Clifford Sosin · CAS Investment Partners
Clifford Sosin alpha 23.07%
The baseline backtest strongly beat SPY on return but with harsh downside risk. Baseline annualized return is 32.42% with alpha of 23.07, Sharpe of 0.93, and total return of 808.52%. Risk is still severe: beta is 0.88, sortino 1.39, and max drawdown -66.04%. The period table shows both the upside and instability: 2023-12-31 delivered 52.59% versus SPY's 4.96% (+47.63 excess), 2024-06-30 delivered 46.46% versus 9.83% (+36.63), but 2025-06-30 lost -5.70% versus SPY's +4.20% (-9.90 excess). The latest changes point to even higher conviction in CVNA and reduced interest in smaller side positions. CVNA was increased from 78.90% to 80.86%, a +1.96 percentage-point move, while BFIT also rose from 2.58% to 2.87%. In contrast, HGV slipped from 10.09% to 9.89%, COF from 6.05% to 5.88%, CDLX from 0.54% to 0.25%, SWIM from 0.33% to 0.25%, and SUNB was fully exited from 1.51% to 0.0%. Taken together, the quarter looks like a further concentration into the core thesis rather than a broad accumulation cycle. The visible style is concentrated high-beta growth/cyclical exposure led by Consumer Discretionary. Style attribution shows Consumer Discretionary contributing 83.45, while classic defensive and valuation factors are negative: Value -1.66, Low Volatility -5.09, Momentum -1.06, Quality -0.40, and Size -0.61. The fund summary also flags a 'high-return small-cap growth profile,' but the current snapshot is less a diversified factor mix than an aggressive idiosyncratic bet centered on CVNA. The dominant risk is extreme single-name concentration in Carvana. CVNA is 80.86% of current holdings, while the top 5 account for 99.75% and the top 10 for 100.0%. Sector exposure is also narrow, with 93.87% in 'Others' and only 6.13% in Financials. That concentration helps explain why the baseline strategy still shows a very deep max drawdown of -66.04% despite a beta of 0.88. CVNA is the clear top priority because it is 80.86% of the live portfolio and was increased again from 78.90%. HGV deserves follow-up as the second-largest position at 9.89% despite a slight trim from 10.09%, and COF matters because it remains the largest non-'Others' holding at 5.88% in Financials. BFIT is notable as a smaller but rising position at 2.87% from 2.58%, while SUNB deserves review because it was fully exited from 1.51% to 0.0%. View fund → Michael Burry · Scion Asset Management
Michael Burry alpha 20.83%
Against SPY, the baseline backtest delivered much higher return and alpha, but with severe drawdown risk. Baseline annualized return was 21.39% with alpha of 20.83, versus benchmark-linked beta of 0.57 and Sharpe of 0.63. Total return reached 543.82%. However, the strategy also suffered a -66.35% max drawdown, and the baseline summary explicitly flags high concentration and volatility risk. So the trade-off versus SPY is strong excess return and alpha, but achieved through a much harsher path of losses and far less diversification. The latest quarter shows selective conviction rather than broad repositioning. LULU was increased from 32.35% to 37.47%, a +5.12 percentage-point move, making it the largest increase in the disclosed portfolio. MOH was reduced from 43.49% to 39.11%, a -4.38 point change, but it still remains the largest holding. SLM was trimmed only modestly from 24.16% to 23.42%, down 0.74 points. With no new positions or exits visible and just three holdings accounting for 100% of assets, the signal is that Scion concentrated further into an existing high-conviction trio, especially LULU. The most visible style is value-leaning but non-defensive concentration. In factor attribution, Value contributes +1.04, while Momentum is only +0.04, Quality is -0.33, Low Volatility is -2.56, and Size is -1.16. That lines up with the fund summary calling it a 'small-value' profile and with sector attribution driven by Health Care (+28.95), Consumer Discretionary (+27.23), and Financials (+10.54), rather than classic defensive sectors. So the portfolio looks more like a concentrated value/opportunistic bet than a quality or low-volatility portfolio. The clearest risk is extreme single-name and sector concentration. The latest disclosed holdings are only MOH (39.11%), LULU (37.47%), and SLM (23.42%), so the top 5, top 10, and top 20 are all 100.0% of the portfolio. Sector exposure is also narrow, with 60.89% in Others and 39.11% in Healthcare in the static snapshot, while the baseline strategy view maps that to 39.11% Health Care, 37.47% Consumer Discretionary, and 23.42% Financials. That concentration is consistent with the backtested downside profile: baseline max drawdown was -66.35%. All three disclosed names deserve follow-up because they are the entire portfolio, but LULU stands out first. It was increased by 5.12 points to 37.47%, the largest positive change. MOH still matters most for portfolio stability because it remains the largest position at 39.11% even after a 4.38-point reduction. SLM is smaller at 23.42%, but with only three positions in total, even that weight is material. In practice, follow-up work should start with LULU and MOH because together they account for 76.58% of the disclosed portfolio. View fund → Duan Yongping · H&H International Investment
Duan Yongping alpha 10.02%
The baseline backtest materially outperformed SPY on return, but did so with concentration-driven risk. Baseline annualized return was 25.74% with alpha of 10.02, beta of 1.04, and Sharpe of 1.06. Total return was 381.38%. The trade-off is that max drawdown still reached -27.69%, recovery took 49 days, and the portfolio remained highly concentrated, so excess return came with substantial stock-specific risk rather than meaningfully lower downside than the benchmark. The latest changes point to continued high conviction in a few core ideas rather than broad diversification. Apple was trimmed from 60.42% to 50.3%, but remains the anchor position. Conviction increased meaningfully in NVIDIA, which rose from 0.76% to 7.72% (+6.96 pts), Berkshire Hathaway from 17.78% to 20.63% (+2.85 pts), TSMC from 0.49% to 2.13% (+1.64 pts), and Microsoft from 0.99% to 2.38% (+1.39 pts). At the same time, OXY fell from 4.36% to 3.1% and BABA from 3.38% to 2.15%, while new positions like CRWV, CRDO, and TEM were only 0.12%, 0.12%, and 0.04%, suggesting experimental sizing rather than core conviction. The clearest visible style is concentrated large-cap growth with a quality tilt. The holdings are dominated by mega-cap technology and platform names such as AAPL at 50.3%, NVDA at 7.72%, GOOGL at 3.33%, and MSFT at 2.38%, while the style attribution shows positive Quality contribution of 2.25 and a slightly negative Momentum contribution of -0.13. Value is not the dominant signal, with Value contribution at -1.25, which fits a portfolio leaning more toward durable franchise quality and growth leadership than cheap valuation. The dominant risk is extreme single-name concentration in Apple. AAPL is 50.3% of the current portfolio, while the top 5 holdings are 89.46% and the top 10 are 99.68%, so one stock plus a handful of names effectively drive almost all portfolio outcomes. Sector exposure is also narrow, with Technology at 50.3% and only four sector buckets shown overall. The top follow-up names are AAPL, NVDA, BRK.A, PDD, and 2330. Apple deserves the most scrutiny because it is 50.3% of the disclosed portfolio even after a 10.12-point reduction from 60.42%. NVIDIA deserves attention because it was increased from 0.76% to 7.72%, the largest conviction add in the latest changes. Berkshire Hathaway is the second-largest holding at 20.63% and was also increased. PDD remains a large 7.48% position despite a slight trim, and TSMC (2330) rose from 0.49% to 2.13%, indicating growing interest in semiconductor exposure. Smaller new positions such as CRWV, CRDO, and TEM are worth monitoring, but their 0.12%, 0.12%, and 0.04% weights are too small to rank with the core positions yet. View fund → Dennis Hong · ShawSpring Partners
Dennis Hong alpha 9.42%
The baseline outperformed SPY on return but did so with concentrated stock-specific risk rather than broad market beta. Its annualized return is 15.41% with alpha of 9.42, versus a beta of just 0.40, which means the strategy generated excess return with relatively low market sensitivity. Risk-adjusted performance is solid but not conservative in absolute terms: Sharpe is 1.01 and Sortino is 1.38. The main trade-off is drawdown—max drawdown still reached -25.21%, even with lower beta, although recoveryDays was only 40. The NAV series also shows the baseline ending at 267.40 versus SPY benchmarkSeries ending at 248.53, consistent with the strategyViews.baseline totalReturn of 167.4%. So versus SPY, the baseline historically delivered higher cumulative and annualized returns with strong alpha and lower beta, but investors still had to tolerate a meaningful quarter-scale drawdown tied to concentration. The latest changes show active rotation rather than passive trimming. ShawSpring opened two meaningful new positions at once—BABA at 10.44% and AMZN at 5.15%—which is strong conviction because both entered immediately as material weights. Conviction also increased in FWON.K, which rose from 3.38% to 6.9% for a 3.52-point increase, and BRZE, which moved from 7.82% to 9.51% for a 1.69-point increase. On the other side, the manager fully exited NCNO (-6.26 points) and VERX (-3.99 points), while cutting INTU from 11.61% to 6.33% (-5.28), MNDY from 10.78% to 7.06% (-3.72), and PCOR from 11.69% to 9.33% (-2.36). The pattern suggests conviction shifted away from several prior software holdings and toward a mix of internet/consumer platforms and select existing winners rather than a simple de-risking move. The portfolio still reads as concentrated growth-leaning quality-light stock picking with a mid-cap bias rather than a value portfolio. The fund summary explicitly calls it a concentrated mid-cap growth-leaning portfolio, and the holdings support that: OKTA, BRZE, PCOR, MNDY, INTU, and FOUR dominate the top weights. The factor attribution also shows little support from classic value or momentum factors, with Value contribution at -0.03 and Momentum at -0.01, while Size is -0.43 and Quality is -0.18. Sector attribution is dominated by Information Technology at 31.78 contribution, even though Communication Services (-13.1), Real Estate (-7.88), Financials (-6.38), and Consumer Discretionary (-4.41) were drags. Put together, the most visible style is a concentrated, tech-heavy growth book driven more by idiosyncratic company selection than by broad value, momentum, or defensive factor tilts. The clearest risk is extreme concentration. The top 5 holdings make up 60.07% of the portfolio and the top 10 reach 94.86%, leaving almost no diversification buffer beyond a handful of names. Single-stock risk is especially visible in OKTA at 14.38%, FOUR at 13.62%, CSGP at 12.12%, and the new 10.44% BABA position. Sector concentration is also narrow: 94.86% is classified as Others in the snapshot sector view, while the strategy baseline reclassifies the book as 51.78% Information Technology, 15.59% Consumer Discretionary, 13.62% Financials, 12.12% Real Estate, and 6.9% Communication Services. That means returns and drawdowns are likely to be driven by a small cluster of growth-oriented positions rather than broad market exposure. The priority follow-up names are the ones that combine top weights with meaningful recent change. OKTA (14.38%) deserves attention because it is the largest position and was still increased from 13.5%. BABA (10.44%) is critical because it is a brand-new top-4 position, large enough to reshape portfolio outcomes immediately. FOUR (13.62%) and CSGP (12.12%) remain major drivers of portfolio risk because together with OKTA and BABA they account for over 50% of the book. BRZE (9.51%) and FWON.K (6.9%) also stand out because both were increased, with FWON.K nearly doubling from 3.38%. On the reduction side, INTU (cut from 11.61% to 6.33%), MNDY (10.78% to 7.06%), and PCOR (11.69% to 9.33%) deserve follow-up because they may indicate weakening conviction in prior core software positions. In short, the highest-value research set is OKTA, BABA, FOUR, CSGP, BRZE, and FWON.K, then INTU/MNDY/PCOR as the key conviction downgrades. View fund → Cathie Wood · ARK Investment
Cathie Wood alpha 7.86%
Versus SPY, the baseline is a strong benchmark-relative profile. Its metrics are return 16.25%, alpha 7.86%, beta 0.59, Sharpe 1.12, Sortino 1.51, max drawdown -22.24%. The best recent benchmark-relative row is 2024-06-30 (17.40% vs SPY 9.83%, excess 7.57%, turnover 6.70%), while the weakest is 2023-09-30 (4.99% vs SPY 10.11%, excess -5.12%, turnover 4.79%). That contrast is important: the static page is showing not only the long-run return number, but also whether the manager profile wins steadily or in a few uneven periods. The latest filing changes look incremental rather than wholesale. The largest additions/increases were TWST added by 1.55% to 1.55%; NVDA added by 1.51% to 1.51%; 2330 added by 1.47% to 1.47%. The largest reductions were RBLX cut by 1.76% to 2.53%; META exited by 1.28% to 0.00%; SLMT exited by 1.27% to 0.00%. Against current top positions of TSLA 8.46%, SHOP 4.13%, ROKU 4.12%, COIN 3.71%, PLTR 3.71%, this helps separate fresh conviction from positions that remain large mainly because they were already core holdings. The factor picture is defined by a negative Value reading. The attribution rows show Value -1.15, Size 0.66, Low Volatility -0.54, Momentum -0.31, Quality 0.07; sector attribution adds Information Technology -12.56, Industrials -5.91, Consumer Staples -5.61, Financials -3.68. In plain terms, the holdings list (TSLA 8.46%, SHOP 4.13%, ROKU 4.12%, COIN 3.71%, PLTR 3.71%) should be read together with these factor rows: the portfolio may look diversified by name count, but the style result is coming from the weights and the kinds of companies that survived the manager process. For ARK Investment Management LLC, the main issue is broadly spread position sizing. The latest portfolio shows top 5 24.13%, top 10 40.58%, top 20 58.86%, led by TSLA 8.46%, SHOP 4.13%, ROKU 4.12%, COIN 3.71%, PLTR 3.71%, CRSP 3.56%. Sector classification is Others 57.05%, Consumer Discretionary 1.81%, so the visible risk is not just market beta; it is also where the disclosed book is clustered. The baseline metrics read as return 16.25%, alpha 7.86%, beta 0.59, Sharpe 1.12, max drawdown -22.24%, which makes this a strong benchmark-relative profile rather than a simple low-risk holding list. The follow-up list should start with TSLA, SHOP, ROKU, COIN, TWST, NVDA. These names are either top weights or the biggest recent changes. Current concentration is top 5 24.13%, top 10 40.58%, top 20 58.86%, so a research pass on only a few names can explain a large share of the portfolio. I would especially separate steady core holdings (TSLA 8.46%, SHOP 4.13%, ROKU 4.12%, COIN 3.71%) from active changes (TWST added by 1.55% to 1.55%; NVDA added by 1.51% to 1.51%; RBLX cut by 1.76% to 2.53%; META exited by 1.28% to 0.00%). View fund → Chase Coleman · Tiger Global Management
Chase Coleman alpha 7.27%
Versus SPY, the baseline backtest delivered stronger return but with meaningful downside pain. Baseline annualized return is 18.63% with alpha of 7.27, ahead of the fund-level summary metrics of 18.6346 annualized return and 7.2652 alpha versus the SPY benchmark. Risk was somewhat defensive on market sensitivity with beta of 0.81, but risk-adjusted return was only moderate at Sharpe 1.04 and Sortino 1.41. The key trade-off is drawdown: max drawdown reached -33.94%, so the portfolio beat SPY on excess return but still exposed investors to a severe capital loss episode, alongside 282 recovery days. The latest changes point to selective conviction rather than broad accumulation. Tiger Global added most aggressively to Alphabet, raising GOOGL by 2.99 percentage points from 7.79% to 10.78%, and also opened GROWW at 1.79%. It kept adding around the edges to APO (+0.42), CPNG (+0.47), AVGO (+0.35), TTWO (+0.29), and AMZN (+0.17). At the same time, it cut several former large positions, most notably SE from 8.64% to 6.37% (-2.27), MSFT from 10.22% to 8.58% (-1.64), and APP from 4.34% to 2.82% (-1.52), while fully exiting GRAB (-1.69 from a 1.69% prior weight). That pattern suggests conviction is rotating toward Alphabet and selected platform/software names rather than simply increasing overall exposure. The portfolio still looks most like a concentrated growth-and-quality strategy with weak value support. Factor attribution shows positive Quality contribution of 1.06 and positive Size contribution of 3.14, while Value is negative at -1.17 and Momentum is slightly negative at -0.44. The holdings also reinforce that style: GOOGL (10.78%), MSFT (8.58%), AMZN (7.48%), NVDA (6.65%), META (5.88%), and AVGO (3.22%) dominate the book. Sector attribution also favors growth-sensitive areas, with Communication Services contributing 21.62 and Consumer Discretionary 10.2, while Information Technology contribution is -7.8, suggesting the style remains growth-oriented but not uniformly rewarded across every tech sleeve. The clearest risk is concentration in a growth-heavy mega-cap internet and tech book. Current concentration is 39.86% in the top 5, 60.38% in the top 10, and 82.7% in the top 20, while sector weights show 64.44% in 'Others' plus another 10.78% in Communication Services and 7.48% in Consumer Discretionary. The single largest position is GOOGL at 10.78%, followed by MSFT at 8.58%, AMZN at 7.48%, NVDA at 6.65%, and SE at 6.37%. That top-heavy structure helps explain why the fund-level max drawdown is still -33.9388% despite a moderate beta of 0.8135. The best follow-up names are the ones that are both large and changing. Alphabet deserves first attention because it is now the largest holding at 10.78% after a 2.99-point increase. Sea Limited is also critical because it remains a top-5 position at 6.37% even after a sharp 2.27-point cut, which may signal a changing thesis rather than a full exit. Microsoft merits review because it is still 8.58% after a 1.64-point reduction from 10.22%. AppLovin at 2.82% is another key watchlist name because it was cut by 1.52 points from 4.34%, while GROWW deserves follow-up as a brand-new 1.79% position. Together these names best capture where conviction is being added, trimmed, or newly initiated. View fund → Valley Forge Capital Management
Valley Forge Capital Management alpha 6.89%
The baseline backtest outperformed SPY on return and alpha, but it did so with higher portfolio risk and only slightly better downside control than the concentration might suggest. Annualized return is 21.41% with alpha of 6.89 versus SPY, and total return reached 457.43. Risk was above market with beta at 1.13, Sharpe 0.90, Sortino 1.17, downside deviation 19.29, and recovery days of 72. Maximum drawdown was still severe at -40.05%, so the portfolio beat SPY over the long run, but investors had to tolerate materially above-market volatility and a large drawdown along the way. The latest changes look like selective reinforcement of a concentrated long-term compounder thesis rather than a broad rotation. Valley Forge increased FICO by 1.83 percentage points to 29.49%, SPGI by 0.28 points to 20.83%, and MCO by 0.19 points to 15.25%, while also modestly adding ASML to 3.06%. At the same time, it trimmed MA by 1.07 points to 19.25% and INTU by 0.97 points to 3.32%, with smaller decreases in Visa and Equifax. Because the adds were concentrated in already large core positions, especially FICO, the message is stronger conviction in a few dominant holdings rather than a search for new ideas. Quality is the most visible factor style in the current portfolio. In factor attribution, Quality contributes 3.76, while Value is negative at -2.05 and Momentum is also negative at -0.97, suggesting the portfolio is not being driven by cheap valuation or trend chasing. The holdings list also matches that profile: the largest weights are FICO, SPGI, MA, MCO, and Visa, all established franchise businesses with durable economics. The manager summary also describes the fund as a 'high-conviction compounder portfolio,' which is consistent with a quality-compounding bias more than a value or momentum screen. The clearest risk is extreme single-name concentration in a very small 13F portfolio. FICO alone is 29.49% of assets, and the top five holdings—FICO, SPGI, MA, MCO, and Visa—sum to 92.11%. The entire reported portfolio is only nine names, with top 10 already at 100.0%. Sector exposure is also narrow, split between Others at 58.21% and Financials at 41.79%, while the backtested baseline still carried beta of 1.13 and max drawdown of -40.05%. That means one or two business-specific setbacks in the largest compounders could dominate both return and downside. FICO deserves the most follow-up because it is the largest holding at 29.49% and was also the biggest increase at +1.83 percentage points. SPGI at 20.83% and MCO at 15.25% also matter because they were both increased and together with FICO represent 65.57% of the portfolio. MA remains critical at 19.25% despite the trim, since it is still one of the dominant positions and a key Financials exposure. ASML at 3.06% is worth separate review because it was increased from 2.93%, making it one of the few non-core adds outside the dominant payment and ratings cluster. View fund → Bryan Lawrence · Oakcliff Capital
Bryan Lawrence alpha 5.70%
The baseline has beaten SPY on long-run return and alpha, but not on downside depth. Baseline annualized return is 15.89% with 5.70% alpha, versus the fund-level benchmark framing tied to SPY. Risk is lower on market sensitivity with beta at 0.77, and risk-adjusted performance is solid with Sharpe 0.92 and Sortino 1.20. But drawdown is still meaningful: max drawdown reached -34.89%, and recovery took 440 days. So versus SPY, the baseline delivered strong excess return and below-market beta, but investors still had to tolerate equity-like drawdowns and a long recovery window. The latest changes point to selective conviction rather than a full portfolio reset. The biggest add was Alphabet (GOOGL), up 3.83 percentage points from 11.91% to 15.74%, followed by Gildan Activewear (GIL), up 1.82 points to 18.10%. The manager also modestly added Guidewire (GWRE) and TransDigm (TDG). On the other side, Domino's Pizza Group (DOM) was fully exited from 4.15% to 0.00%, while Natural Resource Partners (NRP) fell 1.71 points and IBKR was trimmed 1.22 points but still remains the largest position at 28.13%. That pattern looks like conviction concentrated into a few existing core names rather than broad-based buying. The portfolio most clearly reads as a concentrated small-blend strategy with a quality and size tilt, not a momentum portfolio. Factor attribution shows positive contributions from Size (0.91), Quality (0.67), and Low Volatility (0.65), while Value is negative (-0.48) and Momentum is slightly negative (-0.08). That lines up with the fund summary describing a concentrated small-blend portfolio and with the holdings mix: large weights in IBKR, GIL, TDG, and GWRE, plus a near 83% top-5 concentration. So the visible style is conviction-driven quality/smaller-cap exposure rather than classic value or momentum leadership. The clearest risk is extreme concentration. Interactive Brokers Group (IBKR) alone is 28.13% of the current portfolio, while the top 5 holdings total 82.71% and the top 10 effectively make up 99.99%. Sector data also show 84.25% in the catch-all 'Others' bucket, so users have limited look-through diversification from sector labels. This means outcomes will be driven mainly by a handful of names—especially IBKR, Gildan Activewear (18.10%), Alphabet (15.74%), and TransDigm (13.64%)—rather than a broad portfolio effect. The highest-priority follow-up names are the ones combining large weight with meaningful recent change. IBKR deserves the most work because it is still 28.13% of the fund even after a 1.22-point trim from 29.35%. Alphabet is next because it was the largest add, rising 3.83 points to 15.74%. Gildan Activewear also stands out after a 1.82-point increase to 18.10%. On the risk-monitoring side, Domino's Pizza Group matters because it was fully exited from 4.15% to 0.00%, which may signal a broken thesis. Finally, Baltic Classifieds Group (BCG) is worth watching as the only visible new position, though it is still small at 0.97%. View fund → AltaRock Partners
AltaRock alpha 5.19%
The baseline backtest outperformed SPY on return and alpha, but it did so with equity-like market risk and a sizable drawdown. Baseline annualizedReturn is 19.44% with alpha 5.19, beta 1.07, Sharpe 0.92, Sortino 1.16, and totalReturn 451.03. The portfolio’s maxDrawdown is -39.29%, with recoveryDays at 281, so the excess return over SPY came with meaningful downside participation rather than defensive protection. Recent period results were mixed versus SPY: baseline beat in 2023-06-30 (+8.72 excess), 2024-09-30 (+2.62), and 2024-12-31 (+2.92), but lagged in 2024-03-31 (-4.74), 2025-06-30 (-5.63), and 2025-09-30 (-2.09). Recent changes show conviction being reinforced in AMZN and TDG while MSFT was trimmed but remains a core holding. AMZN increased from 30.34% to 33.1% (+2.76 pts) and TDG rose from 23.53% to 25.28% (+1.75 pts), while MSFT fell from 24.33% to 19.75% (-4.58 pts). Smaller adds in HLT (+0.49 pts) and V (+0.22 pts) also point to selective concentration rather than broad rotation. The manager exited FICO entirely, but that prior weight was only 0.02%, so the meaningful signal is that capital was recycled into already-large positions instead of new names. The most visible style is concentrated large-cap quality growth with weak value support. In factorAttribution, Size contributes 4.17 and Quality contributes 1.6, while Value is -1.2 and Momentum is -0.9. Current holdings reinforce that picture: AMZN, MSFT, Mastercard, Visa, Moody's, and Alphabet are dominant franchise businesses, and the sector mix leans toward Consumer Discretionary (33.1%), Financials (17.78%), and a large 'Others' bucket that includes TDG and MSFT. So the portfolio reads more like a high-conviction quality compounder book than a value or momentum portfolio. The clearest risk is extreme single-name and top-5 concentration. AMZN is 33.1% of the portfolio, TDG is 25.28%, and MSFT is 19.75%, so those three names alone account for 78.13% of assets. The top 5 reaches 92.36% and the top 10 is effectively 100.01%, which means portfolio outcomes are dominated by a handful of large-cap growth holdings rather than broad diversification. That concentration is consistent with the baseline maxDrawdown of -39.2879% and beta of 1.0659, so the main risk is not hidden leverage but stock-specific drawdown from a very narrow book. AMZN, TDG, and MSFT deserve the most follow-up because they drive most of the portfolio and were also the largest recent reallocations. AMZN is the top holding at 33.1% after a +2.76 pt increase, TDG is 25.28% after a +1.75 pt increase, and MSFT is still 19.75% even after a -4.58 pt trim. Together they represent 78.13% of the fund, so changes in those three names matter far more than the sub-10% positions in MCO, MA, V, HLT, and GOOGL. HLT is also worth extra work because it was increased from 2.57% to 3.06% and later becomes a major position in the momentum-screen artifact. View fund → Chris Hohn · TCI Fund Management
Chris Hohn alpha 5.06%
The baseline outperformed SPY on return but not on downside control. The baseline strategy artifact reports 18.06% annualized return, 5.06 alpha, 0.91 Sharpe, 1.18 Sortino, and -34.39% max drawdown versus SPY as the benchmark. Its beta is 0.97, so market sensitivity is close to SPY, but the drawdown still reached -34.39% and recovery took 294 days. The long-run total return was 392.81%, so the trade-off is strong absolute and excess return with meaningful concentration-driven drawdown risk rather than better capital preservation. The latest changes point to selective conviction rather than broad accumulation. Ferrovial was the standout increase, rising from 1.54% to 6.27%, a +4.73 percentage-point move, which is much larger than any other adjustment. Smaller adds in S&P Global (+0.64 points to 8.15%), Alphabet (+0.60 to 3.15%), and Moody's (+0.24 to 8.99%) suggest continued preference for quality franchises. By contrast, the manager trimmed several core holdings only modestly, including Microsoft from 11.86% to 10.73%, Safran from 14.58% to 13.86%, Visa from 13.21% to 12.86%, and GE from 19.72% to 19.35%, which looks more like sizing discipline than thesis exits. The portfolio most clearly shows a quality-leaning concentrated large-cap style rather than value or momentum. In factor attribution, Quality contributes +1.96 and Size contributes +2.74, while Value is negative at -1.46 and Momentum is also negative at -0.46. The holdings mix reinforces that: large weights in Visa, Moody's, S&P Global, Microsoft, and Alphabet fit durable franchise quality more than deep value. Sector attribution also shows strong positive contribution from Financials (+34.57) and Industrials (+21.07), with negative contribution from Information Technology (-16.51), which suggests the portfolio is not simply chasing mega-cap tech momentum. The clearest risk is extreme concentration. The latest disclosed top 10 holdings account for 95.34% of the portfolio, and the top 5 alone are 65.79%. Single-name risk is also high: General Electric is 19.35%, Safran 13.86%, Visa 12.86%, and Microsoft 10.73%. Sector labels are also narrow, with 75.01% classified as Others and only 21.85% in Financials, so a few large positions dominate both stock-specific and sector-level outcomes. Ferrovial deserves the most follow-up because it was the largest conviction increase, jumping +4.73 percentage points to 6.27% from 1.54%. GE deserves close monitoring because it is still the largest position at 19.35% even after a trim. Microsoft, Visa, Moody's, and S&P Global also warrant research because they remain large core weights between 8.15% and 12.86%, and together with GE they drive most of the portfolio's concentration. Alphabet is another useful watchlist name because it was increased to 3.15% and also survives in multiple strategy variants, including the momentum screen at 100% weight and the combo equal screen at 50%. View fund → Robert Vinall · RV Capital
Robert Vinall alpha 5.05%
The baseline materially outperformed SPY on return but did so with much deeper downside risk. Baseline annualized return was 17.17% with 5.05% alpha and 196.67% total return, versus a benchmark ending value of about 248.53 from 100 in the benchmarkSeries over the same window. Risk-adjusted results were respectable but not exceptional, with Sharpe 0.74 and Sortino 1.01, while beta stayed slightly below market at 0.93. The trade-off is downside severity: max drawdown reached -49.06% for the baseline, far worse than the benchmark path, and recovery took 270 days. The latest changes show continued conviction in a concentrated core rather than broad diversification. The manager increased META by 2.17 percentage points to 20.95%, CACC by 2.32 points to 13.47%, HTHT by 2.29 points to 6.61%, IBKR by 1.20 points to 11.27%, and YUMC by 1.45 points to 4.94%, while fully exiting PDD from 7.29%. CVNA was only trimmed slightly from 30.75% to 29.81%, so it remains the dominant position. Taken together, the pattern looks like a rotation away from PDD and Wix toward an existing high-conviction cluster in consumer, financial, and internet platform names. The portfolio most clearly reads as concentrated quality-oriented small-blend with a cyclical and company-specific tilt. Factor attribution shows positive Quality contribution of 0.55 and positive Size contribution of 1.15, while Value is slightly negative at -0.49 and Momentum is negative at -0.81. Sector attribution is strongest in Consumer Discretionary at 31.12, followed by Communication Services at 15.66 and Financials at 11.86, which fits the large weights in CVNA, HTHT, YUMC, META, CACC, and IBKR. The weak Low Volatility contribution of -1.63 also matches the fund’s drawdown-heavy profile rather than a defensive style. The clearest risk is extreme single-name concentration. The top 5 holdings are 83.12% of the portfolio and the top 10 are 99.01%, with CVNA alone at 29.81% and META at 20.95%. That means idiosyncratic outcomes in Carvana, Meta, Credit Acceptance, or Interactive Brokers can dominate results more than broad market exposure. This concentration aligns with the fund’s -49.06% max drawdown and 270 recovery days, showing that even a 0.93 beta did not prevent severe capital impairment when core positions moved against the portfolio. The highest-priority names are CVNA, META, CACC, and IBKR because they combine outsized weights with recent conviction signals. CVNA is still 29.81% even after a slight decrease, META was increased to 20.95%, CACC to 13.47%, and IBKR to 11.27%; together those four positions make up 75.50% of the portfolio. HTHT at 6.61% and YUMC at 4.94% also deserve attention because both were increased meaningfully and add China consumer exposure after the full PDD exit. If you only have time for a few names, start with the four holdings that now control three-quarters of the portfolio’s risk budget. View fund → Top 20 US Stocks
iShares alpha 4.97%
The baseline portfolio outperformed SPY on return, but it did so with slightly higher market risk and a somewhat deeper drawdown. Baseline annualized return was 24.67% with alpha of 4.97 and Sharpe of 1.13, versus the benchmark path ending at about 119.92 from 100 while the baseline ended near 128.99. The trade-off is that beta was 1.11, so the portfolio moved more than SPY, and max drawdown was -21.61%. The alpha series finished at 9.07, showing sustained cumulative excess return despite the higher-volatility profile. The latest changes suggest the manager is still leaning into selected winners rather than broadly rotating the portfolio. The most notable new position is PLTR at 2.09%, while the largest increases were META (+0.95 percentage points to 4.57%) and NVDA (+0.66 points to 15.61%). At the same time, the manager trimmed GOOGL (-1.07 points to 6.02%), AVGO (-0.81 to 3.77%), TSLA (-0.72 to 4.48%), and AAPL (-0.49 to 13.84%), and fully exited HD (-1.76 to 0.00%). That pattern looks like selective profit-taking in large existing positions while adding to AI and digital platform exposure rather than turning defensive. The portfolio most visibly reflects a large-cap quality-growth style with weak value exposure. In factor attribution, Size contributes 6.24 and Quality contributes 2.25, while Value is -2.05 and Momentum is slightly negative at -0.27. The holdings list supports that read: the top weights are NVDA, AAPL, MSFT, GOOGL, META, and AMZN, while sector attribution shows Information Technology contributing 14.21 and Communication Services 4.97. The fund summary also points to cash-flow-stable, high-quality large-cap leaders held with low turnover. The clearest risk is single-name and mega-cap concentration. The top 5 holdings account for 52.46% of the fund and the top 10 reach 74.89%, with NVDA alone at 15.61%, AAPL at 13.84%, and MSFT at 12.38%. Sector exposure is also narrow in practice: the strategy baseline maps 47.69% to Information Technology and another 12.63% to Communication Services, so performance is heavily tied to a handful of U.S. platform and AI leaders. That concentration has translated into above-market sensitivity, with baseline beta at 1.11 and max drawdown at -21.61%. The most important follow-up names are NVDA, PLTR, META, GOOGL, and JPM. NVDA is the largest position at 15.61%, so any multiple or growth disappointment matters disproportionately. PLTR is the only meaningful new position at 2.09%, making it the clearest fresh conviction signal. META was increased by 0.95 points to 4.57%, while GOOGL was cut by 1.07 points to 6.02%, so the pair may reveal a communication-services preference shift. JPM at 4.51% was also increased and is one of the few major financial exposures in a portfolio otherwise dominated by tech and platform stocks. View fund → S&P 500 Momentum
SPMO | S&P 500 Momentum alpha 4.94%
The baseline portfolio beats SPY on return and alpha, but not by enough to look clearly superior on a risk-adjusted basis. Its annualized return is 18.94% with alpha of 4.94, beta of 1.0, Sharpe of 0.98, Sortino of 1.22, and max drawdown of -29.77%. The strategy artifact explicitly describes it as a benchmark-like portfolio with positive 4.9 alpha and a 456.43% total return, but also notes nearly market-level beta and substantial losses in bad markets. So versus SPY, investors got higher absolute return and positive excess return, yet they still had to accept almost full market sensitivity and roughly 30% peak-to-trough drawdown. The latest changes still point to momentum-following conviction in existing leaders rather than a broad reset. The biggest add among current holdings was NVIDIA, up 0.52 points from 8.83% to 9.35%, while Palantir rose from 4.32% to 4.58%, JPMorgan from 5.33% to 5.52%, and Meta from 7.62% to 7.8%. The main trim was Broadcom, down 1.54 points from 11.3% to 9.76%, and Netflix was cut by 0.52 points from 4.23% to 3.71%. There was one new position in Citigroup at 1.3% and one full exit in Amphenol, which went from 1.25% to 0%. That mix suggests the fund kept leaning into large established winners and selectively rotated within Financials rather than turning defensive. The portfolio still looks like large-cap momentum with quality support, but the factor attribution says that current realized style exposure is not a clean pure-momentum bet. Size contributes 2.93 and Quality contributes 1.12, while Value is -1.35, Low Volatility is -0.47, and Momentum is slightly negative at -0.33. The holdings reinforce that growth and quality leadership dominate the top of the book: AVGO, NVDA, META, PLTR, ORCL, and NFLX are all prominent positions, and the fund summary calls it a concentrated stock screen with benchmark-like market exposure. In short, the visible style is growth-leaning quality leadership with weak value support and little defensive tilt. The clearest risk is top-heavy single-name concentration inside a momentum-oriented portfolio. The top 5 holdings make up 37.01% of assets and the top 10 reach 52.43%. Broadcom and NVIDIA alone account for 19.11% of the fund, with AVGO at 9.76% and NVDA at 9.35%. Recent trims in AVGO from 11.3% to 9.76% do not change the fact that returns and drawdowns are still heavily tied to a small group of winners. The baseline backtest also shows market-like beta at 0.9993 and a max drawdown of -29.7742, so this concentration comes without much downside insulation versus SPY. The best follow-up candidates are AVGO, NVDA, PLTR, JPM, and C because they combine large weights or meaningful recent changes. AVGO remains the largest position at 9.76% even after a 1.54-point trim from 11.3%, so investors should test whether concentration risk is still justified. NVDA was increased to 9.35% from 8.83%, making it the clearest reinforcement of the AI and semiconductor theme. PLTR was lifted to 4.58% from 4.32%, which matters because it is a fast-moving momentum name already in the top 5. JPM at 5.52% and new position C at 1.3% suggest a deliberate Financials sleeve worth checking for valuation and rate-sensitivity support. Meta at 7.8% also merits attention because Communication Services had a positive sector attribution contribution of 5.31 while several other sectors were negative. View fund → Bruce Berkowitz · Fairholme Capital
Bruce Berkowitz alpha 4.84%
The baseline portfolio beat SPY on absolute and risk-adjusted excess return, but it did so with severe concentration and deep drawdowns. The baseline artifact reports 14.28% annualized return, 4.84 alpha, 0.9 beta, 0.61 Sharpe, 0.91 Sortino, and -44.09% max drawdown, with 260.45% total return. The ending NAV series rose from 100.0 to 360.4513, while the benchmark series rose from 100.0 to 329.7804, so the backtest finished ahead of SPY in cumulative value. However, that outperformance came with meaningful downside stress, including a -44.09% maximum drawdown and concentration risk noted in the artifact’s risk notes and weaknesses. The latest changes suggest conviction remains concentrated rather than broadly expanding. The clearest active add was Imperial Metals (III), which rose to 11.44% from 7.99%, a 3.45 percentage-point increase, making it the second-largest holding. By contrast, the manager trimmed existing core positions rather than replacing them: Enterprise Products Partners fell to 10.79% from 12.66% (-1.87 points), Bank OZK fell to 2.6% from 3.47% (-0.87), and JOE dipped only slightly to 71.23% from 71.94% (-0.71), still dominating the book. New positions such as PGR at 0.36%, CF at 0.26%, TGT at 0.14%, and NRP at 0.08% are too small to change the portfolio’s center of gravity, so the message is that conviction increased in III while JOE remained the controlling position. The most visible style is concentrated value with a momentum overlay, not balanced quality. The fund summary explicitly describes it as a highly concentrated large-value portfolio, and the factor attribution shows Momentum contribution at 3.49, while Value is -2.0 and Low Volatility is -2.46. Sector attribution is overwhelmingly tied to Real Estate at 65.12, which aligns with the oversized JOE position. Current holdings also show a sparse sector mix: 95.49% in Others, 2.6% in Financials, 0.4% in Energy, and 0.04% in Technology, reinforcing that this is an idiosyncratic, thesis-driven portfolio rather than a diversified factor basket. The dominant risk is extreme single-name concentration in The St. Joe Company. In the current holdings snapshot, JOE is 71.23% of the portfolio, while the top 5 holdings total 97.19% and the top 10 reach 98.3%. The sector view is also highly concentrated, with 95.49% classified as Others, so diversification is minimal. The baseline strategy artifact shows the same issue in backtest form, with JOE at 81.79% and max drawdown of -44.09%, which means one position and one thesis largely drive portfolio risk. The top follow-up names are JOE, III, and EPD because they explain almost all of the portfolio’s risk and recent positioning. JOE is the core name at 71.23%, so any thesis change there would dominate outcomes. III is next because it was actively increased by 3.45 percentage points to 11.44%, making it the strongest recent conviction add. EPD still matters because it remains a 10.79% position even after a 1.87-point trim, so it is still a major pillar of the portfolio. A second tier for monitoring is OZK at 2.6% because it is the largest Financials exposure and was reduced from 3.47%, while the new small entries in PGR, CF, and TGT are worth watching only as signals of potential future scaling, not as current return drivers. View fund → S&P 500 Technology Sector
XLK | S&P 500 Technology Sector alpha 4.83%
The baseline outperformed SPY on return but took more risk and still suffered a deep drawdown. Baseline annualized return is 21.98% with alpha of 4.83 and Sharpe of 0.94, while the baseline summary explicitly describes strong long-term outperformance versus SPY. The cost of that excess return is beta of 1.26, downside deviation of 18.9846, and a max drawdown of -34.02%, with 189 recovery days. The benchmark-relative artifact also shows 614.4% total return for baseline and positive alpha, but weakness notes flag higher market sensitivity and concentration risk than a broad-market benchmark. The latest changes suggest the manager kept leaning into AI and infrastructure leaders rather than broadening away from them. NVIDIA was increased by 1.06 percentage points to 14.94%, the largest visible change, while Microsoft also rose 0.10 points to 11.85%. Oracle rose 0.22 points to 2.82% and Micron rose 0.39 points to 2.76%, both consistent with data-center and enterprise tech exposure. At the same time, Broadcom was cut by 0.70 points to 5.39%, AMD fell 0.17 points to 3.00%, and Intel fell 0.17 points to 1.42%, which looks more like rebalancing within semis than a retreat from the theme. The portfolio most clearly shows a large-growth tech style with a quality overlay and weak value tilt. In factor attribution, Size contributes 3.73 and Quality contributes 2.05, while Value contributes -1.71 and Low Volatility contributes -1.11. Momentum is almost neutral at -0.07, so this snapshot is not mainly a momentum portfolio despite strong price leadership in some names. The holdings mix supports that reading: the three largest positions are NVDA, AAPL, and MSFT, and the fund’s annualized return of 21.9788 with beta of 1.2561 fits a higher-beta growth-heavy profile rather than value or defensive exposure. The clearest risk is top-heavy mega-cap technology concentration. The top 5 holdings account for 48.92% of the portfolio and the top 10 reach 62.49%, with NVIDIA alone at 14.94%, Apple at 13.25%, and Microsoft at 11.85%. Sector exposure is effectively a single-sector bet, with sector attribution showing Information Technology contribution at 45.17 and sectorWeights dominated by Technology/Others classifications tied to tech names. That concentration helps explain the fund’s beta of 1.2561 and max drawdown of -34.0221 versus SPY. The highest-priority follow-up names are NVIDIA, Broadcom, Micron, Oracle, and Intel. NVIDIA matters because it is the largest holding at 14.94% and was increased by 1.06 points, making it the biggest single source of upside and downside. Broadcom matters because it remains a 5.39% weight despite a 0.70-point cut, suggesting an important but actively managed position. Micron and Oracle were both increased, to 2.76% and 2.82% respectively, which may signal growing conviction in memory and enterprise/cloud infrastructure. Intel fell to 1.42% after a 0.17-point reduction, so it is worth checking whether it is becoming a lower-conviction legacy semiconductor exposure inside the same sector theme. View fund → Bill & Melinda Gates Foundation Trust
Bill Gates alpha 4.25%
The baseline compares favorably on return and alpha, but not on concentration risk. Its annualized return is 14.93% with alpha of 4.25, beta of 0.78, Sharpe of 0.93, and max drawdown of -27.78. The strategy artifact also reports total return of 280.86 and says the portfolio delivered positive excess return versus SPY. However, that came with meaningful lag and concentration risk, including a top holding above 32% and top five above 83% in the baseline artifact, even though market beta stayed below 1. Recent changes point to selective rotation rather than broad repositioning. The trust cut two of its largest holdings—Microsoft from 12.75% to 10.31% (-2.44 pts) and Berkshire Hathaway from 29.31% to 27.04% (-2.27 pts)—while adding to cyclical and industrial names: Caterpillar rose from 8.12% to 10.09% (+1.97 pts), Canadian National Railway from 13.08% to 14.22% (+1.14 pts), and Waste Management from 17.11% to 17.62% (+0.51 pts). That pattern suggests conviction remains high in the core portfolio, but capital is being tilted away from two mega-cap anchors and toward industrial and infrastructure exposure. The most visible style is concentrated large-cap value with a low-volatility tilt. The fund summary explicitly calls it a 'Concentrated large-cap value portfolio,' and factor attribution shows Low Volatility contributing 2.07 and Size contributing 3.26, while Quality and Value contributions are slightly negative at -0.17 and -0.01. Holdings also fit that profile: Berkshire Hathaway (27.04%), Waste Management (17.62%), Canadian National Railway (14.22%), Caterpillar (10.09%), and Walmart (2.59%) are mature, defensive or cyclical franchise names rather than high-turnover growth bets. The clearest risk is extreme single-name and top-5 concentration. Berkshire Hathaway is 27.04% of the disclosed portfolio, while the top five holdings—BRK.A, WM, CNR, MSFT, and CAT—sum to 79.28%. The top 10 already reach 93.8%, so portfolio outcomes are dominated by a handful of positions. That concentration is only partly offset by lower market sensitivity, since the fund’s beta is 0.7831 but max drawdown still reached -27.7781 in the baseline backtest. The top follow-up names are Berkshire Hathaway, Microsoft, Caterpillar, Canadian National Railway, and Waste Management. Berkshire matters because it is the largest position at 27.04% even after a -2.27 point trim. Microsoft is still 10.31% after a larger -2.44 point reduction, so investors should ask why a major compounder was cut. Caterpillar moved up to 10.09% from 8.12% and CNR to 14.22% from 13.08%, making both important conviction adds. Waste Management remains a 17.62% core holding and was also increased, which reinforces the portfolio’s preference for resilient industrial-like cash flow businesses. View fund → Pat Dorsey · Dorsey Asset Management
Pat Dorsey alpha 4.24%
The baseline outperformed SPY on return, but not by avoiding major drawdowns. Baseline annualized return is 11.5% with 4.24 alpha, versus the fund context summary benchmark of SPY, and total return reaches 162.19. Risk is mixed: beta is 0.55 and the baseline summary notes 13.75% volatility, so market sensitivity was lower than SPY, but max drawdown still hit -36.2% with 505 recovery days. Sharpe is 0.86 and Sortino is 1.17, indicating solid but not exceptional risk-adjusted performance given how concentrated the portfolio is. Recent changes suggest conviction was added to several core holdings while internet and consumer winners were trimmed. ASML was increased from 13.5% to 15.9% (+2.4 pts), AerCap from 12.31% to 13.5% (+1.19 pts), Danaher from 13.74% to 14.64% (+0.9 pts), and Sunbelt Rentals from 10.45% to 11.09% (+0.64 pts). The manager also opened a new 6.64% position in Live Nation. By contrast, Meta was cut from 11.36% to 8.19% (-3.17 pts), Alphabet from 8.42% to 5.26% (-3.16 pts), and AutoZone from 10.32% to 6.58% (-3.74 pts). That mix looks like selective reallocation rather than a broad de-risking. The most visible style is a quality plus low-volatility tilt, with weak momentum support. In factor attribution, Low Volatility has the largest contribution at 1.71 and Quality is also positive at 0.67, while Momentum is negative at -0.58 and Value is negative at -0.3. The fund-level risk profile matches that reading: beta is only 0.5482 despite an 11.4969% annualized return and 4.2441 alpha. The positive sector attribution from Health Care (20.86), Industrials (19.71), and Communication Services (16.24) also lines up with a portfolio emphasizing durable businesses over deep value exposure. The clearest risk is extreme concentration. The latest disclosed top 5 holdings make up 63.32% of the portfolio and the top 10 reach 95.3%, so a small set of names drives most portfolio outcomes. Single-name exposure is especially high in ASML at 15.9%, Danaher at 14.64%, and AerCap at 13.5%. Sector labels are also highly compressed, with 87.98% classified as Others, which limits sector-level transparency and makes stock-specific risk more important than broad diversification. ASML, Danaher, AerCap, and Live Nation deserve the most follow-up from this snapshot. ASML is now the largest disclosed position at 15.9% after a +2.4 pt increase, Danaher is 14.64% after a +0.9 pt increase, and AerCap is 13.5% after a +1.19 pt increase, so these look like the manager's strongest active convictions. Live Nation stands out because it is a new 6.64% position added in one quarter. On the trim side, Meta fell from 11.36% to 8.19%, Alphabet from 8.42% to 5.26%, and AutoZone from 10.32% to 6.58%, so those names deserve research too because the manager may be reducing conviction or harvesting gains. View fund → The baseline portfolio outperformed SPY on long-run return but did so with higher risk. Baseline annualized return is 20.06% with alpha of 4.20 versus SPY, but beta is 1.16 and max drawdown is -34.6%. Risk-adjusted results are still solid, with Sharpe 0.93 and Sortino 1.18, and total return reaches 510.52% over the backtest. So QQQ delivered meaningful excess return and positive alpha, but investors had to accept more market sensitivity and a deeper peak-to-trough loss profile than SPY. The latest changes suggest QQQ is still leaning into large-cap growth but is rotating conviction within that growth set rather than making a broad style change. The biggest cut was Broadcom, down from 6.63% to 3.26% (-3.37 pts), while Meta rose from 2.97% to 3.87% (+0.90 pts) and Tesla from 3.32% to 3.97% (+0.65 pts). New positions AppLovin at 1.14% and Linde at 1.10% add fresh exposure, while PepsiCo (-1.06 pt) and Shopify (-1.01 pt) were fully exited. That pattern looks like stronger conviction in current momentum-heavy growth leaders, with a small diversification nod via Linde rather than a defensive shift. The most visible style is large-cap growth/quality with a strong technology tilt and very little value support. Factor attribution shows positive Quality contribution of 1.38 and a strongly negative Value contribution of -1.58, while Information Technology contributes +7.26 and Communication Services +3.64 at the sector level. Current holdings reinforce that picture: NVIDIA (9.05%), Apple (8.02%), Microsoft (7.18%), Amazon (4.93%), Meta (3.87%), and Alphabet (3.39%) dominate the portfolio. The fund summary also describes it as a large-cap growth portfolio with above-market risk. The clearest risk is top-heavy mega-cap technology concentration. The fund’s top 5 holdings are 33.15% and top 10 are 48.1% of assets, while the visible sector mix is dominated by Technology plus the many tech-like names grouped under Others. NVIDIA alone is 9.05%, Apple 8.02%, and Microsoft 7.18%, and the baseline backtest shows beta of 1.16 with a -34.6% max drawdown, which means a growth-led selloff can hit both concentration and market-sensitivity at the same time. The highest-priority follow-up names are the ones that either dominate weight or changed most sharply. NVIDIA (9.05%), Apple (8.02%), and Microsoft (7.18%) matter because together they already exceed 24% of the portfolio. Broadcom deserves review because it was cut from 6.63% to 3.26%, the biggest reduction in the latest changes. Meta (3.87%) and Tesla (3.97%) deserve attention because they were meaningful adds, while AppLovin (1.14%) and Linde (1.10%) stand out as new positions. Those names are most likely to explain both future upside and concentration risk from this snapshot. View fund → Stephen Mandel · Lone Pine Capital
Stephen Mandel alpha 3.96%
The baseline outperformed SPY on return and alpha, but not on downside control. The baseline strategy artifact reports 17.35% annualized return, 3.96 alpha, 0.89 Sharpe, 1.13 Sortino, and 365.03% total return, with beta 1.00 and -41.03% max drawdown. Its own summary flags strong long-run returns and alpha, but also meaningful drawdown and concentration risk. The combination of beta near 1.0 and a 477-day recovery period means the strategy behaved like equity beta during stress while taking a long time to recover, so the excess return came with real patience and drawdown costs versus SPY. The latest filing shows active rotation rather than passive trimming. Lone Pine exited META entirely from 6.56% and also exited SBUX at 3.18%, EQT at 3.07%, and FLUT at 2.97%, while opening ASML at 4.43%, DASH at 3.92%, MDLN at 3.37%, and CRS at 2.83%. Conviction also increased in several existing names: KKR rose from 3.58% to 4.36% (+0.78), AVGO from 3.45% to 4.10% (+0.65), CVNA from 4.50% to 5.14% (+0.64), NU from 2.75% to 3.39% (+0.64), and 2330 from 5.76% to 6.35% (+0.59). The mix of big exits and multiple sizable adds suggests a deliberate refresh toward semiconductor, platform, and financial exposures rather than a small rebalance. The portfolio reads as a cyclical, size-leaning, low-defensiveness 13F rather than a classic value portfolio. Factor attribution shows positive Size contribution of 0.72 and slight positive Quality at 0.17, but negative Value at -0.59, negative Momentum at -0.80, and strongly negative Low Volatility at -0.99. Sector attribution reinforces that tilt: Consumer Discretionary contributed 9.77, Utilities 9.17, and Financials 8.62, while Information Technology was -14.9 and Communication Services was -7.66. The current holdings mix also supports that reading, with CVNA at 5.14%, VST at 5.75%, COF at 3.81%, TLN at 3.32%, and VMC at 3.29% alongside large software and semiconductor names. The clearest risk is concentration in a lagged 13F portfolio that is still high-beta but very opaque by sector. Current concentration is 27.32% in the top 5, 48.66% in the top 10, and 82.9% in the top 20, while 71.96% of reported weight is grouped as "Others," limiting clean sector look-through. The portfolio also carries a 17.35% annualized return with beta 1.00 and a -41.03% max drawdown, so investors are not getting meaningful downside cushion for that concentration. Single-name weight remains material in 2330 at 6.35%, VST at 5.75%, CVNA at 5.14%, LPLA at 5.07%, and BN at 5.01%. The highest-priority follow-up names are the ones combining top weight with meaningful recent change. ASML deserves attention because it is a new 4.43% position immediately placed among top holdings. DASH is another new, high-size bet at 3.92%, and MDLN is a new 3.37% position. On existing names, 2330 increased to the largest weight at 6.35%, CVNA increased to 5.14%, and KKR increased to 4.36%. On the risk side, PM was cut sharply from 5.05% to 2.90% (-2.15) and APP from 5.38% to 3.60% (-1.78), while META was fully exited from 6.56%, so those reductions and exits may signal weaker near-term thesis conviction. View fund → Viking Global Investors
Viking Global Investors alpha 3.66%
Versus SPY, the baseline is a strong benchmark-relative profile. Its metrics are return 14.98%, alpha 3.66%, beta 0.83, Sharpe 0.94, Sortino 1.14, max drawdown -28.25%. The best recent benchmark-relative row is 2025-09-30 (4.12% vs SPY 1.49%, excess 2.63%, turnover 59.91%), while the weakest is 2025-03-31 (4.77% vs SPY 9.22%, excess -4.45%, turnover 61.76%). That contrast is important: the static page is showing not only the long-run return number, but also whether the manager profile wins steadily or in a few uneven periods. The latest filing changes look more like a real repositioning. The largest additions/increases were BA added by 2.31% to 2.31%; GOOGL added by 2.25% to 2.25%; AMD added by 2.16% to 2.16%. The largest reductions were JPM exited by 4.16% to 0.00%; COF cut by 2.16% to 1.93%; GM exited by 2.07% to 0.00%. Against current top positions of MSFT 4.19%, PNC 4.10%, 2330 4.02%, V 3.76%, SCHW 3.73%, this helps separate fresh conviction from positions that remain large mainly because they were already core holdings. The factor picture is led by positive Size exposure. The attribution rows show Size 1.12, Low Volatility 0.46, Value -0.41, Momentum -0.27, Quality 0.20; sector attribution adds Information Technology -26.30, Health Care -10.16, Financials 6.65, Consumer Staples -5.61. In plain terms, the holdings list (MSFT 4.19%, PNC 4.10%, 2330 4.02%, V 3.76%, SCHW 3.73%) should be read together with these factor rows: the portfolio may look diversified by name count, but the style result is coming from the weights and the kinds of companies that survived the manager process. For Viking Global Investors LP, the main issue is broadly spread position sizing. The latest portfolio shows top 5 19.80%, top 10 35.21%, top 20 56.68%, led by MSFT 4.19%, PNC 4.10%, 2330 4.02%, V 3.76%, SCHW 3.73%, DIS 3.43%. Sector classification is Others 43.84%, Financials 5.69%, Healthcare 2.96%, Communication Services 2.25%, so the visible risk is not just market beta; it is also where the disclosed book is clustered. The baseline metrics read as return 14.98%, alpha 3.66%, beta 0.83, Sharpe 0.94, max drawdown -28.25%, which makes this a strong benchmark-relative profile rather than a simple low-risk holding list. The follow-up list should start with MSFT, PNC, 2330, V, BA, GOOGL. These names are either top weights or the biggest recent changes. Current concentration is top 5 19.80%, top 10 35.21%, top 20 56.68%, so a research pass on only a few names can explain a large share of the portfolio. I would especially separate steady core holdings (MSFT 4.19%, PNC 4.10%, 2330 4.02%, V 3.76%) from active changes (BA added by 2.31% to 2.31%; GOOGL added by 2.25% to 2.25%; JPM exited by 4.16% to 0.00%; COF cut by 2.16% to 1.93%). View fund → Baillie Gifford & Co.
Baillie Gifford & alpha 3.52%
Versus SPY, the baseline is a strong benchmark-relative profile. Its metrics are return 14.44%, alpha 3.52%, beta 0.82, Sharpe 0.85, Sortino 1.11, max drawdown -33.47%. The best recent benchmark-relative row is 2024-12-31 (-1.27% vs SPY -3.63%, excess 2.35%, turnover 11.70%), while the weakest is 2025-03-31 (2.77% vs SPY 9.22%, excess -6.45%, turnover 13.11%). That contrast is important: the static page is showing not only the long-run return number, but also whether the manager profile wins steadily or in a few uneven periods. The latest filing changes look incremental rather than wholesale. The largest additions/increases were GOOGL added by 0.84% to 0.84%; 2330 raised by 0.47% to 4.26%; NU raised by 0.27% to 2.04%. The largest reductions were RACE exited by 0.84% to 0.00%; SE cut by 0.81% to 2.34%; RBLX cut by 0.59% to 0.83%. Against current top positions of 2330 4.26%, NVDA 3.87%, MELI 3.32%, AMZN 3.21%, SHOP 2.38%, this helps separate fresh conviction from positions that remain large mainly because they were already core holdings. The factor picture is led by positive Size exposure. The attribution rows show Size 0.21, Low Volatility -0.13, Momentum -0.11, Quality 0.08, Value 0.04; sector attribution adds Health Care -18.78, Financials -16.36, Communication Services -6.38, Consumer Discretionary 3.28. In plain terms, the holdings list (2330 4.26%, NVDA 3.87%, MELI 3.32%, AMZN 3.21%, SHOP 2.38%) should be read together with these factor rows: the portfolio may look diversified by name count, but the style result is coming from the weights and the kinds of companies that survived the manager process. For Baillie Gifford & Co., the main issue is broadly spread position sizing. The latest portfolio shows top 5 17.04%, top 10 27.35%, top 20 39.77%, led by 2330 4.26%, NVDA 3.87%, MELI 3.32%, AMZN 3.21%, SHOP 2.38%, SE 2.34%. Sector classification is Others 35.72%, Consumer Discretionary 3.21%, Communication Services 0.84%, so the visible risk is not just market beta; it is also where the disclosed book is clustered. The baseline metrics read as return 14.44%, alpha 3.52%, beta 0.82, Sharpe 0.85, max drawdown -33.47%, which makes this a strong benchmark-relative profile rather than a simple low-risk holding list. The follow-up list should start with 2330, NVDA, MELI, AMZN, GOOGL, RACE. These names are either top weights or the biggest recent changes. Current concentration is top 5 17.04%, top 10 27.35%, top 20 39.77%, so a research pass on only a few names can explain a large share of the portfolio. I would especially separate steady core holdings (2330 4.26%, NVDA 3.87%, MELI 3.32%, AMZN 3.21%) from active changes (GOOGL added by 0.84% to 0.84%; 2330 raised by 0.47% to 4.26%; RACE exited by 0.84% to 0.00%; SE cut by 0.81% to 2.34%). View fund → David Tepper · Appaloosa Management
David Tepper alpha 3.52%
The baseline outperformed SPY on return but not on downside protection. Baseline annualized return is 16.26% with alpha 3.52 and total return 252.41%, versus SPY as the benchmark. Risk stayed close to market on beta at 1.00, while Sharpe was 0.79 and Sortino 1.05. The trade-off is drawdown: max drawdown was -29.75% with 283 recovery days, so this was not a low-risk way to beat SPY. Recent period data also show uneven excess returns: +7.52 points in 2023-03-31, +7.54 in 2025-06-30, but -4.38 in 2024-03-31 and -0.83 in 2025-09-30. The latest changes show active but selective conviction rather than wholesale de-risking. The biggest new position was Micron at 6.25%, followed by a new 3.16% stake in American Airlines. The largest adds were Alphabet, up 3.60 points from 4.58% to 8.18%, and Meta, up 2.10 points from 3.68% to 5.78%, with TSMC also increased by 1.00 point to 5.01%. At the same time, Alibaba was cut by 4.63 points from 15.62% to 10.99%, and AMD, Baidu, and Lyft were fully exited. That pattern suggests conviction rotated toward semiconductor and platform names while trimming or exiting several prior China and mobility bets. The portfolio still looks most like a growth-leaning, momentum-supported, high-beta concentrated 13F. In factor attribution, Size contributes 2.32, Momentum contributes 0.42, and Quality contributes 0.38, while Value is negative at -0.24 and Low Volatility is sharply negative at -0.49. Sector attribution also favors cyclical and platform-heavy exposure, with Consumer Discretionary contribution at 21.06 and Communication Services at 9.72, while Information Technology is negative at -11.24 and Financials at -12.88. Combined with large weights in Alphabet, Amazon, Meta, NVIDIA, TSMC, and Micron, the visible style is growth and momentum rather than classic value or defense. The clearest risk is concentration in a growth-tilted, hard-to-classify portfolio. The current top 5 holdings account for 38.54% and the top 10 reach 59.63%, while the sector bucket labeled "Others" alone is 57.44%. Single-name exposure is led by Alibaba at 10.99%, Alphabet at 8.18%, Amazon at 7.34%, Micron at 6.25%, and Meta at 5.78%. That means a large share of portfolio risk sits in a handful of positions, several of them mega-cap tech or China-linked names, and the baseline backtest still carried a -29.75% max drawdown with beta 1.0043, so the portfolio did not meaningfully reduce market selloff risk. The most important follow-up names are the ones combining size, recent change, and thesis uncertainty. Alibaba is still the largest holding at 10.99% even after a 4.63-point reduction from 15.62%, so it remains the biggest single-name driver. Micron deserves attention because it was initiated directly at 6.25%, making it the largest new position. Alphabet rose to 8.18% from 4.58%, showing strong conviction, while Meta increased to 5.78% from 3.68%. American Airlines also stands out because it was added as a new 3.16% position, which is unusually large for a fresh cyclical bet. Those five names best capture the manager’s current conviction shifts. View fund → Christopher Bloomstran · Semper Augustus
Christopher Bloomstran alpha 3.36%
The baseline portfolio delivered a 13.22% annualized return with 3.36 alpha, versus SPY as the benchmark, but the edge came with mixed consistency. Risk was lower than a full-market portfolio on beta at 0.75, and risk-adjusted returns were respectable with a 0.81 Sharpe and 1.09 Sortino. However, max drawdown still reached -27.02%, and the baseline summary notes only marginal SPY outperformance consistency. The alphaSeries ends slightly negative at about -0.18 by 2025-12-31, which matches the idea that long-run excess value was positive in absolute alpha terms but uneven versus benchmark path by path. The latest changes point to selective conviction rather than broad rotation. The manager added most aggressively to consumer-facing names: Deckers Outdoor rose from 4.74% to 7.63% (+2.89 pts), Dollar General from 11.95% to 14.14% (+2.19 pts), and Dollar Tree from 5.95% to 7.25% (+1.30 pts). Newmont also increased from 7.14% to 7.62%. By contrast, Olin fell from 6.00% to 4.66%, Kinross Gold from 8.02% to 6.85%, and Berkshire Hathaway from 10.92% to 10.07%. That pattern suggests conviction is being concentrated into a few preferred retail and consumer-discretionary ideas while trimming some materials and diversified financial exposure. Value is the most visible factor tilt, with a positive factor attribution contribution of 1.01, while Quality is -0.54 and Low Volatility is -0.52. Size is also positive at 0.32 and Momentum is only mildly positive at 0.18, which fits the fund summary of a small-value tilted portfolio. Sector attribution reinforces that style expression: Consumer Staples contributed 22.72, Materials 13.77, and Consumer Discretionary 10.24, while Information Technology detracted -33.05. The current top holdings also align with that profile, led by Dollar General, Berkshire Hathaway, Newmont, Dollar Tree, Olin, and Valero rather than large technology winners. The clearest risk is concentration in a small set of idiosyncratic positions. The current top 5 holdings account for 46.71% of the portfolio and the top 10 reach 70.05%, with Dollar General alone at 14.14% and Berkshire Hathaway at 10.07%. Recent adds increased that concentration further in names like Deckers Outdoor (+2.89 pts to 7.63%), Dollar General (+2.19 pts), and Dollar Tree (+1.30 pts). Even though the fund-level beta is only 0.747, this structure means single-stock execution or thesis errors can dominate outcomes more than broad market moves. The most important follow-up names are the largest positions and the biggest recent adds. Dollar General at 14.14% is the dominant holding and was increased by 2.19 pts. Deckers Outdoor at 7.63% had the largest increase at +2.89 pts, making it a high-conviction change. Dollar Tree at 7.25% also rose materially by 1.30 pts. On the other side, Berkshire Hathaway remains a major 10.07% position despite a trim, so any thesis change there matters. Newmont at 7.62% and Kinross at 6.85% are also worth deeper work because the portfolio still has large gold exposure even after reducing Kinross by 1.17 pts. View fund → Guy Spier · Aquamarine Capital
Guy Spier alpha 2.96%
The baseline backtest outperformed SPY on return but not by taking much less market risk. Annualized return is 16.58% with alpha of 2.96 and totalReturn of 336.42%, while beta is 1.05, meaning market sensitivity stayed close to SPY. Risk-adjusted results are solid but not exceptional for the concentration: Sharpe is 0.81 and Sortino is 1.07. Drawdown remained meaningful at -37.91%, with 201 recoveryDays, so the portfolio beat SPY over the full sample but still carried benchmark-like equity downside rather than strong capital protection. The latest changes show selective recycling rather than broad de-risking. The manager fully exited BAC, a prior 11.54% position, and also exited MU at 3.90%, BABA at 2.47%, and GOOGL at 1.13%. That capital was reallocated into BRK.A, up from 6.59% to 12.96% (+6.37 pts), MCO from 3.75% to 7.89% (+4.14 pts), IEX from 4.27% to 7.99% (+3.72 pts), CARE Ratings from 3.26% to 6.64% (+3.38 pts), and MA from 10.90% to 13.07% (+2.17 pts). AXP was cut from 20.32% to 13.76% (-6.56 pts) but remains the largest holding, which suggests conviction stayed high while exposure was redistributed toward Berkshire, ratings, and payment franchises. The most visible style is concentrated quality with a financials tilt, not momentum. In factor attribution, Quality contributes 1.85, Size 2.15, and Low Volatility 1.5, while Value is -0.61 and Momentum is -0.8. Sector attribution is dominated by Financials at 80.81, and the largest holdings—AXP, MA, BRK.A, and MCO—are durable franchise businesses with high portfolio weights. That combination matches the fund summary of a concentrated, financials-heavy portfolio with strong long-run returns rather than a cheap deep-value or trend-following basket. The clearest risk is concentration inside a financials-heavy 13F. Financials are 34.72% of reported sector weight, while the top 5 holdings are 55.67% and the top 10 are 71.94% of the portfolio. The largest positions are AXP at 13.76%, MA at 13.07%, and MCO at 7.89%, all tied to payment and ratings exposure, so a shock to credit spending, financial regulation, or valuation multiples in financial franchises would hit a large share of the portfolio at once. The backtest profile also shows this is not a low-risk concentration trade: beta is 1.0488 and maxDrawdown is -37.9085. The highest-priority follow-up names are BRK.A, MCO, IEX, CARE Ratings, and AXP. BRK.A nearly doubled from 6.59% to 12.96%, making it one of the biggest conviction adds. MCO rose from 3.75% to 7.89%, and IEX increased from 4.27% to 7.99%, both notable because they now sit among the top 5. CARE Ratings climbed from 3.26% to 6.64%, showing growing conviction in a non-U.S. ratings business. AXP is still the largest holding at 13.76% even after a 6.56-point reduction from 20.32%, so understanding whether that trim was valuation discipline or thesis moderation is also important. View fund → 