Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.54%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.61%
baseline attrition
Rally response
-1.83%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $419M | 7.7% | — | 10.5 yr |
| — | $391M | 7.2% | — | 5.0 yr |
| MSFTMicrosoft Corporation | $265M | 4.8% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $257M | 4.7% | +9.5% | 10.5 yr |
| — | $189M | 3.5% | — | 3.0 yr |
| — | $188M | 3.4% | — | 3.0 yr |
| AAPLApple Inc. | $183M | 3.4% | +14.7% | 10.5 yr |
| DEDeere & Company | $181M | 3.3% | +21.2% | 10.5 yr |
| — | $162M | 3.0% | — | 2.8 yr |
| MKLMarkel Corporation | $154M | 2.8% | +2.4% | 10.5 yr |
| FASTFastenal Company | $145M | 2.6% | +22.1% | 10.5 yr |
| MLMMartin Marietta Material | $129M | 2.4% | +23.8% | 10.5 yr |
| — | $128M | 2.3% | — | 2.5 yr |
| — | $127M | 2.3% | — | 3.3 yr |
| GOOGLAlphabet Inc. | $120M | 2.2% | — | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown35.1%-4.0pp$1.92B
Insurance - Diversified9.1%-1.3pp$496M
Specialty Retail5.0%-0.9pp$275M
Software - Infrastructure5.0%+0.4pp$275M
Chemicals - Specialty4.1%+1.5pp$226M
Agricultural - Machinery3.4%+0.9pp$187M
Consumer Electronics3.4%+0.3pp$183M
Insurance - Property & Casualty2.9%-0.2pp$157M
Industrial - Distribution2.7%+0.3pp$149M
Aerospace & Defense2.5%-0.4pp$135M
Country
US54.0%+0.3pp
Unknown35.1%-4.0pp
GB3.7%+3.6pp
CH3.3%-0.5pp
CA1.8%-0.1pp
IE0.5%+0.3pp
FR0.4%+0.1pp
NL0.4%+0.1pp
Top 5: 27.8% · Top 10: 43.7% · Top 25: 74.7%
Top buys this quarter · 15
| CPRT Copart, Inc. | +$39M |
| MSFT Microsoft Corporation | +$265M |
| AMZN Amazon.com, Inc. | +$257M |
| MTD Mettler-Toledo International I | +$67M |
| LIN Linde plc | +$4M |
| NVDA NVIDIA Corporation | +$3M |
| VRSK Verisk Analytics, Inc. | +$2M |
| INTU Intuit Inc. | +$7M |
| NSC Norfolk Southern Corporation | +$1M |
| UNP Union Pacific Corporation | +$1M |
Top sells this quarter · 15
| TSCO Tractor Supply Company | −$71M |
| CPNG Coupang, Inc. | −$50M |
| CNI Canadian National Railway Comp | −$5M |
| SHW The Sherwin-Williams Company | −$3M |
| ASML ASML Holding N.V. | −$3M |
| MKL Markel Corporation | −$3M |
| SPY State Street SPDR S&P 500 ETF | −$3M |
| MLM Martin Marietta Materials, Inc | −$3M |
| FDX FedEx Corporation | −$3M |
| AAPL Apple Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.46B | 301 | +1.20% | +17.59% | -16.39% | +0.07B |
| 2025-12-31 | $5.72B | 304 | +6.24% | +17.72% | -11.48% | +0.07B |
| 2025-09-30 | $5.74B | 300 | +7.51% | +17.52% | -10.00% | +0.10B |
| 2025-06-30 | $5.54B | 279 | +10.90% | +14.94% | -4.04% | -0.10B |
| 2025-03-31 | $5.26B | 279 | +3.49% | +8.30% | -4.81% | +0.17B |
| 2024-12-31 | $5.14B | 294 | +13.33% | +24.89% | -11.56% | -0.08B |
| 2024-09-30 | $5.25B | 288 | +25.36% | +36.04% | -10.68% | +0.10B |
| 2024-06-30 | $4.90B | 275 | +14.91% | +24.49% | -9.58% | +0.04B |
| 2024-03-31 | $4.86B | 283 | +25.37% | +29.62% | -4.25% | +0.01B |
| 2023-12-31 | $4.48B | 250 | +23.34% | +26.18% | -2.83% | +0.03B |
| 2023-09-30 | $4.04B | 235 | +23.02% | +21.57% | +1.46% | +0.01B |
| 2023-06-30 | $4.19B | 240 | +21.22% | +19.42% | +1.80% | -0.02B |
| 2023-03-31 | $3.85B | 239 | -5.54% | -7.82% | +2.28% | -0.03B |
| 2022-12-31 | $3.65B | 238 | +9.80% | +7.56% | +2.24% | +0.01B |
| 2022-09-30 | $3.31B | 242 | -5.10% | -4.93% | -0.17% | -0.06B |
| 2022-06-30 | $3.55B | 257 | -14.95% | -16.11% | +1.16% | -0.05B |