Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.29%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.83%
baseline attrition
Rally response
-1.00%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $95M | 10.1% | — | 8.8 yr |
| AMZNAmazon.com, Inc. | $84M | 8.8% | +9.5% | 8.5 yr |
| NVDANVIDIA Corporation | $72M | 7.6% | +60.9% | 8.0 yr |
| AAPLApple Inc. | $71M | 7.5% | +14.7% | 8.8 yr |
| GOOGAlphabet Inc. | $70M | 7.4% | +84.3% | 9.0 yr |
| METAMeta Platforms, Inc. | $70M | 7.4% | -0.4% | 9.0 yr |
| ICSHiShares Ultra Short Dura | $60M | 6.3% | — | 6.8 yr |
| AXPAmerican Express Company | $49M | 5.2% | +13.3% | 8.8 yr |
| MSFTMicrosoft Corporation | $46M | 4.8% | -0.6% | 9.0 yr |
| UBERUber Technologies, Inc. | $35M | 3.6% | -1.3% | 3.8 yr |
| APDAir Products and Chemica | $31M | 3.3% | +0.5% | 2.3 yr |
| RTXRTX Corporation | $29M | 3.0% | +48.1% | 4.5 yr |
| GOOGLAlphabet Inc. | $28M | 3.0% | — | 9.0 yr |
| NFLXNetflix, Inc. | $24M | 2.6% | +3.1% | 6.5 yr |
| HSYThe Hershey Company | $23M | 2.4% | +25.3% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information17.8%+2.5pp$168M
Asset Management10.6%+1.3pp$101M
Insurance - Diversified10.1%-2.7pp$96M
Specialty Retail8.8%-0.5pp$84M
Software - Infrastructure8.1%+1.5pp$77M
Semiconductors7.9%+2.8pp$75M
Financial - Credit Services7.6%-1.8pp$72M
Consumer Electronics7.5%-1.5pp$71M
Software - Application3.7%-1.6pp$35M
Chemicals - Specialty3.4%+1.1pp$32M
Country
US99.4%-0.3pp
IE0.3%+0.0pp
GB0.1%
TW0.1%+0.0pp
CA0.1%+0.0pp
NL0.1%
CH0.0%
DK0.0%
Top 5: 41.4% · Top 10: 68.7% · Top 25: 94.5%
Top buys this quarter · 15
| NFLX Netflix, Inc. | +$5M |
| META Meta Platforms, Inc. | +$70M |
| AMZN Amazon.com, Inc. | +$84M |
| MSFT Microsoft Corporation | +$46M |
| PANW Palo Alto Networks, Inc. | +$3M |
| NVDA NVIDIA Corporation | +$72M |
| UBER Uber Technologies, Inc. | +$35M |
| PLTR Palantir Technologies Inc. | +$15M |
| APD Air Products and Chemicals, In | +$1M |
| V Visa Inc. | +$22M |
Top sells this quarter · 15
| GOOG Alphabet Inc. | −$3M |
| HSY The Hershey Company | −$22M |
| RTX RTX Corporation | −$28M |
| AXP American Express Company | −$1M |
| CRM Salesforce, Inc.exit | −$0M |
| SNOW Snowflake Inc. | −$0M |
| CINF Cincinnati Financial Corporatiexit | −$0M |
| TPG TPG Inc.exit | −$0M |
| TCOM Trip.com Group Limitedexit | −$0M |
| HQY HealthEquity, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $947M | 105 | +21.06% | +17.59% | +3.47% | +0.05B |
| 2025-12-31 | $977M | 100 | +22.58% | +17.72% | +4.86% | -0.01B |
| 2025-09-30 | $963M | 103 | +26.34% | +17.52% | +8.83% | -0.03B |
| 2025-06-30 | $897M | 83 | +20.62% | +14.94% | +5.68% | +0.06B |
| 2025-03-31 | $725M | 92 | +10.90% | +8.30% | +2.60% | +0.06B |
| 2024-12-31 | $708M | 86 | +32.86% | +24.89% | +7.98% | +0.03B |
| 2024-09-30 | $646M | 89 | +44.91% | +36.04% | +8.88% | +0.02B |
| 2024-06-30 | $592M | 88 | +29.73% | +24.49% | +5.24% | +0.00B |
| 2024-03-31 | $551M | 89 | +37.87% | +29.62% | +8.25% | -0.00B |
| 2023-12-31 | $495M | 88 | +36.90% | +26.18% | +10.72% | -0.01B |
| 2023-09-30 | $437M | 84 | +19.50% | +21.57% | -2.07% | +0.01B |
| 2023-06-30 | $453M | 81 | +22.75% | +19.42% | +3.32% | -0.00B |
| 2023-03-31 | $400M | 78 | -11.41% | -7.82% | -3.59% | -0.00B |
| 2022-12-31 | $362M | 82 | -23.96% | -18.17% | -5.78% | +0.01B |
| 2022-09-30 | $354M | 77 | -15.92% | -15.51% | -0.41% | +0.01B |
| 2022-06-30 | $354M | 80 | -12.86% | -10.62% | -2.24% | +0.00B |