Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.14%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.16%
baseline attrition
Rally response
-6.82%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $347M | 2.9% | — | 10.3 yr |
| JPMJPMorgan Chase & Co. | $334M | 2.8% | +21.8% | 10.5 yr |
| XOMExxon Mobil Corporation | $256M | 2.1% | +47.6% | 10.3 yr |
| AMZNAmazon.com, Inc. | $254M | 2.1% | +9.5% | 10.5 yr |
| RTXRTX Corporation | $193M | 1.6% | +48.1% | 6.0 yr |
| MRKMerck & Co., Inc. | $189M | 1.6% | +38.9% | 10.3 yr |
| LINLinde plc | $182M | 1.5% | +7.9% | 3.3 yr |
| MSFTMicrosoft Corporation | $181M | 1.5% | -0.6% | 10.3 yr |
| PHParker-Hannifin Corporat | $179M | 1.5% | +48.6% | 5.8 yr |
| NVDANVIDIA Corporation | $175M | 1.5% | +60.9% | 10.0 yr |
| BACBank of America Corporat | $172M | 1.4% | +19.4% | 10.3 yr |
| MUMicron Technology, Inc. | $161M | 1.3% | +289.6% | 5.0 yr |
| TJXThe TJX Companies, Inc. | $157M | 1.3% | +32.7% | 10.5 yr |
| WFCWells Fargo & Company | $157M | 1.3% | +13.3% | 9.8 yr |
| BLKBlackRock, Inc. | $152M | 1.3% | +3.7% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management7.6%+0.8pp$920M
Banks - Diversified6.3%-0.2pp$758M
Semiconductors5.3%+2.2pp$643M
Drug Manufacturers - General4.7%+0.1pp$566M
Internet Content & Information4.6%+1.8pp$551M
Industrial - Machinery3.8%+0.6pp$458M
Aerospace & Defense3.5%+1.1pp$424M
Oil & Gas Integrated3.0%+0.6pp$365M
Unknown2.9%+0.5pp$352M
Insurance - Property & Casualty2.3%+0.0pp$280M
Country
US90.8%-2.8pp
Unknown2.9%+0.5pp
GB2.2%+1.1pp
BM1.3%+0.5pp
IE0.6%+0.1pp
CA0.5%+0.1pp
CH0.4%-0.0pp
KR0.3%+0.2pp
Top 5: 11.5% · Top 10: 19.0% · Top 25: 37.5%
Top buys this quarter · 15
| TJX The TJX Companies, Inc. | +$20M |
| MLM Martin Marietta Materials, Inc | +$20M |
| MSFT Microsoft Corporation | +$181M |
| META Meta Platforms, Inc. | +$142M |
| JPM JPMorgan Chase & Co. | +$334M |
| TRV The Travelers Companies, Inc. | +$11M |
| GILD Gilead Sciences, Inc. | +$9M |
| DRI Darden Restaurants, Inc. | +$9M |
| XOM Exxon Mobil Corporation | +$9M |
| TXT Textron Inc. | +$9M |
Top sells this quarter · 15
| CIEN Ciena Corporation | −$31M |
| MU Micron Technology, Inc. | −$30M |
| RNR RenaissanceRe Holdings Ltd. | −$30M |
| C Citigroup Inc. | −$26M |
| PM Philip Morris International In | −$23M |
| CMI Cummins Inc. | −$22M |
| WFC Wells Fargo & Company | −$22M |
| MCK McKesson Corporation | −$21M |
| SHEL Shell plc | −$19M |
| BWA BorgWarner Inc. | −$19M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $12.06B | 792 | +21.82% | +17.59% | +4.22% | -0.24B |
| 2025-12-31 | $12.26B | 798 | +19.48% | +17.72% | +1.76% | -0.32B |
| 2025-09-30 | $11.98B | 792 | +13.28% | +17.52% | -4.24% | -0.77B |
| 2025-06-30 | $11.93B | 806 | +14.69% | +14.94% | -0.25% | -0.15B |
| 2025-03-31 | $11.18B | 789 | +4.52% | +8.30% | -3.79% | -0.33B |
| 2024-12-31 | $11.69B | 812 | +17.20% | +24.89% | -7.69% | -0.20B |
| 2024-09-30 | $11.94B | 830 | +29.68% | +36.04% | -6.36% | -0.25B |
| 2024-06-30 | $11.27B | 832 | +16.02% | +24.49% | -8.47% | -0.35B |
| 2024-03-31 | $11.79B | 802 | +24.33% | +29.62% | -5.29% | +0.21B |
| 2023-12-31 | $10.50B | 772 | +27.22% | +26.18% | +1.05% | -1.60B |
| 2023-09-30 | $10.98B | 747 | +24.24% | +21.57% | +2.68% | +1.29B |
| 2023-06-30 | $10.01B | 747 | +22.10% | +19.42% | +2.67% | -1.62B |
| 2023-03-31 | $11.01B | 808 | +0.19% | -7.82% | +8.01% | +9.49B |
| 2022-12-31 | $1.34B | 516 | -15.36% | -18.17% | +2.81% | -3.58B |
| 2022-09-30 | $4.58B | 638 | -12.63% | -15.51% | +2.88% | -0.23B |
| 2022-06-30 | $5.06B | 671 | -7.66% | -10.62% | +2.96% | -0.23B |