Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.30%
trims when stocks drop
when a holding falls −10%+
Middle response
+1.78%
steady accumulation
Rally response
+0.12%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $141M | 20.3% | +17.6% | 10.5 yr |
| GAMGeneral American Investo | $48M | 6.9% | +29.1% | 10.5 yr |
| SCHXSchwab U.S. Large-Cap ET | $21M | 3.0% | — | 10.5 yr |
| ADXAdams Diversified Equity | $20M | 2.8% | — | 9.5 yr |
| CETCentral Securities Corp. | $17M | 2.5% | +16.6% | 10.5 yr |
| SCHBSchwab U.S. Broad Market | $15M | 2.2% | — | 10.5 yr |
| TYTri-Continental Corporat | $14M | 2.0% | +16.1% | 10.5 yr |
| IWMiShares Russell 2000 ETF | $12M | 1.8% | — | 10.5 yr |
| VTIVanguard Total Stock Mar | $12M | 1.7% | — | 10.5 yr |
| RVTRoyce Value Trust Inc. | $11M | 1.6% | — | 10.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $11M | 1.5% | — | 3.8 yr |
| RSPInvesco S&P 500 Equal We | $10M | 1.4% | — | 5.3 yr |
| DIAState Street SPDR Dow Jo | $9M | 1.4% | — | 6.5 yr |
| ASAASA Gold and Precious Me | $9M | 1.3% | +106.2% | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $8M | 1.2% | — | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management84.3%-4.7pp$587M
Asset Management - Income3.5%+1.0pp$24M
Asset Management - Global1.9%+0.5pp$13M
Unknown1.7%+0.9pp$12M
Consumer Electronics1.1%+0.2pp$7M
Semiconductors0.9%+0.6pp$6M
Software - Infrastructure0.7%+0.2pp$5M
Drug Manufacturers - General0.7%+0.3pp$5M
Internet Content & Information0.6%+0.2pp$4M
Specialty Retail0.5%+0.3pp$4M
Country
US97.0%-1.4pp
Unknown1.7%+0.9pp
CA0.4%+0.1pp
DE0.2%+0.1pp
JP0.1%+0.1pp
AU0.1%+0.1pp
GB0.1%-0.0pp
RU0.1%
Top 5: 35.5% · Top 10: 44.6% · Top 25: 60.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $128M | +0.02B | 17.6% |
| GAM | $37M | +0.01B | 29.1% |
| ASA | $4M | +0.00B | 106.2% |
| TY | $13M | +0.00B | 16.1% |
| CET | $9M | +0.00B | 16.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CET Central Securities Corp. | +$2M |
| QCOM QUALCOMM Incorporated | +$1M |
| AMZN Amazon.com, Inc. | +$1M |
| MPWR Monolithic Power Systems, Inc.new | +$1M |
| MSFT Microsoft Corporation | +$4M |
| MCK McKesson Corporationnew | +$0M |
| FCFS FirstCash Holdings, Incnew | +$0M |
| GAM General American Investors Com | +$0M |
| APG APi Group Corporationnew | +$0M |
| VSEC VSE Corporationnew | +$0M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$5M |
| COHR Coherent, Inc. | −$0M |
| MTZ MasTec, Inc. | −$0M |
| TYG Tortoise Energy Infrastructure | −$0M |
| TLN Talen Energy Corporationexit | −$0M |
| GS The Goldman Sachs Group, Inc. | −$0M |
| DELL Dell Technologies Inc. | −$0M |
| WAB Westinghouse Air Brake Technol | −$0M |
| CRDO Credo Technology Group Holding | −$0M |
| AIT Applied Industrial Technologieexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $696M | 724 | +22.47% | +17.59% | +4.88% | +0.03B |
| 2025-12-31 | $682M | 723 | +22.25% | +17.72% | +4.53% | +0.00B |
| 2025-09-30 | $658M | 731 | +20.66% | +17.52% | +3.14% | +0.00B |
| 2025-06-30 | $599M | 727 | +16.76% | +14.94% | +1.82% | +0.01B |
| 2025-03-31 | $528M | 717 | +10.51% | +8.30% | +2.21% | +0.02B |
| 2024-12-31 | $525M | 674 | +24.59% | +24.89% | -0.29% | -0.01B |
| 2024-09-30 | $524M | 685 | +35.76% | +36.04% | -0.27% | +0.01B |
| 2024-06-30 | $484M | 715 | +23.73% | +24.49% | -0.76% | -0.00B |
| 2024-03-31 | $466M | 722 | +27.70% | +29.62% | -1.93% | +0.01B |
| 2023-12-31 | $418M | 714 | +24.93% | +26.18% | -1.25% | +0.00B |
| 2023-09-30 | $371M | 673 | +20.22% | +21.57% | -1.35% | +0.00B |
| 2023-06-30 | $378M | 678 | +18.28% | +19.42% | -1.15% | +0.02B |
| 2023-03-31 | $334M | 655 | -7.81% | -7.82% | +0.00% | +0.01B |
| 2022-12-31 | $305M | 682 | -17.82% | -18.17% | +0.36% | +0.01B |
| 2022-09-30 | $279M | 733 | -14.91% | -15.51% | +0.60% | -0.00B |
| 2022-06-30 | $297M | 783 | -10.25% | -10.62% | +0.37% | +0.00B |