{"slug":"giverny","name":"Giverny Capital","style":"superinvestor_value","grade":"C","book":[{"ticker":"BRK-B","issuer":"BERKSHIRE HATHAWAY INC DEL","shares":378625.0,"value_usd":181437100.0,"pct_book":6.64,"position_rank":1,"tilt_pp":4.643,"action":"trim","shares_change_pct":-25.2,"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":-0.0095,"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":4.643,"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":"GOOG","issuer":"ALPHABET INC C","shares":620909.0,"value_usd":178113956.0,"pct_book":6.52,"position_rank":2,"tilt_pp":4.522,"action":"hold","shares_change_pct":-2.9,"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":-0.1155,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":69.3,"tier":"moderate","components":{"pct_book":{"value":0.98,"points":34.3},"rank_top10":{"value":2,"points":15.0},"tilt":{"value":4.522,"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":"META","issuer":"META PLATFORMS INC","shares":307821.0,"value_usd":176113629.0,"pct_book":6.45,"position_rank":3,"tilt_pp":4.449,"action":"hold","shares_change_pct":-1.8,"add_streak_q":0,"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":"us_sector_comm","name":"Communication Services (Equal-Weight)","name_zh":"\u901a\u4fe1\u670d\u52a1\uff08\u7b49\u6743\uff09"}],"since_excess":0.0673,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":68.6,"tier":"moderate","components":{"pct_book":{"value":0.96,"points":33.6},"rank_top10":{"value":3,"points":15.0},"tilt":{"value":4.449,"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":"HEI-A","issuer":"HEICO CORP NEW","shares":738482.0,"value_usd":155886165.0,"pct_book":5.71,"position_rank":4,"tilt_pp":3.708,"action":"hold","shares_change_pct":-2.1,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":67.9,"tier":"moderate","components":{"pct_book":{"value":0.94,"points":32.9},"rank_top10":{"value":4,"points":15.0},"tilt":{"value":3.708,"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":"SCHW","issuer":"SCHWAB CHARLES CORP","shares":1536206.0,"value_usd":144372640.0,"pct_book":5.29,"position_rank":5,"tilt_pp":3.286,"action":"hold","shares_change_pct":-3.1,"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":0.1099,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":67.2,"tier":"moderate","components":{"pct_book":{"value":0.92,"points":32.2},"rank_top10":{"value":5,"points":15.0},"tilt":{"value":3.286,"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":"FIVE","issuer":"FIVE BELOW INC","shares":617191.0,"value_usd":141015800.0,"pct_book":5.16,"position_rank":6,"tilt_pp":3.164,"action":"hold","shares_change_pct":-3.2,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Discretionary","themes":[{"key":"retail","name":"Retail","name_zh":"\u96f6\u552e"}],"since_excess":-0.0902,"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":6,"points":15.0},"tilt":{"value":3.164,"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":"AME","issuer":"AMETEK INC","shares":612058.0,"value_usd":131200753.0,"pct_book":4.8,"position_rank":7,"tilt_pp":2.804,"action":"trim","shares_change_pct":-37.5,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[{"key":"reshoring","name":"Reshoring & Industrial Capex","name_zh":"\u56de\u6d41\u4e0e\u5de5\u4e1a\u8d44\u672c\u5f00\u652f"},{"key":"us_sector_industrials","name":"Industrials (Equal-Weight)","name_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09"}],"since_excess":0.0035,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":65.8,"tier":"moderate","components":{"pct_book":{"value":0.88,"points":30.8},"rank_top10":{"value":7,"points":15.0},"tilt":{"value":2.804,"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":"MEDP","issuer":"MEDPACE HOLDINGS INC","shares":256081.0,"value_usd":122967535.0,"pct_book":4.5,"position_rank":8,"tilt_pp":2.503,"action":"hold","shares_change_pct":-2.7,"add_streak_q":0,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":0.2797,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":65.1,"tier":"moderate","components":{"pct_book":{"value":0.86,"points":30.1},"rank_top10":{"value":8,"points":15.0},"tilt":{"value":2.503,"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":"V","issuer":"VISA INC","shares":396357.0,"value_usd":119794940.0,"pct_book":4.39,"position_rank":9,"tilt_pp":2.387,"action":"hold","shares_change_pct":-2.7,"add_streak_q":0,"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":0.1053,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":64.4,"tier":"moderate","components":{"pct_book":{"value":0.84,"points":29.4},"rank_top10":{"value":9,"points":15.0},"tilt":{"value":2.387,"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":"IBP","issuer":"INSTALLED BLDG PRODS INC","shares":403665.0,"value_usd":107031775.0,"pct_book":3.92,"position_rank":10,"tilt_pp":1.919,"action":"trim","shares_change_pct":-22.3,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Discretionary","themes":[{"key":"housing","name":"Housing Chain","name_zh":"\u4f4f\u623f\u4ea7\u4e1a\u94fe"}],"since_excess":0.0716,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":63.7,"tier":"moderate","components":{"pct_book":{"value":0.82,"points":28.7},"rank_top10":{"value":10,"points":15.0},"tilt":{"value":1.919,"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":"PGR","issuer":"PROGRESSIVE CORP","shares":528364.0,"value_usd":104742879.0,"pct_book":3.83,"position_rank":11,"tilt_pp":1.836,"action":"hold","shares_change_pct":-1.6,"add_streak_q":0,"persistence":"persisted","sector":"Financial","themes":[{"key":"insurance","name":"Insurance & Brokers","name_zh":"\u4fdd\u9669\u4e0e\u7ecf\u7eaa"},{"key":"us_sector_financials","name":"Financials (Equal-Weight)","name_zh":"\u91d1\u878d\uff08\u7b49\u6743\uff09"}],"since_excess":0.0152,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":48.0,"tier":"moderate","components":{"pct_book":{"value":0.8,"points":28.0},"rank_top10":{"value":11,"points":0.0},"tilt":{"value":1.836,"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":"GOOGL","issuer":"ALPHABET INC","shares":348469.0,"value_usd":100205746.0,"pct_book":3.67,"position_rank":12,"tilt_pp":1.669,"action":"hold","shares_change_pct":-3.6,"add_streak_q":0,"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":-0.1218,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":47.3,"tier":"moderate","components":{"pct_book":{"value":0.78,"points":27.3},"rank_top10":{"value":12,"points":0.0},"tilt":{"value":1.669,"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":"KEYS","issuer":"KEYSIGHT TECHNOLOGIES INC","shares":323184.0,"value_usd":91257466.0,"pct_book":3.34,"position_rank":13,"tilt_pp":1.342,"action":"hold","shares_change_pct":-3.3,"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":-0.0965,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":46.6,"tier":"moderate","components":{"pct_book":{"value":0.76,"points":26.6},"rank_top10":{"value":13,"points":0.0},"tilt":{"value":1.342,"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":"NVR","issuer":"NVR INC","shares":13647.0,"value_usd":89931410.0,"pct_book":3.29,"position_rank":14,"tilt_pp":1.293,"action":"hold","shares_change_pct":-3.3,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Cyclical","themes":[{"key":"housing","name":"Housing Chain","name_zh":"\u4f4f\u623f\u4ea7\u4e1a\u94fe"},{"key":"us_sector_discretionary","name":"Consumer Discretionary (Equal-Weight)","name_zh":"\u975e\u5fc5\u9700\u6d88\u8d39\uff08\u7b49\u6743\uff09"}],"since_excess":0.1467,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":45.9,"tier":"moderate","components":{"pct_book":{"value":0.74,"points":25.9},"rank_top10":{"value":14,"points":0.0},"tilt":{"value":1.293,"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":"BKNG","issuer":"BOOKING HOLDINGS INC.","shares":21117.0,"value_usd":88909327.0,"pct_book":3.26,"position_rank":15,"tilt_pp":1.256,"action":"hold","shares_change_pct":-1.5,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Cyclical","themes":[{"key":"travel","name":"Travel & Experiences","name_zh":"\u65c5\u884c\u4e0e\u4f53\u9a8c"},{"key":"us_sector_discretionary","name":"Consumer Discretionary (Equal-Weight)","name_zh":"\u975e\u5fc5\u9700\u6d88\u8d39\uff08\u7b49\u6743\uff09"}],"since_excess":0.1851,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":45.2,"tier":"moderate","components":{"pct_book":{"value":0.72,"points":25.2},"rank_top10":{"value":15,"points":0.0},"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":"ADP","issuer":"AUTOMATIC DATA PROC INC","shares":419090.0,"value_usd":85150706.0,"pct_book":3.12,"position_rank":16,"tilt_pp":1.118,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Industrials","themes":[{"key":"us_sector_industrials","name":"Industrials (Equal-Weight)","name_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09"}],"since_excess":0.1896,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":49.5,"tier":"moderate","components":{"pct_book":{"value":0.7,"points":24.5},"rank_top10":{"value":16,"points":0.0},"tilt":{"value":1.118,"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":"MKL","issuer":"MARKEL CORP","shares":42944.0,"value_usd":82197822.0,"pct_book":3.01,"position_rank":17,"tilt_pp":1.01,"action":"hold","shares_change_pct":-2.4,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":0.048,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":43.8,"tier":"low","components":{"pct_book":{"value":0.68,"points":23.8},"rank_top10":{"value":17,"points":0.0},"tilt":{"value":1.01,"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":"KNSL","issuer":"KINSALE CAPITAL GROUP IN","shares":218942.0,"value_usd":74803724.0,"pct_book":2.74,"position_rank":18,"tilt_pp":0.739,"action":"hold","shares_change_pct":2.2,"add_streak_q":0,"persistence":"persisted","sector":"Financials","themes":[{"key":"insurance","name":"Insurance & Brokers","name_zh":"\u4fdd\u9669\u4e0e\u7ecf\u7eaa"}],"since_excess":0.0064,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":43.1,"tier":"low","components":{"pct_book":{"value":0.66,"points":23.1},"rank_top10":{"value":18,"points":0.0},"tilt":{"value":0.739,"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":"BFAM","issuer":"BRIGHT HORIZONSFAMILY SOLUTION","shares":742329.0,"value_usd":60967481.0,"pct_book":2.23,"position_rank":19,"tilt_pp":0.233,"action":"add","shares_change_pct":81.0,"add_streak_q":2,"persistence":"persisted","sector":"Consumer Discretionary","themes":[],"since_excess":0.0577,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":52.4,"tier":"moderate","components":{"pct_book":{"value":0.64,"points":22.4},"rank_top10":{"value":19,"points":0.0},"tilt":{"value":0.233,"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":"OZK","issuer":"BANK OZK LITTLE ROCK ARK","shares":1231059.0,"value_usd":56493298.0,"pct_book":2.07,"position_rank":20,"tilt_pp":0.069,"action":"hold","shares_change_pct":-2.6,"add_streak_q":0,"persistence":"persisted","sector":"Financials","themes":[],"since_excess":0.0766,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":41.7,"tier":"low","components":{"pct_book":{"value":0.62,"points":21.7},"rank_top10":{"value":20,"points":0.0},"tilt":{"value":0.069,"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":"ADI","issuer":"ANALOG DEVICES INC","shares":171052.0,"value_usd":54418483.0,"pct_book":1.99,"position_rank":21,"tilt_pp":-0.007,"action":"hold","shares_change_pct":-3.2,"add_streak_q":0,"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":-0.1017,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":31.0,"tier":"low","components":{"pct_book":{"value":0.6,"points":21.0},"rank_top10":{"value":21,"points":0.0},"tilt":{"value":-0.007,"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":"ANET","issuer":"ARISTA NETWORKS INC","shares":423361.0,"value_usd":51981534.0,"pct_book":1.9,"position_rank":22,"tilt_pp":-0.096,"action":"hold","shares_change_pct":1.0,"add_streak_q":0,"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":0.1717,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":30.3,"tier":"low","components":{"pct_book":{"value":0.58,"points":20.3},"rank_top10":{"value":22,"points":0.0},"tilt":{"value":-0.096,"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":536514.0,"value_usd":51709219.0,"pct_book":1.89,"position_rank":23,"tilt_pp":-0.106,"action":"hold","shares_change_pct":-1.5,"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":-0.0375,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":29.6,"tier":"low","components":{"pct_book":{"value":0.56,"points":19.6},"rank_top10":{"value":23,"points":0.0},"tilt":{"value":-0.106,"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":"RMD","issuer":"RESMED INC","shares":230005.0,"value_usd":51631522.0,"pct_book":1.89,"position_rank":24,"tilt_pp":-0.109,"action":"hold","shares_change_pct":-2.3,"add_streak_q":0,"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":-0.0113,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":29.6,"tier":"low","components":{"pct_book":{"value":0.56,"points":19.6},"rank_top10":{"value":24,"points":0.0},"tilt":{"value":-0.109,"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":"BRO","issuer":"BROWN & BROWN","shares":755269.0,"value_usd":49251091.0,"pct_book":1.8,"position_rank":25,"tilt_pp":-0.196,"action":"hold","shares_change_pct":-2.2,"add_streak_q":0,"persistence":"persisted","sector":"Financial","themes":[{"key":"insurance","name":"Insurance & Brokers","name_zh":"\u4fdd\u9669\u4e0e\u7ecf\u7eaa"},{"key":"us_sector_financials","name":"Financials (Equal-Weight)","name_zh":"\u91d1\u878d\uff08\u7b49\u6743\uff09"}],"since_excess":0.2182,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":28.2,"tier":"low","components":{"pct_book":{"value":0.52,"points":18.2},"rank_top10":{"value":25,"points":0.0},"tilt":{"value":-0.196,"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":"LFUS","issuer":"LITTELFUSE INC","shares":80719.0,"value_usd":27391993.0,"pct_book":1.0,"position_rank":26,"tilt_pp":-0.996,"action":"hold","shares_change_pct":-1.1,"add_streak_q":0,"persistence":"persisted","sector":"Information Technology","themes":[],"since_excess":-0.0883,"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":26,"points":0.0},"tilt":{"value":-0.996,"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":"LULU","issuer":"LULULEMON ATHLETICA INC","shares":142600.0,"value_usd":21832060.0,"pct_book":0.8,"position_rank":27,"tilt_pp":-1.2,"action":"hold","shares_change_pct":-1.1,"add_streak_q":0,"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":-0.0356,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.8,"tier":"low","components":{"pct_book":{"value":0.48,"points":16.8},"rank_top10":{"value":27,"points":0.0},"tilt":{"value":-1.2,"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":"SUNB","issuer":"SUNBELT RENTALS HLDGS IN GB SHRS","shares":270843.0,"value_usd":17629171.0,"pct_book":0.65,"position_rank":28,"tilt_pp":-1.354,"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":21.1,"tier":"low","components":{"pct_book":{"value":0.46,"points":16.1},"rank_top10":{"value":28,"points":0.0},"tilt":{"value":-1.354,"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":"AAON","issuer":"AAON INC","shares":201832.0,"value_usd":16701598.0,"pct_book":0.61,"position_rank":29,"tilt_pp":-1.388,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Industrials","themes":[],"since_excess":-0.1858,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":20.4,"tier":"low","components":{"pct_book":{"value":0.44,"points":15.4},"rank_top10":{"value":29,"points":0.0},"tilt":{"value":-1.388,"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":"JPM","issuer":"JPMORGAN CHASE & CO","shares":52298.0,"value_usd":15383980.0,"pct_book":0.56,"position_rank":30,"tilt_pp":-1.436,"action":"hold","shares_change_pct":0.9,"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":0.1366,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":24.7,"tier":"low","components":{"pct_book":{"value":0.42,"points":14.7},"rank_top10":{"value":30,"points":0.0},"tilt":{"value":-1.436,"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":"MA","issuer":"MASTERCARD INCORPORATED","shares":28066.0,"value_usd":14023458.0,"pct_book":0.51,"position_rank":31,"tilt_pp":-1.486,"action":"hold","shares_change_pct":-2.4,"add_streak_q":0,"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":0.1004,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":24.0,"tier":"low","components":{"pct_book":{"value":0.4,"points":14.0},"rank_top10":{"value":31,"points":0.0},"tilt":{"value":-1.486,"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":"FND","issuer":"FLOOR & DECOR HLDGS INC","shares":231829.0,"value_usd":11776913.0,"pct_book":0.43,"position_rank":32,"tilt_pp":-1.568,"action":"hold","shares_change_pct":-1.7,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Discretionary","themes":[],"since_excess":0.2757,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":23.3,"tier":"low","components":{"pct_book":{"value":0.38,"points":13.3},"rank_top10":{"value":32,"points":0.0},"tilt":{"value":-1.568,"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":"TWFG","issuer":"TWFG INC","shares":552107.0,"value_usd":10153248.0,"pct_book":0.37,"position_rank":33,"tilt_pp":-1.628,"action":"add","shares_change_pct":66.5,"add_streak_q":4,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":42.6,"tier":"low","components":{"pct_book":{"value":0.36,"points":12.6},"rank_top10":{"value":33,"points":0.0},"tilt":{"value":-1.628,"points":0.0},"add_streak":{"value":4,"points":20.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"FERG","issuer":"FERGUSON ENTERPRISES INC","shares":36728.0,"value_usd":8567173.0,"pct_book":0.31,"position_rank":34,"tilt_pp":-1.686,"action":"hold","shares_change_pct":1.0,"add_streak_q":0,"persistence":"persisted","sector":null,"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":21.9,"tier":"low","components":{"pct_book":{"value":0.34,"points":11.9},"rank_top10":{"value":34,"points":0.0},"tilt":{"value":-1.686,"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":"BRK-A","issuer":"BERKSHIRE HATHAWAY INC DEL","shares":11.0,"value_usd":7899540.0,"pct_book":0.29,"position_rank":35,"tilt_pp":-1.71,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":21.2,"tier":"low","components":{"pct_book":{"value":0.32,"points":11.2},"rank_top10":{"value":35,"points":0.0},"tilt":{"value":-1.71,"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":"BLDR","issuer":"BUILDERS FIRSTSOURCE INC","shares":91813.0,"value_usd":7558964.0,"pct_book":0.28,"position_rank":36,"tilt_pp":-1.723,"action":"hold","shares_change_pct":2.0,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[{"key":"housing","name":"Housing Chain","name_zh":"\u4f4f\u623f\u4ea7\u4e1a\u94fe"},{"key":"us_sector_industrials","name":"Industrials (Equal-Weight)","name_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09"}],"since_excess":0.0589,"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":36,"points":0.0},"tilt":{"value":-1.723,"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":"AAPL","issuer":"APPLE INC","shares":15040.0,"value_usd":3817002.0,"pct_book":0.14,"position_rank":37,"tilt_pp":-1.86,"action":"hold","shares_change_pct":-8.9,"add_streak_q":0,"persistence":"persisted","sector":"Technology","themes":[{"key":"mag7","name":"Magnificent Seven","name_zh":"\u4e03\u5de8\u5934"},{"key":"us_sector_tech","name":"Technology (Equal-Weight)","name_zh":"\u4fe1\u606f\u6280\u672f\uff08\u7b49\u6743\uff09"}],"since_excess":0.0944,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":19.8,"tier":"low","components":{"pct_book":{"value":0.28,"points":9.8},"rank_top10":{"value":37,"points":0.0},"tilt":{"value":-1.86,"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 MFG LTD","shares":8125.0,"value_usd":2745844.0,"pct_book":0.1,"position_rank":38,"tilt_pp":-1.899,"action":"trim","shares_change_pct":-49.4,"add_streak_q":0,"persistence":"persisted","sector":null,"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":0.0001,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":19.1,"tier":"low","components":{"pct_book":{"value":0.26,"points":9.1},"rank_top10":{"value":38,"points":0.0},"tilt":{"value":-1.899,"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":"YUMC","issuer":"YUM CHINA HLDGS INC","shares":36036.0,"value_usd":1757836.0,"pct_book":0.06,"position_rank":39,"tilt_pp":-1.935,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":-0.0351,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":18.4,"tier":"low","components":{"pct_book":{"value":0.24,"points":8.4},"rank_top10":{"value":39,"points":0.0},"tilt":{"value":-1.935,"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":"GLD","issuer":"SPDR GOLD TR","shares":3876.0,"value_usd":1667804.0,"pct_book":0.06,"position_rank":40,"tilt_pp":-1.938,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":-0.1242,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":18.4,"tier":"low","components":{"pct_book":{"value":0.24,"points":8.4},"rank_top10":{"value":40,"points":0.0},"tilt":{"value":-1.938,"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":"SPY","issuer":"SPDR S&P 500 ETF","shares":2474.0,"value_usd":1608941.0,"pct_book":0.06,"position_rank":41,"tilt_pp":-1.94,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":0.0,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":18.4,"tier":"low","components":{"pct_book":{"value":0.24,"points":8.4},"rank_top10":{"value":41,"points":0.0},"tilt":{"value":-1.94,"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":"MTB","issuer":"M & T BK CORP","shares":7535.0,"value_usd":1557635.0,"pct_book":0.06,"position_rank":42,"tilt_pp":-1.942,"action":"hold","shares_change_pct":-0.1,"add_streak_q":0,"persistence":"persisted","sector":"Financial","themes":[{"key":"regional_banks","name":"Regional Banks","name_zh":"\u533a\u57df\u94f6\u884c"},{"key":"us_sector_financials","name":"Financials (Equal-Weight)","name_zh":"\u91d1\u878d\uff08\u7b49\u6743\uff09"}],"since_excess":0.2003,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":18.4,"tier":"low","components":{"pct_book":{"value":0.24,"points":8.4},"rank_top10":{"value":42,"points":0.0},"tilt":{"value":-1.942,"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":"RSP","issuer":"INVESCO S&P500 EQ WGT ETF","shares":6105.0,"value_usd":1171672.0,"pct_book":0.04,"position_rank":43,"tilt_pp":-1.956,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":0.0514,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":10.6,"tier":"low","components":{"pct_book":{"value":0.16,"points":5.6},"rank_top10":{"value":43,"points":0.0},"tilt":{"value":-1.956,"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":"QQQM","issuer":"INVESCO EXCH TRADED FD TR II","shares":4222.0,"value_usd":1003232.0,"pct_book":0.04,"position_rank":44,"tilt_pp":-1.963,"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":10.6,"tier":"low","components":{"pct_book":{"value":0.16,"points":5.6},"rank_top10":{"value":44,"points":0.0},"tilt":{"value":-1.963,"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":"ITB","issuer":"ISHARES TR","shares":10854.0,"value_usd":982830.0,"pct_book":0.04,"position_rank":45,"tilt_pp":-1.963,"action":"hold","shares_change_pct":-7.2,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":0.1452,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":15.6,"tier":"low","components":{"pct_book":{"value":0.16,"points":5.6},"rank_top10":{"value":45,"points":0.0},"tilt":{"value":-1.963,"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":"ODFL","issuer":"OLD DOMINION FREIGHT LINE IN","shares":5006.0,"value_usd":978172.0,"pct_book":0.04,"position_rank":46,"tilt_pp":-1.963,"action":"hold","shares_change_pct":-4.7,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[{"key":"us_sector_industrials","name":"Industrials (Equal-Weight)","name_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09"}],"since_excess":0.0891,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":15.6,"tier":"low","components":{"pct_book":{"value":0.16,"points":5.6},"rank_top10":{"value":46,"points":0.0},"tilt":{"value":-1.963,"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":"CPRT","issuer":"COPART INC","shares":27484.0,"value_usd":912469.0,"pct_book":0.03,"position_rank":47,"tilt_pp":-1.966,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[{"key":"us_sector_industrials","name":"Industrials (Equal-Weight)","name_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09"}],"since_excess":-0.1766,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":12.8,"tier":"low","components":{"pct_book":{"value":0.08,"points":2.8},"rank_top10":{"value":47,"points":0.0},"tilt":{"value":-1.966,"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":"MSFT","issuer":"MICROSOFT CORP","shares":1910.0,"value_usd":707025.0,"pct_book":0.03,"position_rank":48,"tilt_pp":-1.973,"action":"add","shares_change_pct":12.1,"add_streak_q":1,"persistence":"persisted","sector":"Technology","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":-0.0629,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":17.8,"tier":"low","components":{"pct_book":{"value":0.08,"points":2.8},"rank_top10":{"value":48,"points":0.0},"tilt":{"value":-1.973,"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":"SITE","issuer":"SITEONE LANDSCAPE SUPPLY INC","shares":3753.0,"value_usd":499562.0,"pct_book":0.02,"position_rank":49,"tilt_pp":-1.981,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":11.4,"tier":"low","components":{"pct_book":{"value":0.04,"points":1.4},"rank_top10":{"value":49,"points":0.0},"tilt":{"value":-1.981,"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":"NVO","issuer":"NOVO-NORDISK A S","shares":12400.0,"value_usd":455700.0,"pct_book":0.02,"position_rank":50,"tilt_pp":-1.983,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[{"key":"obesity_glp1","name":"GLP-1 & Obesity","name_zh":"GLP-1 \u4e0e\u51cf\u80a5\u836f"}],"since_excess":0.135,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":11.4,"tier":"low","components":{"pct_book":{"value":0.04,"points":1.4},"rank_top10":{"value":50,"points":0.0},"tilt":{"value":-1.983,"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":51,"n_resolved":50,"resolution_pct":98.0,"book_value_usd":2731351278.0,"filing_date":"2026-05-15","period_end":"2026-03-31"},"sector_series":[{"period_end":"2023-03-31","filing_date":"2023-05-12","weights":{"Financial":25.44,"Consumer Discretionary":17.52,"Unclassified":16.33,"Communication Services":11.48,"Industrials":11.22,"Technology":7.23,"Consumer Cyclical":6.65,"Healthcare":2.07,"Information Technology":1.13,"Financials":0.94},"top_theme_weights":{"US Sectors (EW)":29.86,"Consumer Cyclical":17.67,"Financials":11.5,"Industrials & Defense":7.4,"AI & Technology":7.23,"Semiconductors & Hardware":0.36}},{"period_end":"2023-06-30","filing_date":"2023-08-07","weights":{"Financial":23.07,"Consumer Discretionary":17.88,"Unclassified":15.75,"Communication Services":12.48,"Industrials":11.82,"Technology":8.07,"Consumer Cyclical":6.59,"Healthcare":2.18,"Information Technology":1.16,"Financials":1.0},"top_theme_weights":{"US Sectors (EW)":28.12,"Consumer Cyclical":17.38,"Financials":10.64,"AI & Technology":7.68,"Industrials & Defense":7.65,"Semiconductors & Hardware":1.88}},{"period_end":"2023-09-30","filing_date":"2023-11-13","weights":{"Financial":24.51,"Unclassified":16.16,"Consumer Discretionary":15.84,"Communication Services":13.78,"Industrials":11.08,"Technology":8.23,"Consumer Cyclical":6.7,"Healthcare":1.66,"Financials":1.03,"Information Technology":1.02},"top_theme_weights":{"US Sectors (EW)":28.57,"Consumer Cyclical":15.76,"Financials":11.23,"AI & Technology":9.35,"Industrials & Defense":7.23,"Semiconductors & Hardware":1.77}},{"period_end":"2023-12-31","filing_date":"2024-02-09","weights":{"Financial":23.77,"Consumer Discretionary":17.53,"Unclassified":15.12,"Communication Services":11.83,"Industrials":11.11,"Consumer Cyclical":7.16,"Technology":6.91,"Health Care":2.27,"Healthcare":1.93,"Financials":1.4,"Information Technology":0.96},"top_theme_weights":{"US Sectors (EW)":26.48,"Consumer Cyclical":17.9,"Financials":11.32,"AI & Technology":8.27,"Industrials & Defense":7.08,"Semiconductors & Hardware":1.75}},{"period_end":"2024-03-31","filing_date":"2024-05-13","weights":{"Financial":23.91,"Consumer Discretionary":16.88,"Unclassified":14.44,"Communication Services":12.79,"Consumer Cyclical":9.48,"Industrials":8.55,"Technology":4.96,"Financials":3.07,"Health Care":3.04,"Healthcare":2.12,"Information Technology":0.77},"top_theme_weights":{"US Sectors (EW)":26.42,"Consumer Cyclical":17.44,"Financials":11.71,"AI & Technology":8.0,"Industrials & Defense":6.9,"Semiconductors & Hardware":1.56}},{"period_end":"2024-06-30","filing_date":"2024-08-14","weights":{"Financial":24.67,"Communication Services":14.73,"Unclassified":13.51,"Consumer Discretionary":13.45,"Consumer Cyclical":11.62,"Industrials":7.92,"Technology":4.79,"Health Care":3.27,"Financials":3.15,"Healthcare":2.05,"Information Technology":0.85},"top_theme_weights":{"US Sectors (EW)":27.94,"Consumer Cyclical":16.15,"Financials":12.16,"AI & Technology":8.82,"Industrials & Defense":6.6,"Semiconductors & Hardware":1.93}},{"period_end":"2024-09-30","filing_date":"2024-11-13","weights":{"Financial":25.09,"Communication Services":13.94,"Unclassified":13.88,"Consumer Discretionary":12.95,"Consumer Cyclical":12.37,"Industrials":7.87,"Technology":4.8,"Financials":3.98,"Health Care":2.88,"Healthcare":1.44,"Information Technology":0.8,"Consumer Defensive":0.01},"top_theme_weights":{"US Sectors (EW)":26.38,"Consumer Cyclical":16.76,"Financials":13.81,"AI & Technology":9.02,"Industrials & Defense":6.26,"Semiconductors & Hardware":1.8}},{"period_end":"2024-12-31","filing_date":"2025-02-13","weights":{"Financial":26.6,"Unclassified":15.15,"Communication Services":14.79,"Consumer Cyclical":12.4,"Consumer Discretionary":11.95,"Industrials":7.69,"Financials":4.02,"Technology":3.47,"Health Care":2.84,"Information Technology":0.69,"Healthcare":0.38,"Consumer Defensive":0.01},"top_theme_weights":{"US Sectors (EW)":26.18,"Financials":15.12,"Consumer Cyclical":15.1,"AI & Technology":8.71,"Industrials & Defense":6.42,"Semiconductors & Hardware":1.33}},{"period_end":"2025-03-31","filing_date":"2025-05-13","weights":{"Financial":29.56,"Unclassified":16.16,"Communication Services":13.4,"Consumer Cyclical":11.38,"Consumer Discretionary":10.36,"Industrials":6.67,"Financials":5.55,"Technology":3.21,"Health Care":2.83,"Information Technology":0.58,"Healthcare":0.27,"Consumer Defensive":0.01},"top_theme_weights":{"US Sectors (EW)":26.18,"Financials":18.05,"Consumer Cyclical":12.5,"AI & Technology":8.26,"Industrials & Defense":6.2,"Semiconductors & Hardware":1.27}},{"period_end":"2025-06-30","filing_date":"2025-08-13","weights":{"Financial":27.09,"Communication Services":15.45,"Unclassified":14.6,"Consumer Cyclical":11.32,"Consumer Discretionary":10.46,"Industrials":6.61,"Financials":5.54,"Technology":5.16,"Health Care":2.82,"Information Technology":0.63,"Healthcare":0.31,"Consumer Defensive":0.01},"top_theme_weights":{"US Sectors (EW)":26.43,"Financials":14.5,"Consumer Cyclical":14.13,"AI & Technology":12.23,"Industrials & Defense":6.18,"Semiconductors & Hardware":1.44}},{"period_end":"2025-09-30","filing_date":"2025-11-14","weights":{"Financial":22.77,"Unclassified":15.92,"Communication Services":15.38,"Industrials":11.78,"Consumer Discretionary":9.77,"Consumer Cyclical":7.79,"Technology":5.12,"Financials":4.54,"Health Care":4.13,"Healthcare":2.15,"Information Technology":0.65,"Consumer Defensive":0.01},"top_theme_weights":{"US Sectors (EW)":23.44,"Consumer Cyclical":19.89,"Financials":12.28,"AI & Technology":11.7,"Industrials & Defense":5.75,"Semiconductors & Hardware":1.33}},{"period_end":"2025-12-31","filing_date":"2026-02-13","weights":{"Financial":25.89,"Communication Services":19.44,"Unclassified":10.81,"Consumer Discretionary":10.38,"Consumer Cyclical":8.26,"Industrials":7.08,"Technology":5.87,"Health Care":4.93,"Financials":4.74,"Healthcare":1.9,"Information Technology":0.69,"Consumer Defensive":0.01},"top_theme_weights":{"US Sectors (EW)":28.31,"Consumer Cyclical":16.07,"Financials":14.36,"AI & Technology":12.68,"Industrials & Defense":6.71,"Semiconductors & Hardware":1.6}},{"period_end":"2026-03-31","filing_date":"2026-05-15","weights":{"Financial":23.09,"Communication Services":18.53,"Consumer Discretionary":11.74,"Unclassified":10.81,"Industrials":8.88,"Technology":7.4,"Consumer Cyclical":7.35,"Financials":4.81,"Health Care":4.5,"Healthcare":1.89,"Information Technology":1.0},"top_theme_weights":{"US Sectors (EW)":30.12,"Consumer Cyclical":15.91,"Financials":13.33,"AI & Technology":12.19,"Industrials & Defense":4.8,"Semiconductors & Hardware":1.99}}],"sector_rotation":{"into":[{"sector":"Industrials","delta_pp":1.8},{"sector":"Technology","delta_pp":1.53},{"sector":"Consumer Discretionary","delta_pp":1.36}],"out_of":[{"sector":"Financial","delta_pp":-2.8},{"sector":"Communication Services","delta_pp":-0.91},{"sector":"Consumer Cyclical","delta_pp":-0.91}],"deltas":{"Industrials":1.8,"Technology":1.53,"Consumer Discretionary":1.36,"Information Technology":0.31,"Financials":0.07,"Unclassified":0.0,"Consumer Defensive":-0.01,"Healthcare":-0.01,"Health Care":-0.43,"Communication Services":-0.91,"Consumer Cyclical":-0.91,"Financial":-2.8},"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_industrials","label":"Industrials (Equal-Weight)","label_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["ADP"],"added_pp":3.12,"held_pp":8.27,"n_names":5},{"theme_key":"mag7","label":"Magnificent Seven","label_zh":"\u4e03\u5de8\u5934","category":"AI & Technology","source":"basket","tickers":["MSFT"],"added_pp":0.03,"held_pp":10.29,"n_names":4},{"theme_key":"ai_software","label":"AI Software & Platforms","label_zh":"AI \u8f6f\u4ef6\u4e0e\u5e73\u53f0","category":"AI & Technology","source":"basket","tickers":["MSFT"],"added_pp":0.03,"held_pp":10.15,"n_names":3},{"theme_key":"quantum_computing","label":"Quantum Computing","label_zh":"\u91cf\u5b50\u8ba1\u7b97","category":"AI & Technology","source":"basket","tickers":["MSFT"],"added_pp":0.03,"held_pp":3.7,"n_names":2},{"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":["MSFT"],"added_pp":0.03,"held_pp":7.4,"n_names":5}],"core":{"theme_key":"us_sector_industrials","label":"Industrials (Equal-Weight)","label_zh":"\u5de5\u4e1a\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["ADP"],"added_pp":3.12,"held_pp":8.27,"n_names":5},"narrative_en":"Core lean: Industrials (Equal-Weight) \u2014 added ADP (+3.1pp of book this quarter)","narrative_zh":"\u6838\u5fc3\u503e\u5411\uff1a\u5de5\u4e1a\uff08\u7b49\u6743\uff09 \u2014 \u672c\u5b63\u5ea6\u52a0\u4ed3 ADP\uff08\u5360\u7ec4\u5408 +3.1pp\uff09"}}