Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.64%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.52%
baseline attrition
Rally response
-2.04%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IJHiShares Core S&P Mid-Cap | $390M | 5.3% | — | 10.5 yr |
| GOOGLAlphabet Inc. | $383M | 5.2% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $336M | 4.5% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $314M | 4.3% | +14.7% | 10.5 yr |
| AMZNAmazon.com, Inc. | $293M | 4.0% | +9.5% | 10.5 yr |
| VEAVanguard FTSE Developed | $284M | 3.8% | — | 7.5 yr |
| NVDANVIDIA Corporation | $259M | 3.5% | +60.9% | 7.3 yr |
| BRK-ABerkshire Hathaway Inc. | $242M | 3.3% | — | 10.5 yr |
| MAMastercard Incorporated | $189M | 2.6% | -8.5% | 10.5 yr |
| VWOVanguard FTSE Emerging M | $187M | 2.5% | — | 8.5 yr |
| BRK-BBerkshire Hathaway Inc. | $170M | 2.3% | — | 10.5 yr |
| IJRiShares Core S&P Small-C | $167M | 2.3% | — | 10.5 yr |
| IVViShares Core S&P 500 ETF | $152M | 2.1% | — | 8.3 yr |
| JPMJPMorgan Chase & Co. | $145M | 2.0% | +21.8% | 10.5 yr |
| UNPUnion Pacific Corporatio | $144M | 2.0% | +5.1% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management22.9%+4.7pp$1.69B
Internet Content & Information7.8%+1.9pp$573M
Specialty Retail6.6%+0.7pp$491M
Software - Infrastructure6.0%-0.9pp$445M
Semiconductors6.0%+1.9pp$440M
Insurance - Diversified5.6%-1.9pp$416M
Financial - Credit Services4.3%-1.0pp$316M
Consumer Electronics4.3%-1.0pp$314M
Banks - Diversified3.4%-0.3pp$249M
Financial - Data & Stock Exchanges2.4%-0.1pp$174M
Country
US98.1%+0.1pp
IE0.6%+0.1pp
CH0.5%-0.2pp
GB0.4%+0.0pp
Unknown0.2%-0.0pp
NL0.1%-0.0pp
CA0.1%-0.0pp
BM0.0%+0.0pp
Top 5: 23.3% · Top 10: 39.0% · Top 25: 63.7%
Top buys this quarter · 15
| TT Trane Technologies plc | +$16M |
| AZO AutoZone, Inc. | +$14M |
| BMI Badger Meter, Inc. | +$13M |
| NOW ServiceNow, Inc. | +$56M |
| CPRT Copart, Inc. | +$12M |
| ZTS Zoetis Inc. | +$9M |
| SPGI S&P Global Inc. | +$101M |
| POOL Pool Corporation | +$6M |
| CSL Carlisle Companies Incorporate | +$5M |
| FND Floor & Decor Holdings, Inc. | +$24M |
Top sells this quarter · 15
| BWXT BWX Technologies, Inc. | −$38M |
| AAPL Apple Inc. | −$33M |
| UNP Union Pacific Corporation | −$25M |
| KLAC KLA Corporation | −$61M |
| ODFL Old Dominion Freight Line, Inc | −$108M |
| ULTA Ulta Beauty, Inc. | −$6M |
| ADBE Adobe Inc. | −$5M |
| AVGO Broadcom Inc. | −$4M |
| GOOG Alphabet Inc. | −$4M |
| PANW Palo Alto Networks, Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.38B | 394 | +6.23% | +17.59% | -11.36% | +0.03B |
| 2025-12-31 | $7.88B | 400 | +9.78% | +17.72% | -7.94% | +0.02B |
| 2025-09-30 | $7.82B | 411 | +10.63% | +17.52% | -6.89% | +0.04B |
| 2025-06-30 | $7.40B | 406 | +12.45% | +14.94% | -2.50% | -0.07B |
| 2025-03-31 | $6.93B | 389 | +6.31% | +8.30% | -1.99% | +0.04B |
| 2024-12-31 | $7.15B | 402 | +18.27% | +24.89% | -6.61% | -0.09B |
| 2024-09-30 | $7.15B | 400 | +30.87% | +36.04% | -5.17% | +0.13B |
| 2024-06-30 | $6.57B | 389 | +18.11% | +24.49% | -6.38% | +3.31B |
| 2024-03-31 | $3.20B | 204 | +27.46% | +29.62% | -2.16% | -0.03B |
| 2023-12-31 | $3.02B | 202 | +28.97% | +26.18% | +2.79% | -0.14B |
| 2023-09-30 | $2.82B | 196 | +21.56% | +21.57% | -0.01% | -0.06B |
| 2023-06-30 | $2.98B | 202 | +19.87% | +19.42% | +0.44% | -0.12B |
| 2023-03-31 | $2.82B | 208 | -6.85% | -7.82% | +0.96% | -0.13B |
| 2022-12-31 | $2.72B | 211 | -18.09% | -18.17% | +0.08% | -0.02B |
| 2022-09-30 | $2.59B | 214 | -13.84% | -15.51% | +1.67% | -0.02B |
| 2022-06-30 | $2.75B | 212 | -8.89% | -10.62% | +1.73% | -0.02B |