Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.76%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.26%
baseline attrition
Rally response
-2.55%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WTWWillis Towers Watson Pub | $52M | 7.5% | -13.2% | 6.0 yr |
| BKNGBooking Holdings Inc. | $50M | 7.2% | -96.3% | 4.0 yr |
| VVisa Inc. | $50M | 7.1% | -13.1% | 10.5 yr |
| AMZNAmazon.com, Inc. | $47M | 6.7% | +9.5% | 8.3 yr |
| GOOGAlphabet Inc. | $43M | 6.2% | +84.3% | 10.5 yr |
| KDKyndryl Holdings, Inc. | $43M | 6.2% | -58.2% | 2.3 yr |
| RYAAYRyanair Holdings plc | $39M | 5.6% | — | 2.5 yr |
| PMPhilip Morris Internatio | $33M | 4.7% | +7.9% | 10.5 yr |
| FCNCAFirst Citizens BancShare | $33M | 4.7% | — | 4.3 yr |
| CICigna Corporation | $32M | 4.6% | -17.2% | 7.5 yr |
| DHRDanaher Corporation | $31M | 4.5% | -7.1% | 10.5 yr |
| LBLandBridge Company LLC | $28M | 4.0% | -3.4% | 1.5 yr |
| KKRKKR & Co. Inc. | $26M | 3.8% | -19.5% | 1.0 yr |
| BROBrown & Brown, Inc. | $26M | 3.7% | -47.2% | 0.5 yr |
| BDXBecton, Dickinson and Co | $24M | 3.5% | +14.0% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information11.3%+2.6pp$79M
Insurance - Brokers11.2%+3.5pp$78M
Financial - Credit Services8.8%-0.2pp$62M
Travel Services7.2%-1.0pp$50M
Specialty Retail6.7%-1.3pp$47M
Asset Management6.4%+1.1pp$45M
Information Technology Services6.2%-9.9pp$43M
Medical - Diagnostics & Research5.7%+1.1pp$40M
Airlines, Airports & Air Services5.6%+2.0pp$39M
Tobacco4.8%+1.9pp$33M
Country
US81.9%+3.0pp
GB7.5%-0.2pp
IE5.6%+2.0pp
Unknown2.8%-2.5pp
CN1.8%-2.4pp
CA0.4%+0.2pp
PT0.1%+0.0pp
Top 5: 34.7% · Top 10: 60.5% · Top 25: 95.8%
Top buys this quarter · 12
| BDX Becton, Dickinson and Company | +$17M |
| KD Kyndryl Holdings, Inc. | +$43M |
| BRO Brown & Brown, Inc. | +$7M |
| KKR KKR & Co. Inc. | +$26M |
| WAT Waters Corporationnew | +$5M |
| BKNG Booking Holdings Inc. | +$50M |
| MO Altria Group, Inc. | +$0M |
| MDLZ Mondelez International, Inc. | +$0M |
| CMI Cummins Inc. | +$0M |
| HD The Home Depot, Inc. | +$0M |
Top sells this quarter · 15
| TPL Texas Pacific Land Corporation | −$12M |
| JD JD.com, Inc.exit | −$4M |
| WTW Willis Towers Watson Public Li | −$2M |
| GOOG Alphabet Inc. | −$2M |
| AMZN Amazon.com, Inc. | −$1M |
| CI Cigna Corporation | −$1M |
| V Visa Inc. | −$1M |
| DHR Danaher Corporation | −$1M |
| PM Philip Morris International In | −$32M |
| LB LandBridge Company LLC | −$20M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $697M | 62 | -16.97% | +17.59% | -34.56% | +0.07B |
| 2025-12-31 | $792M | 62 | +1.94% | +17.72% | -15.78% | -0.05B |
| 2025-09-30 | $847M | 64 | +12.56% | +17.52% | -4.95% | +0.01B |
| 2025-06-30 | $857M | 59 | +22.44% | +14.94% | +7.50% | -0.04B |
| 2025-03-31 | $833M | 56 | +14.22% | +8.30% | +5.91% | -0.02B |
| 2024-12-31 | $879M | 59 | +30.34% | +24.89% | +5.45% | -0.02B |
| 2024-09-30 | $823M | 57 | +30.08% | +36.04% | -5.95% | -0.02B |
| 2024-06-30 | $791M | 56 | +21.57% | +24.49% | -2.92% | +0.01B |
| 2024-03-31 | $773M | 52 | +24.13% | +29.62% | -5.49% | +0.01B |
| 2023-12-31 | $683M | 53 | +13.09% | +26.18% | -13.09% | -0.01B |
| 2023-09-30 | $638M | 51 | +11.48% | +21.57% | -10.08% | +0.02B |
| 2023-06-30 | $620M | 53 | +9.30% | +19.42% | -10.12% | -0.03B |
| 2023-03-31 | $628M | 51 | -8.89% | -7.82% | -1.07% | +0.02B |
| 2022-12-31 | $604M | 55 | +7.94% | +7.56% | +0.37% | -0.00B |
| 2022-09-30 | $562M | 54 | -2.87% | -4.93% | +2.06% | -0.03B |
| 2022-06-30 | $605M | 56 | -14.04% | -16.11% | +2.07% | -0.07B |