Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.57%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.26%
baseline attrition
Rally response
-2.49%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ACGLArch Capital Group Ltd. | $391M | 4.9% | -0.2% | 6.5 yr |
| ROSTRoss Stores, Inc. | $306M | 3.8% | +71.2% | 6.5 yr |
| PCARPACCAR Inc | $183M | 2.3% | +21.7% | 6.5 yr |
| GOOGAlphabet Inc. | $181M | 2.2% | +84.3% | 6.5 yr |
| APHAmphenol Corporation | $158M | 2.0% | +93.6% | 6.5 yr |
| CSLCarlisle Companies Incor | $151M | 1.9% | -0.9% | 6.5 yr |
| BROBrown & Brown, Inc. | $150M | 1.9% | -47.2% | 6.5 yr |
| AMZNAmazon.com, Inc. | $139M | 1.7% | +9.5% | 6.5 yr |
| CDWCDW Corporation | $134M | 1.7% | -23.2% | 6.5 yr |
| LHLabcorp Holdings Inc. | $131M | 1.6% | +15.9% | 2.0 yr |
| CPRTCopart, Inc. | $129M | 1.6% | -41.3% | 6.5 yr |
| MEDPMedpace Holdings, Inc. | $126M | 1.6% | +57.6% | 1.5 yr |
| TDYTeledyne Technologies In | $120M | 1.5% | +21.6% | 2.0 yr |
| KEYSKeysight Technologies, I | $119M | 1.5% | +88.5% | 2.5 yr |
| TXNTexas Instruments Incorp | $118M | 1.5% | +11.4% | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management12.7%+2.1pp$1.02B
Hardware, Equipment & Parts6.3%+0.8pp$511M
Medical - Diagnostics & Research6.3%+1.5pp$505M
Industrial - Machinery5.4%+0.9pp$433M
Insurance - Diversified5.1%-1.6pp$409M
Apparel - Retail4.7%+1.7pp$378M
Semiconductors4.1%+0.1pp$332M
Internet Content & Information3.0%+0.6pp$238M
Insurance - Property & Casualty2.9%-0.9pp$232M
Insurance - Brokers2.7%-1.1pp$214M
Country
US87.9%+1.1pp
BM4.9%-0.4pp
Unknown2.1%-0.1pp
GB1.5%+0.4pp
IE0.9%-0.8pp
CA0.8%+0.0pp
CH0.6%-0.6pp
JP0.2%+0.0pp
Top 5: 15.1% · Top 10: 23.9% · Top 25: 43.8%
Top buys this quarter · 15
| TYL Tyler Technologies, Inc.new | +$55M |
| META Meta Platforms, Inc. | +$49M |
| BSY Bentley Systems, Incorporatednew | +$34M |
| MC Moelis & Company | +$32M |
| AVGO Broadcom Inc. | +$30M |
| ARMP Armata Pharmaceuticals, Inc.new | +$22M |
| BRO Brown & Brown, Inc. | +$150M |
| TTAN ServiceTitan, Inc. | +$57M |
| CL Colgate-Palmolive Company | +$15M |
| COP ConocoPhillips | +$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.06B | 349 | +8.08% | +17.59% | -9.52% | -0.42B |
| 2025-12-31 | $8.69B | 341 | +6.15% | +17.72% | -11.56% | -0.56B |
| 2025-09-30 | $9.07B | 336 | +2.78% | +17.52% | -14.74% | -0.49B |
| 2025-06-30 | $9.26B | 338 | +6.25% | +14.94% | -8.69% | -0.19B |
| 2025-03-31 | $8.98B | 349 | -1.17% | +8.30% | -9.48% | +0.48B |
| 2024-12-31 | $8.87B | 335 | +13.10% | +24.89% | -11.78% | +0.08B |
| 2024-09-30 | $8.89B | 328 | +28.68% | +36.04% | -7.36% | +0.28B |
| 2024-06-30 | $8.08B | 326 | +17.68% | +24.49% | -6.81% | +0.12B |
| 2024-03-31 | $8.13B | 330 | +28.03% | +29.62% | -1.60% | +0.03B |
| 2023-12-31 | $7.38B | 321 | +21.16% | +26.18% | -5.02% | -0.28B |
| 2023-09-30 | $6.81B | 321 | +19.66% | +21.57% | -1.91% | +0.13B |
| 2023-06-30 | $6.85B | 314 | +17.21% | +19.42% | -2.21% | -0.16B |
| 2023-03-31 | $6.58B | 299 | -2.01% | -7.82% | +5.81% | -0.03B |
| 2022-12-31 | $6.37B | 317 | -9.97% | -18.17% | +8.20% | -0.21B |
| 2022-09-30 | $5.93B | 337 | -9.88% | -15.51% | +5.63% | -0.19B |
| 2022-06-30 | $6.41B | 362 | -5.14% | -10.62% | +5.48% | +0.22B |