Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.95%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.28%
baseline attrition
Rally response
-11.16%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $352M | 8.3% | -0.6% | 10.5 yr |
| COSTCostco Wholesale Corpora | $335M | 7.9% | +5.9% | 10.5 yr |
| SHWThe Sherwin-Williams Com | $315M | 7.4% | -7.4% | 10.5 yr |
| RSGRepublic Services, Inc. | $274M | 6.4% | -8.9% | 8.5 yr |
| MAMastercard Incorporated | $203M | 4.8% | -8.5% | 10.5 yr |
| HDThe Home Depot, Inc. | $179M | 4.2% | -8.0% | 10.5 yr |
| APHAmphenol Corporation | $172M | 4.0% | +93.6% | 5.0 yr |
| AMZNAmazon.com, Inc. | $156M | 3.7% | +9.5% | 9.3 yr |
| CTASCintas Corporation | $131M | 3.1% | -17.0% | 8.3 yr |
| IBMInternational Business M | $114M | 2.7% | -0.1% | 5.3 yr |
| GOOGLAlphabet Inc. | $114M | 2.7% | — | 10.3 yr |
| COFCapital One Financial Co | $109M | 2.6% | +3.1% | 2.5 yr |
| AJGArthur J. Gallagher & Co | $106M | 2.5% | -36.6% | 2.8 yr |
| AXPAmerican Express Company | $98M | 2.3% | +13.3% | 1.3 yr |
| WRBW. R. Berkley Corporatio | $92M | 2.2% | -4.4% | 9.3 yr |
Portfolio composition (YoY)
Industry mix
Financial - Credit Services10.1%+3.5pp$430M
Software - Infrastructure8.4%-0.1pp$356M
Discount Stores8.1%-1.0pp$345M
Chemicals - Specialty7.5%-0.6pp$320M
Waste Management7.2%-1.0pp$307M
Asset Management6.2%+4.2pp$263M
Specialty Retail6.0%+2.1pp$256M
Internet Content & Information4.8%+3.9pp$204M
Hardware, Equipment & Parts4.3%+1.9pp$183M
Home Improvement4.3%-1.5pp$181M
Country
US95.7%-1.4pp
IE3.2%+0.6pp
CH0.3%+0.3pp
Unknown0.3%+0.2pp
GB0.2%+0.2pp
TW0.2%+0.1pp
CA0.1%+0.1pp
JP0.1%
Top 5: 34.7% · Top 10: 52.4% · Top 25: 77.7%
Top buys this quarter · 15
| COF Capital One Financial Corporat | +$64M |
| AMZN Amazon.com, Inc. | +$56M |
| AAPL Apple Inc. | +$24M |
| MDT Medtronic plc | +$20M |
| BK The Bank of New York Mellon Co | +$18M |
| DASH DoorDash, Inc. | +$17M |
| TROW T. Rowe Price Group, Inc. | +$14M |
| CTAS Cintas Corporation | +$14M |
| RJF Raymond James Financial, Inc. | +$10M |
| SPY State Street SPDR S&P 500 ETF | +$8M |
Top sells this quarter · 15
| NFLX Netflix, Inc. | −$112M |
| AJG Arthur J. Gallagher & Co. | −$60M |
| COST Costco Wholesale Corporation | −$60M |
| BRO Brown & Brown, Inc. | −$54M |
| WM Waste Management, Inc. | −$46M |
| PGR The Progressive Corporation | −$45M |
| HD The Home Depot, Inc. | −$40M |
| ETN Eaton Corporation plc | −$29M |
| META Meta Platforms, Inc. | −$29M |
| RSG Republic Services, Inc. | −$23M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.26B | 280 | -2.41% | +17.59% | -20.00% | -0.24B |
| 2025-12-31 | $4.79B | 282 | +7.89% | +17.72% | -9.82% | +0.08B |
| 2025-09-30 | $4.91B | 272 | +11.04% | +17.52% | -6.48% | +0.36B |
| 2025-06-30 | $4.50B | 219 | +20.52% | +14.94% | +5.57% | +0.12B |
| 2025-03-31 | $4.10B | 205 | +12.01% | +8.30% | +3.71% | +0.05B |
| 2024-12-31 | $3.89B | 189 | +19.75% | +24.89% | -5.13% | +0.12B |
| 2024-09-30 | $3.82B | 192 | +37.25% | +36.04% | +1.21% | -0.07B |
| 2024-06-30 | $3.55B | 165 | +20.01% | +24.49% | -4.48% | -0.08B |
| 2024-03-31 | $3.65B | 177 | +28.63% | +29.62% | -1.00% | -0.12B |
| 2023-12-31 | $3.40B | 170 | +21.02% | +26.18% | -5.15% | -0.16B |
| 2023-09-30 | $3.14B | 166 | +16.70% | +21.57% | -4.87% | -0.14B |
| 2023-06-30 | $3.42B | 166 | +16.85% | +19.42% | -2.57% | -0.03B |
| 2023-03-31 | $3.23B | 149 | -6.58% | -7.82% | +1.24% | -0.18B |
| 2022-12-31 | $3.27B | 135 | -14.76% | -18.17% | +3.41% | -0.24B |
| 2022-09-30 | $3.21B | 159 | -13.25% | -15.51% | +2.26% | -0.23B |
| 2022-06-30 | $3.59B | 158 | -9.16% | -10.62% | +1.46% | +0.04B |