Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.51%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.24%
baseline attrition
Rally response
-6.28%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $50M | 16.1% | — | 8.5 yr |
| VZVerizon Communications I | $43M | 13.9% | +16.5% | 2.8 yr |
| — | $32M | 10.4% | — | 1.5 yr |
| OKLOOklo Inc. | $29M | 9.4% | +129.3% | 2.0 yr |
| CICigna Corporation | $19M | 6.2% | -17.2% | 1.5 yr |
| — | $19M | 6.0% | — | 3.5 yr |
| TDThe Toronto-Dominion Ban | $18M | 5.8% | +60.9% | 9.5 yr |
| ANTMElevance Health Inc. | $17M | 5.5% | — | 1.5 yr |
| ARESAres Management Corporat | $13M | 4.2% | -23.1% | 6.3 yr |
| DHRDanaher Corporation | $12M | 3.8% | -7.1% | 7.0 yr |
| BNBrookfield Corporation | $5M | 1.5% | +16.5% | 3.3 yr |
| CCLCarnival Corporation & p | $4M | 1.2% | +33.1% | 3.8 yr |
| CCJCameco Corporation | $4M | 1.1% | +164.4% | 2.3 yr |
| BNSThe Bank of Nova Scotia | $3M | 0.8% | +52.4% | 9.0 yr |
| LEUCentrus Energy Corp. | $3M | 0.8% | +179.0% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown16.5%+1.5pp$52M
Insurance - Diversified16.1%-1.1pp$50M
Telecommunications Services13.9%+13.7pp$43M
Medical - Healthcare Plans11.6%-6.3pp$36M
Regulated Electric9.4%+4.1pp$29M
Banks - Diversified7.1%-7.7pp$22M
Asset Management6.2%+0.3pp$19M
Medical - Diagnostics & Research4.7%+0.6pp$15M
Uranium2.0%+1.5pp$6M
Biotechnology1.5%+1.3pp$5M
Country
US73.3%+17.7pp
Unknown16.5%+1.5pp
CA9.2%-19.8pp
AU0.8%
IE0.1%+0.0pp
GB0.0%-0.0pp
Top 5: 56.0% · Top 10: 81.3% · Top 25: 93.4%
Top buys this quarter · 15
| ARES Ares Management Corporation | +$13M |
| JPM JPMorgan Chase & Co. | +$1M |
| BWXT BWX Technologies, Inc. | +$1M |
| LEU Centrus Energy Corp. | +$3M |
| SMR NuScale Power Corporation | +$0M |
| AAPL Apple Inc. | +$0M |
| AMZN Amazon.com, Inc. | +$0M |
| PANW Palo Alto Networks, Inc.new | +$0M |
| BN Brookfield Corporation | +$5M |
| PLTR Palantir Technologies Inc.new | +$0M |
Top sells this quarter · 9
| BNS The Bank of Nova Scotia | −$25M |
| MOS The Mosaic Companyexit | −$14M |
| OKLO Oklo Inc. | −$2M |
| LILA Liberty Latin America Ltd.exit | −$1M |
| CRWD CrowdStrike Holdings, Inc. | −$0M |
| GOOGL Alphabet Inc. | −$0M |
| BIL State Street SPDR Bloomberg 1- | −$0M |
| BTEGF Baytex Energy Corp.exit | −$0M |
| LILAK Liberty Latin America Ltd.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $312M | 55 | +39.22% | +17.59% | +21.63% | +0.00B |
| 2025-12-31 | $331M | 52 | +49.72% | +17.72% | +32.00% | -0.00B |
| 2025-09-30 | $365M | 52 | +66.07% | +17.52% | +48.56% | -0.07B |
| 2025-06-30 | $339M | 47 | +43.38% | +14.94% | +28.44% | -0.08B |
| 2025-03-31 | $329M | 49 | +15.08% | +8.30% | +6.78% | -0.06B |
| 2024-12-31 | $390M | 52 | +18.45% | +24.89% | -6.44% | +0.11B |
| 2024-09-30 | $278M | 51 | +37.98% | +36.04% | +1.94% | -0.03B |
| 2024-06-30 | $278M | 52 | +15.87% | +24.49% | -8.62% | +0.10B |
| 2024-03-31 | $175M | 29 | +10.47% | +29.62% | -19.15% | -0.12B |
| 2023-12-31 | $279M | 39 | +8.32% | +26.18% | -17.86% | +0.02B |
| 2023-09-30 | $218M | 38 | -2.87% | +21.57% | -24.44% | +0.03B |
| 2023-06-30 | $202M | 36 | -7.95% | +19.42% | -27.38% | -0.01B |
| 2023-03-31 | $219M | 35 | -19.00% | -7.82% | -11.19% | +0.04B |
| 2022-12-31 | $176M | 38 | +6.06% | +7.56% | -1.50% | +0.01B |
| 2022-09-30 | $155M | 37 | -12.22% | -4.93% | -7.29% | -0.02B |
| 2022-06-30 | $199M | 35 | -14.69% | -16.11% | +1.42% | +0.04B |