Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.98%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.93%
baseline attrition
Rally response
-2.83%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NEMNewmont Corporation | $239M | 1.6% | +127.1% | 10.5 yr |
| NVDANVIDIA Corporation | $223M | 1.5% | +60.9% | 8.3 yr |
| NFGNational Fuel Gas Compan | $219M | 1.5% | +20.9% | 10.5 yr |
| AMEAMETEK, Inc. | $199M | 1.4% | +25.3% | 10.5 yr |
| MSFTMicrosoft Corporation | $183M | 1.2% | -0.6% | 10.5 yr |
| NEENextEra Energy, Inc. | $178M | 1.2% | +34.9% | 10.5 yr |
| MAMastercard Incorporated | $168M | 1.1% | -8.5% | 10.5 yr |
| BKThe Bank of New York Mel | $148M | 1.0% | +44.4% | 10.5 yr |
| GATXGATX Corporation | $144M | 1.0% | +11.6% | 10.5 yr |
| DEDeere & Company | $139M | 0.9% | +21.2% | 10.5 yr |
| MLIMueller Industries, Inc. | $136M | 0.9% | +47.2% | 10.5 yr |
| AXPAmerican Express Company | $133M | 0.9% | +13.3% | 10.5 yr |
| AMZNAmazon.com, Inc. | $128M | 0.9% | +9.5% | 10.5 yr |
| MSGSMadison Square Garden Sp | $126M | 0.9% | +65.1% | 10.5 yr |
| CRCrane Company | $122M | 0.8% | +12.2% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric7.0%-0.0pp$1.03B
Industrial - Machinery6.4%+0.6pp$939M
Gold4.7%+1.2pp$693M
Oil & Gas Integrated3.6%+0.5pp$530M
Entertainment3.6%+0.5pp$530M
Semiconductors3.5%+1.2pp$517M
Asset Management3.5%+0.3pp$506M
Aerospace & Defense3.3%+0.6pp$481M
Unknown2.8%+0.0pp$413M
Telecommunications Services2.8%-0.6pp$406M
Country
US85.9%-1.1pp
CA4.8%+1.1pp
Unknown2.8%+0.0pp
GB2.2%+0.1pp
IE1.1%+0.1pp
JP0.8%-0.5pp
LU0.4%+0.1pp
MX0.3%+0.0pp
Top 5: 7.2% · Top 10: 12.5% · Top 25: 24.0%
Top buys this quarter · 15
| PEN Penumbra, Inc.new | +$19M |
| MASI Masimo Corporation | +$17M |
| SEE Sealed Air Corporation | +$16M |
| CWAN Clearwater Analytics Holdings, | +$14M |
| APLS Apellis Pharmaceuticals, Inc.new | +$13M |
| OS OneStream, Inc. Class A Commonnew | +$13M |
| WBS Webster Financial Corporation | +$12M |
| DIS The Walt Disney Company | +$10M |
| TPH Tri Pointe Homes, Inc. | +$10M |
| DAWN Day One Biopharmaceuticals, Innew | +$10M |
Top sells this quarter · 15
| CFLT Confluent, Inc.exit | −$31M |
| KGC Kinross Gold Corporation | −$30M |
| EXAS Exact Sciences Corporationexit | −$29M |
| ADI Analog Devices, Inc. | −$27M |
| MOD Modine Manufacturing Company | −$39M |
| TGNA TEGNA Inc.exit | −$23M |
| DAN Dana Incorporated | −$23M |
| XOM Exxon Mobil Corporation | −$87M |
| WBD Warner Bros. Discovery, Inc. | −$14M |
| MLI Mueller Industries, Inc. | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $14.68B | 1241 | +23.64% | +17.59% | +6.04% | -0.39B |
| 2025-12-31 | $14.60B | 1211 | +20.95% | +17.72% | +3.23% | -0.38B |
| 2025-09-30 | $14.58B | 1202 | +16.17% | +17.52% | -1.35% | -0.51B |
| 2025-06-30 | $13.90B | 1189 | +16.45% | +14.94% | +1.51% | -0.02B |
| 2025-03-31 | $12.96B | 1062 | +7.38% | +8.30% | -0.93% | -0.34B |
| 2024-12-31 | $13.18B | 1060 | +14.46% | +24.89% | -10.43% | -0.38B |
| 2024-09-30 | $13.73B | 1063 | +27.80% | +36.04% | -8.23% | -0.43B |
| 2024-06-30 | $13.01B | 1061 | +11.21% | +24.49% | -13.28% | -0.26B |
| 2024-03-31 | $13.41B | 1069 | +16.23% | +29.62% | -13.40% | -0.36B |
| 2023-12-31 | $12.80B | 1067 | +11.58% | +26.18% | -14.59% | -0.59B |
| 2023-09-30 | $12.14B | 1082 | +12.42% | +21.57% | -9.15% | -0.17B |
| 2023-06-30 | $13.00B | 1087 | +13.86% | +19.42% | -5.56% | -0.46B |
| 2023-03-31 | $13.00B | 1115 | -5.00% | -7.82% | +2.82% | -0.09B |
| 2022-12-31 | $12.68B | 1161 | +11.11% | +7.56% | +3.55% | -0.70B |
| 2022-09-30 | $12.03B | 1308 | -4.10% | -4.93% | +0.83% | -0.25B |
| 2022-06-30 | $12.81B | 1330 | -13.67% | -16.11% | +2.44% | -0.10B |