Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.69%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.87%
baseline attrition
Rally response
+3.05%
adds into rallies
when a holding rises +10%+
Top positions · 22
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $8.17B | 25.8% | — | 10.5 yr |
| WMWaste Management, Inc. | $6.35B | 20.1% | +0.8% | 10.5 yr |
| CNICanadian National Railwa | $5.33B | 16.8% | +8.2% | 10.5 yr |
| CATCaterpillar Inc. | $4.50B | 14.2% | +117.8% | 10.5 yr |
| DEDeere & Company | $2.00B | 6.3% | +21.2% | 4.8 yr |
| ECLEcolab Inc. | $1.39B | 4.4% | +6.0% | 10.5 yr |
| WMTWalmart Inc. | $1.04B | 3.3% | +42.8% | 10.5 yr |
| FDXFedEx Corporation | $849M | 2.7% | +49.3% | 10.5 yr |
| KOFCoca-Cola FEMSA, S.A.B. | $606M | 1.9% | +11.4% | 10.5 yr |
| WCNWaste Connections, Inc. | $331M | 1.0% | -16.2% | 3.8 yr |
| MSGSMadison Square Garden Sp | $190M | 0.6% | +65.1% | 4.8 yr |
| CPNGCoupang, Inc. | $175M | 0.6% | -13.9% | 5.3 yr |
| BUDAnheuser-Busch InBev SA/ | $118M | 0.4% | +14.7% | 3.0 yr |
| PCARPACCAR Inc | $116M | 0.4% | +21.7% | 1.8 yr |
| WSTWest Pharmaceutical Serv | $111M | 0.4% | +12.3% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified25.8%+3.9pp$8.17B
Waste Management21.1%+2.3pp$6.68B
Agricultural - Machinery20.5%+10.7pp$6.51B
Railroads16.8%+4.0pp$5.33B
Chemicals - Specialty4.4%+1.2pp$1.39B
Discount Stores3.3%+1.4pp$1.04B
Integrated Freight & Logistics2.7%+1.0pp$849M
Beverages - Non-Alcoholic1.9%+0.6pp$606M
Entertainment0.6%+0.3pp$190M
Specialty Retail0.6%+0.1pp$175M
Country
US79.2%-4.8pp
CA17.9%+4.1pp
MX1.9%+0.6pp
KR0.6%+0.1pp
BE0.4%+0.1pp
CH0.1%+0.0pp
Top 5: 83.2% · Top 10: 96.5% · Top 25: 100.0%
Top buys this quarter · 0
No buys this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $31.67B | 22 | +26.26% | +17.59% | +8.67% | -5.85B |
| 2025-12-31 | $35.36B | 23 | +17.35% | +17.72% | -0.36% | -2.36B |
| 2025-09-30 | $36.58B | 23 | +8.78% | +17.52% | -8.74% | -11.66B |
| 2025-06-30 | $47.78B | 25 | +8.21% | +14.94% | -6.73% | -0.02B |
| 2025-03-31 | $41.81B | 25 | -5.35% | +8.30% | -13.66% | +0.38B |
| 2024-12-31 | $42.02B | 24 | +7.59% | +24.89% | -17.29% | -1.08B |
| 2024-09-30 | $45.09B | 24 | +31.02% | +36.04% | -5.02% | -2.79B |
| 2024-06-30 | $47.67B | 23 | +20.48% | +24.49% | -4.01% | +1.81B |
| 2024-03-31 | $45.86B | 24 | +33.08% | +29.62% | +3.46% | -1.53B |
| 2023-12-31 | $42.28B | 24 | +29.19% | +26.18% | +3.01% | -3.01B |
| 2023-09-30 | $38.91B | 74 | +18.97% | +21.57% | -2.60% | +0.07B |
| 2023-06-30 | $42.06B | 23 | +27.72% | +19.42% | +8.30% | +1.78B |
| 2023-03-31 | $36.46B | 22 | +1.59% | -7.82% | +9.41% | -2.41B |
| 2022-12-31 | $35.73B | 23 | +7.18% | +7.56% | -0.38% | -0.70B |
| 2022-09-30 | $33.99B | 21 | -0.84% | -4.93% | +4.09% | +16.45B |
| 2022-06-30 | $17.68B | 20 | -12.14% | -16.11% | +3.97% | +0.32B |