Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.06%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.47%
baseline attrition
Rally response
-9.62%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CBChubb Limited | $386M | 13.8% | +9.3% | 10.3 yr |
| TOTB.DETotalEnergies SE | $285M | 10.2% | +41.2% | 0.3 yr |
| REEverest Re Group, Ltd. | $254M | 9.1% | — | 5.0 yr |
| AONAon plc | $213M | 7.6% | -18.4% | 5.0 yr |
| CHKPCheck Point Software Tec | $198M | 7.1% | -37.3% | 9.5 yr |
| MDTMedtronic plc | $194M | 7.0% | -1.3% | 10.5 yr |
| AXSAXIS Capital Holdings Li | $179M | 6.4% | +2.5% | 3.3 yr |
| WTWWillis Towers Watson Pub | $176M | 6.3% | -13.2% | 8.8 yr |
| BPBP p.l.c. | $175M | 6.3% | +47.2% | 10.5 yr |
| HDBHDFC Bank Limited | $149M | 5.3% | -24.3% | 5.3 yr |
| AEMAgnico Eagle Mines Limit | $94M | 3.4% | +89.2% | 6.3 yr |
| FMXFomento Económico Mexic | $92M | 3.3% | +22.7% | 3.8 yr |
| CRH.LCRH plc | $73M | 2.6% | — | 2.8 yr |
| YUMCYum China Holdings, Inc. | $34M | 1.2% | -4.3% | 0.8 yr |
| THGThe Hanover Insurance Gr | $23M | 0.8% | +1.7% | 3.8 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Property & Casualty21.0%-1.3pp$588M
Oil & Gas Integrated16.5%+11.3pp$460M
Insurance - Brokers13.9%+1.0pp$390M
Insurance - Reinsurance9.1%-3.1pp$254M
Software - Infrastructure7.6%+3.2pp$213M
Medical - Devices7.0%-1.1pp$194M
Banks - Regional5.3%-3.3pp$149M
Gold3.4%-0.2pp$94M
Beverages - Alcoholic3.3%+0.3pp$92M
Construction Materials2.6%-0.2pp$73M
Country
IE17.2%+1.7pp
BM15.9%-3.2pp
CH13.8%-0.3pp
GB12.6%-0.9pp
FR10.2%
US9.9%-3.7pp
IL7.1%+2.9pp
IN5.3%-3.0pp
Top 5: 47.8% · Top 10: 79.1% · Top 25: 95.5%
Top buys this quarter · 11
| TOTB.DE TotalEnergies SEnew | +$247M |
| CHKP Check Point Software Technolog | +$198M |
| WTW Willis Towers Watson Public Li | +$29M |
| HDB HDFC Bank Limited | +$149M |
| AXS AXIS Capital Holdings Limited | +$179M |
| CRM Salesforce, Inc. | +$5M |
| AON Aon plc | +$213M |
| OKTA Okta, Inc. | +$2M |
| TRMB Trimble Inc. | +$13M |
| BAH Booz Allen Hamilton Holding Co | +$1M |
Top sells this quarter · 15
| ICLR ICON Public Limited Companyexit | −$56M |
| CB Chubb Limited | −$42M |
| AEM Agnico Eagle Mines Limited | −$35M |
| MDT Medtronic plc | −$21M |
| BP BP p.l.c. | −$143M |
| FMX Fomento Económico Mexicano, S | −$9M |
| CSCO Cisco Systems, Inc. | −$6M |
| OSK Oshkosh Corporation | −$4M |
| YUMC Yum China Holdings, Inc. | −$2M |
| THG The Hanover Insurance Group, I | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.79B | 43 | +4.80% | +17.59% | -12.79% | +0.07B |
| 2025-12-31 | $2.79B | 44 | +18.40% | +17.72% | +0.68% | +0.01B |
| 2025-09-30 | $2.70B | 45 | +13.91% | +17.52% | -3.61% | -0.17B |
| 2025-06-30 | $2.76B | 45 | +23.23% | +14.94% | +8.29% | +0.73B |
| 2025-03-31 | $2.03B | 44 | +20.52% | +8.30% | +12.22% | -0.25B |
| 2024-12-31 | $2.07B | 47 | +17.37% | +24.89% | -7.52% | -0.26B |
| 2024-09-30 | $2.35B | 43 | +29.89% | +36.04% | -6.15% | -0.17B |
| 2024-06-30 | $2.24B | 44 | +13.73% | +24.49% | -10.76% | +0.07B |
| 2024-03-31 | $2.22B | 41 | +17.06% | +29.62% | -12.56% | -0.31B |
| 2023-12-31 | $2.36B | 43 | +9.51% | +26.18% | -16.67% | -0.48B |
| 2023-09-30 | $2.59B | 44 | +14.76% | +21.57% | -6.81% | +0.02B |
| 2023-06-30 | $2.61B | 43 | +11.08% | +19.42% | -8.34% | +0.00B |
| 2023-03-31 | $2.58B | 48 | -3.22% | -7.82% | +4.60% | +0.23B |
| 2022-12-31 | $2.34B | 46 | +14.75% | +7.56% | +7.19% | -0.15B |
| 2022-09-30 | $2.17B | 46 | -4.60% | -4.93% | +0.33% | -0.18B |
| 2022-06-30 | $2.46B | 47 | -11.96% | -16.11% | +4.15% | -0.06B |