Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+11.18%
adds when stocks drop
when a holding falls −10%+
Middle response
+6.06%
steady accumulation
Rally response
-7.16%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CAECAE Inc. | $414M | 2.9% | +5.9% | 4.0 yr |
| ERJEmbraer S.A. | $338M | 2.4% | — | 10.5 yr |
| DOXAmdocs Limited | $304M | 2.2% | -27.3% | 10.5 yr |
| GRFSGrifols, S.A. | $291M | 2.1% | +14.2% | 5.5 yr |
| CCitigroup Inc. | $277M | 2.0% | +63.9% | 10.5 yr |
| MRKMerck & Co., Inc. | $277M | 2.0% | +38.9% | 10.5 yr |
| OTEXOpen Text Corporation | $270M | 1.9% | -8.7% | 4.8 yr |
| CICigna Corporation | $269M | 1.9% | -17.2% | 7.5 yr |
| MHKMohawk Industries, Inc. | $258M | 1.8% | -13.8% | 7.5 yr |
| SHELShell plc | $256M | 1.8% | +32.0% | 4.3 yr |
| PFEPfizer Inc. | $256M | 1.8% | +18.8% | 10.5 yr |
| FDXFedEx Corporation | $252M | 1.8% | +49.3% | 7.3 yr |
| TXTTextron Inc. | $249M | 1.8% | +21.3% | 6.3 yr |
| NICENICE Ltd. | $246M | 1.7% | -28.5% | 0.5 yr |
| HALHalliburton Company | $245M | 1.7% | +57.9% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Aerospace & Defense9.5%-0.9pp$1.35B
Drug Manufacturers - General8.4%+0.1pp$1.19B
Banks - Diversified5.8%-1.7pp$821M
Software - Application4.8%+2.3pp$677M
Information Technology Services4.5%+0.7pp$632M
Medical - Healthcare Plans4.1%+0.1pp$579M
Oil & Gas Equipment & Services3.6%+0.7pp$511M
Oil & Gas Integrated3.5%-0.5pp$500M
Telecommunications Services3.4%-1.1pp$477M
Software - Infrastructure2.6%+0.4pp$363M
Country
US67.9%-2.1pp
CA5.4%-0.3pp
GB4.7%+0.3pp
BR3.8%-0.7pp
LU2.8%+0.9pp
ES2.1%+0.2pp
IL1.7%
FR1.7%+0.0pp
Top 5: 11.5% · Top 10: 20.9% · Top 25: 44.3%
Top buys this quarter · 15
| NICE NICE Ltd. | +$168M |
| AJG Arthur J. Gallagher & Co.new | +$152M |
| MHK Mohawk Industries, Inc. | +$149M |
| EFX Equifax Inc.new | +$135M |
| DOX Amdocs Limited | +$127M |
| PZZA Papa John's International, Inc | +$73M |
| ICLR ICON Public Limited Company | +$73M |
| OTEX Open Text Corporation | +$270M |
| TAP Molson Coors Beverage Company | +$66M |
| UNH UnitedHealth Group Incorporate | +$60M |
Top sells this quarter · 15
| KMT Kennametal Inc. | −$179M |
| CTVA Corteva, Inc. | −$119M |
| TIGO Millicom International Cellula | −$115M |
| CAH Cardinal Health, Inc. | −$110M |
| GIL Gildan Activewear Inc.exit | −$89M |
| NTR Nutrien Ltd. | −$69M |
| MU Micron Technology, Inc. | −$67M |
| HAL Halliburton Company | −$213M |
| SEE Sealed Air Corporation | −$45M |
| CX CEMEX, S.A.B. de C.V. | −$43M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $14.13B | 186 | +27.78% | +17.59% | +10.19% | +0.68B |
| 2025-12-31 | $13.14B | 190 | +28.64% | +17.72% | +10.92% | -0.26B |
| 2025-09-30 | $12.47B | 180 | +19.23% | +17.52% | +1.71% | +0.53B |
| 2025-06-30 | $11.06B | 181 | +17.51% | +14.94% | +2.57% | +0.48B |
| 2025-03-31 | $9.83B | 185 | +6.21% | +8.30% | -2.09% | +0.61B |
| 2024-12-31 | $8.95B | 190 | +14.26% | +24.89% | -10.62% | +0.09B |
| 2024-09-30 | $8.89B | 186 | +25.66% | +36.04% | -10.37% | +0.26B |
| 2024-06-30 | $8.12B | 187 | +16.62% | +24.49% | -7.87% | +0.56B |
| 2024-03-31 | $7.77B | 185 | +28.48% | +29.62% | -1.14% | +0.48B |
| 2023-12-31 | $6.58B | 186 | +16.61% | +26.18% | -9.57% | +0.97B |
| 2023-09-30 | $5.11B | 151 | +25.28% | +21.57% | +3.71% | +0.22B |
| 2023-06-30 | $4.96B | 150 | +19.10% | +19.42% | -0.32% | -0.09B |
| 2023-03-31 | $4.71B | 153 | -1.29% | -7.82% | +6.53% | +1.12B |
| 2022-12-31 | $3.57B | 138 | +17.72% | +7.56% | +10.16% | -0.93B |
| 2022-09-30 | $3.82B | 163 | -6.16% | -4.93% | -1.23% | -0.02B |
| 2022-06-30 | $4.09B | 162 | -11.16% | -16.11% | +4.95% | -0.05B |