Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.14%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.61%
baseline attrition
Rally response
-3.63%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $47M | 8.6% | — | 8.5 yr |
| GOOGAlphabet Inc. | $29M | 5.3% | +84.3% | 10.5 yr |
| AAPLApple Inc. | $29M | 5.2% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $26M | 4.7% | -0.6% | 9.3 yr |
| — | $21M | 3.9% | — | 8.3 yr |
| — | $18M | 3.3% | — | 8.8 yr |
| AMZNAmazon.com, Inc. | $18M | 3.3% | +9.5% | 9.5 yr |
| — | $15M | 2.8% | — | 9.5 yr |
| WMTWalmart Inc. | $13M | 2.4% | +42.8% | 8.5 yr |
| BRK-BBerkshire Hathaway Inc. | $13M | 2.4% | — | 8.8 yr |
| TSMTaiwan Semiconductor Man | $10M | 1.9% | +105.6% | 9.8 yr |
| LLYEli Lilly and Company | $9M | 1.7% | +12.2% | 7.5 yr |
| XOMExxon Mobil Corporation | $9M | 1.6% | +47.6% | 1.0 yr |
| — | $9M | 1.6% | — | 10.3 yr |
| — | $7M | 1.3% | — | 6.8 yr |
Portfolio composition (YoY)
Industry mix
Unknown43.3%+0.6pp$236M
Semiconductors6.7%+4.1pp$36M
Internet Content & Information5.4%+1.2pp$30M
Consumer Electronics5.2%-1.5pp$29M
Software - Infrastructure4.7%-1.1pp$26M
Discount Stores3.6%+0.9pp$20M
Specialty Retail3.3%-2.0pp$18M
Insurance - Diversified3.1%-1.0pp$17M
Asset Management3.0%+0.9pp$16M
Drug Manufacturers - General2.8%+0.8pp$15M
Country
US50.6%-1.1pp
Unknown43.3%+0.6pp
TW1.9%+0.7pp
CH1.1%-0.2pp
GB0.7%-0.2pp
JP0.5%
AU0.5%
SG0.5%-0.1pp
Top 5: 27.7% · Top 10: 41.8% · Top 25: 61.5%
Top buys this quarter · 15
| WDC Western Digital Corporationnew | +$6M |
| FIX Comfort Systems USA, Inc.new | +$6M |
| JNJ Johnson & Johnson | +$5M |
| XOM Exxon Mobil Corporation | +$5M |
| TER Teradyne, Inc.new | +$5M |
| GLW Corning Incorporatednew | +$5M |
| CAT Caterpillar Inc. | +$4M |
| BE Bloom Energy Corporationnew | +$4M |
| GE GE Aerospacenew | +$3M |
| MUFG Mitsubishi UFJ Financial Groupnew | +$3M |
Top sells this quarter · 15
| MU Micron Technology, Inc. | −$4M |
| KR The Kroger Co.exit | −$5M |
| MA Mastercard Incorporated | −$4M |
| WMB The Williams Companies, Inc.exit | −$3M |
| AMAT Applied Materials, Inc. | −$3M |
| EAT Brinker International, Inc.exit | −$3M |
| IBM International Business Machine | −$3M |
| MELI MercadoLibre, Inc.exit | −$2M |
| ADUS Addus HomeCare Corporationexit | −$2M |
| URI United Rentals, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $545M | 113 | +28.09% | +17.59% | +10.50% | -0.02B |
| 2025-12-31 | $559M | 117 | +17.16% | +17.72% | -0.56% | -0.04B |
| 2025-09-30 | $584M | 126 | +16.22% | +17.52% | -1.30% | -0.01B |
| 2025-06-30 | $535M | 107 | +6.24% | +14.94% | -8.70% | -0.04B |
| 2025-03-31 | $525M | 108 | +4.31% | +8.30% | -4.00% | -0.01B |
| 2024-12-31 | $571M | 107 | +21.98% | +24.89% | -2.90% | -0.02B |
| 2024-09-30 | $572M | 108 | +34.66% | +36.04% | -1.38% | -0.01B |
| 2024-06-30 | $568M | 115 | +27.00% | +24.49% | +2.51% | +0.01B |
| 2024-03-31 | $521M | 117 | +28.45% | +29.62% | -1.17% | +0.01B |
| 2023-12-31 | $475M | 119 | +30.07% | +26.18% | +3.89% | -0.00B |
| 2023-09-30 | $421M | 111 | +19.88% | +21.57% | -1.69% | -0.00B |
| 2023-06-30 | $437M | 115 | +21.08% | +19.42% | +1.65% | +0.00B |
| 2023-03-31 | $403M | 120 | -6.64% | -7.82% | +1.17% | +0.01B |
| 2022-12-31 | $362M | 123 | +4.21% | +7.56% | -3.35% | -0.01B |
| 2022-09-30 | $352M | 127 | -2.53% | -4.93% | +2.40% | +0.00B |
| 2022-06-30 | $357M | 120 | -16.38% | -16.11% | -0.27% | -0.02B |