{"slug":"d1capital","name":"D1 Capital Partners","style":"tiger_crossover","grade":"B","book":[{"ticker":"CART","issuer":"MAPLEBEAR INC","shares":22558255.0,"value_usd":845032232.0,"pct_book":7.52,"position_rank":1,"tilt_pp":5.263,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Defensive","themes":[{"key":"fv:ecommerceadsmedia","name":"Ads & Media","name_zh":"Ads & Media"},{"key":"fv:ecommercegrocery","name":"Grocery","name_zh":"Grocery"}],"since_excess":0.1733,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":70.0,"tier":"high","components":{"pct_book":{"value":1.0,"points":35.0},"rank_top10":{"value":1,"points":15.0},"tilt":{"value":5.263,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"MELI","issuer":"MERCADOLIBRE INC","shares":373675.0,"value_usd":646091549.0,"pct_book":5.75,"position_rank":2,"tilt_pp":3.492,"action":"add","shares_change_pct":66.5,"add_streak_q":3,"persistence":"persisted","sector":"Technology","themes":[{"key":"fv:softwareecommerce","name":"E-Commerce","name_zh":"E-Commerce"},{"key":"fv:ecommercemarketplaces","name":"Marketplaces","name_zh":"Marketplaces"}],"since_excess":0.1807,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":84.1,"tier":"high","components":{"pct_book":{"value":0.975,"points":34.12},"rank_top10":{"value":2,"points":15.0},"tilt":{"value":3.492,"points":10.0},"add_streak":{"value":3,"points":15.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"DHR","issuer":"DANAHER CORP DEL","shares":2304148.0,"value_usd":436866461.0,"pct_book":3.89,"position_rank":3,"tilt_pp":1.629,"action":"add","shares_change_pct":311.7,"add_streak_q":1,"persistence":"persisted","sector":"Healthcare","themes":[{"key":"us_sector_health","name":"Health Care (Equal-Weight)","name_zh":"\u533b\u7597\u4fdd\u5065\uff08\u7b49\u6743\uff09"}],"since_excess":0.2407,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":73.2,"tier":"high","components":{"pct_book":{"value":0.95,"points":33.25},"rank_top10":{"value":3,"points":15.0},"tilt":{"value":1.629,"points":10.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"FLS","issuer":"FLOWSERVE CORP","shares":5874441.0,"value_usd":431830158.0,"pct_book":3.84,"position_rank":4,"tilt_pp":1.584,"action":"trim","shares_change_pct":-23.3,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[],"since_excess":0.0217,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":67.4,"tier":"moderate","components":{"pct_book":{"value":0.925,"points":32.38},"rank_top10":{"value":4,"points":15.0},"tilt":{"value":1.584,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"USFD","issuer":"US FOODS HLDG CORP","shares":4283474.0,"value_usd":394979138.0,"pct_book":3.52,"position_rank":5,"tilt_pp":1.256,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Defensive","themes":[{"key":"fv:agricultureprocessing","name":"Processing","name_zh":"Processing"}],"since_excess":0.1496,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":66.5,"tier":"moderate","components":{"pct_book":{"value":0.9,"points":31.5},"rank_top10":{"value":5,"points":15.0},"tilt":{"value":1.256,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CLH","issuer":"CLEAN HARBORS INC","shares":1338281.0,"value_usd":383725311.0,"pct_book":3.42,"position_rank":6,"tilt_pp":1.156,"action":"trim","shares_change_pct":-51.9,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[{"key":"fv:environmentalwaste","name":"Waste","name_zh":"Waste"}],"since_excess":0.0173,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":65.6,"tier":"moderate","components":{"pct_book":{"value":0.875,"points":30.62},"rank_top10":{"value":6,"points":15.0},"tilt":{"value":1.156,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"AMZN","issuer":"AMAZON COM INC","shares":1807523.0,"value_usd":376452815.0,"pct_book":3.35,"position_rank":7,"tilt_pp":1.091,"action":"add","shares_change_pct":34.8,"add_streak_q":2,"persistence":"persisted","sector":"Consumer Cyclical","themes":[{"key":"mag7","name":"Magnificent Seven","name_zh":"\u4e03\u5de8\u5934"},{"key":"us_sector_discretionary","name":"Consumer Discretionary (Equal-Weight)","name_zh":"\u975e\u5fc5\u9700\u6d88\u8d39\uff08\u7b49\u6743\uff09"}],"since_excess":-0.0575,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":74.8,"tier":"high","components":{"pct_book":{"value":0.85,"points":29.75},"rank_top10":{"value":7,"points":15.0},"tilt":{"value":1.091,"points":10.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TMO","issuer":"THERMO FISHER SCIENTIFIC INC","shares":725005.0,"value_usd":356361708.0,"pct_book":3.17,"position_rank":8,"tilt_pp":0.912,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Healthcare","themes":[{"key":"us_sector_health","name":"Health Care (Equal-Weight)","name_zh":"\u533b\u7597\u4fdd\u5065\uff08\u7b49\u6743\uff09"}],"since_excess":0.1978,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":68.9,"tier":"moderate","components":{"pct_book":{"value":0.825,"points":28.88},"rank_top10":{"value":8,"points":15.0},"tilt":{"value":0.912,"points":10.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":true,"points":10.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"SGI","issuer":"SOMNIGROUP INTERNATIONAL INC","shares":4688423.0,"value_usd":346568228.0,"pct_book":3.09,"position_rank":9,"tilt_pp":0.825,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":"Consumer Cyclical","themes":[],"since_excess":0.1205,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":78.0,"tier":"high","components":{"pct_book":{"value":0.8,"points":28.0},"rank_top10":{"value":9,"points":15.0},"tilt":{"value":0.825,"points":10.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":true,"points":10.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TXN","issuer":"TEXAS INSTRS INC","shares":1753001.0,"value_usd":340327614.0,"pct_book":3.03,"position_rank":10,"tilt_pp":0.77,"action":"add","shares_change_pct":260.8,"add_streak_q":2,"persistence":"persisted","sector":"Technology","themes":[{"key":"non_ai_tech","name":"Non-AI Tech & Hardware","name_zh":"\u975eAI\u79d1\u6280\u4e0e\u786c\u4ef6"},{"key":"us_sector_tech","name":"Technology (Equal-Weight)","name_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09"}],"since_excess":-0.0656,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":72.1,"tier":"high","components":{"pct_book":{"value":0.775,"points":27.12},"rank_top10":{"value":10,"points":15.0},"tilt":{"value":0.77,"points":10.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SE","issuer":"SEA LTD","shares":4052133.0,"value_usd":335557134.0,"pct_book":2.99,"position_rank":11,"tilt_pp":0.727,"action":"add","shares_change_pct":16.3,"add_streak_q":3,"persistence":"persisted","sector":"Communication Services","themes":[],"since_excess":0.1939,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":61.2,"tier":"moderate","components":{"pct_book":{"value":0.75,"points":26.25},"rank_top10":{"value":11,"points":0.0},"tilt":{"value":0.727,"points":10.0},"add_streak":{"value":3,"points":15.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RDDT","issuer":"REDDIT INC","shares":2459151.0,"value_usd":331124682.0,"pct_book":2.95,"position_rank":12,"tilt_pp":0.688,"action":"add","shares_change_pct":16.1,"add_streak_q":1,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"fv:socialnetworks","name":"Networks","name_zh":"Networks"},{"key":"fv:socialadvertising","name":"Advertising","name_zh":"Advertising"},{"key":"fv:socialniche","name":"Niche","name_zh":"Niche"}],"since_excess":0.1444,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":50.4,"tier":"moderate","components":{"pct_book":{"value":0.725,"points":25.38},"rank_top10":{"value":12,"points":0.0},"tilt":{"value":0.688,"points":10.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"KRC","issuer":"KILROY REALTY CORP","shares":11275077.0,"value_usd":318069922.0,"pct_book":2.83,"position_rank":13,"tilt_pp":0.571,"action":"hold","shares_change_pct":8.4,"add_streak_q":0,"persistence":"persisted","sector":"Real Estate","themes":[{"key":"fv:realestateoffice","name":"Office","name_zh":"Office"}],"since_excess":0.1497,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":44.5,"tier":"low","components":{"pct_book":{"value":0.7,"points":24.5},"rank_top10":{"value":13,"points":0.0},"tilt":{"value":0.571,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"KNX","issuer":"KNIGHT-SWIFT TRANSN HLDGS IN","shares":5491563.0,"value_usd":316204198.0,"pct_book":2.82,"position_rank":14,"tilt_pp":0.555,"action":"trim","shares_change_pct":-28.9,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[{"key":"fv:transportationtrucking","name":"Trucking","name_zh":"Trucking"}],"since_excess":0.0943,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":43.6,"tier":"low","components":{"pct_book":{"value":0.675,"points":23.62},"rank_top10":{"value":14,"points":0.0},"tilt":{"value":0.555,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"AVGO","issuer":"BROADCOM INC","shares":981495.0,"value_usd":303782517.0,"pct_book":2.7,"position_rank":15,"tilt_pp":0.444,"action":"add","shares_change_pct":173.7,"add_streak_q":1,"persistence":"persisted","sector":"Technology","themes":[{"key":"ai_infra","name":"AI Infrastructure","name_zh":"AI \u57fa\u7840\u8bbe\u65bd"},{"key":"ai_semiconductors","name":"AI Semiconductors","name_zh":"AI\u534a\u5bfc\u4f53"},{"key":"us_sector_tech","name":"Technology (Equal-Weight)","name_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09"}],"since_excess":-0.1132,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":47.8,"tier":"moderate","components":{"pct_book":{"value":0.65,"points":22.75},"rank_top10":{"value":15,"points":0.0},"tilt":{"value":0.444,"points":10.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"NVDA","issuer":"NVIDIA CORPORATION","shares":1568793.0,"value_usd":273597499.0,"pct_book":2.44,"position_rank":16,"tilt_pp":0.176,"action":"add","shares_change_pct":36.5,"add_streak_q":3,"persistence":"persisted","sector":"Technology","themes":[{"key":"mag7","name":"Magnificent Seven","name_zh":"\u4e03\u5de8\u5934"},{"key":"ai_infra","name":"AI Infrastructure","name_zh":"AI \u57fa\u7840\u8bbe\u65bd"},{"key":"ai_semiconductors","name":"AI Semiconductors","name_zh":"AI\u534a\u5bfc\u4f53"}],"since_excess":-0.1007,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":56.9,"tier":"moderate","components":{"pct_book":{"value":0.625,"points":21.88},"rank_top10":{"value":16,"points":0.0},"tilt":{"value":0.176,"points":10.0},"add_streak":{"value":3,"points":15.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"APP","issuer":"APPLOVIN CORP","shares":669282.0,"value_usd":266374236.0,"pct_book":2.37,"position_rank":17,"tilt_pp":0.111,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Technology","themes":[{"key":"ai_software","name":"AI Software & Platforms","name_zh":"AI \u8f6f\u4ef6\u4e0e\u5e73\u53f0"},{"key":"ai_agents","name":"AI Agents & Applications","name_zh":"AI \u667a\u80fd\u4f53\u4e0e\u5e94\u7528"},{"key":"us_sector_tech","name":"Technology (Equal-Weight)","name_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09"}],"since_excess":-0.1564,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":41.0,"tier":"low","components":{"pct_book":{"value":0.6,"points":21.0},"rank_top10":{"value":17,"points":0.0},"tilt":{"value":0.111,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"XPO","issuer":"XPO INC","shares":1287630.0,"value_usd":250508417.0,"pct_book":2.23,"position_rank":18,"tilt_pp":-0.03,"action":"trim","shares_change_pct":-36.7,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[{"key":"fv:transportationtrucking","name":"Trucking","name_zh":"Trucking"}],"since_excess":0.0273,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":30.1,"tier":"low","components":{"pct_book":{"value":0.575,"points":20.12},"rank_top10":{"value":18,"points":0.0},"tilt":{"value":-0.03,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"LINE","issuer":"LINEAGE INC","shares":7402229.0,"value_usd":242497022.0,"pct_book":2.16,"position_rank":19,"tilt_pp":-0.101,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Real Estate","themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":29.2,"tier":"low","components":{"pct_book":{"value":0.55,"points":19.25},"rank_top10":{"value":19,"points":0.0},"tilt":{"value":-0.101,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"DIS","issuer":"DISNEY WALT CO","shares":2355100.0,"value_usd":226984538.0,"pct_book":2.02,"position_rank":20,"tilt_pp":-0.239,"action":"hold","shares_change_pct":6.3,"add_streak_q":0,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"us_sector_comm","name":"Communication Services (Equal-Weight)","name_zh":"\u901a\u4fe1\u670d\u52a1\uff08\u7b49\u6743\uff09"}],"since_excess":-0.0582,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":28.4,"tier":"low","components":{"pct_book":{"value":0.525,"points":18.38},"rank_top10":{"value":20,"points":0.0},"tilt":{"value":-0.239,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SCHW","issuer":"SCHWAB CHARLES CORP","shares":2357390.0,"value_usd":221547512.0,"pct_book":1.97,"position_rank":21,"tilt_pp":-0.288,"action":"trim","shares_change_pct":-25.3,"add_streak_q":0,"persistence":"persisted","sector":"Financial","themes":[{"key":"us_sector_financials","name":"Financials (Equal-Weight)","name_zh":"\u91d1\u878d\uff08\u7b49\u6743\uff09"}],"since_excess":0.1244,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":27.5,"tier":"low","components":{"pct_book":{"value":0.5,"points":17.5},"rank_top10":{"value":21,"points":0.0},"tilt":{"value":-0.288,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CPNG","issuer":"COUPANG INC","shares":11611741.0,"value_usd":219229670.0,"pct_book":1.95,"position_rank":22,"tilt_pp":-0.309,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Technology","themes":[{"key":"fv:softwareecommerce","name":"E-Commerce","name_zh":"E-Commerce"},{"key":"fv:ecommercegrocery","name":"Grocery","name_zh":"Grocery"}],"since_excess":0.0159,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":21.6,"tier":"low","components":{"pct_book":{"value":0.475,"points":16.62},"rank_top10":{"value":22,"points":0.0},"tilt":{"value":-0.309,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"DASH","issuer":"DOORDASH INC","shares":1437500.0,"value_usd":215840625.0,"pct_book":1.92,"position_rank":23,"tilt_pp":-0.339,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Technology","themes":[{"key":"us_sector_discretionary","name":"Consumer Discretionary (Equal-Weight)","name_zh":"\u975e\u5fc5\u9700\u6d88\u8d39\uff08\u7b49\u6743\uff09"}],"since_excess":0.1834,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":20.8,"tier":"low","components":{"pct_book":{"value":0.45,"points":15.75},"rank_top10":{"value":23,"points":0.0},"tilt":{"value":-0.339,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"CVNA","issuer":"CARVANA CO","shares":668432.0,"value_usd":210141652.0,"pct_book":1.87,"position_rank":24,"tilt_pp":-0.389,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":"Consumer Cyclical","themes":[{"key":"us_sector_discretionary","name":"Consumer Discretionary (Equal-Weight)","name_zh":"\u975e\u5fc5\u9700\u6d88\u8d39\uff08\u7b49\u6743\uff09"}],"since_excess":-0.0491,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":29.9,"tier":"low","components":{"pct_book":{"value":0.425,"points":14.88},"rank_top10":{"value":24,"points":0.0},"tilt":{"value":-0.389,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"COF","issuer":"CAPITAL ONE FINL CORP","shares":1116738.0,"value_usd":203726513.0,"pct_book":1.81,"position_rank":25,"tilt_pp":-0.447,"action":"add","shares_change_pct":34.8,"add_streak_q":1,"persistence":"persisted","sector":"Financial","themes":[{"key":"payments_fintech","name":"Payments & Fintech","name_zh":"\u652f\u4ed8\u4e0e\u91d1\u878d\u79d1\u6280"},{"key":"us_sector_financials","name":"Financials (Equal-Weight)","name_zh":"\u91d1\u878d\uff08\u7b49\u6743\uff09"}],"since_excess":0.1055,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":29.0,"tier":"low","components":{"pct_book":{"value":0.4,"points":14.0},"rank_top10":{"value":25,"points":0.0},"tilt":{"value":-0.447,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"MLM","issuer":"MARTIN MARIETTA MATLS INC","shares":322857.0,"value_usd":190059459.0,"pct_book":1.69,"position_rank":26,"tilt_pp":-0.568,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Basic Materials","themes":[{"key":"us_sector_materials","name":"Materials (Equal-Weight)","name_zh":"\u6750\u6599\uff08\u7b49\u6743\uff09"}],"since_excess":-0.013,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":18.1,"tier":"low","components":{"pct_book":{"value":0.375,"points":13.12},"rank_top10":{"value":26,"points":0.0},"tilt":{"value":-0.568,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"SPOT","issuer":"SPOTIFY TECHNOLOGY S A","shares":340494.0,"value_usd":165108946.0,"pct_book":1.47,"position_rank":27,"tilt_pp":-0.79,"action":"trim","shares_change_pct":-14.0,"add_streak_q":0,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"fv:entertainmentmusic","name":"Music","name_zh":"Music"}],"since_excess":0.1228,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":22.2,"tier":"low","components":{"pct_book":{"value":0.35,"points":12.25},"rank_top10":{"value":27,"points":0.0},"tilt":{"value":-0.79,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CLS","issuer":"CELESTICA INC","shares":541556.0,"value_usd":152545494.0,"pct_book":1.36,"position_rank":28,"tilt_pp":-0.902,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Technology","themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":16.4,"tier":"low","components":{"pct_book":{"value":0.325,"points":11.38},"rank_top10":{"value":28,"points":0.0},"tilt":{"value":-0.902,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"SHW","issuer":"SHERWIN WILLIAMS CO","shares":473753.0,"value_usd":151861524.0,"pct_book":1.35,"position_rank":29,"tilt_pp":-0.908,"action":"trim","shares_change_pct":-50.8,"add_streak_q":0,"persistence":"persisted","sector":"Basic Materials","themes":[{"key":"housing","name":"Housing Chain","name_zh":"\u4f4f\u623f\u4ea7\u4e1a\u94fe"},{"key":"us_sector_materials","name":"Materials (Equal-Weight)","name_zh":"\u6750\u6599\uff08\u7b49\u6743\uff09"}],"since_excess":0.0772,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":20.5,"tier":"low","components":{"pct_book":{"value":0.3,"points":10.5},"rank_top10":{"value":29,"points":0.0},"tilt":{"value":-0.908,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"GOOGL","issuer":"ALPHABET INC","shares":468900.0,"value_usd":134836884.0,"pct_book":1.2,"position_rank":30,"tilt_pp":-1.06,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"mag7","name":"Magnificent Seven","name_zh":"\u4e03\u5de8\u5934"},{"key":"ai_software","name":"AI Software & Platforms","name_zh":"AI \u8f6f\u4ef6\u4e0e\u5e73\u53f0"},{"key":"quantum_computing","name":"Quantum Computing","name_zh":"\u91cf\u5b50\u8ba1\u7b97"}],"since_excess":-0.1163,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":24.6,"tier":"low","components":{"pct_book":{"value":0.275,"points":9.62},"rank_top10":{"value":30,"points":0.0},"tilt":{"value":-1.06,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"APO","issuer":"APOLLO GLOBAL MGMT INC","shares":1159000.0,"value_usd":129135780.0,"pct_book":1.15,"position_rank":31,"tilt_pp":-1.111,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Financial","themes":[{"key":"us_sector_financials","name":"Financials (Equal-Weight)","name_zh":"\u91d1\u878d\uff08\u7b49\u6743\uff09"}],"since_excess":-0.1269,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":18.8,"tier":"low","components":{"pct_book":{"value":0.25,"points":8.75},"rank_top10":{"value":31,"points":0.0},"tilt":{"value":-1.111,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TSM","issuer":"TAIWAN SEMICONDUCTOR MANUFAC","shares":328600.0,"value_usd":111050370.0,"pct_book":0.99,"position_rank":32,"tilt_pp":-1.272,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Technology","themes":[{"key":"fv:aicompute","name":"Compute","name_zh":"Compute"},{"key":"fv:semiscompute","name":"Compute","name_zh":"Compute"},{"key":"fv:semisfoundries","name":"Foundries","name_zh":"Foundries"}],"since_excess":-0.0067,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":12.9,"tier":"low","components":{"pct_book":{"value":0.225,"points":7.88},"rank_top10":{"value":32,"points":0.0},"tilt":{"value":-1.272,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"LYV","issuer":"LIVE NATION ENTERTAINMENT IN","shares":674317.0,"value_usd":102840086.0,"pct_book":0.92,"position_rank":33,"tilt_pp":-1.345,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"travel","name":"Travel & Experiences","name_zh":"\u65c5\u884c\u4e0e\u4f53\u9a8c"},{"key":"us_sector_comm","name":"Communication Services (Equal-Weight)","name_zh":"\u901a\u4fe1\u670d\u52a1\uff08\u7b49\u6743\uff09"}],"since_excess":0.0671,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":22.0,"tier":"low","components":{"pct_book":{"value":0.2,"points":7.0},"rank_top10":{"value":33,"points":0.0},"tilt":{"value":-1.345,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ADI","issuer":"ANALOG DEVICES INC","shares":292444.0,"value_usd":93038134.0,"pct_book":0.83,"position_rank":34,"tilt_pp":-1.432,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":"Technology","themes":[{"key":"non_ai_tech","name":"Non-AI Tech & Hardware","name_zh":"\u975eAI\u79d1\u6280\u4e0e\u786c\u4ef6"},{"key":"us_sector_tech","name":"Technology (Equal-Weight)","name_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09"}],"since_excess":-0.1094,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":21.1,"tier":"low","components":{"pct_book":{"value":0.175,"points":6.12},"rank_top10":{"value":34,"points":0.0},"tilt":{"value":-1.432,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"AFRM","issuer":"AFFIRM HLDGS INC","shares":1936900.0,"value_usd":88748758.0,"pct_book":0.79,"position_rank":35,"tilt_pp":-1.47,"action":"add","shares_change_pct":136.2,"add_streak_q":1,"persistence":"persisted","sector":"Financial","themes":[{"key":"payments_fintech","name":"Payments & Fintech","name_zh":"\u652f\u4ed8\u4e0e\u91d1\u878d\u79d1\u6280"}],"since_excess":0.1404,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":20.2,"tier":"low","components":{"pct_book":{"value":0.15,"points":5.25},"rank_top10":{"value":35,"points":0.0},"tilt":{"value":-1.47,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"FERG","issuer":"FERGUSON ENTERPRISES INC","shares":349347.0,"value_usd":81488681.0,"pct_book":0.73,"position_rank":36,"tilt_pp":-1.535,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Industrials","themes":[{"key":"industrial_distribution","name":"Industrial Distribution & Capital Goods","name_zh":"\u5de5\u4e1a\u5206\u9500\u4e0e\u8d44\u672c\u54c1"}],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":9.4,"tier":"low","components":{"pct_book":{"value":0.125,"points":4.38},"rank_top10":{"value":36,"points":0.0},"tilt":{"value":-1.535,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"BLD*","issuer":"TOPBUILD COR","shares":213433.0,"value_usd":74979013.0,"pct_book":0.67,"position_rank":37,"tilt_pp":-1.593,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":8.5,"tier":"low","components":{"pct_book":{"value":0.1,"points":3.5},"rank_top10":{"value":37,"points":0.0},"tilt":{"value":-1.593,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"ADSK","issuer":"AUTODESK INC","shares":308907.0,"value_usd":73952336.0,"pct_book":0.66,"position_rank":38,"tilt_pp":-1.602,"action":"trim","shares_change_pct":-32.2,"add_streak_q":0,"persistence":"persisted","sector":"Technology","themes":[{"key":"us_sector_tech","name":"Technology (Equal-Weight)","name_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09"}],"since_excess":-0.0835,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":12.6,"tier":"low","components":{"pct_book":{"value":0.075,"points":2.62},"rank_top10":{"value":38,"points":0.0},"tilt":{"value":-1.602,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"U","issuer":"UNITY SOFTWARE INC","shares":3259983.0,"value_usd":71524027.0,"pct_book":0.64,"position_rank":39,"tilt_pp":-1.623,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Technology","themes":[{"key":"fv:softwaregaming","name":"Gaming","name_zh":"Gaming"},{"key":"fv:softwaredesign","name":"Design","name_zh":"Design"},{"key":"fv:varealitysoftware","name":"Software","name_zh":"Software"}],"since_excess":0.0936,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":6.8,"tier":"low","components":{"pct_book":{"value":0.05,"points":1.75},"rank_top10":{"value":39,"points":0.0},"tilt":{"value":-1.623,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"PURR","issuer":"HYPERLIQUID STRATEGIES INC","shares":8000000.0,"value_usd":40720000.0,"pct_book":0.36,"position_rank":40,"tilt_pp":-1.898,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Financial","themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":10.9,"tier":"low","components":{"pct_book":{"value":0.025,"points":0.88},"rank_top10":{"value":40,"points":0.0},"tilt":{"value":-1.898,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}}],"book_meta":{"n_positions":44,"n_resolved":40,"resolution_pct":90.9,"book_value_usd":11232639222.0,"filing_date":"2026-05-15","period_end":"2026-03-31"},"sector_series":[{"period_end":"2023-03-31","filing_date":"2023-05-15","weights":{"Consumer Cyclical":33.78,"Technology":22.4,"Healthcare":18.5,"Communication Services":14.05,"Unclassified":6.45,"Financial":2.08,"Real Estate":1.74,"Industrials":1.01},"top_theme_weights":{"AI & Technology":28.45,"US Sectors (EW)":13.95,"Consumer Cyclical":12.52,"Healthcare":10.59,"Software":2.47,"Financials":2.08}},{"period_end":"2023-06-30","filing_date":"2023-08-14","weights":{"Consumer Cyclical":27.68,"Healthcare":19.38,"Real Estate":15.33,"Technology":12.38,"Communication Services":9.49,"Financial":6.58,"Unclassified":5.33,"Industrials":3.08,"Basic Materials":0.76},"top_theme_weights":{"US Sectors (EW)":25.75,"AI & Technology":19.01,"Healthcare":10.55,"Financials":6.58,"Consumer Cyclical":5.73,"Industrials & Defense":3.08}},{"period_end":"2023-09-30","filing_date":"2023-11-14","weights":{"Consumer Cyclical":22.01,"Consumer Defensive":16.44,"Technology":12.92,"Communication Services":11.88,"Healthcare":11.65,"Real Estate":8.42,"Unclassified":7.77,"Industrials":4.21,"Financial":3.89,"Basic Materials":0.82},"top_theme_weights":{"AI & Technology":21.01,"US Sectors (EW)":16.21,"Healthcare":6.01,"Industrials & Defense":4.21,"Consumer Defensive":4.08,"Financials":3.89}},{"period_end":"2023-12-31","filing_date":"2024-02-14","weights":{"Consumer Defensive":19.77,"Consumer Cyclical":17.05,"Communication Services":15.56,"Real Estate":11.82,"Healthcare":10.13,"Unclassified":9.99,"Technology":7.23,"Financial":4.24,"Industrials":4.2},"top_theme_weights":{"AI & Technology":20.12,"US Sectors (EW)":16.41,"Consumer Defensive":7.85,"Healthcare":5.71,"Financials":4.24,"Industrials & Defense":4.2}},{"period_end":"2024-03-31","filing_date":"2024-05-15","weights":{"Consumer Defensive":29.2,"Communication Services":19.53,"Healthcare":11.85,"Real Estate":11.81,"Consumer Cyclical":11.2,"Unclassified":7.31,"Technology":6.3,"Industrials":1.46,"Financial":1.33},"top_theme_weights":{"US Sectors (EW)":17.12,"AI & Technology":16.37,"Consumer Defensive":10.09,"Healthcare":8.65,"Consumer Cyclical":6.69,"Energy & Power":1.46}},{"period_end":"2024-06-30","filing_date":"2024-08-14","weights":{"Consumer Defensive":28.57,"Consumer Cyclical":21.63,"Communication Services":11.38,"Industrials":9.88,"Unclassified":9.03,"Healthcare":7.9,"Technology":7.27,"Financial":2.29,"Real Estate":2.06},"top_theme_weights":{"Consumer Cyclical":15.79,"Consumer Defensive":10.4,"AI & Technology":10.34,"Healthcare":6.3,"US Sectors (EW)":5.47,"Energy & Power":3.96}},{"period_end":"2024-09-30","filing_date":"2024-11-14","weights":{"Consumer Defensive":28.11,"Consumer Cyclical":19.09,"Communication Services":14.13,"Industrials":13.72,"Unclassified":5.73,"Financial":5.71,"Healthcare":5.62,"Technology":5.37,"Real Estate":1.59,"Utilities":0.92},"top_theme_weights":{"US Sectors (EW)":13.46,"Consumer Cyclical":10.7,"AI & Technology":9.22,"Consumer Defensive":7.71,"Financials":2.12,"Industrials":1.63}},{"period_end":"2024-12-31","filing_date":"2025-02-14","weights":{"Consumer Defensive":28.4,"Consumer Cyclical":16.6,"Technology":14.5,"Healthcare":12.54,"Industrials":8.68,"Communication Services":8.42,"Unclassified":4.22,"Real Estate":3.65,"Utilities":1.54,"Financial":1.44},"top_theme_weights":{"US Sectors (EW)":17.96,"Consumer Cyclical":12.75,"AI & Technology":7.53,"Consumer Defensive":7.26,"Healthcare":4.9,"Semiconductors":4.53}},{"period_end":"2025-03-31","filing_date":"2025-05-15","weights":{"Consumer Defensive":21.61,"Industrials":16.6,"Financial":15.36,"Technology":13.25,"Consumer Cyclical":11.82,"Healthcare":9.6,"Unclassified":5.73,"Real Estate":3.15,"Communication Services":2.87},"top_theme_weights":{"US Sectors (EW)":22.92,"Consumer Cyclical":8.56,"AI & Technology":6.88,"Semiconductors":5.66,"Healthcare":3.85,"Consumer Defensive":3.66}},{"period_end":"2025-06-30","filing_date":"2025-08-14","weights":{"Industrials":23.89,"Consumer Defensive":20.34,"Financial":16.7,"Consumer Cyclical":9.95,"Unclassified":8.64,"Technology":8.51,"Healthcare":4.26,"Communication Services":4.03,"Real Estate":3.69},"top_theme_weights":{"US Sectors (EW)":14.92,"Consumer Cyclical":7.45,"AI & Technology":5.97,"Semiconductors":4.67,"Financials":4.22,"Consumer Defensive":3.1}},{"period_end":"2025-09-30","filing_date":"2025-11-14","weights":{"Industrials":25.34,"Consumer Defensive":16.86,"Technology":16.32,"Financial":12.32,"Communication Services":11.88,"Real Estate":6.86,"Unclassified":6.06,"Healthcare":3.0,"Consumer Cyclical":1.36},"top_theme_weights":{"US Sectors (EW)":14.64,"AI & Technology":13.04,"Financials":3.08,"Consumer Defensive":1.38,"Consumer Cyclical":1.34,"Semiconductors":1.22}},{"period_end":"2025-12-31","filing_date":"2026-02-17","weights":{"Industrials":21.37,"Technology":19.17,"Communication Services":15.53,"Consumer Defensive":12.5,"Financial":7.86,"Unclassified":6.25,"Real Estate":6.05,"Basic Materials":4.84,"Consumer Cyclical":2.89,"Healthcare":2.7,"Utilities":0.84},"top_theme_weights":{"US Sectors (EW)":16.09,"AI & Technology":13.77,"Consumer Cyclical":2.91,"Financials":2.45,"Semiconductors":1.96,"Semiconductors & Hardware":0.79}},{"period_end":"2026-03-31","filing_date":"2026-05-15","weights":{"Technology":24.64,"Industrials":13.03,"Communication Services":11.54,"Consumer Defensive":11.04,"Unclassified":10.26,"Consumer Cyclical":8.31,"Healthcare":7.06,"Financial":6.09,"Real Estate":4.99,"Basic Materials":3.04},"top_theme_weights":{"US Sectors (EW)":18.35,"AI & Technology":12.06,"Semiconductors & Hardware":3.86,"Financials":2.6,"Consumer Cyclical":2.27,"Industrials":0.73}}],"sector_rotation":{"into":[{"sector":"Technology","delta_pp":5.47},{"sector":"Consumer Cyclical","delta_pp":5.42},{"sector":"Healthcare","delta_pp":4.36}],"out_of":[{"sector":"Industrials","delta_pp":-8.34},{"sector":"Communication Services","delta_pp":-3.99},{"sector":"Basic Materials","delta_pp":-1.8}],"deltas":{"Technology":5.47,"Consumer Cyclical":5.42,"Healthcare":4.36,"Unclassified":4.01,"Utilities":-0.84,"Real Estate":-1.06,"Consumer Defensive":-1.46,"Financial":-1.77,"Basic Materials":-1.8,"Communication Services":-3.99,"Industrials":-8.34},"period_end":"2026-03-31","prev_period_end":"2025-12-31","method_note":{"en":"Current sector/theme map applied to history \u2014 historical quarters are classified with today's sector and theme membership (survivorship-lite; past classification changes are not reconstructed).","zh":"\u4ee5\u5f53\u524d\u884c\u4e1a/\u4e3b\u9898\u6620\u5c04\u56de\u6eaf\u5386\u53f2\u2014\u2014\u5386\u53f2\u5b63\u5ea6\u6309\u4eca\u65e5\u7684\u884c\u4e1a\u4e0e\u4e3b\u9898\u6210\u5458\u5206\u7c7b\uff08\u8f7b\u5ea6\u5e78\u5b58\u8005\u53e3\u5f84\uff1b\u4e0d\u91cd\u5efa\u8fc7\u53bb\u7684\u5206\u7c7b\u53d8\u66f4\uff09\u3002"}},"theme_read":{"leans":[{"theme_key":"us_sector_tech","label":"Technology (Equal-Weight)","label_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["TXN","AVGO","NVDA","ADI"],"added_pp":9.0,"held_pp":12.03,"n_names":6},{"theme_key":"fv:softwareecommerce","label":"E-Commerce","label_zh":"E-Commerce","category":"Software","source":"finviz","tickers":["MELI","CPNG"],"added_pp":7.7,"held_pp":7.7,"n_names":2},{"theme_key":"us_sector_discretionary","label":"Consumer Discretionary (Equal-Weight)","label_zh":"\u975e\u5fc5\u9700\u6d88\u8d39\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["AMZN","DASH","CVNA"],"added_pp":7.14,"held_pp":7.14,"n_names":3},{"theme_key":"us_sector_health","label":"Health Care (Equal-Weight)","label_zh":"\u533b\u7597\u4fdd\u5065\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["DHR","TMO"],"added_pp":7.06,"held_pp":7.06,"n_names":2},{"theme_key":"mag7","label":"Magnificent Seven","label_zh":"\u4e03\u5de8\u5934","category":"AI & Technology","source":"basket","tickers":["AMZN","NVDA","GOOGL"],"added_pp":6.99,"held_pp":6.99,"n_names":3},{"theme_key":"fv:ecommercemarketplaces","label":"Marketplaces","label_zh":"Marketplaces","category":"E-commerce","source":"finviz","tickers":["MELI"],"added_pp":5.75,"held_pp":5.75,"n_names":1}],"core":{"theme_key":"us_sector_tech","label":"Technology (Equal-Weight)","label_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["TXN","AVGO","NVDA","ADI"],"added_pp":9.0,"held_pp":12.03,"n_names":6},"narrative_en":"Core lean: Technology (Equal-Weight) \u2014 added TXN, AVGO, NVDA, ADI (+9.0pp of book this quarter)","narrative_zh":"\u6838\u5fc3\u503e\u5411\uff1a\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09 \u2014 \u672c\u5b63\u5ea6\u52a0\u4ed3 TXN\u3001AVGO\u3001NVDA\u3001ADI\uff08\u5360\u7ec4\u5408 +9.0pp\uff09"}}