Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.36%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.44%
baseline attrition
Rally response
-7.70%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| COFCapital One Financial Co | $1.56B | 7.2% | +3.1% | 10.3 yr |
| CTRACoterra Energy Inc. | $1.30B | 6.0% | +25.8% | 5.0 yr |
| USBU.S. Bancorp | $1.16B | 5.3% | +27.1% | 10.3 yr |
| VTRSViatris Inc. | $1.06B | 4.9% | +62.4% | 5.5 yr |
| METAMeta Platforms, Inc. | $984M | 4.5% | -0.4% | 10.3 yr |
| MGMMGM Resorts Internationa | $899M | 4.1% | +24.9% | 2.8 yr |
| GOOGLAlphabet Inc. | $890M | 4.1% | — | 10.3 yr |
| CVSCVS Health Corporation | $879M | 4.0% | +10.0% | 7.5 yr |
| TSNTyson Foods, Inc. | $839M | 3.9% | +4.0% | 2.0 yr |
| MKLMarkel Corporation | $734M | 3.4% | +2.4% | 10.3 yr |
| AMZNAmazon.com, Inc. | $713M | 3.3% | +9.5% | 10.3 yr |
| BRK-ABerkshire Hathaway Inc. | $663M | 3.0% | — | 10.3 yr |
| WFCWells Fargo & Company | $652M | 3.0% | +13.3% | 10.3 yr |
| CICigna Corporation | $596M | 2.7% | -17.2% | 7.5 yr |
| TXNTexas Instruments Incorp | $553M | 2.5% | +11.4% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information11.0%-0.3pp$2.40B
Banks - Diversified9.6%+1.0pp$2.09B
Medical - Healthcare Plans8.3%-2.6pp$1.81B
Financial - Credit Services7.5%-2.2pp$1.63B
Oil & Gas Exploration & Production7.1%+6.3pp$1.55B
Insurance - Property & Casualty5.5%-0.8pp$1.19B
Drug Manufacturers - Specialty & Generic4.9%+1.6pp$1.06B
Insurance - Diversified4.7%-4.6pp$1.02B
Semiconductors4.5%-2.2pp$985M
Gambling, Resorts & Casinos4.1%+0.6pp$899M
Country
US87.2%-2.1pp
CA3.7%+0.1pp
SG2.2%+0.0pp
Unknown2.2%
CH1.8%-0.1pp
CN1.5%+0.2pp
BM0.8%+0.3pp
DE0.2%+0.1pp
Top 5: 27.8% · Top 10: 47.3% · Top 25: 80.3%
Top buys this quarter · 15
| LYB LyondellBasell Industries N.V.new | +$451M |
| CI Cigna Corporation | +$395M |
| CTRA Coterra Energy Inc. | +$161M |
| SE Sea Limited | +$117M |
| YMM Full Truck Alliance Co. Ltd. | +$92M |
| TCOM Trip.com Group Limited | +$326M |
| SAP SAP SE | +$45M |
| APP AppLovin Corporation | +$134M |
| RKT Rocket Companies, Inc. | +$23M |
| TSN Tyson Foods, Inc. | +$17M |
Top sells this quarter · 15
| AMAT Applied Materials, Inc. | −$1.03B |
| DAR Darling Ingredients Inc. | −$164M |
| MGM MGM Resorts International | −$93M |
| TECK Teck Resources Limited | −$74M |
| MKL Markel Corporation | −$61M |
| CVS CVS Health Corporation | −$37M |
| QSR Restaurant Brands Internationa | −$31M |
| META Meta Platforms, Inc. | −$19M |
| COF Capital One Financial Corporat | −$14M |
| GOOG Alphabet Inc. | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $21.78B | 112 | +20.21% | +17.59% | +2.62% | -0.05B |
| 2025-12-31 | $22.25B | 108 | +21.57% | +17.72% | +3.85% | +1.85B |
| 2025-09-30 | $19.15B | 107 | +14.40% | +17.52% | -3.12% | -0.31B |
| 2025-06-30 | $18.70B | 107 | +14.84% | +14.94% | -0.10% | -0.47B |
| 2025-03-31 | $17.35B | 104 | +4.33% | +8.30% | -3.98% | +0.27B |
| 2024-12-31 | $17.21B | 100 | +19.76% | +24.89% | -5.13% | -0.66B |
| 2024-09-30 | $17.83B | 102 | +40.07% | +36.04% | +4.04% | -0.16B |
| 2024-06-30 | $17.22B | 68 | +31.23% | +24.49% | +6.74% | -0.70B |
| 2024-03-31 | $17.84B | 98 | +47.44% | +29.62% | +17.81% | -2.32B |
| 2023-12-31 | $17.70B | 103 | +36.82% | +26.18% | +10.64% | -0.99B |
| 2023-09-30 | $15.95B | 104 | +26.23% | +21.57% | +4.66% | -0.12B |
| 2023-06-30 | $16.41B | 102 | +19.55% | +19.42% | +0.13% | -0.66B |
| 2023-03-31 | $15.13B | 101 | -10.50% | -7.82% | -2.68% | -0.43B |
| 2022-12-31 | $14.71B | 109 | +8.13% | +7.56% | +0.57% | -0.49B |
| 2022-09-30 | $14.06B | 114 | -7.30% | -4.93% | -2.37% | -0.39B |
| 2022-06-30 | $15.59B | 114 | -15.55% | -16.11% | +0.56% | -1.13B |