Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.37%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.67%
baseline attrition
Rally response
-4.25%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGAlphabet Inc. | $2.12B | 3.6% | +84.3% | 10.3 yr |
| BDXBecton, Dickinson and Co | $1.88B | 3.2% | +14.0% | 6.3 yr |
| WPMWheaton Precious Metals | $1.85B | 3.1% | +70.0% | 8.8 yr |
| IMOImperial Oil Limited | $1.83B | 3.1% | +85.2% | 10.3 yr |
| METAMeta Platforms, Inc. | $1.83B | 3.1% | -0.4% | 10.0 yr |
| HCAHCA Healthcare, Inc. | $1.54B | 2.6% | +37.9% | 7.8 yr |
| SLBSLB N.V. | $1.46B | 2.5% | +26.7% | 10.3 yr |
| FMXFomento Económico Mexic | $1.43B | 2.4% | +22.7% | 6.3 yr |
| TSMTaiwan Semiconductor Man | $1.32B | 2.2% | +105.6% | 8.3 yr |
| FNVFranco-Nevada Corporatio | $1.31B | 2.2% | +58.0% | 10.3 yr |
| NEMNewmont Corporation | $1.30B | 2.2% | +127.1% | 10.3 yr |
| WTWWillis Towers Watson Pub | $1.26B | 2.1% | -13.2% | 10.0 yr |
| ORCLOracle Corporation | $1.24B | 2.1% | +5.9% | 10.3 yr |
| ANTMElevance Health Inc. | $1.21B | 2.1% | — | 10.3 yr |
| BKThe Bank of New York Mel | $1.17B | 2.0% | +44.4% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Gold12.6%+2.7pp$7.46B
Internet Content & Information7.3%-0.5pp$4.30B
Oil & Gas Integrated5.1%-0.4pp$2.99B
Semiconductors4.6%-0.8pp$2.70B
Beverages - Alcoholic4.5%-0.3pp$2.63B
Medical - Care Facilities4.1%-1.2pp$2.40B
Asset Management4.0%-0.4pp$2.38B
Oil & Gas Equipment & Services3.8%-0.0pp$2.22B
Software - Application3.6%+2.3pp$2.14B
Medical - Instruments & Supplies3.2%+0.5pp$1.90B
Country
US72.9%-0.8pp
CA14.4%+3.0pp
GB3.0%-0.6pp
MX2.5%-0.2pp
TW2.2%+0.3pp
BR1.8%+0.1pp
IE1.5%-0.4pp
NL0.6%
Top 5: 16.1% · Top 10: 28.1% · Top 25: 56.5%
Top buys this quarter · 15
| WAT Waters Corporationnew | +$469M |
| BRO Brown & Brown, Inc. | +$450M |
| WDAY Workday, Inc. | +$425M |
| ADP Automatic Data Processing, Inc | +$380M |
| CRM Salesforce, Inc. | +$338M |
| CFR Cullen/Frost Bankers, Inc.new | +$311M |
| BXP BXP, Inc. | +$308M |
| MSFT Microsoft Corporation | +$284M |
| WY Weyerhaeuser Company | +$212M |
| DIS The Walt Disney Company | +$175M |
Top sells this quarter · 15
| TSM Taiwan Semiconductor Manufactu | −$688M |
| ADI Analog Devices, Inc. | −$644M |
| IMO Imperial Oil Limited | −$1.61B |
| CHRW C.H. Robinson Worldwide, Inc. | −$555M |
| B Barrick Mining Corporation | −$471M |
| ROST Ross Stores, Inc. | −$314M |
| XOM Exxon Mobil Corporation | −$933M |
| NTR Nutrien Ltd. | −$250M |
| HCA HCA Healthcare, Inc. | −$185M |
| NEM Newmont Corporation | −$184M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $58.96B | 417 | +32.76% | +17.59% | +15.16% | +0.09B |
| 2025-12-31 | $56.79B | 419 | +33.69% | +17.72% | +15.97% | -1.03B |
| 2025-09-30 | $54.91B | 402 | +21.49% | +17.52% | +3.97% | -0.93B |
| 2025-06-30 | $49.95B | 389 | +19.73% | +14.94% | +4.78% | -1.60B |
| 2025-03-31 | $47.39B | 408 | +12.00% | +8.30% | +3.69% | +0.79B |
| 2024-12-31 | $44.64B | 420 | +17.57% | +24.89% | -7.32% | -1.87B |
| 2024-09-30 | $48.59B | 391 | +33.61% | +36.04% | -2.43% | -0.07B |
| 2024-06-30 | $44.17B | 395 | +16.66% | +24.49% | -7.83% | -0.60B |
| 2024-03-31 | $44.00B | 401 | +21.47% | +29.62% | -8.15% | -1.83B |
| 2023-12-31 | $41.83B | 408 | +17.92% | +26.18% | -8.25% | +0.40B |
| 2023-09-30 | $38.08B | 399 | +26.05% | +21.57% | +4.49% | +0.47B |
| 2023-06-30 | $39.10B | 385 | +22.70% | +19.42% | +3.27% | -0.89B |
| 2023-03-31 | $37.75B | 391 | -1.47% | -7.82% | +6.35% | -0.88B |
| 2022-12-31 | $36.31B | 391 | +16.26% | +7.56% | +8.70% | -2.16B |
| 2022-09-30 | $33.09B | 392 | -6.37% | -4.93% | -1.44% | -0.08B |
| 2022-06-30 | $35.42B | 387 | -14.92% | -16.11% | +1.19% | +0.68B |