Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.14%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.50%
baseline attrition
Rally response
-4.79%
trims into rallies
when a holding rises +10%+
Top positions · 27
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ALCAlcon Inc. | $696M | 13.6% | -20.3% | 7.0 yr |
| AMZNAmazon.com, Inc. | $361M | 7.1% | +9.5% | 2.0 yr |
| VVisa Inc. | $359M | 7.0% | -13.1% | 9.5 yr |
| ADIAnalog Devices, Inc. | $328M | 6.4% | +60.2% | 2.3 yr |
| RACEFerrari N.V. | $311M | 6.1% | -20.3% | 9.5 yr |
| ICEIntercontinental Exchang | $294M | 5.7% | -7.8% | 5.8 yr |
| GEGE Aerospace | $283M | 5.5% | +42.5% | 2.8 yr |
| MSFTMicrosoft Corporation | $272M | 5.3% | -0.6% | 3.8 yr |
| WATWaters Corporation | $243M | 4.8% | -19.2% | 2.8 yr |
| CSCOCisco Systems, Inc. | $236M | 4.6% | +28.1% | 0.5 yr |
| MCOMoody's Corporation | $223M | 4.4% | -5.6% | 9.5 yr |
| — | $216M | 4.2% | — | 0.8 yr |
| BKNGBooking Holdings Inc. | $210M | 4.1% | -96.3% | 6.3 yr |
| SUNBSunbelt Rentals Holdings | $207M | 4.1% | — | 0.3 yr |
| FICOFair Isaac Corporation | $136M | 2.7% | -42.1% | 9.5 yr |
Portfolio composition (YoY)
Industry mix
Medical - Instruments & Supplies13.6%+4.9pp$696M
Financial - Credit Services12.6%+4.5pp$644M
Financial - Data & Stock Exchanges10.1%+0.0pp$517M
Specialty Retail7.1%+3.5pp$361M
Semiconductors6.4%+3.2pp$328M
Auto - Manufacturers6.1%+2.9pp$311M
Aerospace & Defense5.5%-0.9pp$283M
Software - Infrastructure5.3%-0.8pp$272M
Unknown5.2%-2.2pp$266M
Medical - Diagnostics & Research4.8%-2.5pp$243M
Country
US73.8%-1.3pp
CH13.6%+4.9pp
IT6.1%+2.9pp
Unknown5.2%-2.2pp
GB1.3%+0.8pp
Top 5: 40.2% · Top 10: 66.2% · Top 25: 99.8%
Top buys this quarter · 13
| SUNB Sunbelt Rentals Holdings Incnew | +$207M |
| WMB The Williams Companies, Inc.new | +$129M |
| ALC Alcon Inc. | +$123M |
| SYK Stryker Corporationnew | +$82M |
| APD Air Products and Chemicals, Innew | +$67M |
| CSL Carlisle Companies Incorporatenew | +$67M |
| LIN Linde plc | +$60M |
| MA Mastercard Incorporated | +$28M |
| WAT Waters Corporation | +$243M |
| FICO Fair Isaac Corporation | +$136M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.11B | 27 | -10.14% | +17.59% | -27.73% | -0.55B |
| 2025-12-31 | $6.57B | 22 | +4.25% | +17.72% | -13.47% | -0.50B |
| 2025-09-30 | $7.03B | 23 | +1.61% | +17.52% | -15.90% | -0.55B |
| 2025-06-30 | $7.92B | 25 | +17.34% | +14.94% | +2.40% | -0.43B |
| 2025-03-31 | $7.71B | 26 | +7.16% | +8.30% | -1.14% | +0.47B |
| 2024-12-31 | $7.24B | 27 | +14.90% | +24.89% | -9.99% | -0.28B |
| 2024-09-30 | $7.67B | 25 | +35.92% | +36.04% | -0.12% | -0.37B |
| 2024-06-30 | $7.28B | 26 | +19.96% | +24.49% | -4.53% | +0.29B |
| 2024-03-31 | $7.06B | 27 | +29.68% | +29.62% | +0.06% | -0.47B |
| 2023-12-31 | $7.03B | 29 | +33.58% | +26.18% | +7.40% | -0.08B |
| 2023-09-30 | $6.13B | 27 | +30.76% | +21.57% | +9.19% | -0.32B |
| 2023-06-30 | $6.62B | 24 | +22.91% | +19.42% | +3.48% | -0.42B |
| 2023-03-31 | $6.57B | 24 | -3.52% | -7.82% | +4.30% | -0.26B |
| 2022-12-31 | $6.19B | 23 | +13.48% | +7.56% | +5.92% | -0.69B |
| 2022-09-30 | $6.06B | 24 | -8.32% | -4.93% | -3.40% | -0.48B |
| 2022-06-30 | $7.14B | 25 | -16.01% | -16.11% | +0.10% | -0.64B |