Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.26%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.49%
baseline attrition
Rally response
-1.16%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JNJJohnson & Johnson | $53M | 8.5% | +51.5% | 9.5 yr |
| ABBVAbbVie Inc. | $40M | 6.5% | +7.3% | 9.5 yr |
| MCDMcDonald's Corporation | $33M | 5.4% | +1.8% | 9.5 yr |
| BRK-BBerkshire Hathaway Inc. | $31M | 5.0% | — | 9.5 yr |
| PMPhilip Morris Internatio | $30M | 4.8% | +7.9% | 9.5 yr |
| PEPPepsiCo, Inc. | $23M | 3.7% | +7.7% | 9.5 yr |
| WHWyndham Hotels & Resorts | $22M | 3.6% | -8.4% | 7.8 yr |
| ABTAbbott Laboratories | $22M | 3.6% | -21.1% | 9.5 yr |
| JPMJPMorgan Chase & Co. | $22M | 3.5% | +21.8% | 9.5 yr |
| CFR.SWCompagnie Financière Ri | $21M | 3.3% | -7.6% | 5.0 yr |
| MDLZMondelez International, | $21M | 3.3% | -13.0% | 9.5 yr |
| KEYSKeysight Technologies, I | $20M | 3.3% | +88.5% | 1.3 yr |
| XOMExxon Mobil Corporation | $19M | 3.1% | +47.6% | 9.5 yr |
| LYVLive Nation Entertainmen | $19M | 3.1% | +16.8% | 6.3 yr |
| KVUEKenvue Inc. | $17M | 2.7% | -25.0% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Drug Manufacturers - General17.5%+2.4pp$109M
Entertainment7.1%-0.0pp$44M
Beverages - Non-Alcoholic6.5%+1.0pp$40M
Tobacco5.8%+0.3pp$36M
Insurance - Diversified5.6%-0.8pp$35M
Restaurants5.4%-0.0pp$33M
Travel Lodging3.6%-0.3pp$22M
Medical - Devices3.6%-1.0pp$22M
Banks - Diversified3.5%-0.7pp$22M
Luxury Goods3.3%-0.1pp$21M
Country
US96.2%+3.6pp
CH3.3%-0.1pp
GB0.4%-1.6pp
IT0.1%-0.0pp
Top 5: 30.2% · Top 10: 48.0% · Top 25: 87.0%
Top buys this quarter · 11
| ADBE Adobe Inc. | +$5M |
| KMB Kimberly-Clark Corporationnew | +$3M |
| OXM Oxford Industries, Inc. | +$1M |
| CAG Conagra Brands, Inc.new | +$0M |
| EMR Emerson Electric Co.new | +$0M |
| UNP Union Pacific Corporationnew | +$0M |
| RTX RTX Corporationnew | +$0M |
| PFE Pfizer Inc. | +$0M |
| PG The Procter & Gamble Company | +$0M |
| MO Altria Group, Inc. | +$0M |
Top sells this quarter · 15
| HEIO.AS Heineken Holding N.V.exit | −$8M |
| LYB LyondellBasell Industries N.V.exit | −$2M |
| LMT Lockheed Martin Corporation | −$12M |
| XOM Exxon Mobil Corporation | −$15M |
| KEYS Keysight Technologies, Inc. | −$15M |
| JNJ Johnson & Johnson | −$45M |
| ABBV AbbVie Inc. | −$1M |
| GGG Graco Inc. | −$1M |
| WMG Warner Music Group Corp. | −$0M |
| PEP PepsiCo, Inc. | −$22M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $620M | 57 | +3.07% | +17.59% | -14.52% | -0.02B |
| 2025-12-31 | $628M | 52 | +5.06% | +17.72% | -12.66% | -0.01B |
| 2025-09-30 | $639M | 54 | +1.95% | +17.52% | -15.56% | -0.00B |
| 2025-06-30 | $624M | 54 | +9.92% | +14.94% | -5.02% | +0.00B |
| 2025-03-31 | $627M | 53 | +6.39% | +8.30% | -1.91% | -0.01B |
| 2024-12-31 | $613M | 52 | +6.37% | +24.89% | -18.52% | +0.00B |
| 2024-09-30 | $634M | 53 | +20.36% | +36.04% | -15.67% | +0.01B |
| 2024-06-30 | $560M | 53 | +2.19% | +24.49% | -22.30% | -0.01B |
| 2024-03-31 | $599M | 55 | +9.44% | +29.62% | -20.18% | -0.01B |
| 2023-12-31 | $583M | 56 | +7.46% | +26.18% | -18.71% | -0.02B |
| 2023-09-30 | $550M | 55 | +10.68% | +21.57% | -10.89% | -0.00B |
| 2023-06-30 | $588M | 55 | +9.76% | +19.42% | -9.67% | +0.00B |
| 2023-03-31 | $574M | 52 | -3.81% | -7.82% | +4.01% | -0.00B |
| 2022-12-31 | $566M | 52 | +12.51% | +7.56% | +4.95% | -0.00B |
| 2022-09-30 | $503M | 55 | -6.67% | -4.93% | -1.74% | -0.01B |
| 2022-06-30 | $546M | 57 | -10.23% | -16.11% | +5.88% | -0.00B |