Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.12%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.22%
steady accumulation
Rally response
-3.84%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VCITVanguard Intermediate-Te | $161M | 9.4% | — | 5.8 yr |
| FIBKFirst Interstate BancSys | $155M | 9.1% | +23.8% | 10.3 yr |
| RSPInvesco S&P 500 Equal We | $146M | 8.5% | — | 3.3 yr |
| IVViShares Core S&P 500 ETF | $135M | 7.9% | — | 10.3 yr |
| VGITVanguard Intermediate-Te | $107M | 6.3% | — | 4.0 yr |
| IJHiShares Core S&P Mid-Cap | $105M | 6.1% | — | 10.3 yr |
| PFFiShares Preferred and In | $88M | 5.1% | — | 10.0 yr |
| IJRiShares Core S&P Small-C | $84M | 4.9% | — | 10.3 yr |
| VTIPVanguard Short-Term Infl | $76M | 4.4% | — | 4.5 yr |
| GUNRFlexShares Morningstar G | $73M | 4.2% | — | 4.8 yr |
| IBDYiShares iBonds Dec 2033 | $50M | 2.9% | — | 2.5 yr |
| PAVEGlobal X - U.S. Infrastr | $39M | 2.3% | — | 2.3 yr |
| XLKState Street Technology | $35M | 2.0% | — | 8.3 yr |
| AAPLApple Inc. | $20M | 1.2% | +14.7% | 10.3 yr |
| GOOGLAlphabet Inc. | $17M | 1.0% | — | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management51.9%-5.4pp$889M
Asset Management - Bonds13.0%-0.7pp$223M
Banks - Regional9.1%+0.1pp$156M
Asset Management - Global6.7%+2.0pp$115M
Asset Management - Leveraged4.4%+4.4pp$76M
Software - Infrastructure1.5%-0.2pp$25M
Internet Content & Information1.3%+0.4pp$23M
Consumer Electronics1.2%+0.0pp$20M
Banks - Diversified0.9%+0.1pp$16M
Specialty Retail0.8%+0.0pp$14M
Country
US99.6%-0.3pp
CA0.2%+0.1pp
IE0.1%+0.1pp
FR0.0%
SG0.0%
FI0.0%
Unknown0.0%
UY0.0%-0.0pp
Top 5: 41.1% · Top 10: 66.0% · Top 25: 83.0%
Top buys this quarter · 15
| CRM Salesforce, Inc. | +$2M |
| BA The Boeing Company | +$1M |
| TOTB.DE TotalEnergies SEnew | +$1M |
| AAPL Apple Inc. | +$20M |
| SEE Sealed Air Corporationnew | +$0M |
| BMI Badger Meter, Inc. | +$0M |
| ET Energy Transfer LP | +$0M |
| F-PD Ford Motor Company 6.500% Note | +$0M |
| MSFT Microsoft Corporation | +$16M |
| ADP Automatic Data Processing, Inc | +$1M |
Top sells this quarter · 15
| WMT Walmart Inc. | −$4M |
| UNH UnitedHealth Group Incorporate | −$2M |
| XOM Exxon Mobil Corporation | −$2M |
| FHN First Horizon Corporationexit | −$1M |
| MPC Marathon Petroleum Corporation | −$2M |
| LRCX Lam Research Corporationexit | −$1M |
| JPM JPMorgan Chase & Co. | −$0M |
| V Visa Inc. | −$0M |
| FIBK First Interstate BancSystem, I | −$0M |
| CSCO Cisco Systems, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.71B | 185 | +15.74% | +17.59% | -1.85% | -0.02B |
| 2025-12-31 | $1.80B | 197 | +12.53% | +17.72% | -5.19% | -0.03B |
| 2025-09-30 | $1.75B | 199 | +13.12% | +17.52% | -4.39% | -0.03B |
| 2025-06-30 | $1.64B | 179 | +13.66% | +14.94% | -1.29% | -0.07B |
| 2025-03-31 | $1.62B | 168 | +9.25% | +8.30% | +0.94% | +0.12B |
| 2024-12-31 | $1.60B | 177 | +17.55% | +24.89% | -7.34% | -0.07B |
| 2024-09-30 | $1.60B | 185 | +32.57% | +36.04% | -3.46% | +0.00B |
| 2024-06-30 | $1.46B | 167 | +21.12% | +24.49% | -3.37% | +0.03B |
| 2024-03-31 | $1.40B | 167 | +15.08% | +29.62% | -14.54% | +0.04B |
| 2023-12-31 | $1.35B | 158 | +6.35% | +26.18% | -19.83% | -0.02B |
| 2023-09-30 | $1.16B | 166 | -8.10% | +21.57% | -29.67% | -0.04B |
| 2023-06-30 | $1.21B | 164 | -5.99% | +19.42% | -25.41% | -0.06B |
| 2023-03-31 | $1.31B | 175 | -16.55% | -7.82% | -8.73% | +0.06B |
| 2022-12-31 | $1.33B | 183 | -14.70% | -18.17% | +3.48% | +0.07B |
| 2022-09-30 | $1.24B | 175 | -7.27% | -15.51% | +8.24% | -0.11B |
| 2022-06-30 | $1.32B | 165 | -8.34% | -10.62% | +2.28% | +0.40B |