Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.93%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.72%
baseline attrition
Rally response
+2.22%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $1.04B | 13.5% | +14.7% | 10.5 yr |
| BRK-ABerkshire Hathaway Inc. | $1.02B | 13.1% | — | 10.5 yr |
| — | $775M | 10.0% | — | 5.8 yr |
| GOOGAlphabet Inc. | $555M | 7.2% | +84.3% | 10.5 yr |
| MSFTMicrosoft Corporation | $539M | 7.0% | -0.6% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $306M | 4.0% | — | 10.5 yr |
| NVONovo Nordisk A/S | $236M | 3.1% | -46.7% | 10.5 yr |
| AMZNAmazon.com, Inc. | $213M | 2.8% | +9.5% | 10.5 yr |
| VHTVanguard Health Care ETF | $198M | 2.6% | — | 10.5 yr |
| TJXThe TJX Companies, Inc. | $180M | 2.3% | +32.7% | 10.5 yr |
| GOOGLAlphabet Inc. | $160M | 2.1% | — | 10.5 yr |
| ABTAbbott Laboratories | $149M | 1.9% | -21.1% | 10.5 yr |
| BACBank of America Corporat | $135M | 1.7% | +19.4% | 10.5 yr |
| MCDMcDonald's Corporation | $121M | 1.6% | +1.8% | 10.5 yr |
| JNJJohnson & Johnson | $115M | 1.5% | +51.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified17.1%-2.0pp$1.32B
Unknown15.1%+0.6pp$1.17B
Consumer Electronics13.5%+1.2pp$1.04B
Internet Content & Information9.2%+4.0pp$715M
Software - Infrastructure7.0%-0.3pp$540M
Asset Management3.8%+0.1pp$290M
Drug Manufacturers - General3.3%+0.5pp$256M
Biotechnology3.1%-2.7pp$236M
Specialty Retail2.8%+0.2pp$214M
Restaurants2.7%-0.3pp$211M
Country
US80.3%+2.8pp
Unknown15.1%+0.6pp
DK3.1%-2.7pp
GB0.6%-1.1pp
TW0.4%+0.2pp
CA0.2%+0.0pp
BE0.2%+0.0pp
NL0.1%
Top 5: 50.7% · Top 10: 65.4% · Top 25: 85.5%
Top buys this quarter · 15
| WAT Waters Corporationnew | +$21M |
| LH Labcorp Holdings Inc. | +$5M |
| UNP Union Pacific Corporation | +$4M |
| LVS Las Vegas Sands Corp. | +$2M |
| WY Weyerhaeuser Company | +$2M |
| FDS FactSet Research Systems Inc. | +$33M |
| SCHW The Charles Schwab Corporation | +$1M |
| SHEL Shell plc | +$1M |
| HSIC Henry Schein, Inc. | +$1M |
| SUNC SunocoCorp LLCnew | +$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.74B | 303 | +7.92% | +17.59% | -9.67% | +0.12B |
| 2025-12-31 | $8.24B | 311 | +10.82% | +17.72% | -6.90% | -0.17B |
| 2025-09-30 | $8.08B | 308 | +4.81% | +17.52% | -12.71% | -0.28B |
| 2025-06-30 | $7.77B | 312 | -0.43% | +14.94% | -15.37% | -0.33B |
| 2025-03-31 | $7.77B | 303 | +2.14% | +8.30% | -6.16% | +0.25B |
| 2024-12-31 | $7.92B | 282 | +15.47% | +24.89% | -9.41% | -0.01B |
| 2024-09-30 | $8.06B | 269 | +31.76% | +36.04% | -4.28% | +0.07B |
| 2024-06-30 | $7.81B | 271 | +24.44% | +24.49% | -0.05% | -0.25B |
| 2024-03-31 | $7.54B | 267 | +25.75% | +29.62% | -3.87% | +0.04B |
| 2023-12-31 | $6.99B | 266 | +27.74% | +26.18% | +1.56% | -0.20B |
| 2023-09-30 | $6.40B | 249 | +20.63% | +21.57% | -0.94% | +0.05B |
| 2023-06-30 | $6.58B | 253 | +19.61% | +19.42% | +0.19% | -0.08B |
| 2023-03-31 | $6.16B | 251 | -4.84% | -7.82% | +2.98% | -0.17B |
| 2022-12-31 | $5.81B | 254 | -16.76% | -18.17% | +1.42% | +0.06B |
| 2022-09-30 | $5.42B | 256 | -12.75% | -15.51% | +2.76% | -0.09B |
| 2022-06-30 | $5.76B | 260 | -8.40% | -10.62% | +2.22% | -0.25B |