Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.97%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.40%
baseline attrition
Rally response
-15.19%
trims into rallies
when a holding rises +10%+
Top positions · 22
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $650M | 12.7% | +9.5% | 1.5 yr |
| QSRRestaurant Brands Intern | $597M | 11.7% | +15.1% | 1.8 yr |
| WCCWESCO International, Inc | $393M | 7.7% | +77.6% | 2.3 yr |
| UNPUnion Pacific Corporatio | $374M | 7.3% | +5.1% | 1.0 yr |
| ANTMElevance Health Inc. | $373M | 7.3% | — | 1.3 yr |
| GOOGAlphabet Inc. | $339M | 6.6% | +84.3% | 6.3 yr |
| FERGFerguson plc | $336M | 6.6% | +47.8% | 1.5 yr |
| WTWWillis Towers Watson Pub | $260M | 5.1% | -13.2% | 5.3 yr |
| AONAon plc | $248M | 4.9% | -18.4% | 0.3 yr |
| VVisa Inc. | $212M | 4.1% | -13.1% | 0.3 yr |
| TFXTeleflex Incorporated | $191M | 3.7% | -12.4% | 0.3 yr |
| EXPEagle Materials Inc. | $169M | 3.3% | -14.2% | 2.3 yr |
| GPCGenuine Parts Company | $158M | 3.1% | -8.3% | 1.0 yr |
| — | $157M | 3.1% | — | 2.5 yr |
| HLFHerbalife Nutrition Ltd. | $136M | 2.7% | +70.6% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail15.8%$807M
Industrial - Distribution14.3%+0.1pp$730M
Restaurants11.7%+4.2pp$597M
Insurance - Brokers9.9%-4.9pp$508M
Medical - Healthcare Plans8.9%+5.9pp$458M
Railroads7.3%$374M
Internet Content & Information6.6%-2.7pp$339M
Unknown4.4%-5.7pp$226M
Financial - Credit Services4.1%$212M
Medical - Instruments & Supplies3.7%$191M
Country
US65.0%+15.8pp
CA11.7%+4.2pp
GB11.7%-9.6pp
IE4.9%-4.0pp
Unknown4.4%-5.7pp
CN2.4%-0.7pp
Top 5: 46.7% · Top 10: 73.9% · Top 25: 100.0%
Top buys this quarter · 15
| ANTM Elevance Health Inc. | +$373M |
| — | +$68M |
| AON Aon plcnew | +$248M |
| V Visa Inc.new | +$212M |
| AMZN Amazon.com, Inc. | +$208M |
| TFX Teleflex Incorporatednew | +$191M |
| FERG Ferguson plc | +$71M |
| NCLH Norwegian Cruise Line Holdingsnew | +$68M |
| COLD Americold Realty Trust, Inc. | +$49M |
| PCVX Vaxcyte, Inc.new | +$46M |
Top sells this quarter · 10
| — | −$0M |
| FI Fiserv, Inc.exit | −$0M |
| CRH.L CRH plcexit | −$0M |
| — exit | −$0M |
| DG Dollar General Corporationexit | −$244M |
| FIS Fidelity National Information exit | −$211M |
| WTW Willis Towers Watson Public Li | −$135M |
| EXP Eagle Materials Inc. | −$55M |
| UNP Union Pacific Corporation | −$21M |
| TBN Tamboran Resources Corpexit | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.12B | 22 | +28.92% | +17.59% | +11.33% | -0.01B |
| 2025-12-31 | $5.28B | 22 | +31.25% | +17.72% | +13.53% | +0.06B |
| 2025-09-30 | $4.76B | 20 | +13.14% | +17.52% | -4.38% | +0.19B |
| 2025-06-30 | $4.11B | 22 | +9.49% | +14.94% | -5.45% | +0.32B |
| 2025-03-31 | $3.48B | 22 | -4.40% | +8.30% | -12.71% | +0.10B |
| 2024-12-31 | $3.42B | 21 | -7.08% | +24.89% | -31.96% | +0.11B |
| 2024-09-30 | $3.50B | 20 | +9.10% | +36.04% | -26.93% | -0.29B |
| 2024-06-30 | $3.53B | 23 | -10.03% | +24.49% | -34.52% | +0.16B |
| 2024-03-31 | $3.55B | 21 | -7.51% | +29.62% | -37.13% | -0.86B |
| 2023-12-31 | $4.59B | 23 | +4.67% | +26.18% | -21.50% | -1.12B |
| 2023-09-30 | $5.14B | 31 | -4.40% | +21.57% | -25.96% | +0.24B |
| 2023-06-30 | $5.53B | 28 | -16.33% | +19.42% | -35.75% | -0.16B |
| 2023-03-31 | $5.82B | 29 | -33.96% | -7.82% | -26.14% | -0.83B |
| 2022-12-31 | $6.11B | 31 | +1.26% | +7.56% | -6.31% | +0.25B |
| 2022-09-30 | $5.79B | 45 | -22.35% | -4.93% | -17.43% | +0.56B |
| 2022-06-30 | $6.74B | 51 | -22.82% | -16.11% | -6.70% | -0.42B |