Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.72%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.04%
baseline attrition
Rally response
-1.88%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $24M | 6.7% | — | 9.8 yr |
| AAPLApple Inc. | $16M | 4.5% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $15M | 4.1% | -0.6% | 10.5 yr |
| GOOGAlphabet Inc. | $14M | 3.8% | +84.3% | 10.5 yr |
| JNJJohnson & Johnson | $13M | 3.4% | +51.5% | 10.5 yr |
| VTIPVanguard Short-Term Infl | $12M | 3.2% | — | 4.3 yr |
| VTIVanguard Total Stock Mar | $11M | 2.9% | — | 10.5 yr |
| GOOGLAlphabet Inc. | $10M | 2.7% | — | 10.5 yr |
| VTEBVanguard Tax-Exempt Bond | $7M | 1.9% | — | 9.5 yr |
| ABBVAbbVie Inc. | $6M | 1.8% | +7.3% | 10.5 yr |
| CEFSprott Physical Gold and | $6M | 1.6% | — | 8.5 yr |
| AMZNAmazon.com, Inc. | $6M | 1.6% | +9.5% | 9.3 yr |
| ABTAbbott Laboratories | $5M | 1.5% | -21.1% | 10.5 yr |
| PEPPepsiCo, Inc. | $5M | 1.3% | +7.7% | 10.5 yr |
| NVDANVIDIA Corporation | $5M | 1.3% | +60.9% | 7.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management22.5%+2.5pp$82M
Insurance - Diversified7.9%-2.4pp$29M
Drug Manufacturers - General7.6%+0.5pp$28M
Internet Content & Information7.3%+2.3pp$27M
Software - Infrastructure5.1%-0.8pp$19M
Consumer Electronics4.5%-0.1pp$16M
Semiconductors3.9%+1.7pp$14M
Asset Management - Leveraged3.2%+0.0pp$12M
Medical - Devices3.1%-1.2pp$11M
Aerospace & Defense2.9%+0.4pp$11M
Country
US94.1%-0.8pp
CA1.9%+0.5pp
GB0.9%-0.1pp
NL0.8%+0.5pp
CH0.7%+0.0pp
UY0.5%-0.1pp
DK0.4%+0.1pp
IL0.3%-0.1pp
Top 5: 22.6% · Top 10: 35.2% · Top 25: 53.8%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$15M |
| NVO Novo Nordisk A/S | +$0M |
| AMZN Amazon.com, Inc. | +$6M |
| WAT Waters Corporationnew | +$0M |
| PJT PJT Partners Inc.new | +$0M |
| RYN Rayonier Inc. | +$0M |
| TPL Texas Pacific Land Corporation | +$0M |
| UNP Union Pacific Corporation | +$0M |
| FTNT Fortinet, Inc. | +$0M |
| LPLA LPL Financial Holdings Inc.new | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $364M | 216 | +16.70% | +17.59% | -0.89% | -0.00B |
| 2025-12-31 | $375M | 223 | +18.29% | +17.72% | +0.57% | -0.00B |
| 2025-09-30 | $366M | 217 | +13.81% | +17.52% | -3.70% | -0.01B |
| 2025-06-30 | $342M | 206 | +11.40% | +14.94% | -3.54% | -0.01B |
| 2025-03-31 | $328M | 201 | +4.62% | +8.30% | -3.69% | -0.00B |
| 2024-12-31 | $337M | 208 | +12.45% | +24.89% | -12.43% | -0.01B |
| 2024-09-30 | $346M | 209 | +24.94% | +36.04% | -11.10% | -0.01B |
| 2024-06-30 | $332M | 205 | +12.89% | +24.49% | -11.60% | -0.00B |
| 2024-03-31 | $334M | 209 | +18.97% | +29.62% | -10.65% | -0.01B |
| 2023-12-31 | $321M | 206 | +18.61% | +26.18% | -7.57% | -0.01B |
| 2023-09-30 | $303M | 198 | +16.51% | +21.57% | -5.06% | +0.00B |
| 2023-06-30 | $313M | 200 | +15.01% | +19.42% | -4.42% | -0.00B |
| 2023-03-31 | $299M | 199 | -4.47% | -7.82% | +3.35% | -0.00B |
| 2022-12-31 | $288M | 194 | -13.68% | -18.17% | +4.49% | -0.02B |
| 2022-09-30 | $280M | 184 | -11.66% | -15.51% | +3.85% | -0.01B |
| 2022-06-30 | $300M | 190 | -6.44% | -10.62% | +4.18% | -0.00B |