new	NEW
NEWHOLD INVT CORP III	NHIC	$2.9M	266,793	0.24%	+0.07pp	5q	+5.0%+$137.2K
HALL CHADWICK ACQUISITION CO	HCAC	$2.8M	275,000	0.23%	+0.12pp	2q	+57.1%+$1.0M
QIAGEN NV	QGEN	$2.7M	68,720	0.22%	+0.08pp	2q	+24.9%+$535.6K
GSR IV ACQUISITION CORP C	GSRF	$2.5M	250,000	0.21%	+0.05pp	3q	HELD
KPET ULTRA PACELINE CORP	KPET	$2.5M	250,000	0.21%	-	new	NEW
RRE Ventures Acquisition Corp	RREV	$2.5M	250,000	0.21%	-	new	NEW
SAFEGUARD ACQUISITION CORP	SAC	$2.4M	241,649	0.20%	+0.05pp	2q	HELD
RAYONIER ADVANCED MATLS INC	RYAM	$2.4M	306,700	0.20%	-	new	NEW
COMCAST CORP NEW CALL	CMCSA	$2.3M	options only	0.19%	+0.02pp	2q	OPTIONS
CANTOR EQUITY PARTNERS VI IN	CEPS	$2.2M	213,936	0.19%	+0.12pp	2q	+113.9%+$1.2M
SPACE ASSET ACQUISITION CORP	SAAQ	$2.0M	200,000	0.17%	+0.04pp	2q	HELD
Gores Holdings Xi Inc Unit 06/24/2031	GHXIU	$2.0M	200,000	0.17%	-	new	NEW
Infinite Eagle Acquisition Corp	IEAG	$2.0M	200,000	0.17%	-	new	NEW
BTC DEV CORP O	BDCI	$2.0M	200,000	0.17%	+0.04pp	3q	HELD
YORKVILLE INTL CAP CORP	YICCU	$2.0M	200,000	0.17%	-	new	NEW
CARTESIAN GROWTH CORP IV	CGCFU	$2.0M	200,000	0.17%	-	new	NEW
TEXAS VENTURES ACQUISITION I	TVIVU	$2.0M	200,000	0.17%	-	new	NEW
CH4 NATURAL SOLUTIONS CORP	MTNE	$2.0M	200,000	0.16%	-	new	NEW
JAMES HARDIE INDS PLC CALL	JHX	$2.0M	options only	0.16%	-	new	OPTIONS
REVOLUTION MEDICINES INC CALL	RVMD	$1.8M	818	0.15%	-	new	NEW
Keystone Acquisition Corp	KEYY	$1.8M	181,383	0.15%	-	new	NEW
DYNAMIX CORP SHS CL A	DYNC	$1.7M	157,500	0.14%	-	new	NEW
TELEPHONE DATA SYSTEM INC	TDS	$1.6M	43,386	0.13%	+0.02pp	8q	HELD
HIGHVIEW MERGER CORP O	HVMC	$1.6M	153,935	0.13%	+0.03pp	3q	HELD
TRAILBLAZER ACQUISITION CORP ORD SH	BLZR	$1.5M	150,000	0.13%	+0.03pp	3q	HELD
ONEIM ACQU	OIM	$1.5M	150,000	0.13%	+0.03pp	2q	HELD
Insight Digital Partners II	DYOR	$1.5M	150,000	0.13%	+0.03pp	3q	HELD
BITCOIN IN	BIXI	$1.5M	150,000	0.13%	+0.03pp	3q	HELD
DYNAMIX CORP III	DNMX	$1.5M	150,000	0.13%	+0.03pp	3q	HELD
SIRIUSXM HOLDINGS INC CALL	SIRI	$1.3M	options only	0.10%	-	new	OPTIONS
CAL REDWOOD ACQUISITION COR	CRAQ	$1.0M	100,000	0.09%	+0.02pp	5q	HELD
Pioneer Acquisition I Corp	PACH	$1.0M	100,000	0.09%	+0.02pp	4q	HELD
OXLEY BRID	OBA	$1.0M	100,000	0.09%	+0.02pp	4q	HELD
General Catalyst Global Resilience Merger Corp	GCGR	$1.0M	100,298	0.08%	-	new	NEW
AMERICAN DRIVE ACQ CRP; TNT ACQ DT: 12/17/2027; CASH: $10.00	ADAC	$1.0M	100,000	0.08%	+0.02pp	2q	HELD
VINE HILL CAP INVTS CORP II	VHCP	$664.8K	66,618	0.06%	-	new	NEW
SPDR SERIES TRUST	KRE	$641.2K	8,566	0.05%	-0.04pp	2q	-61.2%-$1.0M
EBAY INC.	EBAY	$614.6K	5,500	0.05%	-	new	NEW
M3-BRIGADE ACQUISITION VI CO ORD SH	MBVI	$506.5K	50,000	0.04%	+0.01pp	3q	HELD
Tailwind 2.0 Acquisition Corp	TDWD	$502.0K	50,000	0.04%	+0.01pp	3q	HELD
INVEST GREEN ACQUISITION COR CL A O	IGAC	$500.5K	50,000	0.04%	+0.01pp	3q	HELD
JENA ACQUI	JENA	$480.7K	46,395	0.04%	+0.01pp	3q	HELD
BANCO SANTANDER S.A.	SAN	$445.2K	32,260	0.04%	+0.01pp	2q	HELD
Real Asset Acquisition Corp	RAAQW	$443.3K	122,450	0.04%	+0.01pp	5q	-59.6%-$654.9K
IRENIC ACQUISITION CORP	IACQ	$435.3K	43,573	0.04%	-	new	NEW
Cantor Equity Partners VII Inc	CAES	$423.8K	41,997	0.04%	-	new	NEW
New America Acquisition I Corp	NWAXWS	$391.4K	652,318	0.03%	+0.01pp	2q	HELD
PERIMETER ACQUISITION CORP I	PMTRW	$336.3K	373,679	0.03%	+0.01pp	5q	-1.0%-$3.5K
Silicon Valley Acquisition Corp	SVAQW	$301.9K	408,029	0.03%	+0.02pp	2q	-18.4%-$68.1K
Futurecorp Space Acquisition Unit 99/99/9999	FTRAU	$253.2K	25,000	0.02%	-	new	NEW
Evolution Global Acquisition Corp	EVOXW	$211.2K	500,000	0.02%	+0.01pp	3q	HELD
Berto Acquisition Corp	TACOW	$209.5K	285,006	0.02%	+0.01pp	5q	+45.6%+$65.6K
KARBON CAP PARTNERS CORP	KBONW	$206.2K	275,000	0.02%	+0.01pp	2q	HELD
RENATUS TACTICAL ACQUIS	RTACW	$198.0K	260,475	0.02%	+0.01pp	5q	HELD
BLEICHROEDER ACQUISITI CORP	BBCQW	$186.3K	85,475	0.02%	+0.01pp	2q	+412.9%+$150.0K
Crane Hbr Acquisition Corp I Right 12/09/2030	CRANR	$180.0K	750,000	0.02%	+0.01pp	2q	HELD
Plum Acquisition Corp. IV	PLMKW	$157.5K	350,000	0.01%	flat	5q	HELD
ARCHIMEDES TECH SPAC PTNRS I	ARCIW	$156.4K	250,000	0.01%	flat	2q	HELD
HCM III Acquisition Corp	HCMAW	$146.4K	225,229	0.01%	+0.01pp	4q	+20.4%+$24.8K
M Evo Global Acquisition Corp II	MEVOW	$144.4K	375,000	0.01%	flat	2q	HELD
SPRING VY ACQUISITION CORP I	SVACW	$122.9K	69,244	0.01%	+0.01pp	3q	HELD
Columbus Circle Capital Corp II	IPXGW	$121.4K	91,999	0.01%	+0.01pp	2q	-8.0%-$10.6K
KRAKacquisition Corp	KRAQW	$121.2K	250,000	0.01%	flat	2q	HELD
Republic Digital Acquisition Co	RDAGW	$112.5K	300,000	0.01%	flat	5q	HELD
ProCap Acquisition Corp	PCAPW	$103.0K	316,967	0.01%	flat	4q	HELD
Pyrophyte Acquisition Corp II	PAIIWS	$100.0K	200,000	0.01%	flat	4q	HELD
FutureCrest Acquisition Corp	FCRSWS	$95.6K	112,498	0.01%	flat	3q	HELD
Kochav Defense Acqui Co Right 05/21/2030	KCHVR	$90.9K	450,000	0.01%	flat	4q	HELD
Praetorian Acquisition Corp	PTORW	$88.7K	233,333	0.01%	flat	2q	HELD
Wen Acquisition Corp	WENNW	$84.9K	239,531	0.01%	flat	4q	HELD
Alussa Energy Acquisition Corp II	ALUBWS	$84.0K	199,999	0.01%	flat	2q	HELD
Safeguard Acquisition Corp	SACWS	$68.9K	120,824	0.01%	flat	2q	HELD
PROCAP FINL INC	SVIAW	$66.2K	300,800	0.01%	flat	3q	HELD
SPACE ASSET ACQUISITION EQY WARRANTS	SAAQW	$60.0K	66,666	0.01%	flat	2q	HELD
Spring Valley Acquisition Corp IV	SVIVW	$56.5K	57,874	0.00%	flat	2q	HELD
SilverBox Corp V	SBXEWS	$55.4K	133,333	0.00%	flat	2q	HELD
RANGE CAP ACQUISITION CORP I	RNGTW	$51.0K	150,000	0.00%	flat	3q	HELD
MESHFLOW ACQUISITION CO-CL A WRNT 9/16/2030	MESHW	$50.0K	166,666	0.00%	flat	2q	HELD
Apex Treasury Corp	APXTW	$48.8K	150,000	0.00%	flat	3q	HELD
NEW PROVIDENCE ACQUISITION C	NPACW	$46.7K	166,666	0.00%	flat	5q	HELD
LightWave Acquisition Corp	LWACW	$45.4K	150,000	0.00%	flat	4q	HELD
RRE Ventures Acquisition Corp	RREVW	$44.8K	83,333	0.00%	-	new	NEW
Launchpad Cadenza Acquisition Corp I	LPCVW	$43.8K	116,666	0.00%	flat	2q	HELD
Colombier Acquisition Corp III	CLBRWS	$41.1K	51,316	0.00%	flat	2q	HELD
1RT Acquisition Corp	ONCHW	$40.2K	78,927	0.00%	flat	4q	HELD
Keystone Acquisition Corp	KEYYW	$39.9K	90,691	0.00%	-	new	NEW
Infinite Eagle Acquisition C Right 01/13/2031	IEAGR	$39.0K	200,000	0.00%	-	new	NEW
CH4 Natural Solutions Corp	MTNEWS	$33.0K	100,000	0.00%	-	new	NEW
CAL REDWOOD ACQUISITION CORP	CRAQR	$27.4K	100,000	0.00%	flat	5q	HELD
KPET ULTRA PACELINE CORP	KPETWS	$25.0K	41,666	0.00%	-	new	NEW
GENERAL CATALYST GBL RESIL M	GCGRW	$24.6K	25,074	0.00%	-	new	NEW
Bitcoin Infrastructure Acquisition Corp Ltd	BIXIW	$23.7K	75,000	0.00%	flat	3q	HELD
HCM IV ACQUISITION CORP	HACQW	$23.6K	43,750	0.00%	-	new	NEW
Trailblazer Acquisition Corp	BLZRW	$22.0K	49,999	0.00%	flat	3q	HELD
INSIGHT DIGITAL PARTNERS II	DYORW	$21.8K	75,000	0.00%	flat	3q	HELD
American Drive Acquisition Co	ADACW	$21.0K	33,333	0.00%	flat	2q	HELD
Dynamix Corp III	DNMXW	$20.6K	75,000	0.00%	flat	3q	HELD
ONEIM ACQUISITION CORP	OIMAW	$20.6K	25,000	0.00%	flat	2q	HELD
CSLM DIGITA ASSET ACQ CORP I	KOYNW	$15.6K	68,453	0.00%	flat	4q	HELD
Oxley Bridge Acquisition Ltd	OBAWW	$11.1K	50,000	0.00%	flat	4q	HELD
Pioneer Acquisition I Corp	PACHW	$10.8K	50,000	0.00%	flat	4q	HELD
Invest Green Acquisition Cor Right 11/17/2030	IGACR	$10.0K	50,000	0.00%	flat	3q	HELD
Irenic Acquisition Corp	IACQW	$9.0K	14,524	0.00%	-	new	NEW
M3-BRIGADE ACQUISITION VI CO	MBVIW	$6.7K	16,648	0.00%	flat	3q	HELD
Tailwind 2.0 Acquisition Corp	TDWDR	$6.3K	50,000	0.00%	flat	3q	HELD

By sector

Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.

Sector	Value	Share
Holding & Investment	$371.7M	31.0%
Semiconductors & Electronics	$129.4M	10.8%
Utilities	$81.0M	6.8%
Transport & Logistics	$73.9M	6.2%
Software & IT Services	$73.4M	6.1%
Retail & Consumer	$63.7M	5.3%
Banks & Lending	$43.9M	3.7%
Industrials	$42.8M	3.6%
Insurance	$34.4M	2.9%
Other sectors	$80.9M	6.8%
Not classified	$202.2M	16.9%

What the disclosed book did

This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.

Quarter	Book	Market	Difference	Priced
Q2 2026	+4.6%	+14.8%	-10.2%	66%
Q1 2026	-3.3%	-4.6%	+1.4%	70%
Q4 2025	+3.7%	+2.4%	+1.4%	67%
Q3 2025	+3.8%	+7.8%	-4.0%	66%
Q2 2025	+3.2%	+10.5%	-7.2%	84%
Q1 2025	-3.4%	-4.6%	+1.1%	65%
Q4 2024	+3.0%	+2.1%	+0.9%	83%
Q3 2024	+6.5%	+5.4%	+1.1%	75%

Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.

Quarter by quarter

Quarter	Value	Positions	New	Added	Trimmed	Exited	Top 10	Days to file
Q2 2026	$1.2B	194	49	24	12	35	36.1%	45
Q1 2026	$1.6B	180	73	10	22	53	51.1%	45
Q4 2025	$1.7B	160	66	41	16	38	49.5%	48
Q3 2025	$1.3B	132	60	20	18	36	52.5%	45
Q2 2025	$1.1B	108	83	11	11	29	44.2%	45
Q1 2025	$879.2M	54	31	3	16	26	48.6%	45
Q4 2024	$1.3B	49	18	10	14	19	55.0%	45
Q3 2024	$1.3B	50	23	6	13	18	53.3%	45
Q2 2024	$1.2B	45	17	12	11	17	58.4%	45
Q1 2024	$1.2B	45	17	2	19	18	54.7%	45
Q4 2023	$2.0B	46	18	16	6	17	50.8%	45
Q3 2023	$627.3M	45	20	8	8	24	47.8%	45
Q2 2023	$727.2M	49	21	3	10	41	57.9%	45
Q1 2023	$788.9M	69	15	8	9	65	43.2%	45
Q4 2022	$970.0M	119	21	8	10	62	32.5%	45
Q3 2022	$1.2B	160	14	9	23	34	32.3%	45
Q2 2022	$1.2B	180	17	12	16	76	30.3%	46
Q1 2022	$1.4B	239	99	12	18	99	35.3%	46
Q4 2021	$1.6B	239	96	12	35	63	34.1%	45
Q3 2021	$1.5B	206	71	19	25	64	38.0%	46
Q2 2021	$1.4B	199	92	13	44	77	36.6%	47
Q1 2021	$1.5B	184	135	15	22	65	33.5%	47
Q4 2020	$1.2B	114	75	9	18	59	39.6%	47
Q3 2020	$1.1B	98	54	8	17	23	39.2%	44
Q2 2020	$944.7M	67	18	6	11	15	47.9%	45
Q1 2020	$721.3M	64	29	7	3	13	55.2%	45
Q4 2019	$619.9M	48	16	4	4	23	64.1%	45
Q3 2019	$750.4M	55	15	2	28	20	56.9%	45
Q2 2019	$1.3B	60	17	9	23	24	59.0%	45
Q1 2019	$1.4B	67	20	7	16	25	54.5%	45
Q4 2018	$1.1B	72	0	0	0	0	40.0%	45

Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.

Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.

Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.