Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.98%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.28%
baseline attrition
Rally response
-1.26%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $71M | 5.8% | +14.7% | 6.0 yr |
| COSTCostco Wholesale Corpora | $62M | 5.1% | +5.9% | 2.0 yr |
| JPMJPMorgan Chase & Co. | $61M | 5.0% | +21.8% | 2.0 yr |
| AMZNAmazon.com, Inc. | $57M | 4.7% | +9.5% | 6.0 yr |
| TJXThe TJX Companies, Inc. | $53M | 4.3% | +32.7% | 4.8 yr |
| WMWaste Management, Inc. | $47M | 3.9% | +0.8% | 2.0 yr |
| GOOGLAlphabet Inc. | $45M | 3.7% | — | 2.0 yr |
| MSFTMicrosoft Corporation | $44M | 3.6% | -0.6% | 4.8 yr |
| CPRTCopart, Inc. | $41M | 3.4% | -41.3% | 6.0 yr |
| HDThe Home Depot, Inc. | $39M | 3.2% | -8.0% | 6.0 yr |
| BACBank of America Corporat | $39M | 3.2% | +19.4% | 6.0 yr |
| LLYEli Lilly and Company | $37M | 3.1% | +12.2% | 6.0 yr |
| BXBlackstone Inc. | $36M | 3.0% | -14.9% | 2.0 yr |
| MAMastercard Incorporated | $35M | 2.9% | -8.5% | 2.0 yr |
| VVisa Inc. | $31M | 2.5% | -13.1% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified8.2%+0.3pp$100M
Waste Management6.3%-0.9pp$77M
Drug Manufacturers - General6.1%+0.3pp$74M
Consumer Electronics5.8%+0.2pp$71M
Financial - Credit Services5.7%-1.3pp$69M
Discount Stores5.2%+0.1pp$63M
Specialty Retail4.8%+0.2pp$58M
Apparel - Retail4.3%+0.8pp$53M
Internet Content & Information4.0%-0.1pp$49M
Software - Infrastructure3.7%-0.4pp$44M
Country
US93.5%-0.8pp
CA2.5%-0.7pp
GB2.0%+0.1pp
IE1.5%+1.1pp
SG0.3%+0.2pp
Unknown0.1%+0.1pp
CH0.1%+0.0pp
DE0.0%-0.0pp
Top 5: 25.0% · Top 10: 42.8% · Top 25: 77.6%
Top buys this quarter · 15
| REGN Regeneron Pharmaceuticals, Inc | +$8M |
| CSCO Cisco Systems, Inc. | +$6M |
| NVDA NVIDIA Corporation | +$3M |
| AXP American Express Company | +$1M |
| DMRC Digimarc Corporation | +$4M |
| ENPH Enphase Energy, Inc. | +$1M |
| PLTR Palantir Technologies Inc. | +$0M |
| NKE NIKE, Inc. | +$10M |
| IBM International Business Machine | +$26M |
| NOW ServiceNow, Inc. | +$0M |
Top sells this quarter · 15
| NSC Norfolk Southern Corporation | −$16M |
| JPM JPMorgan Chase & Co. | −$7M |
| MA Mastercard Incorporated | −$4M |
| GOOG Alphabet Inc. | −$3M |
| SOLS Solstice Advanced Materials In | −$2M |
| AAPL Apple Inc. | −$2M |
| LLY Eli Lilly and Company | −$1M |
| WCN Waste Connections, Inc. | −$1M |
| V Visa Inc. | −$1M |
| MSFT Microsoft Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.22B | 262 | +4.40% | +17.59% | -13.19% | -0.03B |
| 2025-12-31 | $1.30B | 262 | +5.89% | +17.72% | -11.83% | +0.02B |
| 2025-09-30 | $1.28B | 307 | +7.63% | +17.52% | -9.89% | +0.01B |
| 2025-06-30 | $1.23B | 342 | +8.87% | +14.94% | -6.07% | -0.01B |
| 2025-03-31 | $1.18B | 349 | -2.95% | -4.27% | +1.32% | -0.04B |
| 2024-12-31 | $1.26B | 354 | +1.72% | +2.49% | -0.77% | -0.02B |
| 2024-09-30 | $1.25B | 362 | +4.87% | +5.75% | -0.88% | -0.02B |
| 2024-06-30 | $1.21B | 372 | — | — | — | +0.09B |
| 2021-06-30 | $1.12B | 117 | — | — | — | +0.40B |
| 2019-09-30 | $721M | 100 | — | — | — | +0.00B |
| 2019-06-30 | $719M | 103 | — | — | — | +0.02B |
| 2019-03-31 | $695M | 100 | — | — | — | +0.05B |
| 2018-12-31 | $643M | 99 | — | — | — | -0.15B |
| 2018-09-30 | $793M | 104 | — | — | — | +0.03B |
| 2018-06-30 | $762M | 109 | — | — | — | +0.06B |
| 2017-12-31 | $703M | 116 | — | — | — | +0.03B |