Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.61%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.41%
baseline attrition
Rally response
-7.78%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CVXChevron Corporation | $40M | 4.5% | +29.2% | 10.3 yr |
| LGNDLigand Pharmaceuticals I | $38M | 4.2% | +89.9% | 6.3 yr |
| JPMJPMorgan Chase & Co. | $38M | 4.2% | +21.8% | 10.3 yr |
| VVisa Inc. | $35M | 3.9% | -13.1% | 10.3 yr |
| LMTLockheed Martin Corporat | $33M | 3.6% | +39.0% | 10.3 yr |
| AMZNAmazon.com, Inc. | $33M | 3.6% | +9.5% | 6.5 yr |
| JNJJohnson & Johnson | $30M | 3.3% | +51.5% | 10.3 yr |
| PLMRPalomar Holdings, Inc. | $29M | 3.2% | -12.8% | 5.5 yr |
| FCXFreeport-McMoRan Inc. | $28M | 3.1% | +57.4% | 4.8 yr |
| AAPLApple Inc. | $27M | 2.9% | +14.7% | 10.3 yr |
| SYKStryker Corporation | $25M | 2.7% | -11.1% | 6.0 yr |
| TDWTidewater Inc. | $24M | 2.7% | +97.7% | 1.8 yr |
| AESIAtlas Energy Solutions I | $24M | 2.7% | -23.5% | 2.5 yr |
| STESTERIS plc | $24M | 2.7% | -1.5% | 7.0 yr |
| ABTAbbott Laboratories | $24M | 2.6% | -21.1% | 9.8 yr |
Portfolio composition (YoY)
Industry mix
Medical - Devices8.0%-0.5pp$72M
Banks - Diversified6.6%-0.8pp$60M
Oil & Gas Equipment & Services5.4%+0.4pp$49M
Insurance - Property & Casualty5.3%-0.9pp$48M
Drug Manufacturers - General5.1%+2.5pp$46M
Semiconductors4.8%+1.4pp$44M
Oil & Gas Integrated4.6%+1.1pp$41M
Software - Application4.3%-2.3pp$39M
Biotechnology4.2%+0.9pp$38M
Financial - Credit Services3.9%-0.5pp$35M
Country
US94.9%+0.4pp
IE2.7%+0.3pp
CH2.3%-0.6pp
Unknown0.1%-0.1pp
CA0.0%+0.0pp
Top 5: 20.2% · Top 10: 36.4% · Top 25: 74.5%
Top buys this quarter · 9
| AAPL Apple Inc. | +$5M |
| FIBK First Interstate BancSystem, I | +$3M |
| VZ Verizon Communications Inc. | +$2M |
| PFE Pfizer Inc. | +$2M |
| STE STERIS plc | +$24M |
| RELY Remitly Global, Inc.new | +$0M |
| SRI Stoneridge, Inc. | +$0M |
| BAC-PL Bank of America Corporation | +$22M |
| BITO ProShares - Bitcoin ETF | +$0M |
Top sells this quarter · 15
| JPM JPMorgan Chase & Co. | −$17M |
| EEFT Euronet Worldwide, Inc.exit | −$16M |
| FCX Freeport-McMoRan Inc. | −$15M |
| TDW Tidewater Inc. | −$22M |
| REYN Reynolds Consumer Products Incexit | −$7M |
| LGND Ligand Pharmaceuticals Incorpo | −$3M |
| CZR Caesars Entertainment, Inc. | −$23M |
| AESI Atlas Energy Solutions Inc. | −$19M |
| AMZN Amazon.com, Inc. | −$2M |
| CVX Chevron Corporation | −$31M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $907M | 75 | +4.46% | +17.59% | -13.13% | -0.09B |
| 2025-12-31 | $996M | 79 | +4.77% | +17.72% | -12.95% | -0.04B |
| 2025-09-30 | $1.04B | 80 | -0.69% | +17.52% | -18.20% | -0.00B |
| 2025-06-30 | $1.04B | 80 | +7.07% | +14.94% | -7.88% | -0.04B |
| 2025-03-31 | $1.04B | 82 | -2.39% | +8.30% | -10.70% | -0.08B |
| 2024-12-31 | $1.11B | 84 | +4.23% | +24.89% | -20.66% | -0.05B |
| 2024-09-30 | $1.23B | 85 | +21.70% | +36.04% | -14.34% | -0.05B |
| 2024-06-30 | $1.18B | 85 | +4.24% | +24.49% | -20.25% | -0.01B |
| 2024-03-31 | $1.25B | 82 | +13.97% | +29.62% | -15.65% | -0.05B |
| 2023-12-31 | $1.21B | 76 | +14.43% | +26.18% | -11.75% | -0.08B |
| 2023-09-30 | $1.17B | 67 | +12.55% | +21.57% | -9.01% | -0.10B |
| 2023-06-30 | $1.38B | 65 | +15.84% | +19.42% | -3.59% | -0.05B |
| 2023-03-31 | $1.37B | 59 | -10.36% | -7.82% | -2.54% | -0.01B |
| 2022-12-31 | $1.28B | 65 | +8.63% | +7.56% | +1.07% | -0.08B |
| 2022-09-30 | $1.26B | 61 | -4.83% | -4.93% | +0.10% | -0.02B |
| 2022-06-30 | $1.34B | 60 | -19.56% | -16.11% | -3.45% | -0.02B |