Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.48%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.97%
baseline attrition
Rally response
-7.99%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BNBrookfield Corporation | $38M | 4.8% | +16.5% | 3.5 yr |
| BRK-BBerkshire Hathaway Inc. | $37M | 4.6% | — | 10.5 yr |
| CMCSAComcast Corporation | $36M | 4.5% | — | 0.5 yr |
| PYPLPayPal Holdings, Inc. | $35M | 4.4% | -30.3% | 3.5 yr |
| MDTMedtronic plc | $29M | 3.6% | -1.3% | 6.8 yr |
| IFFInternational Flavors & | $29M | 3.6% | -4.3% | 2.8 yr |
| ZBHZimmer Biomet Holdings, | $27M | 3.4% | -19.5% | 4.5 yr |
| INTUIntuit Inc. | $27M | 3.4% | -29.3% | 0.8 yr |
| DISThe Walt Disney Company | $27M | 3.4% | -1.3% | 5.3 yr |
| BF-BBrown-Forman Corporation | $26M | 3.3% | -19.5% | 1.8 yr |
| SLBSLB N.V. | $24M | 3.0% | +26.7% | 1.8 yr |
| MSFTMicrosoft Corporation | $24M | 3.0% | -0.6% | 10.5 yr |
| KVUEKenvue Inc. | $23M | 3.0% | -25.0% | 2.8 yr |
| GNTXGentex Corporation | $22M | 2.8% | -4.8% | 1.8 yr |
| CNHICNH Industrial N.V. | $22M | 2.8% | — | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Medical - Devices7.1%-1.0pp$56M
Asset Management6.2%-0.4pp$49M
Auto - Parts5.5%+0.7pp$43M
Chemicals - Specialty5.3%+1.3pp$42M
Insurance - Diversified4.6%-0.9pp$37M
Telecommunications Services4.5%$36M
Financial - Credit Services4.5%+0.3pp$35M
Coal3.7%+0.9pp$30M
Entertainment3.6%-3.9pp$28M
Software - Application3.5%$28M
Country
US86.0%+0.6pp
CA4.8%-0.3pp
IE3.6%-0.7pp
GB2.8%+0.3pp
CH2.6%+0.1pp
CN0.0%-0.0pp
Top 5: 22.1% · Top 10: 39.2% · Top 25: 78.1%
Top buys this quarter · 15
| INTU Intuit Inc. | +$26M |
| POOL Pool Corporationnew | +$21M |
| CROX Crocs, Inc.new | +$19M |
| MKTX MarketAxess Holdings Inc.new | +$18M |
| PYPL PayPal Holdings, Inc. | +$12M |
| MSFT Microsoft Corporation | +$11M |
| GNTX Gentex Corporation | +$4M |
| BF-B Brown-Forman Corporation | +$3M |
| KMX CarMax, Inc. | +$3M |
| ZBH Zimmer Biomet Holdings, Inc. | +$2M |
Top sells this quarter · 15
| WBD Warner Bros. Discovery, Inc.exit | −$46M |
| GTX Garrett Motion Inc. | −$30M |
| JNJ Johnson & Johnson | −$19M |
| FTV Fortive Corporation | −$13M |
| SLB SLB N.V. | −$10M |
| LMT Lockheed Martin Corporation | −$9M |
| L Loews Corporation | −$7M |
| FMC FMC Corporationexit | −$6M |
| IFF International Flavors & Fragra | −$28M |
| JCI Johnson Controls Internationalexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $789M | 102 | +13.52% | +17.59% | -4.07% | -0.02B |
| 2025-12-31 | $826M | 99 | +10.89% | +17.72% | -6.83% | -0.01B |
| 2025-09-30 | $804M | 96 | +8.98% | +17.52% | -8.53% | +0.01B |
| 2025-06-30 | $729M | 83 | +10.45% | +14.94% | -4.49% | +0.01B |
| 2025-03-31 | $698M | 77 | +1.27% | +8.30% | -7.04% | +0.03B |
| 2024-12-31 | $700M | 76 | +15.27% | +24.89% | -9.62% | -0.01B |
| 2024-09-30 | $702M | 73 | +25.41% | +36.04% | -10.62% | +0.01B |
| 2024-06-30 | $622M | 76 | +6.48% | +24.49% | -18.01% | -0.05B |
| 2024-03-31 | $718M | 75 | +18.12% | +29.62% | -11.50% | -0.02B |
| 2023-12-31 | $676M | 71 | +12.76% | +26.18% | -13.42% | +0.00B |
| 2023-09-30 | $609M | 70 | +12.47% | +21.57% | -9.10% | -0.01B |
| 2023-06-30 | $655M | 71 | +15.05% | +19.42% | -4.38% | +0.01B |
| 2023-03-31 | $615M | 66 | -2.82% | -7.82% | +5.00% | +0.03B |
| 2022-12-31 | $557M | 70 | +10.34% | +7.56% | +2.78% | +0.01B |
| 2022-09-30 | $499M | 66 | -4.06% | -4.93% | +0.87% | +0.04B |
| 2022-06-30 | $482M | 66 | -12.07% | -16.11% | +4.04% | -0.00B |