Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.91%
adds when stocks drop
when a holding falls −10%+
Middle response
-8.01%
baseline attrition
Rally response
-9.66%
trims into rallies
when a holding rises +10%+
Top positions · 19
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MAMastercard Incorporated | $1.14B | 18.6% | -8.5% | 10.8 yr |
| BNBrookfield Corporation | $689M | 11.3% | +16.5% | 3.5 yr |
| — | $621M | 10.2% | — | 5.3 yr |
| MCOMoody's Corporation | $544M | 8.9% | -5.6% | 10.8 yr |
| VVisa Inc. | $495M | 8.1% | -13.1% | 10.8 yr |
| ROPRoper Technologies, Inc. | $445M | 7.3% | -39.7% | 10.8 yr |
| CSGPCoStar Group, Inc. | $417M | 6.8% | -49.1% | 6.5 yr |
| FICOFair Isaac Corporation | $388M | 6.3% | -42.1% | 1.0 yr |
| ORLYO'Reilly Automotive, Inc | $359M | 5.9% | -3.4% | 10.8 yr |
| CPRTCopart, Inc. | $266M | 4.3% | -41.3% | 1.0 yr |
| ABNBAirbnb, Inc. | $257M | 4.2% | +5.7% | 2.0 yr |
| CCCSCCC Intelligent Solution | $189M | 3.1% | — | 2.3 yr |
| CRMSalesforce, Inc. | $134M | 2.2% | -30.2% | 1.8 yr |
| NOWServiceNow, Inc. | $115M | 1.9% | -34.3% | 0.3 yr |
| GSHDGoosehead Insurance, Inc | $19M | 0.3% | -63.9% | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Financial - Credit Services26.7%-1.5pp$1.64B
Software - Application17.7%+9.5pp$1.08B
Asset Management11.3%+1.6pp$689M
Unknown10.3%+0.4pp$628M
Financial - Data & Stock Exchanges8.9%-2.0pp$544M
Real Estate - Services6.8%-0.3pp$417M
Specialty Retail5.9%-6.0pp$359M
Specialty Business Services4.3%$266M
Travel Services4.2%+0.8pp$257M
Software - Infrastructure3.1%+1.9pp$189M
Country
US78.2%-2.3pp
CA11.3%+1.6pp
Unknown10.3%+0.4pp
CH0.3%+0.2pp
Top 5: 57.1% · Top 10: 87.7% · Top 25: 100.0%
Top buys this quarter · 8
| NOW ServiceNow, Inc.new | +$115M |
| FICO Fair Isaac Corporation | +$388M |
| ROP Roper Technologies, Inc. | +$445M |
| CSGP CoStar Group, Inc. | +$417M |
| CPRT Copart, Inc. | +$266M |
| GSHD Goosehead Insurance, Inc | +$19M |
| CCCS CCC Intelligent Solutions Hold | +$189M |
| — new | +$0M |
Top sells this quarter · 12
| CRM Salesforce, Inc. | −$443M |
| BN Brookfield Corporation | −$397M |
| MA Mastercard Incorporated | −$361M |
| V Visa Inc. | −$314M |
| ORLY O'Reilly Automotive, Inc. | −$262M |
| MCO Moody's Corporation | −$213M |
| ABNB Airbnb, Inc. | −$182M |
| AMT American Tower Corporation | −$35M |
| DHR Danaher Corporationexit | −$13M |
| KMX CarMax, Inc.exit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.12B | 19 | -11.37% | +17.59% | -28.97% | -1.79B |
| 2025-12-31 | $9.12B | 18 | +7.28% | +17.72% | -10.44% | -0.73B |
| 2025-09-30 | $10.03B | 19 | +8.11% | +17.52% | -9.41% | -0.23B |
| 2025-06-30 | $10.21B | 19 | +19.13% | +14.94% | +4.19% | -0.57B |
| 2025-03-31 | $10.40B | 18 | +10.87% | +8.30% | +2.56% | -1.73B |
| 2024-12-31 | $11.56B | 18 | +10.82% | +24.89% | -14.07% | -0.33B |
| 2024-09-30 | $12.02B | 18 | +30.39% | +36.04% | -5.65% | -0.57B |
| 2024-06-30 | $11.37B | 19 | +11.75% | +24.49% | -12.75% | -0.29B |
| 2024-03-31 | $12.09B | 21 | +26.64% | +29.62% | -2.98% | -0.37B |
| 2023-12-31 | $11.88B | 18 | +25.22% | +26.18% | -0.96% | -0.79B |
| 2023-09-30 | $10.89B | 17 | +19.12% | +21.57% | -2.44% | -0.50B |
| 2023-06-30 | $12.00B | 18 | +11.94% | +19.42% | -7.49% | -0.41B |
| 2023-03-31 | $11.35B | 18 | -10.82% | -7.82% | -3.01% | -0.11B |
| 2022-12-31 | $11.05B | 19 | +10.74% | +7.56% | +3.18% | -1.49B |
| 2022-09-30 | $11.32B | 20 | -10.79% | -4.93% | -5.86% | +0.19B |
| 2022-06-30 | $12.48B | 21 | -12.94% | -16.11% | +3.17% | -0.10B |