Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.25%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.30%
baseline attrition
Rally response
-9.65%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JPMJPMorgan Chase & Co. | $52M | 4.0% | +21.8% | 10.3 yr |
| JNJJohnson & Johnson | $51M | 3.9% | +51.5% | 10.3 yr |
| MSFTMicrosoft Corporation | $50M | 3.8% | -0.6% | 10.3 yr |
| GOOGLAlphabet Inc. | $50M | 3.8% | — | 10.3 yr |
| BKThe Bank of New York Mel | $49M | 3.8% | +44.4% | 10.3 yr |
| CATCaterpillar Inc. | $46M | 3.5% | +117.8% | 10.3 yr |
| KMBKimberly-Clark Corporati | $33M | 2.5% | -29.2% | 2.0 yr |
| COFCapital One Financial Co | $33M | 2.5% | +3.1% | 1.5 yr |
| GOOGAlphabet Inc. | $32M | 2.4% | +84.3% | 10.3 yr |
| AMZNAmazon.com, Inc. | $29M | 2.2% | +9.5% | 10.3 yr |
| UNPUnion Pacific Corporatio | $25M | 1.9% | +5.1% | 5.8 yr |
| VZVerizon Communications I | $25M | 1.9% | +16.5% | 8.0 yr |
| UBSUBS Group AG | $25M | 1.9% | +31.6% | 3.5 yr |
| AAPLApple Inc. | $24M | 1.8% | +14.7% | 10.3 yr |
| BDXBecton, Dickinson and Co | $23M | 1.7% | +14.0% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management9.7%-2.0pp$128M
Banks - Diversified9.3%-1.5pp$122M
Internet Content & Information6.6%+1.9pp$86M
Drug Manufacturers - General4.9%+1.1pp$64M
Agricultural - Machinery4.4%+0.5pp$58M
Software - Infrastructure3.8%-1.7pp$50M
Specialty Retail3.6%-0.2pp$47M
Household & Personal Products2.9%+0.8pp$38M
Insurance - Property & Casualty2.9%-1.2pp$38M
Financial - Credit Services2.7%+0.1pp$36M
Country
US90.8%+0.9pp
BM2.2%-2.4pp
CH1.9%+0.5pp
CA1.5%+0.3pp
GB1.2%-1.2pp
TW0.9%
Unknown0.9%+0.7pp
IE0.6%+0.0pp
Top 5: 19.2% · Top 10: 32.3% · Top 25: 55.1%
Top buys this quarter · 15
| KMB Kimberly-Clark Corporation | +$28M |
| RRX Regal Rexnord Corporationnew | +$15M |
| CSCO Cisco Systems, Inc.new | +$15M |
| VTRS Viatris Inc. | +$14M |
| TSM Taiwan Semiconductor Manufactunew | +$12M |
| VZ Verizon Communications Inc. | +$11M |
| NVT nVent Electric plc | +$11M |
| BAC Bank of America Corporation | +$11M |
| BSX Boston Scientific Corporationnew | +$10M |
| LOW Lowe's Companies, Inc. | +$9M |
Top sells this quarter · 15
| GLNG Golar LNG Limited | −$17M |
| IAC IAC InterActive Corp. | −$15M |
| WBD Warner Bros. Discovery, Inc. | −$11M |
| FCX Freeport-McMoRan Inc. | −$8M |
| AXS AXIS Capital Holdings Limited | −$8M |
| CAT Caterpillar Inc. | −$43M |
| OI O-I Glass, Inc. | −$7M |
| GM General Motors Company | −$7M |
| ACTG Acacia Research Corporation | −$5M |
| CCK Crown Holdings, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.31B | 221 | +25.04% | +17.59% | +7.45% | +0.17B |
| 2025-12-31 | $1.15B | 199 | +22.88% | +17.72% | +5.16% | +0.00B |
| 2025-09-30 | $1.09B | 184 | +20.46% | +17.52% | +2.95% | -0.00B |
| 2025-06-30 | $1.02B | 180 | +20.22% | +14.94% | +5.28% | -0.03B |
| 2025-03-31 | $942M | 165 | +4.98% | +8.30% | -3.32% | -0.08B |
| 2024-12-31 | $1.05B | 199 | +14.83% | +24.89% | -10.05% | -0.02B |
| 2024-09-30 | $1.03B | 202 | +21.36% | +36.04% | -14.68% | +0.02B |
| 2024-06-30 | $946M | 202 | +6.90% | +24.49% | -17.60% | -0.01B |
| 2024-03-31 | $986M | 215 | +16.90% | +29.62% | -12.72% | +0.02B |
| 2023-12-31 | $901M | 209 | +3.94% | +26.18% | -22.24% | +0.03B |
| 2023-09-30 | $801M | 235 | -9.29% | +21.57% | -30.86% | -0.01B |
| 2023-06-30 | $864M | 252 | +6.26% | +19.42% | -13.17% | +0.02B |
| 2023-03-31 | $792M | 228 | -26.75% | -7.82% | -18.93% | +0.09B |
| 2022-12-31 | $740M | 228 | -26.58% | -18.17% | -8.41% | +0.04B |
| 2022-09-30 | $732M | 226 | -14.54% | -15.51% | +0.97% | -0.18B |
| 2022-06-30 | $828M | 243 | -22.10% | -10.62% | -11.48% | +0.09B |