Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.87%
trims when stocks drop
when a holding falls −10%+
Middle response
+1.36%
steady accumulation
Rally response
-1.50%
trims into rallies
when a holding rises +10%+
Top positions · 12
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BHBiglari Holdings Inc. | $467M | 50.3% | +52.2% | 8.0 yr |
| BH-ABiglari Holdings Inc. | $269M | 29.0% | +58.4% | 8.0 yr |
| RACEFerrari N.V. | $99M | 10.6% | -20.3% | 3.8 yr |
| LOCOEl Pollo Loco Holdings, | $55M | 6.0% | +34.6% | 3.0 yr |
| JACKJack in the Box Inc. | $16M | 1.8% | -64.4% | 4.5 yr |
| WYNNWynn Resorts, Limited | $15M | 1.6% | +22.7% | 1.8 yr |
| KMXCarMax, Inc. | $5M | 0.6% | -46.6% | 3.8 yr |
| BRK-ABerkshire Hathaway Inc. | $1M | 0.2% | — | 10.0 yr |
| CBRLCracker Barrel Old Count | $1M | 0.1% | -26.5% | 10.5 yr |
| BHCBausch Health Companies | $0M | 0.0% | -16.5% | 7.8 yr |
| TSMTaiwan Semiconductor Man | $0M | 0.0% | +105.6% | 4.5 yr |
| KOThe Coca-Cola Company | $0M | 0.0% | +9.3% | 4.0 yr |
Portfolio composition (YoY)
Industry mix
Restaurants87.1%-0.3pp$809M
Auto - Manufacturers10.6%+1.4pp$99M
Gambling, Resorts & Casinos1.6%-0.1pp$15M
Auto - Dealerships0.6%-0.8pp$5M
Insurance - Diversified0.2%-0.1pp$1M
Drug Manufacturers - Specialty & Generic0.0%-0.1pp$0M
Semiconductors0.0%+0.0pp$0M
Beverages - Non-Alcoholic0.0%-0.0pp$0M
Country
US89.3%-1.2pp
IT10.6%+1.4pp
CA0.0%-0.1pp
TW0.0%+0.0pp
Top 5: 97.6% · Top 10: 100.0% · Top 25: 100.0%
Top sells this quarter · 1
| CBRL Cracker Barrel Old Country Sto | −$15M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $929M | 12 | +34.86% | +17.59% | +17.27% | +0.01B |
| 2025-12-31 | $933M | 12 | +15.99% | +17.72% | -1.73% | +0.01B |
| 2025-09-30 | $913M | 12 | +45.42% | +17.52% | +27.90% | -0.00B |
| 2025-06-30 | $865M | 12 | +33.69% | +14.94% | +18.75% | -0.04B |
| 2025-03-31 | $709M | 13 | -6.82% | +8.30% | -15.12% | -0.00B |
| 2024-12-31 | $839M | 13 | +19.98% | +24.89% | -4.91% | +0.02B |
| 2024-09-30 | $651M | 13 | -0.18% | +36.04% | -36.21% | +0.01B |
| 2024-06-30 | $657M | 12 | -16.71% | +24.49% | -41.20% | -0.01B |
| 2024-03-31 | $746M | 12 | -1.52% | +29.62% | -31.14% | +0.01B |
| 2023-12-31 | $679M | 12 | +10.55% | +26.18% | -15.62% | +0.01B |
| 2023-09-30 | $640M | 12 | +13.88% | +21.57% | -7.68% | +0.03B |
| 2023-06-30 | $755M | 12 | +49.05% | +19.42% | +29.63% | -0.00B |
| 2023-03-31 | $718M | 12 | +5.31% | -7.82% | +13.13% | +0.00B |
| 2022-12-31 | $583M | 12 | +8.32% | +7.56% | +0.76% | +0.01B |
| 2022-09-30 | $529M | 11 | +6.33% | -4.93% | +11.26% | +0.02B |
| 2022-06-30 | $477M | 9 | -25.37% | -16.11% | -9.26% | -0.02B |