Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.85%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.20%
steady accumulation
Rally response
-2.59%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $235M | 13.9% | — | 10.5 yr |
| MKLMarkel Corporation | $148M | 8.8% | +2.4% | 10.5 yr |
| — | $140M | 8.3% | — | 10.5 yr |
| — | $120M | 7.1% | — | 10.5 yr |
| — | $100M | 6.0% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $92M | 5.5% | +9.5% | 10.5 yr |
| SCHWThe Charles Schwab Corpo | $70M | 4.2% | +21.5% | 7.5 yr |
| MCOMoody's Corporation | $70M | 4.1% | -5.6% | 10.3 yr |
| HOMBHome Bancshares, Inc. | $66M | 3.9% | -2.0% | 9.5 yr |
| — | $56M | 3.3% | — | 7.0 yr |
| BROBrown & Brown, Inc. | $53M | 3.2% | -47.2% | 1.0 yr |
| AXPAmerican Express Company | $43M | 2.6% | +13.3% | 10.5 yr |
| AAPLApple Inc. | $42M | 2.5% | +14.7% | 10.5 yr |
| — | $41M | 2.4% | — | 10.5 yr |
| — | $36M | 2.2% | — | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown37.1%+1.3pp$626M
Insurance - Diversified15.1%-4.1pp$256M
Insurance - Property & Casualty8.8%-0.5pp$148M
Banks - Regional5.7%+0.0pp$96M
Specialty Retail5.5%+0.3pp$93M
Financial - Data & Stock Exchanges4.2%-0.6pp$70M
Financial - Capital Markets4.2%+0.3pp$70M
Insurance - Brokers3.2%$53M
Financial - Credit Services2.7%+0.0pp$45M
Consumer Electronics2.5%+0.1pp$42M
Country
US62.9%-1.4pp
Unknown37.1%+1.3pp
IE0.0%
BM0.0%
Top 5: 44.0% · Top 10: 65.0% · Top 25: 90.9%
Top buys this quarter · 15
| BRO Brown & Brown, Inc. | +$30M |
| HOMB Home Bancshares, Inc. | +$66M |
| ABBV AbbVie Inc.new | +$1M |
| FSUN FirstSun Capital Bancorpnew | +$1M |
| VRSK Verisk Analytics, Inc. | +$0M |
| INTU Intuit Inc. | +$1M |
| MTD Mettler-Toledo International I | +$24M |
| ZNTL Zentalis Pharmaceuticals, Inc. | +$0M |
| TTWO Take-Two Interactive Software, | +$22M |
| MSFT Microsoft Corporation | +$5M |
Top sells this quarter · 15
| MKL Markel Corporation | −$1M |
| AXP American Express Company | −$1M |
| SCHW The Charles Schwab Corporation | −$1M |
| F-PD Ford Motor Company 6.500% Note | −$1M |
| JNJ Johnson & Johnson | −$25M |
| PEP PepsiCo, Inc. | −$12M |
| MCO Moody's Corporation | −$1M |
| AMZN Amazon.com, Inc. | −$1M |
| PFE Pfizer Inc.exit | −$1M |
| AAPL Apple Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.69B | 107 | +5.28% | +17.59% | -12.31% | -0.02B |
| 2025-12-31 | $1.89B | 132 | +14.60% | +17.72% | -3.11% | -0.02B |
| 2025-09-30 | $1.81B | 114 | +14.27% | +17.52% | -3.25% | +0.06B |
| 2025-06-30 | $1.71B | 116 | +17.22% | +14.94% | +2.28% | -0.03B |
| 2025-03-31 | $1.61B | 105 | +8.76% | +8.30% | +0.46% | -0.02B |
| 2024-12-31 | $1.65B | 106 | +15.60% | +24.89% | -9.29% | +0.01B |
| 2024-09-30 | $1.56B | 105 | +22.87% | +36.04% | -13.17% | +0.00B |
| 2024-06-30 | $1.49B | 91 | +10.96% | +24.49% | -13.53% | -0.05B |
| 2024-03-31 | $1.53B | 91 | +19.01% | +29.62% | -10.62% | -0.01B |
| 2023-12-31 | $1.47B | 94 | +14.96% | +26.18% | -11.22% | -0.07B |
| 2023-09-30 | $1.38B | 89 | +11.25% | +21.57% | -10.32% | +0.13B |
| 2023-06-30 | $1.33B | 93 | +8.83% | +19.42% | -10.59% | +0.03B |
| 2023-03-31 | $1.21B | 86 | -14.47% | -7.82% | -6.65% | -0.01B |
| 2022-12-31 | $1.20B | 88 | +7.95% | +7.56% | +0.39% | -0.02B |
| 2022-09-30 | $1.13B | 86 | -7.28% | -4.93% | -2.35% | -0.01B |
| 2022-06-30 | $1.23B | 90 | -15.52% | -16.11% | +0.59% | -0.01B |