Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.87%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.16%
steady accumulation
Rally response
-4.58%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $648M | 5.7% | -0.6% | 9.0 yr |
| GOOGLAlphabet Inc. | $568M | 5.0% | — | 7.8 yr |
| BKNGBooking Holdings Inc. | $562M | 4.9% | -96.3% | 8.3 yr |
| NXPINXP Semiconductors N.V. | $543M | 4.8% | +5.0% | 3.3 yr |
| MKLMarkel Corporation | $433M | 3.8% | +2.4% | 3.3 yr |
| METAMeta Platforms, Inc. | $431M | 3.8% | -0.4% | 3.3 yr |
| KKRKKR & Co. Inc. | $402M | 3.5% | -19.5% | 3.3 yr |
| BROBrown & Brown, Inc. | $383M | 3.4% | -47.2% | 0.8 yr |
| AMZNAmazon.com, Inc. | $371M | 3.3% | +9.5% | 5.0 yr |
| LFUSLittelfuse, Inc. | $333M | 2.9% | +74.5% | 2.0 yr |
| SPOTSpotify Technology S.A. | $329M | 2.9% | -11.8% | 1.3 yr |
| TSMTaiwan Semiconductor Man | $322M | 2.8% | +105.6% | 10.5 yr |
| — | $265M | 2.3% | — | 1.5 yr |
| LENLennar Corporation | $231M | 2.0% | -23.0% | 1.0 yr |
| TMOThermo Fisher Scientific | $217M | 1.9% | -0.9% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.2%+2.6pp$1.40B
Internet Content & Information11.8%+1.2pp$1.35B
Software - Infrastructure6.4%+0.5pp$727M
Insurance - Property & Casualty5.8%+1.2pp$657M
Travel Services4.9%+0.9pp$562M
Asset Management4.0%-0.8pp$452M
Hardware, Equipment & Parts3.5%+1.5pp$400M
Insurance - Brokers3.4%+3.0pp$390M
Specialty Retail3.4%+0.0pp$386M
Medical - Diagnostics & Research3.4%-0.4pp$386M
Country
US80.7%-2.6pp
NL4.8%+1.3pp
Unknown3.1%+1.2pp
LU2.9%+1.1pp
TW2.8%+0.7pp
CH1.9%+0.3pp
IE1.7%-0.6pp
CA0.9%-0.7pp
Top 5: 24.2% · Top 10: 41.0% · Top 25: 66.5%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$648M |
| NXPI NXP Semiconductors N.V. | +$131M |
| SPOT Spotify Technology S.A. | +$125M |
| BRO Brown & Brown, Inc. | +$87M |
| LEN Lennar Corporation | +$61M |
| BAC Bank of America Corporation | +$46M |
| KKR KKR & Co. Inc. | +$402M |
| MKL Markel Corporation | +$433M |
| PG The Procter & Gamble Company | +$31M |
| PTC PTC Inc. | +$209M |
Top sells this quarter · 15
| DHR Danaher Corporation | −$103M |
| LITE Lumentum Holdings Inc. | −$66M |
| ADI Analog Devices, Inc. | −$55M |
| RY Royal Bank of Canada | −$27M |
| PRU Prudential Financial, Inc.exit | −$26M |
| FSLR First Solar, Inc. | −$25M |
| NTR Nutrien Ltd.exit | −$19M |
| CSCO Cisco Systems, Inc. | −$19M |
| NVDA NVIDIA Corporation | −$18M |
| EQIX Equinix, Inc. | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $11.40B | 240 | +5.36% | +17.59% | -12.23% | +0.90B |
| 2025-12-31 | $11.68B | 250 | +11.14% | +17.72% | -6.58% | +0.35B |
| 2025-09-30 | $11.20B | 244 | +10.51% | +17.52% | -7.00% | +0.28B |
| 2025-06-30 | $10.50B | 239 | +13.37% | +14.94% | -1.57% | -0.17B |
| 2025-03-31 | $9.58B | 228 | +1.20% | +8.30% | -7.10% | +0.04B |
| 2024-12-31 | $10.06B | 232 | +16.22% | +24.89% | -8.67% | +0.20B |
| 2024-09-30 | $9.81B | 215 | +30.78% | +36.04% | -5.26% | +0.27B |
| 2024-06-30 | $8.93B | 216 | +17.97% | +24.49% | -6.52% | +0.94B |
| 2024-03-31 | $8.04B | 215 | +25.49% | +29.62% | -4.13% | +0.23B |
| 2023-12-31 | $7.16B | 217 | +25.21% | +26.18% | -0.96% | +1.05B |
| 2023-09-30 | $5.41B | 206 | +23.07% | +21.57% | +1.50% | +0.06B |
| 2023-06-30 | $5.55B | 207 | +24.67% | +19.42% | +5.24% | -0.01B |
| 2023-03-31 | $5.26B | 211 | -0.83% | -7.82% | +6.99% | +1.52B |
| 2022-12-31 | $3.43B | 207 | +11.13% | +7.56% | +3.57% | +0.67B |
| 2022-09-30 | $2.49B | 208 | -2.40% | -4.93% | +2.52% | -0.23B |
| 2022-06-30 | $2.78B | 206 | -15.90% | -16.11% | +0.21% | +0.03B |