Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.20%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.52%
baseline attrition
Rally response
-6.17%
trims into rallies
when a holding rises +10%+
Top positions · 29
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $1.65B | 14.8% | -0.6% | 10.5 yr |
| DHRDanaher Corporation | $1.38B | 12.4% | -7.1% | 3.3 yr |
| AMZNAmazon.com, Inc. | $1.13B | 10.1% | +9.5% | 8.5 yr |
| MELIMercadoLibre, Inc. | $791M | 7.1% | -11.4% | 9.8 yr |
| GOOGLAlphabet Inc. | $585M | 5.2% | — | 4.5 yr |
| WSTWest Pharmaceutical Serv | $562M | 5.0% | +12.3% | 1.0 yr |
| WDAYWorkday, Inc. | $543M | 4.9% | -44.4% | 3.0 yr |
| STESTERIS plc | $510M | 4.6% | -1.5% | 5.8 yr |
| TRMBTrimble Inc. | $508M | 4.5% | -0.6% | 6.8 yr |
| VVisa Inc. | $458M | 4.1% | -13.1% | 3.3 yr |
| TMOThermo Fisher Scientific | $380M | 3.4% | -0.9% | 9.8 yr |
| INTUIntuit Inc. | $356M | 3.2% | -29.3% | 1.5 yr |
| 0I3I.LThe Cooper Companies, In | $329M | 2.9% | -15.3% | 1.8 yr |
| EFXEquifax Inc. | $320M | 2.9% | -25.4% | 7.3 yr |
| NTNXNutanix, Inc. | $285M | 2.6% | -45.6% | 7.0 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure18.5%-0.4pp$2.06B
Specialty Retail17.4%+5.3pp$1.94B
Medical - Diagnostics & Research15.8%+3.1pp$1.76B
Software - Application9.1%+3.8pp$1.02B
Medical - Instruments & Supplies8.0%-0.8pp$891M
Internet Content & Information6.7%+3.0pp$744M
Medical - Devices4.6%-0.0pp$510M
Hardware, Equipment & Parts4.5%+1.5pp$508M
Financial - Credit Services4.1%+0.5pp$458M
Financial - Data & Stock Exchanges3.9%$430M
Country
US84.6%-0.5pp
UY7.1%+0.8pp
IE5.5%-1.6pp
LU1.4%
CN0.5%-0.7pp
TW0.4%+0.1pp
CH0.3%+0.2pp
KR0.1%+0.1pp
Top 5: 49.6% · Top 10: 72.7% · Top 25: 99.5%
Top buys this quarter · 15
| AMZN Amazon.com, Inc. | +$588M |
| WST West Pharmaceutical Services, | +$171M |
| NTNX Nutanix, Inc. | +$155M |
| MSCI MSCI Inc. | +$148M |
| MSFT Microsoft Corporation | +$1.65B |
| 0I3I.L The Cooper Companies, Inc. | +$124M |
| V Visa Inc. | +$91M |
| MCO Moody's Corporation | +$61M |
| STE STERIS plc | +$510M |
| EFX Equifax Inc. | +$320M |
Top sells this quarter · 15
| CRM Salesforce, Inc.exit | −$516M |
| SCHW The Charles Schwab Corporation | −$480M |
| A Agilent Technologies, Inc.exit | −$476M |
| ACN Accenture plc | −$370M |
| SNPS Synopsys, Inc.exit | −$198M |
| TMO Thermo Fisher Scientific Inc. | −$166M |
| INTU Intuit Inc. | −$129M |
| CSL Carlisle Companies Incorporateexit | −$114M |
| DHR Danaher Corporation | −$60M |
| TSM Taiwan Semiconductor Manufactu | −$18M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $11.16B | 29 | -7.97% | +17.59% | -25.56% | -0.81B |
| 2025-12-31 | $14.42B | 33 | +6.91% | +17.72% | -10.81% | -0.58B |
| 2025-09-30 | $15.10B | 33 | +7.78% | +17.52% | -9.74% | -0.90B |
| 2025-06-30 | $15.73B | 37 | +16.45% | +14.94% | +1.51% | -2.44B |
| 2025-03-31 | $16.56B | 38 | +4.78% | +8.30% | -3.52% | -1.93B |
| 2024-12-31 | $19.17B | 38 | +19.17% | +24.89% | -5.71% | -2.27B |
| 2024-09-30 | $21.41B | 42 | +39.62% | +36.04% | +3.58% | -1.41B |
| 2024-06-30 | $20.78B | 43 | +20.52% | +24.49% | -3.97% | -0.86B |
| 2024-03-31 | $21.91B | 42 | +31.59% | +29.62% | +1.96% | -2.29B |
| 2023-12-31 | $22.06B | 44 | +29.84% | +26.18% | +3.66% | -0.24B |
| 2023-09-30 | $19.00B | 43 | +17.42% | +21.57% | -4.15% | -0.58B |
| 2023-06-30 | $20.65B | 44 | +17.91% | +19.42% | -1.52% | +0.40B |
| 2023-03-31 | $18.78B | 41 | -12.56% | -7.82% | -4.74% | +0.03B |
| 2022-12-31 | $17.32B | 41 | -22.94% | -18.17% | -4.77% | -0.56B |
| 2022-09-30 | $16.86B | 45 | -19.35% | -15.51% | -3.84% | -0.61B |
| 2022-06-30 | $18.35B | 46 | +44.21% | -10.62% | +54.83% | +0.89B |