Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.48%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.38%
baseline attrition
Rally response
-0.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TEVATeva Pharmaceutical Indu | $114M | 2.2% | +96.0% | 2.5 yr |
| CBChubb Limited | $102M | 2.0% | +9.3% | 2.5 yr |
| TOTB.DETotalEnergies SE | $101M | 2.0% | +41.2% | 0.5 yr |
| SHELShell plc | $96M | 1.9% | +32.0% | 4.3 yr |
| VALEVale S.A. | $85M | 1.7% | +72.7% | 5.3 yr |
| RIORio Tinto Group | $82M | 1.6% | +63.4% | 9.5 yr |
| MDTMedtronic plc | $81M | 1.6% | -1.3% | 4.0 yr |
| GILDGilead Sciences, Inc. | $81M | 1.6% | +27.7% | 7.3 yr |
| HCAHCA Healthcare, Inc. | $79M | 1.5% | +37.9% | 6.3 yr |
| NXPINXP Semiconductors N.V. | $78M | 1.5% | +5.0% | 7.8 yr |
| GOOGLAlphabet Inc. | $74M | 1.4% | — | 9.5 yr |
| SANBanco Santander, S.A. | $74M | 1.4% | +73.5% | 6.3 yr |
| KRThe Kroger Co. | $74M | 1.4% | +9.1% | 4.3 yr |
| AERAerCap Holdings N.V. | $73M | 1.4% | +35.6% | 9.3 yr |
| INGING Groep N.V. | $72M | 1.4% | +40.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified8.5%+0.3pp$436M
Semiconductors7.0%+1.5pp$357M
Drug Manufacturers - General5.5%+0.7pp$279M
Oil & Gas Integrated5.2%-0.4pp$264M
Specialty Retail4.5%-2.2pp$228M
Banks - Regional4.3%-0.2pp$221M
Industrial Materials3.3%+1.1pp$166M
Asset Management3.1%-0.1pp$160M
Medical - Care Facilities2.8%+1.5pp$143M
Medical - Devices2.5%+2.4pp$125M
Country
US56.6%-7.5pp
GB7.9%+1.6pp
CN4.8%+0.4pp
IE4.6%+1.2pp
BR3.7%+1.3pp
CH3.3%+0.4pp
NL2.9%+0.5pp
FR2.6%-0.0pp
Top 5: 9.7% · Top 10: 17.6% · Top 25: 37.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| JBL | $57M | +0.05B | 95.5% |
| DELL | $56M | +0.05B | 83.4% |
| TEVA | $45M | +0.04B | 96.0% |
| SAN | $59M | +0.04B | 73.5% |
| RIO | $64M | +0.04B | 63.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| MPC Marathon Petroleum Corporation | +$35M |
| NXPI NXP Semiconductors N.V. | +$32M |
| NEM Newmont Corporationnew | +$26M |
| SNX TD SYNNEX Corporationnew | +$26M |
| HCA HCA Healthcare, Inc. | +$25M |
| SYY Sysco Corporationnew | +$25M |
| TGT Target Corporation | +$21M |
| TSCO Tractor Supply Company | +$23M |
| CLX The Clorox Companynew | +$17M |
| CB Chubb Limited | +$17M |
Top sells this quarter · 15
| MU Micron Technology, Inc. | −$15M |
| T AT&T Inc.exit | −$55M |
| MAS Masco Corporationexit | −$33M |
| JBL Jabil Inc. | −$31M |
| RL Ralph Lauren Corporationexit | −$27M |
| EXPE Expedia Group, Inc.exit | −$26M |
| MRK Merck & Co., Inc. | −$26M |
| TKO TKO Group Holdings, Inc.exit | −$25M |
| OMC Omnicom Group Inc.exit | −$24M |
| UAL United Airlines Holdings, Inc.exit | −$24M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.11B | 178 | +24.64% | +17.59% | +7.05% | -0.04B |
| 2025-12-31 | $5.13B | 174 | +25.79% | +17.72% | +8.07% | -0.03B |
| 2025-09-30 | $4.94B | 175 | +17.62% | +17.52% | +0.10% | -0.11B |
| 2025-06-30 | $4.64B | 169 | +16.71% | +14.94% | +1.77% | +0.00B |
| 2025-03-31 | $4.25B | 166 | +5.56% | +8.30% | -2.75% | +0.02B |
| 2024-12-31 | $4.17B | 163 | +15.68% | +24.89% | -9.20% | -0.03B |
| 2024-09-30 | $4.30B | 173 | +28.38% | +36.04% | -7.66% | -0.91B |
| 2024-06-30 | $4.82B | 209 | +19.34% | +24.49% | -5.16% | -0.01B |
| 2024-03-31 | $4.89B | 212 | +25.22% | +29.62% | -4.40% | -0.15B |
| 2023-12-31 | $4.54B | 214 | +16.70% | +26.18% | -9.48% | -0.02B |
| 2023-09-30 | $4.20B | 206 | +21.87% | +21.57% | +0.31% | -0.12B |
| 2023-06-30 | $4.29B | 213 | +17.07% | +19.42% | -2.36% | +0.02B |
| 2023-03-31 | $4.13B | 206 | +1.34% | -7.82% | +9.16% | -0.13B |
| 2022-12-31 | $4.12B | 211 | -4.34% | -18.17% | +13.83% | +0.07B |
| 2022-09-30 | $3.57B | 206 | +28.68% | -15.51% | +44.18% | -0.17B |
| 2022-06-30 | $3.88B | 210 | -10.40% | -16.11% | +5.71% | -0.19B |