Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.22%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.38%
baseline attrition
Rally response
-6.00%
trims into rallies
when a holding rises +10%+
Top positions · 29
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $57.84B | 22.0% | +14.7% | 10.3 yr |
| AXPAmerican Express Company | $45.86B | 17.4% | +13.3% | 10.5 yr |
| KOThe Coca-Cola Company | $30.42B | 11.6% | +9.3% | 10.5 yr |
| BACBank of America Corporat | $25.04B | 9.5% | +19.4% | 8.8 yr |
| CVXChevron Corporation | $17.46B | 6.6% | +29.2% | 5.8 yr |
| OXYOccidental Petroleum Cor | $17.22B | 6.5% | +34.6% | 5.0 yr |
| GOOGLAlphabet Inc. | $15.60B | 5.9% | — | 0.8 yr |
| CBChubb Limited | $11.16B | 4.2% | +9.3% | 2.8 yr |
| MCOMoody's Corporation | $10.76B | 4.1% | -5.6% | 10.5 yr |
| KHCThe Kraft Heinz Company | $7.32B | 2.8% | -21.4% | 10.5 yr |
| DVADaVita Inc. | $4.63B | 1.8% | +0.5% | 10.5 yr |
| KRThe Kroger Co. | $3.62B | 1.4% | +9.1% | 6.5 yr |
| SIRISirius XM Holdings Inc. | $2.88B | 1.1% | +7.6% | 1.8 yr |
| DALDelta Air Lines, Inc. | $2.65B | 1.0% | +54.5% | 4.0 yr |
| VRSNVeriSign, Inc. | $2.23B | 0.8% | -0.9% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Consumer Electronics22.0%-3.7pp$57.84B
Financial - Credit Services18.4%-0.2pp$48.30B
Beverages - Non-Alcoholic11.6%+0.5pp$30.42B
Banks - Diversified9.5%-0.6pp$25.04B
Oil & Gas Integrated6.6%-1.0pp$17.46B
Oil & Gas Exploration & Production6.5%+1.5pp$17.22B
Internet Content & Information6.3%$16.63B
Insurance - Property & Casualty4.2%+1.1pp$11.16B
Financial - Data & Stock Exchanges4.1%-0.3pp$10.76B
Packaged Foods2.8%-1.0pp$7.32B
Country
US95.4%-0.7pp
CH4.2%+1.1pp
Unknown0.4%+0.2pp
Top 5: 67.1% · Top 10: 90.7% · Top 25: 99.9%
Top buys this quarter · 6
| GOOG Alphabet Inc.new | +$1.03B |
| NYT The New York Times Company | +$842M |
| LEN Lennar Corporation | +$265M |
| M Macy's, Inc.new | +$55M |
| GOOGL Alphabet Inc. | +$0M |
| LEN-B Lennar Corporation | +$0M |
Top sells this quarter · 15
| CVX Chevron Corporation | −$9.47B |
| V Visa Inc.exit | −$2.51B |
| DAL Delta Air Lines, Inc. | −$2.05B |
| MA Mastercard Incorporatedexit | −$1.99B |
| STZ Constellation Brands, Inc. | −$1.86B |
| UNH UnitedHealth Group Incorporateexit | −$1.36B |
| DPZ Domino's Pizza, Inc.exit | −$1.20B |
| AON Aon plcexit | −$1.16B |
| POOL Pool Corporationexit | −$621M |
| AMZN Amazon.com, Inc.exit | −$474M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $263.10B | 29 | +12.33% | +17.59% | -5.26% | -9.21B |
| 2025-12-31 | $274.16B | 42 | +10.92% | +17.72% | -6.80% | -5.63B |
| 2025-09-30 | $267.33B | 41 | +9.35% | +17.52% | -8.17% | -9.58B |
| 2025-06-30 | $257.52B | 41 | +9.46% | +14.94% | -5.48% | -3.55B |
| 2025-03-31 | $259.79B | 39 | +20.13% | +8.30% | +11.83% | -2.25B |
| 2024-12-31 | $267.18B | 38 | +22.33% | +24.89% | -2.55% | -7.67B |
| 2024-09-30 | $266.38B | 40 | +32.94% | +36.04% | -3.10% | -34.97B |
| 2024-06-30 | $279.97B | 41 | +13.57% | +24.49% | -10.92% | -85.85B |
| 2024-03-31 | $331.68B | 41 | +13.02% | +29.62% | -16.60% | -19.77B |
| 2023-12-31 | $351.90B | 42 | +25.15% | +26.18% | -1.03% | -1.24B |
| 2023-09-30 | $314.95B | 46 | +16.46% | +21.57% | -5.11% | -5.23B |
| 2023-06-30 | $348.19B | 48 | +23.70% | +19.42% | +4.28% | -8.65B |
| 2023-03-31 | $325.11B | 48 | -7.63% | -7.82% | +0.19% | -5.56B |
| 2022-12-31 | $299.01B | 49 | -20.33% | -18.17% | -2.15% | -9.92B |
| 2022-09-30 | $296.10B | 49 | -15.19% | -15.51% | +0.32% | +2.95B |
| 2022-06-30 | $300.13B | 47 | -12.67% | -10.62% | -2.05% | +2.14B |