Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.63%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.23%
baseline attrition
Rally response
-2.46%
trims into rallies
when a holding rises +10%+
Top positions · 6
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-ABerkshire Hathaway Inc. | $303M | 31.3% | — | 4.5 yr |
| GOOGAlphabet Inc. | $282M | 29.2% | +84.3% | 4.5 yr |
| BRK-BBerkshire Hathaway Inc. | $231M | 23.9% | — | 4.5 yr |
| MKLMarkel Corporation | $106M | 11.0% | +2.4% | 4.5 yr |
| PUBMPubMatic, Inc. | $28M | 2.9% | -10.5% | 4.0 yr |
| CABOCable One, Inc. | $17M | 1.7% | -65.7% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified55.2%-10.7pp$534M
Internet Content & Information29.2%+9.5pp$282M
Insurance - Property & Casualty11.0%-0.5pp$106M
Software - Application2.9%+0.0pp$28M
Telecommunications Services1.7%$17M
Country
US100.0%+0.0pp
Top 5: 98.3% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PUBM | $26M | -0.00B | -10.5% |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $967M | 6 | +43.18% | +17.59% | +25.59% | -0.01B |
| 2025-12-31 | $1.08B | 6 | +38.24% | +17.72% | +20.52% | -0.11B |
| 2025-09-30 | $999M | 6 | +29.23% | +17.52% | +11.71% | -0.05B |
| 2025-06-30 | $890M | 5 | +0.49% | +14.94% | -14.45% | -0.13B |
| 2025-03-31 | $901M | 5 | -1.47% | +8.30% | -9.77% | +0.16B |
| 2024-12-31 | $852M | 5 | +26.23% | +24.89% | +1.34% | -0.07B |
| 2024-09-30 | $825M | 5 | +20.53% | +36.04% | -15.51% | +0.08B |
| 2024-06-30 | $813M | 5 | +35.26% | +24.49% | +10.76% | -0.07B |
| 2024-03-31 | $794M | 5 | +41.03% | +29.62% | +11.41% | +0.02B |
| 2023-12-31 | $690M | 5 | +35.77% | +26.18% | +9.59% | -0.02B |
| 2023-09-30 | $666M | 5 | +22.06% | +21.57% | +0.50% | +0.00B |
| 2023-06-30 | $649M | 5 | -2.49% | +19.42% | -21.92% | -0.05B |
| 2023-03-31 | $604M | 5 | -25.28% | -7.82% | -17.46% | -0.05B |
| 2022-12-31 | $610M | 6 | -4.53% | +7.56% | -12.09% | +0.04B |
| 2022-09-30 | $597M | 6 | -18.18% | -4.93% | -13.26% | +0.07B |
| 2022-06-30 | $649M | 6 | -11.27% | -16.11% | +4.84% | -0.06B |