Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.10%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.33%
baseline attrition
Rally response
-8.17%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ITTITT Inc. | $269M | 3.8% | +48.7% | 1.8 yr |
| EOGEOG Resources, Inc. | $257M | 3.6% | +16.9% | 8.8 yr |
| APGAPi Group Corporation | $242M | 3.4% | +70.0% | 3.0 yr |
| TDYTeledyne Technologies In | $239M | 3.3% | +21.6% | 3.8 yr |
| BRK-BBerkshire Hathaway Inc. | $232M | 3.2% | — | 10.3 yr |
| XPOXPO Logistics, Inc. | $231M | 3.2% | +80.8% | 2.0 yr |
| CRH.LCRH plc | $230M | 3.2% | — | 2.3 yr |
| TXNTexas Instruments Incorp | $230M | 3.2% | +11.4% | 10.3 yr |
| COPConocoPhillips | $223M | 3.1% | +30.0% | 3.5 yr |
| KEYSKeysight Technologies, I | $209M | 2.9% | +88.5% | 6.0 yr |
| CNICanadian National Railwa | $194M | 2.7% | +8.2% | 3.5 yr |
| — | $182M | 2.5% | — | 2.8 yr |
| — | $163M | 2.3% | — | 2.8 yr |
| WWDWoodward, Inc. | $162M | 2.3% | +97.0% | 0.8 yr |
| LYVLive Nation Entertainmen | $156M | 2.2% | +16.8% | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Medical - Diagnostics & Research7.3%-0.8pp$522M
Semiconductors7.2%+1.8pp$513M
Oil & Gas Exploration & Production6.7%+2.4pp$480M
Hardware, Equipment & Parts6.2%+4.0pp$447M
Medical - Instruments & Supplies5.6%+2.2pp$404M
Unknown4.8%-0.3pp$347M
Construction Materials4.8%+1.4pp$345M
Industrial - Machinery4.6%+2.7pp$332M
Engineering & Construction3.8%-1.0pp$272M
Aerospace & Defense3.7%$267M
Country
US82.5%+0.9pp
IE6.0%-0.9pp
Unknown4.8%-0.3pp
CA4.4%+0.6pp
GB1.6%+0.3pp
LU0.6%
Top 5: 17.3% · Top 10: 32.9% · Top 25: 65.6%
Top buys this quarter · 15
| SARO StandardAero, Inc.new | +$106M |
| WH Wyndham Hotels & Resorts, Inc.new | +$100M |
| CNM Core & Main, Inc.new | +$99M |
| TDY Teledyne Technologies Incorpor | +$86M |
| CNI Canadian National Railway Comp | +$69M |
| DHR Danaher Corporation | +$65M |
| A Agilent Technologies, Inc. | +$63M |
| EOG EOG Resources, Inc. | +$58M |
| KEYS Keysight Technologies, Inc. | +$49M |
| ITT ITT Inc. | +$35M |
Top sells this quarter · 15
| AJG Arthur J. Gallagher & Co.exit | −$222M |
| ACN Accenture plc | −$138M |
| MA Mastercard Incorporated | −$104M |
| RGLD Royal Gold, Inc. | −$102M |
| SPGI S&P Global Inc. | −$93M |
| SHW The Sherwin-Williams Company | −$90M |
| MSCI MSCI Inc.exit | −$88M |
| WWD Woodward, Inc. | −$84M |
| MEDP Medpace Holdings, Inc.exit | −$84M |
| ACM Aecomexit | −$71M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.17B | 56 | +7.86% | +17.59% | -9.73% | -0.57B |
| 2025-12-31 | $7.84B | 57 | +6.73% | +17.72% | -10.99% | -1.76B |
| 2025-09-30 | $9.52B | 57 | +2.78% | +17.52% | -14.74% | -0.35B |
| 2025-06-30 | $9.70B | 57 | +7.23% | +14.94% | -7.71% | -0.64B |
| 2025-03-31 | $9.72B | 58 | -2.02% | +8.30% | -10.32% | -0.12B |
| 2024-12-31 | $10.06B | 59 | +8.66% | +24.89% | -16.23% | -0.23B |
| 2024-09-30 | $10.60B | 59 | +27.99% | +36.04% | -8.05% | -0.66B |
| 2024-06-30 | $10.61B | 56 | +18.64% | +24.49% | -5.85% | +0.02B |
| 2024-03-31 | $10.90B | 56 | +32.68% | +29.62% | +3.05% | -0.14B |
| 2023-12-31 | $10.18B | 58 | +30.21% | +26.18% | +4.03% | -0.46B |
| 2023-09-30 | $9.30B | 60 | +20.17% | +21.57% | -1.40% | -0.28B |
| 2023-06-30 | $9.74B | 59 | +19.60% | +19.42% | +0.18% | -0.56B |
| 2023-03-31 | $9.47B | 56 | -4.28% | -7.82% | +3.54% | -0.31B |
| 2022-12-31 | $9.19B | 47 | +5.56% | +7.56% | -2.00% | -1.47B |
| 2022-09-30 | $10.10B | 40 | -2.08% | -4.93% | +2.85% | -0.40B |
| 2022-06-30 | $10.72B | 39 | -12.98% | -16.11% | +3.13% | -0.80B |