Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.48%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.73%
steady accumulation
Rally response
-5.06%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $121M | 15.6% | — | 10.5 yr |
| BRK-ABerkshire Hathaway Inc. | $83M | 10.7% | — | 10.5 yr |
| DGDollar General Corporati | $77M | 9.9% | +37.3% | 9.3 yr |
| DECKDeckers Outdoor Corporat | $66M | 8.5% | -10.5% | 1.0 yr |
| ALKAlaska Air Group, Inc. | $62M | 8.0% | -25.3% | 6.3 yr |
| DLTRDollar Tree, Inc. | $56M | 7.2% | +45.9% | 4.8 yr |
| NEMNewmont Corporation | $52M | 6.7% | +127.1% | 10.5 yr |
| KGCKinross Gold Corporation | $46M | 5.9% | +143.6% | 10.5 yr |
| FIVEFive Below, Inc. | $44M | 5.7% | +204.9% | 2.0 yr |
| SBUXStarbucks Corporation | $23M | 2.9% | -6.1% | 8.0 yr |
| DINOHF Sinclair Corporation | $23M | 2.9% | +98.2% | 4.3 yr |
| CMICummins Inc. | $21M | 2.7% | +74.8% | 7.8 yr |
| BLDRBuilders FirstSource, In | $19M | 2.4% | -34.1% | 0.3 yr |
| DISThe Walt Disney Company | $15M | 1.9% | -1.3% | 8.0 yr |
| VLOValero Energy Corporatio | $11M | 1.4% | +92.6% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified26.3%-10.2pp$205M
Discount Stores23.2%+2.2pp$181M
Gold12.6%-2.1pp$98M
Apparel - Footwear & Accessories8.5%+8.1pp$66M
Airlines, Airports & Air Services8.0%+5.2pp$62M
Oil & Gas Refining & Marketing4.3%-1.5pp$34M
Restaurants2.9%-0.9pp$23M
Industrial - Machinery2.7%+0.7pp$21M
Entertainment2.7%-2.8pp$21M
Oil & Gas Integrated2.4%-1.1pp$19M
Country
US92.6%+4.7pp
CA6.0%-3.5pp
NO1.0%-1.2pp
NL0.3%-0.1pp
GB0.1%-0.0pp
SG0.0%
Top 5: 52.8% · Top 10: 81.2% · Top 25: 98.5%
Top buys this quarter · 14
| ALK Alaska Air Group, Inc. | +$47M |
| BLDR Builders FirstSource, Inc.new | +$19M |
| DECK Deckers Outdoor Corporation | +$66M |
| SBUX Starbucks Corporation | +$1M |
| GOOG Alphabet Inc.new | +$1M |
| DIS The Walt Disney Company | +$15M |
| MA Mastercard Incorporatednew | +$0M |
| PM Philip Morris International Innew | +$0M |
| NFLX Netflix, Inc.new | +$0M |
| DINO HF Sinclair Corporation | +$0M |
Top sells this quarter · 14
| VLO Valero Energy Corporation | −$38M |
| DG Dollar General Corporation | −$33M |
| NEM Newmont Corporation | −$20M |
| KGC Kinross Gold Corporation | −$18M |
| EQNR Equinor ASA | −$18M |
| FIVE Five Below, Inc. | −$17M |
| OVV Ovintiv Inc.exit | −$1M |
| CMI Cummins Inc. | −$20M |
| COST Costco Wholesale Corporation | −$3M |
| CVX Chevron Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $777M | 43 | +56.76% | +17.59% | +39.17% | -0.09B |
| 2025-12-31 | $829M | 38 | +61.35% | +17.72% | +43.63% | -0.02B |
| 2025-09-30 | $753M | 37 | +36.78% | +17.52% | +19.26% | -0.03B |
| 2025-06-30 | $695M | 36 | +24.49% | +14.94% | +9.55% | -0.02B |
| 2025-03-31 | $603M | 35 | +3.54% | +8.30% | -4.76% | +0.02B |
| 2024-12-31 | $540M | 36 | +10.72% | +24.89% | -14.16% | -0.00B |
| 2024-09-30 | $566M | 36 | +36.35% | +36.04% | +0.31% | +0.02B |
| 2024-06-30 | $534M | 38 | +23.51% | +24.49% | -0.98% | +0.03B |
| 2024-03-31 | $517M | 35 | +22.53% | +29.62% | -7.09% | -0.00B |
| 2023-12-31 | $451M | 34 | +8.99% | +26.18% | -17.19% | -0.01B |
| 2023-09-30 | $392M | 32 | +3.86% | +21.57% | -17.71% | +0.03B |
| 2023-06-30 | $396M | 32 | +7.64% | +19.42% | -11.79% | +0.04B |
| 2023-03-31 | $361M | 33 | -4.27% | -7.82% | +3.55% | +0.02B |
| 2022-12-31 | $333M | 32 | +12.76% | +7.56% | +5.20% | -0.01B |
| 2022-09-30 | $303M | 33 | -4.24% | -4.93% | +0.69% | +0.01B |
| 2022-06-30 | $311M | 31 | -13.26% | -16.11% | +2.85% | +0.00B |