Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.41%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.33%
baseline attrition
Rally response
-2.97%
trims into rallies
when a holding rises +10%+
Top positions · 28
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SCHWThe Charles Schwab Corpo | $277M | 10.2% | +21.5% | 6.3 yr |
| IBPInstalled Building Produ | $219M | 8.1% | +56.7% | 1.3 yr |
| SGISomnigroup International | $217M | 8.0% | +24.4% | 3.8 yr |
| ADIAnalog Devices, Inc. | $216M | 8.0% | +60.2% | 8.0 yr |
| THOThor Industries, Inc. | $204M | 7.5% | +7.8% | 10.0 yr |
| — | $199M | 7.3% | — | 8.0 yr |
| PGRThe Progressive Corporat | $181M | 6.7% | -25.5% | 6.5 yr |
| AXPAmerican Express Company | $170M | 6.3% | +13.3% | 6.3 yr |
| BRK-BBerkshire Hathaway Inc. | $146M | 5.4% | — | 10.5 yr |
| ABGAsbury Automotive Group, | $139M | 5.1% | -11.5% | 2.0 yr |
| FNDFloor & Decor Holdings, | $131M | 4.8% | -36.9% | 6.0 yr |
| BRK-ABerkshire Hathaway Inc. | $118M | 4.3% | — | 10.5 yr |
| ANETArista Networks, Inc. | $113M | 4.1% | +58.5% | 1.5 yr |
| — | $93M | 3.4% | — | 6.8 yr |
| MCMoelis & Company | $86M | 3.2% | +1.8% | 7.0 yr |
Portfolio composition (YoY)
Industry mix
Financial - Capital Markets13.4%+2.8pp$363M
Unknown10.9%-3.8pp$296M
Residential Construction10.8%+5.6pp$294M
Insurance - Diversified9.7%-0.5pp$263M
Insurance - Property & Casualty8.9%+0.2pp$243M
Household & Personal Products8.0%+0.1pp$218M
Semiconductors8.0%+2.0pp$216M
Auto - Recreational Vehicles7.5%+1.7pp$204M
Financial - Credit Services6.3%-0.5pp$170M
Auto - Dealerships5.1%+0.2pp$139M
Country
US88.0%+4.0pp
Unknown10.9%-3.8pp
CA0.7%+0.2pp
GB0.2%-0.1pp
GG0.2%-0.3pp
Top 5: 41.7% · Top 10: 72.5% · Top 25: 99.9%
Top buys this quarter · 8
| KNSL Kinsale Capital Group, Inc.new | +$62M |
| MC Moelis & Company | +$86M |
| FND Floor & Decor Holdings, Inc. | +$131M |
| PATK Patrick Industries, Inc. | +$1M |
| NVR NVR, Inc. | +$75M |
| LKFN Lakeland Financial Corporation | +$1M |
| WHR Whirlpool Corporation | +$3M |
| — | +$0M |
Top sells this quarter · 15
| ADI Analog Devices, Inc. | −$76M |
| SCHW The Charles Schwab Corporation | −$7M |
| SGI Somnigroup International Inc | −$4M |
| LCII LCI Industriesexit | −$4M |
| THO Thor Industries, Inc. | −$4M |
| IBP Installed Building Products, I | −$218M |
| AXP American Express Company | −$3M |
| ANET Arista Networks, Inc. | −$2M |
| GOOS Canada Goose Holdings Inc. | −$2M |
| ABG Asbury Automotive Group, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.72B | 28 | +9.85% | +17.59% | -7.74% | -0.08B |
| 2025-12-31 | $3.08B | 28 | +11.43% | +17.72% | -6.29% | -0.33B |
| 2025-09-30 | $3.41B | 28 | +10.18% | +17.52% | -7.33% | -0.34B |
| 2025-06-30 | $3.42B | 28 | +12.65% | +14.94% | -2.30% | -0.13B |
| 2025-03-31 | $3.22B | 30 | -2.54% | +8.30% | -10.84% | +0.20B |
| 2024-12-31 | $3.27B | 27 | +17.19% | +24.89% | -7.70% | +0.02B |
| 2024-09-30 | $3.29B | 26 | +42.61% | +36.04% | +6.58% | +0.03B |
| 2024-06-30 | $2.91B | 25 | +17.42% | +24.49% | -7.07% | +0.08B |
| 2024-03-31 | $2.96B | 23 | +34.55% | +29.62% | +4.93% | -0.21B |
| 2023-12-31 | $2.86B | 25 | +32.77% | +26.18% | +6.59% | -0.13B |
| 2023-09-30 | $2.49B | 26 | +20.19% | +21.57% | -1.38% | +0.15B |
| 2023-06-30 | $2.54B | 27 | +26.44% | +19.42% | +7.01% | -0.07B |
| 2023-03-31 | $2.39B | 31 | +0.53% | -7.82% | +8.34% | -0.13B |
| 2022-12-31 | $2.31B | 33 | +8.73% | +7.56% | +1.17% | +0.03B |
| 2022-09-30 | $2.09B | 33 | -2.91% | -4.93% | +2.01% | +0.00B |
| 2022-06-30 | $2.15B | 33 | -13.00% | -16.11% | +3.11% | -0.09B |