Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.44%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.67%
baseline attrition
Rally response
-3.34%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TPLTexas Pacific Land Corpo | $54M | 15.6% | +8.1% | 5.5 yr |
| BRK-BBerkshire Hathaway Inc. | $22M | 6.4% | — | 10.3 yr |
| PSXPhillips 66 | $16M | 4.6% | +53.0% | 10.0 yr |
| AJGArthur J. Gallagher & Co | $14M | 4.2% | -36.6% | 9.8 yr |
| MSFTMicrosoft Corporation | $14M | 4.0% | -0.6% | 10.3 yr |
| AFLAflac Incorporated | $13M | 3.9% | +0.8% | 5.0 yr |
| HCAHCA Healthcare, Inc. | $12M | 3.5% | +37.9% | 3.3 yr |
| GOOGAlphabet Inc. | $12M | 3.5% | +84.3% | 5.8 yr |
| CBChubb Limited | $11M | 3.3% | +9.3% | 0.8 yr |
| ANTMElevance Health Inc. | $11M | 3.2% | — | 3.3 yr |
| JNJJohnson & Johnson | $11M | 3.1% | +51.5% | 10.0 yr |
| HSYThe Hershey Company | $11M | 3.1% | +25.3% | 10.3 yr |
| FITBFifth Third Bancorp | $10M | 3.0% | +21.7% | 3.3 yr |
| LECOLincoln Electric Holding | $10M | 3.0% | +33.0% | 10.3 yr |
| DISThe Walt Disney Company | $9M | 2.7% | -1.3% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production15.6%+4.7pp$54M
Insurance - Diversified8.1%-2.2pp$28M
Banks - Regional5.3%+0.9pp$18M
Drug Manufacturers - General4.8%+1.8pp$17M
Oil & Gas Refining & Marketing4.6%+1.3pp$16M
Insurance - Brokers4.2%-0.1pp$14M
Software - Infrastructure4.0%+0.9pp$14M
Insurance - Life3.9%+1.2pp$13M
Medical - Care Facilities3.5%+0.2pp$12M
Internet Content & Information3.5%-0.2pp$12M
Country
US90.2%-2.3pp
CH3.4%+3.2pp
Unknown3.0%+0.6pp
CA2.9%+0.5pp
PL0.3%-1.0pp
FR0.2%+0.1pp
Top 5: 34.8% · Top 10: 52.1% · Top 25: 86.3%
Top buys this quarter · 11
| MSFT Microsoft Corporation | +$14M |
| FITB Fifth Third Bancorp | +$1M |
| AJG Arthur J. Gallagher & Co. | +$14M |
| DIS The Walt Disney Company | +$9M |
| PEP PepsiCo, Inc. | +$0M |
| GOOG Alphabet Inc. | +$12M |
| NNI Nelnet, Inc. | +$9M |
| SPY State Street SPDR S&P 500 ETF | +$1M |
| ANTM Elevance Health Inc. | +$0M |
| BRK-B Berkshire Hathaway Inc. | +$22M |
Top sells this quarter · 15
| KEYS Keysight Technologies, Inc.exit | −$6M |
| PSX Phillips 66 | −$13M |
| LECO Lincoln Electric Holdings, Inc | −$2M |
| HCA HCA Healthcare, Inc. | −$2M |
| TPL Texas Pacific Land Corporation | −$33M |
| CSTM Constellium SE | −$1M |
| CRL Charles River Laboratories Int | −$1M |
| MSM MSC Industrial Direct Co., Inc | −$4M |
| TMO Thermo Fisher Scientific Inc. | −$0M |
| DEO Diageo plcexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $343M | 58 | +17.63% | +17.59% | +0.04% | -0.02B |
| 2025-12-31 | $336M | 61 | +9.92% | +17.72% | -7.80% | -0.22B |
| 2025-09-30 | $548M | 98 | +6.80% | +17.52% | -10.72% | -0.02B |
| 2025-06-30 | $538M | 97 | +7.78% | +14.94% | -7.16% | -0.01B |
| 2025-03-31 | $542M | 89 | +1.50% | +8.30% | -6.80% | +0.00B |
| 2024-12-31 | $531M | 91 | +10.86% | +24.89% | -14.02% | -0.01B |
| 2024-09-30 | $549M | 88 | +24.49% | +36.04% | -11.55% | -0.01B |
| 2024-06-30 | $518M | 90 | +13.04% | +24.49% | -11.45% | +0.02B |
| 2024-03-31 | $528M | 84 | +24.94% | +29.62% | -4.68% | -0.01B |
| 2023-12-31 | $487M | 86 | +15.01% | +26.18% | -11.17% | -0.01B |
| 2023-09-30 | $454M | 86 | +16.11% | +21.57% | -5.46% | +0.05B |
| 2023-06-30 | $417M | 79 | +13.67% | +19.42% | -5.76% | -0.05B |
| 2023-03-31 | $445M | 88 | -2.56% | -7.82% | +5.26% | +0.14B |
| 2022-12-31 | $296M | 52 | -8.61% | -18.17% | +9.56% | -0.02B |
| 2022-09-30 | $284M | 60 | -8.88% | -15.51% | +6.63% | +0.00B |
| 2022-06-30 | $297M | 61 | -3.89% | -10.62% | +6.73% | +0.01B |