Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.47%
baseline attrition
Rally response
-2.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RBCRBC Bearings Incorporate | $233M | 4.8% | +68.8% | 7.0 yr |
| CWSTCasella Waste Systems, I | $223M | 4.5% | -28.8% | 6.8 yr |
| BCPCBalchem Corporation | $212M | 4.3% | +2.7% | 10.5 yr |
| FSVFirstService Corporation | $195M | 4.0% | -15.9% | 7.0 yr |
| ROADConstruction Partners, I | $184M | 3.8% | +54.6% | 7.3 yr |
| NOVTNovanta Inc. | $171M | 3.5% | -7.6% | 8.0 yr |
| LMATLeMaitre Vascular, Inc. | $161M | 3.3% | +31.3% | 9.3 yr |
| ESEESCO Technologies Inc. | $152M | 3.1% | +77.1% | 9.3 yr |
| DSGXThe Descartes Systems Gr | $151M | 3.1% | -29.0% | 9.5 yr |
| CSWICSW Industrials, Inc. | $151M | 3.1% | — | 2.8 yr |
| MMSIMerit Medical Systems, I | $149M | 3.0% | -34.8% | 7.0 yr |
| SITESiteOne Landscape Supply | $147M | 3.0% | +9.6% | 9.8 yr |
| DGIIDigi International Inc. | $145M | 3.0% | +73.2% | 6.3 yr |
| MRCYMercury Systems, Inc. | $140M | 2.9% | +69.2% | 8.0 yr |
| SPXCSPX Technologies, Inc. | $131M | 2.7% | +55.3% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Medical - Instruments & Supplies12.1%+1.5pp$591M
Industrial - Machinery11.7%+1.7pp$571M
Software - Application11.3%-7.3pp$553M
Hardware, Equipment & Parts7.0%+0.7pp$342M
Industrial - Distribution5.6%+0.6pp$275M
Chemicals - Specialty5.1%+0.9pp$251M
Manufacturing - Tools & Accessories4.8%+0.2pp$235M
Waste Management4.6%-0.4pp$223M
Aerospace & Defense4.5%+2.0pp$221M
Engineering & Construction4.3%+0.4pp$211M
Country
US90.4%+1.1pp
CA7.1%-1.0pp
IT2.4%-0.2pp
Unknown0.1%+0.1pp
GB0.0%+0.0pp
IE0.0%-0.0pp
Top 5: 21.4% · Top 10: 37.4% · Top 25: 73.2%
Top buys this quarter · 15
| UTI Universal Technical Institute, | +$43M |
| AORT Artivion, Inc.new | +$43M |
| FSV FirstService Corporation | +$32M |
| LGN Legence Corp. Class A Common snew | +$23M |
| NPO EnPro Industries, Inc.new | +$20M |
| BFAM Bright Horizons Family Solutio | +$106M |
| CACI CACI International Incnew | +$15M |
| STVN Stevanato Group S.p.A. | +$117M |
| BCPC Balchem Corporation | +$8M |
| VCEL Vericel Corporation | +$79M |
Top sells this quarter · 15
| CWAN Clearwater Analytics Holdings, | −$129M |
| RBC RBC Bearings Incorporated | −$84M |
| ESE ESCO Technologies Inc. | −$152M |
| HLMN Hillman Solutions Corp. | −$45M |
| SSD Simpson Manufacturing Co., Inc | −$42M |
| ROAD Construction Partners, Inc. | −$41M |
| SPSC SPS Commerce, Inc. | −$35M |
| EXPO Exponent, Inc. | −$32M |
| TRNS Transcat, Inc. | −$32M |
| VERX Vertex, Inc.exit | −$30M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.90B | 112 | -2.84% | +17.59% | -20.43% | -0.58B |
| 2025-12-31 | $5.81B | 119 | -6.72% | +17.72% | -24.44% | -0.16B |
| 2025-09-30 | $6.07B | 120 | -4.34% | +17.52% | -21.86% | -0.49B |
| 2025-06-30 | $6.63B | 120 | +8.02% | +14.94% | -6.92% | -0.23B |
| 2025-03-31 | $6.48B | 121 | -3.90% | +8.30% | -12.21% | -0.15B |
| 2024-12-31 | $7.32B | 122 | +10.91% | +24.89% | -13.98% | +0.13B |
| 2024-09-30 | $7.14B | 119 | +21.86% | +36.04% | -14.18% | -0.11B |
| 2024-06-30 | $6.49B | 128 | +2.22% | +24.49% | -22.27% | +0.19B |
| 2024-03-31 | $6.69B | 129 | +15.59% | +29.62% | -14.04% | -0.02B |
| 2023-12-31 | $6.42B | 129 | +24.31% | +26.18% | -1.87% | +0.18B |
| 2023-09-30 | $5.63B | 126 | +17.73% | +21.57% | -3.83% | -0.08B |
| 2023-06-30 | $6.09B | 124 | +18.91% | +19.42% | -0.51% | -0.04B |
| 2023-03-31 | $5.76B | 127 | -6.95% | -7.82% | +0.87% | -0.04B |
| 2022-12-31 | $5.15B | 130 | +4.85% | +7.56% | -2.71% | -0.06B |
| 2022-09-30 | $4.97B | 133 | -5.33% | -4.93% | -0.40% | -0.10B |
| 2022-06-30 | $5.36B | 137 | -16.66% | -16.11% | -0.55% | -0.06B |