Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.11%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.54%
baseline attrition
Rally response
-10.96%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYAAYRyanair Holdings plc | $222M | 35.5% | — | 6.8 yr |
| CPACopa Holdings, S.A. | $193M | 30.9% | +29.6% | 10.0 yr |
| SMSN.ILSamsung Electronics Co., | $92M | 14.7% | +192.7% | 10.3 yr |
| DCIDonaldson Company, Inc. | $6M | 1.0% | +28.4% | 6.3 yr |
| MKLMarkel Corporation | $6M | 0.9% | +2.4% | 10.3 yr |
| HSICHenry Schein, Inc. | $6M | 0.9% | +7.6% | 6.3 yr |
| CHRWC.H. Robinson Worldwide, | $5M | 0.9% | +65.3% | 6.8 yr |
| GILDGilead Sciences, Inc. | $5M | 0.8% | +27.7% | 5.8 yr |
| SNASnap-on Incorporated | $5M | 0.8% | +10.7% | 2.0 yr |
| JNJJohnson & Johnson | $5M | 0.8% | +51.5% | 10.3 yr |
| WFCWells Fargo & Company | $5M | 0.8% | +13.3% | 10.3 yr |
| XOMExxon Mobil Corporation | $5M | 0.8% | +47.6% | 6.3 yr |
| GOOGLAlphabet Inc. | $5M | 0.7% | — | 10.3 yr |
| DISThe Walt Disney Company | $5M | 0.7% | -1.3% | 10.3 yr |
| CFRCullen/Frost Bankers, In | $4M | 0.7% | +12.9% | 10.0 yr |
Portfolio composition (YoY)
Industry mix
Airlines, Airports & Air Services66.4%+27.2pp$415M
Consumer Electronics14.7%+0.4pp$92M
Drug Manufacturers - General1.7%-2.5pp$10M
Manufacturing - Tools & Accessories1.3%-0.4pp$8M
Banks - Regional1.3%-5.8pp$8M
Internet Content & Information1.2%-1.7pp$7M
Auto - Parts1.1%-0.8pp$7M
Industrial - Machinery1.0%-1.0pp$6M
Insurance - Property & Casualty0.9%-1.6pp$6M
Medical - Distribution0.9%-1.3pp$6M
Country
IE36.1%+17.6pp
PA30.9%+10.1pp
US17.9%-23.2pp
KR14.7%+0.4pp
IN0.5%-0.4pp
Top 5: 83.1% · Top 10: 87.4% · Top 25: 97.3%
Top buys this quarter · 5
| NKE NIKE, Inc.new | +$3M |
| EXP Eagle Materials Inc. | +$1M |
| ACN Accenture plc | +$3M |
| WAT Waters Corporationnew | +$1M |
| XPEL XPEL, Inc. | +$3M |
Top sells this quarter · 15
| SMSN.IL Samsung Electronics Co., Ltd. | −$66M |
| CPA Copa Holdings, S.A. | −$24M |
| MSFT Microsoft Corporation | −$13M |
| MSM MSC Industrial Direct Co., Inc | −$6M |
| CHRW C.H. Robinson Worldwide, Inc. | −$3M |
| GILD Gilead Sciences, Inc. | −$3M |
| XOM Exxon Mobil Corporation | −$5M |
| DCI Donaldson Company, Inc. | −$2M |
| JNJ Johnson & Johnson | −$2M |
| WFC Wells Fargo & Company | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $625M | 42 | +55.02% | +17.59% | +37.43% | -0.25B |
| 2025-12-31 | $830M | 40 | +51.60% | +17.72% | +33.88% | -0.59B |
| 2025-09-30 | $1.25B | 41 | +21.11% | +17.52% | +3.60% | -0.17B |
| 2025-06-30 | $1.24B | 43 | +6.40% | +14.94% | -8.54% | +0.20B |
| 2025-03-31 | $930M | 32 | -11.99% | +8.30% | -20.29% | -0.52B |
| 2024-12-31 | $1.40B | 32 | -18.14% | +24.89% | -43.02% | -0.23B |
| 2024-09-30 | $1.79B | 32 | +5.85% | +36.04% | -30.18% | -0.15B |
| 2024-06-30 | $1.93B | 33 | -7.95% | +24.49% | -32.44% | -0.36B |
| 2024-03-31 | $2.47B | 33 | +14.11% | +29.62% | -15.51% | +0.25B |
| 2023-12-31 | $2.30B | 37 | +25.53% | +26.18% | -0.65% | +0.44B |
| 2023-09-30 | $1.59B | 36 | +14.41% | +21.57% | -7.16% | -0.09B |
| 2023-06-30 | $1.92B | 36 | +29.93% | +19.42% | +10.51% | -0.20B |
| 2023-03-31 | $1.84B | 35 | -6.43% | -7.82% | +1.39% | -0.08B |
| 2022-12-31 | $1.81B | 35 | +7.25% | +7.56% | -0.32% | -0.06B |
| 2022-09-30 | $1.74B | 35 | -0.62% | -4.93% | +4.31% | -0.26B |
| 2022-06-30 | $2.01B | 36 | -17.27% | -16.11% | -1.16% | -0.56B |