Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.63%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.26%
baseline attrition
Rally response
-4.06%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $90M | 11.0% | -0.6% | 10.5 yr |
| MKLMarkel Corporation | $88M | 10.7% | +2.4% | 10.5 yr |
| AMZNAmazon.com, Inc. | $78M | 9.5% | +9.5% | 10.0 yr |
| AMTAmerican Tower Corporati | $72M | 8.7% | -17.9% | 10.5 yr |
| ORLYO'Reilly Automotive, Inc | $69M | 8.4% | -3.4% | 9.3 yr |
| AAPLApple Inc. | $58M | 7.1% | +14.7% | 9.5 yr |
| BRK-BBerkshire Hathaway Inc. | $52M | 6.4% | — | 10.5 yr |
| CPRTCopart, Inc. | $37M | 4.5% | -41.3% | 8.0 yr |
| MAMastercard Incorporated | $33M | 4.0% | -8.5% | 10.5 yr |
| ADBEAdobe Inc. | $31M | 3.8% | -36.6% | 1.3 yr |
| WAYWaystar Holding Corp. | $23M | 2.9% | -35.5% | 1.8 yr |
| AMTMAmentum Holdings, Inc. | $22M | 2.7% | +43.3% | 1.5 yr |
| OLEDUniversal Display Corpor | $21M | 2.6% | -33.3% | 10.5 yr |
| LMTLockheed Martin Corporat | $19M | 2.4% | +39.0% | 5.8 yr |
| BOKFBOK Financial Corporatio | $16M | 2.0% | +25.7% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail18.0%+1.0pp$147M
Software - Infrastructure11.1%+0.3pp$91M
Insurance - Property & Casualty10.7%+1.0pp$88M
REIT - Specialty10.5%-1.2pp$86M
Consumer Electronics7.1%+1.3pp$58M
Insurance - Diversified7.1%+0.0pp$58M
Financial - Credit Services5.5%+0.1pp$45M
Aerospace & Defense5.2%-0.1pp$42M
Specialty Business Services4.5%-2.2pp$37M
Software - Application3.8%$31M
Country
US99.5%+3.4pp
CA0.4%-3.4pp
BM0.1%+0.0pp
Top 5: 48.4% · Top 10: 74.0% · Top 25: 95.4%
Top buys this quarter · 7
| WAY Waystar Holding Corp. | +$23M |
| ATOM Atomera Incorporated | +$3M |
| ADBE Adobe Inc. | +$31M |
| MOH Molina Healthcare, Inc.new | +$2M |
| MA Mastercard Incorporated | +$33M |
| PODD Insulet Corporationnew | +$0M |
| GEV GE Vernova Inc.new | +$0M |
Top sells this quarter · 15
| LMT Lockheed Martin Corporation | −$20M |
| ERII Energy Recovery, Inc. | −$2M |
| AES The AES Corporationexit | −$1M |
| KMX CarMax, Inc. | −$1M |
| MKL Markel Corporation | −$1M |
| ORLY O'Reilly Automotive, Inc. | −$69M |
| AMZN Amazon.com, Inc. | −$1M |
| MSFT Microsoft Corporation | −$0M |
| AAPL Apple Inc. | −$0M |
| AMT American Tower Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $820M | 72 | -6.48% | +17.59% | -24.07% | -0.01B |
| 2025-12-31 | $922M | 71 | +0.53% | +17.72% | -17.19% | -0.01B |
| 2025-09-30 | $960M | 73 | +4.07% | +17.52% | -13.45% | -0.02B |
| 2025-06-30 | $973M | 74 | +8.75% | +14.94% | -6.19% | -0.03B |
| 2025-03-31 | $953M | 70 | +5.28% | +8.30% | -3.02% | +0.00B |
| 2024-12-31 | $977M | 69 | +13.31% | +24.89% | -11.57% | -0.02B |
| 2024-09-30 | $992M | 66 | +27.50% | +36.04% | -8.53% | -0.09B |
| 2024-06-30 | $1.03B | 67 | +12.21% | +24.49% | -12.28% | -0.17B |
| 2024-03-31 | $1.17B | 66 | +19.83% | +29.62% | -9.79% | -0.04B |
| 2023-12-31 | $1.16B | 62 | +22.59% | +26.18% | -3.58% | -0.06B |
| 2023-09-30 | $1.07B | 60 | +13.85% | +21.57% | -7.72% | +0.01B |
| 2023-06-30 | $1.14B | 60 | +5.23% | +19.42% | -14.19% | -0.02B |
| 2023-03-31 | $1.06B | 62 | -18.91% | -7.82% | -11.09% | -0.01B |
| 2022-12-31 | $998M | 64 | +5.35% | +7.56% | -2.21% | +0.00B |
| 2022-09-30 | $943M | 60 | -14.51% | -4.93% | -9.58% | +0.05B |
| 2022-06-30 | $1.05B | 63 | -15.81% | -16.11% | +0.30% | -0.01B |