Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.52%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.99%
baseline attrition
Rally response
-2.02%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSLATesla, Inc. | $4.44B | 13.4% | +43.4% | 10.5 yr |
| ACGLArch Capital Group Ltd. | $1.60B | 4.9% | -0.2% | 10.5 yr |
| MSCIMSCI Inc. | $1.45B | 4.4% | -3.4% | 10.5 yr |
| GWREGuidewire Software, Inc. | $987M | 3.0% | -20.2% | 10.5 yr |
| ITGartner, Inc. | $937M | 2.8% | -62.3% | 10.5 yr |
| IDXXIDEXX Laboratories, Inc. | $918M | 2.8% | +33.8% | 10.5 yr |
| HHyatt Hotels Corporation | $912M | 2.8% | +17.9% | 10.5 yr |
| FIGSFIGS, Inc. | $886M | 2.7% | +221.8% | 5.0 yr |
| FDSFactSet Research Systems | $815M | 2.5% | -51.6% | 10.5 yr |
| CHHChoice Hotels Internatio | $796M | 2.4% | -21.5% | 10.5 yr |
| RRRRed Rock Resorts, Inc. | $716M | 2.2% | +29.9% | 10.0 yr |
| SCHWThe Charles Schwab Corpo | $701M | 2.1% | +21.5% | 10.5 yr |
| KNSLKinsale Capital Group, I | $693M | 2.1% | -29.7% | 9.5 yr |
| CSGPCoStar Group, Inc. | $658M | 2.0% | -49.1% | 10.5 yr |
| MTNVail Resorts, Inc. | $647M | 2.0% | -16.1% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Auto - Manufacturers13.4%+2.5pp$4.44B
Financial - Data & Stock Exchanges7.4%-0.3pp$2.45B
Software - Application7.2%-2.4pp$2.37B
Gambling, Resorts & Casinos5.6%+0.8pp$1.86B
Travel Lodging5.4%+1.3pp$1.79B
Insurance - Diversified4.9%-0.8pp$1.60B
Medical - Diagnostics & Research4.2%-0.4pp$1.39B
Semiconductors3.5%+1.6pp$1.17B
Financial - Capital Markets3.2%+0.5pp$1.06B
Consulting Services3.2%-1.9pp$1.05B
Country
US83.6%-1.1pp
BM4.9%-0.8pp
CA2.2%+1.0pp
LU2.0%+0.5pp
Unknown1.8%+0.6pp
CN1.1%-0.7pp
CH1.0%+0.5pp
TW0.7%+0.3pp
Top 5: 28.5% · Top 10: 41.6% · Top 25: 63.9%
Top buys this quarter · 15
| SHOP Shopify Inc. | +$288M |
| IT Gartner, Inc. | +$937M |
| VRSK Verisk Analytics, Inc. | +$229M |
| GWRE Guidewire Software, Inc. | +$987M |
| FDS FactSet Research Systems Inc. | +$815M |
| SPOT Spotify Technology S.A. | +$156M |
| ONON On Holding AG | +$147M |
| FPS Forgent Power Solutions, Inc.new | +$137M |
| EQIX Equinix, Inc. | +$97M |
| KNSL Kinsale Capital Group, Inc. | +$693M |
Top sells this quarter · 15
| CWAN Clearwater Analytics Holdings, | −$181M |
| CSGP CoStar Group, Inc. | −$128M |
| ACGL Arch Capital Group Ltd. | −$123M |
| MSFT Microsoft Corporation | −$99M |
| EXAS Exact Sciences Corporationexit | −$99M |
| JLL Jones Lang LaSalle Incorporate | −$98M |
| IDXX IDEXX Laboratories, Inc. | −$93M |
| VRT Vertiv Holdings Co | −$250M |
| MORN Morningstar, Inc. | −$81M |
| PRI Primerica, Inc. | −$68M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $33.05B | 324 | +0.81% | +17.59% | -16.78% | +0.50B |
| 2025-12-31 | $36.85B | 325 | +2.51% | +17.72% | -15.21% | -0.53B |
| 2025-09-30 | $37.64B | 328 | +8.60% | +17.52% | -8.91% | -0.87B |
| 2025-06-30 | $36.88B | 305 | +16.48% | +14.94% | +1.54% | -0.59B |
| 2025-03-31 | $34.04B | 313 | +1.38% | +8.30% | -6.92% | -0.70B |
| 2024-12-31 | $38.67B | 314 | +16.11% | +24.89% | -8.78% | -0.96B |
| 2024-09-30 | $37.68B | 326 | +21.41% | +36.04% | -14.63% | -1.40B |
| 2024-06-30 | $34.90B | 328 | +3.91% | +24.49% | -20.58% | -1.03B |
| 2024-03-31 | $37.50B | 331 | +17.15% | +29.62% | -12.47% | -1.12B |
| 2023-12-31 | $37.53B | 329 | +27.78% | +26.18% | +1.60% | -0.32B |
| 2023-09-30 | $34.42B | 334 | +14.32% | +21.57% | -7.25% | -0.19B |
| 2023-06-30 | $36.11B | 343 | +18.76% | +19.42% | -0.67% | +0.15B |
| 2023-03-31 | $33.30B | 355 | -13.34% | -7.82% | -5.52% | -0.08B |
| 2022-12-31 | $29.74B | 370 | -1.58% | +7.56% | -9.14% | -0.67B |
| 2022-09-30 | $30.90B | 363 | -0.44% | -4.93% | +4.48% | -0.08B |
| 2022-06-30 | $31.12B | 365 | -21.18% | -16.11% | -5.07% | -0.95B |