Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.53%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.66%
baseline attrition
Rally response
-15.51%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BJBJ's Wholesale Club Hold | $345M | 3.9% | -13.7% | 6.8 yr |
| WTMWhite Mountains Insuranc | $265M | 3.0% | +14.1% | 10.5 yr |
| MGRCMcGrath RentCorp | $238M | 2.7% | +0.7% | 4.8 yr |
| BRK-BBerkshire Hathaway Inc. | $218M | 2.5% | — | 10.5 yr |
| MUSAMurphy USA Inc. | $196M | 2.2% | +5.8% | 10.5 yr |
| GXOGXO Logistics, Inc. | $184M | 2.1% | +32.7% | 2.0 yr |
| MAAMid-America Apartment Co | $174M | 2.0% | -24.0% | 2.5 yr |
| CXWCoreCivic, Inc. | $170M | 1.9% | -6.8% | 5.5 yr |
| LADLithia Motors, Inc. | $163M | 1.8% | -14.3% | 4.0 yr |
| AGOAssured Guaranty Ltd. | $154M | 1.7% | -6.0% | 1.8 yr |
| ATRAptarGroup, Inc. | $148M | 1.7% | -13.9% | 2.5 yr |
| 0I3I.LThe Cooper Companies, In | $141M | 1.6% | -15.3% | 1.0 yr |
| WTWWillis Towers Watson Pub | $141M | 1.6% | -13.2% | 4.8 yr |
| CRH.LCRH plc | $135M | 1.5% | — | 2.8 yr |
| LHLabcorp Holdings Inc. | $135M | 1.5% | +15.9% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Medical - Instruments & Supplies7.1%+4.4pp$624M
Insurance - Property & Casualty5.9%-0.4pp$519M
Discount Stores4.9%-0.2pp$435M
Specialty Business Services3.7%-0.4pp$323M
Rental & Leasing Services3.3%-0.8pp$289M
Specialty Retail3.2%-0.4pp$280M
Integrated Freight & Logistics3.0%+0.9pp$260M
Grocery Stores2.9%+1.0pp$255M
Software - Application2.6%-0.1pp$229M
Information Technology Services2.6%+0.7pp$227M
Country
US83.7%+1.1pp
BM5.9%-0.7pp
GB4.2%-2.1pp
IE2.9%+0.5pp
Unknown2.2%+2.0pp
BE0.5%
CA0.2%-1.2pp
CH0.2%-0.0pp
Top 5: 14.3% · Top 10: 23.9% · Top 25: 45.2%
Top buys this quarter · 15
| TFX Teleflex Incorporatednew | +$110M |
| AXP American Express Company | +$109M |
| CALM Cal-Maine Foods, Inc.new | +$108M |
| CEG Constellation Energy Corporatinew | +$80M |
| AMZN Amazon.com, Inc.new | +$68M |
| DIS The Walt Disney Company | +$66M |
| MAA Mid-America Apartment Communit | +$60M |
| KDP Keurig Dr Pepper Inc. | +$54M |
| SFM Sprouts Farmers Market, Inc.new | +$54M |
| WFC Wells Fargo & Company | +$45M |
Top sells this quarter · 15
| UNF UniFirst Corporation | −$92M |
| ARES Ares Management Corporationexit | −$88M |
| META Meta Platforms, Inc. | −$82M |
| BN Brookfield Corporationexit | −$69M |
| MSFT Microsoft Corporation | −$60M |
| CSL Carlisle Companies Incorporate | −$57M |
| DE Deere & Company | −$56M |
| CACI CACI International Inc | −$56M |
| QSR Restaurant Brands Internationa | −$55M |
| MUSA Murphy USA Inc. | −$55M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.82B | 176 | +5.90% | +17.59% | -11.69% | -0.19B |
| 2025-12-31 | $9.12B | 175 | +5.53% | +17.72% | -12.19% | +0.02B |
| 2025-09-30 | $8.93B | 176 | +6.84% | +17.52% | -10.68% | +0.87B |
| 2025-06-30 | $7.88B | 182 | +11.78% | +14.94% | -3.16% | +0.32B |
| 2025-03-31 | $7.35B | 181 | +3.16% | +8.30% | -5.14% | -0.05B |
| 2024-12-31 | $7.52B | 172 | +17.03% | +24.89% | -7.85% | -0.37B |
| 2024-09-30 | $7.65B | 172 | +24.15% | +36.04% | -11.89% | +0.19B |
| 2024-06-30 | $6.97B | 173 | +16.88% | +24.49% | -7.61% | -0.05B |
| 2024-03-31 | $7.40B | 165 | +26.03% | +29.62% | -3.59% | -0.65B |
| 2023-12-31 | $7.20B | 166 | +16.50% | +26.18% | -9.68% | -0.49B |
| 2023-09-30 | $7.02B | 176 | +16.85% | +21.57% | -4.72% | -0.28B |
| 2023-06-30 | $7.25B | 175 | +12.51% | +19.42% | -6.91% | -0.25B |
| 2023-03-31 | $7.34B | 172 | -0.47% | -7.82% | +7.35% | -0.20B |
| 2022-12-31 | $7.30B | 173 | +9.79% | +7.56% | +2.23% | -0.07B |
| 2022-09-30 | $6.71B | 170 | -2.96% | -4.93% | +1.97% | -0.20B |
| 2022-06-30 | $7.13B | 162 | -9.54% | -16.11% | +6.57% | -1.06B |