Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.21%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.58%
baseline attrition
Rally response
-2.19%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| APOApollo Global Management | $308M | 6.4% | -17.4% | 4.5 yr |
| — | $264M | 5.4% | — | 10.5 yr |
| BXBlackstone Inc. | $260M | 5.4% | -14.9% | 7.0 yr |
| AJGArthur J. Gallagher & Co | $230M | 4.7% | -36.6% | 10.5 yr |
| SUNBSunbelt Rentals Holdings | $220M | 4.5% | — | 0.3 yr |
| MSFTMicrosoft Corporation | $206M | 4.2% | -0.6% | 10.5 yr |
| FERGFerguson plc | $194M | 4.0% | +47.8% | 2.0 yr |
| SCHWThe Charles Schwab Corpo | $192M | 4.0% | +21.5% | 9.5 yr |
| SGISomnigroup International | $178M | 3.7% | +24.4% | 1.3 yr |
| RDNTRadNet, Inc. | $177M | 3.6% | +12.4% | 10.5 yr |
| LHLabcorp Holdings Inc. | $165M | 3.4% | +15.9% | 2.0 yr |
| ZWSZurn Elkay Water Solutio | $157M | 3.2% | +37.2% | 4.3 yr |
| CACCCredit Acceptance Corpor | $131M | 2.7% | -18.0% | 10.5 yr |
| WATWaters Corporation | $129M | 2.7% | -19.2% | 10.5 yr |
| AXPAmerican Express Company | $123M | 2.5% | +13.3% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management14.0%-4.1pp$679M
Unknown12.8%+2.0pp$621M
Financial - Credit Services10.9%+3.4pp$527M
Medical - Diagnostics & Research9.7%+1.7pp$473M
Financial - Capital Markets5.0%+0.2pp$244M
Insurance - Brokers4.9%-0.5pp$240M
Software - Infrastructure4.3%-1.0pp$206M
Industrial - Distribution4.0%+1.3pp$196M
Household & Personal Products3.9%+1.0pp$191M
Industrial - Pollution & Treatment Controls3.2%+0.9pp$157M
Country
US81.0%+0.1pp
Unknown12.8%+2.0pp
GB4.1%-2.3pp
CA1.0%+0.2pp
IL0.7%+0.3pp
CH0.4%+0.3pp
BM0.1%-0.6pp
TW0.0%+0.0pp
Top 5: 26.4% · Top 10: 46.0% · Top 25: 78.2%
Top buys this quarter · 15
| SUNB Sunbelt Rentals Holdings Incnew | +$220M |
| AJG Arthur J. Gallagher & Co. | +$40M |
| ALC Alcon Inc. | +$14M |
| BX Blackstone Inc. | +$260M |
| WAT Waters Corporation | +$129M |
| SGI Somnigroup International Inc | +$178M |
| ABT Abbott Laboratories | +$96M |
| ARES Ares Management Corporation | +$4M |
| AMZN Amazon.com, Inc. | +$48M |
| KNSL Kinsale Capital Group, Inc.new | +$3M |
Top sells this quarter · 15
| ROP Roper Technologies, Inc. | −$24M |
| OWL Blue Owl Capital Inc. | −$23M |
| WBD Warner Bros. Discovery, Inc. | −$18M |
| PKE Park Aerospace Corp. | −$7M |
| MTDR Matador Resources Company | −$61M |
| MSFT Microsoft Corporation | −$4M |
| LOW Lowe's Companies, Inc. | −$4M |
| ZWS Zurn Elkay Water Solutions Cor | −$4M |
| MKL Markel Corporation | −$4M |
| RDNT RadNet, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.85B | 193 | +1.76% | +17.59% | -15.83% | -0.02B |
| 2025-12-31 | $5.51B | 192 | +3.45% | +17.72% | -14.27% | -0.04B |
| 2025-09-30 | $5.50B | 184 | +9.70% | +17.52% | -7.82% | -0.05B |
| 2025-06-30 | $5.24B | 186 | +10.41% | +14.94% | -4.53% | -0.16B |
| 2025-03-31 | $5.01B | 184 | +1.58% | +8.30% | -6.72% | +0.15B |
| 2024-12-31 | $5.40B | 188 | +26.27% | +24.89% | +1.39% | -0.09B |
| 2024-09-30 | $5.14B | 175 | +33.45% | +36.04% | -2.58% | -0.01B |
| 2024-06-30 | $4.83B | 176 | +26.31% | +24.49% | +1.81% | -0.06B |
| 2024-03-31 | $4.93B | 176 | +40.91% | +29.62% | +11.29% | +0.13B |
| 2023-12-31 | $4.30B | 181 | +28.34% | +26.18% | +2.16% | -0.02B |
| 2023-09-30 | $3.82B | 168 | +24.33% | +21.57% | +2.77% | -0.04B |
| 2023-06-30 | $3.83B | 173 | +16.40% | +19.42% | -3.02% | -0.00B |
| 2023-03-31 | $3.46B | 168 | -10.99% | -7.82% | -3.18% | +0.00B |
| 2022-12-31 | $3.40B | 172 | -16.59% | -18.17% | +1.59% | +0.01B |
| 2022-09-30 | $3.10B | 168 | -15.35% | -15.51% | +0.15% | -0.05B |
| 2022-06-30 | $3.33B | 172 | -9.91% | -10.62% | +0.71% | -0.04B |