~~12% since 1991
Portfolio value
$21.7B
Positions
54
Top 5 concentration
17%
New buys this quarter
5
| Stock | Move | % of portfolio | Value |
|---|---|---|---|
| $TRGP Targa Resources Corp | Trimmed | 3.8% | $823M |
| $COP ConocoPhillips | Trimmed | 3.7% | $808M |
| $ICE Intercontinental Exchange Inc | Held | 3.1% | $667M |
| $MRK Merck & Co Inc | Trimmed | 3% | $658M |
| $CTVA Corteva Inc | Held | 3% | $648M |
| $ABNB Airbnb Inc | Held | 3% | $642M |
| $CRM Salesforce Inc | Added | 2.9% | $623M |
| $PSX Phillips 66 | Trimmed | 2.7% | $593M |
| $KDP Keurig Dr Pepper Inc | Held | 2.7% | $591M |
| $C Citigroup Inc | Trimmed | 2.7% | $585M |
| $DAL Delta Air Lines Inc | Held | 2.6% | $563M |
| $FCNCA First Citizens BancShares Inc/NC | Held | 2.6% | $559M |
| $FISV Fiserv Inc | Added | 2.5% | $554M |
| $ALLY Ally Financial Inc | Held | 2.5% | $542M |
| $SCHW Charles Schwab Corp/The | Held | 2.5% | $542M |
| $ZBH Zimmer Biomet Holdings Inc | Held | 2.5% | $536M |
| $ELV Elevance Health Inc | Held | 2.5% | $533M |
| $AIG American International Group Inc | Held | 2.4% | $522M |
| $GOOGL Alphabet Inc | Trimmed | 2.4% | $518M |
| $COF Capital One Financial Corp | Held | 2.3% | $492M |
| $IQV IQVIA Holdings Inc | Held | 2.1% | $458M |
| $UNP Union Pacific Corp | Held | 2% | $444M |
| $GEHC GE HealthCare Technologies Inc | Held | 2% | $440M |
| $EFX Equifax Inc | Held | 2% | $426M |
| $RGA Reinsurance Group of America Inc | Held | 1.9% | $408M |
| $GM General Motors Co | Trimmed | 1.8% | $386M |
| $GPN Global Payments Inc | Added | 1.8% | $384M |
| $NKE NIKE Inc | Held | 1.7% | $368M |
| $STT State Street Corp | Held | 1.6% | $356M |
| $NFLX Netflix Inc | New buy | 1.6% | $353M |
| $BAC Bank of America Corp | Held | 1.6% | $344M |
| $CG Carlyle Group Inc/The | Held | 1.5% | $325M |
| $NDAQ Nasdaq Inc | Held | 1.5% | $318M |
| $CMCSA Comcast Corp | Added | 1.4% | $315M |
| $WFC Wells Fargo & Co | Trimmed | 1.3% | $286M |
| $WBD Warner Bros Discovery Inc | Trimmed | 1.3% | $284M |
| $MPC Marathon Petroleum Corp | Trimmed | 1.3% | $279M |
| $EOG EOG Resources Inc | Trimmed | 1.3% | $278M |
| $AMZN Amazon.com Inc | Added | 1.3% | $273M |
| $CHTR Charter Communications Inc | Trimmed | 1.2% | $270M |
| $ROP Roper Technologies Inc | New buy | 1.2% | $263M |
| $MRSH Marsh & McLennan Cos Inc | New buy | 1.2% | $253M |
| $CDW CDW Corp/DE | Added | 1.1% | $248M |
| $RJF Raymond James Financial Inc | New buy | 1.1% | $246M |
| $STZ Constellation Brands Inc | Held | 1.1% | $244M |
| $ADBE Adobe Inc | New buy | 1.1% | $233M |
| $FBIN Fortune Brands Innovations Inc | Held | 1% | $221M |
| $MAS Masco Corp | Trimmed | 0.9% | $203M |
| $GPC Genuine Parts Co | Held | 0.9% | $188M |
| $CRBG Corebridge Financial Inc | Held | 0.9% | $186M |
Showing top 50 of 54 equity positions (this fund runs a diversified book).
Notable sell-outs this quarter: $APA, $CE, $BAX
Source: SEC N-PORT via FMP · Mar 2026 report · monthly portfolio, public with a delay. Long equity positions only. Not financial advice.