Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.43%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.78%
baseline attrition
Rally response
-7.18%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ADIAnalog Devices, Inc. | $548M | 7.8% | +60.2% | 10.5 yr |
| GOOGLAlphabet Inc. | $484M | 6.9% | — | 10.5 yr |
| IFFInternational Flavors & | $392M | 5.6% | -4.3% | 5.5 yr |
| METAMeta Platforms, Inc. | $389M | 5.6% | -0.4% | 8.5 yr |
| GOOGAlphabet Inc. | $382M | 5.5% | +84.3% | 10.5 yr |
| CCitigroup Inc. | $360M | 5.1% | +63.9% | 10.5 yr |
| TELTE Connectivity Ltd. | $345M | 4.9% | +50.0% | 1.8 yr |
| BDXBecton, Dickinson and Co | $311M | 4.4% | +14.0% | 0.8 yr |
| AMZNAmazon.com, Inc. | $295M | 4.2% | +9.5% | 8.3 yr |
| CMCSAComcast Corporation | $247M | 3.5% | — | 8.5 yr |
| LBRDKLiberty Broadband Corpor | $234M | 3.3% | — | 0.5 yr |
| AONAon plc | $227M | 3.2% | -18.4% | 6.0 yr |
| FERGFerguson plc | $191M | 2.7% | +47.8% | 1.8 yr |
| — | $176M | 2.5% | — | 0.5 yr |
| NXPINXP Semiconductors N.V. | $151M | 2.2% | +5.0% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information18.0%+0.2pp$1.26B
Semiconductors10.3%+0.5pp$719M
Medical - Instruments & Supplies7.0%$487M
Telecommunications Services6.9%-3.4pp$480M
Banks - Diversified6.1%-3.6pp$430M
Chemicals - Specialty5.6%+0.5pp$395M
Hardware, Equipment & Parts4.9%-1.2pp$345M
Insurance - Brokers4.7%+0.3pp$330M
Medical - Diagnostics & Research4.3%+2.7pp$298M
Specialty Retail4.2%-0.2pp$296M
Country
US81.5%-0.7pp
IE9.7%-2.3pp
GB3.5%+0.2pp
NL2.6%+0.3pp
Unknown2.5%
LU0.0%-0.0pp
CA0.0%
CN0.0%
Top 5: 31.4% · Top 10: 53.6% · Top 25: 84.6%
Top buys this quarter · 15
| BAX Baxter International Inc.new | +$113M |
| AJG Arthur J. Gallagher & Co.new | +$84M |
| WAT Waters Corporationnew | +$80M |
| PYPL PayPal Holdings, Inc. | +$62M |
| AVTR Avantor, Inc. | +$32M |
| DEI Douglas Emmett, Inc. | +$20M |
| AON Aon plc | +$227M |
| MTN Vail Resorts, Inc. | +$11M |
| MICC The Magnum Ice Cream Company N | +$8M |
| IFF International Flavors & Fragra | +$6M |
Top sells this quarter · 15
| CHTR Charter Communications, Inc.exit | −$100M |
| KMI Kinder Morgan, Inc. | −$92M |
| NATL NCR Atleos Corporation | −$84M |
| BIDU Baidu, Inc. | −$67M |
| MAR Marriott International, Inc. | −$51M |
| ADI Analog Devices, Inc. | −$508M |
| WAB Westinghouse Air Brake Technol | −$46M |
| C Citigroup Inc. | −$38M |
| NOV NOV Inc. | −$33M |
| TEL TE Connectivity Ltd. | −$27M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.00B | 83 | +20.02% | +17.59% | +2.43% | -0.20B |
| 2025-12-31 | $7.45B | 61 | +17.81% | +17.72% | +0.09% | +0.03B |
| 2025-09-30 | $7.13B | 59 | +18.84% | +17.52% | +1.32% | -0.19B |
| 2025-06-30 | $6.88B | 60 | +17.15% | +14.94% | +2.21% | -0.06B |
| 2025-03-31 | $6.18B | 55 | +9.56% | +8.30% | +1.26% | -0.40B |
| 2024-12-31 | $6.94B | 55 | +29.70% | +24.89% | +4.82% | -0.48B |
| 2024-09-30 | $7.06B | 57 | +38.67% | +36.04% | +2.63% | -0.54B |
| 2024-06-30 | $7.26B | 69 | +32.24% | +24.49% | +7.75% | -0.09B |
| 2024-03-31 | $7.00B | 71 | +40.14% | +29.62% | +10.52% | -0.35B |
| 2023-12-31 | $6.55B | 75 | +33.46% | +26.18% | +7.28% | -0.48B |
| 2023-09-30 | $6.26B | 81 | +28.10% | +21.57% | +6.53% | -0.46B |
| 2023-06-30 | $6.73B | 130 | +20.95% | +19.42% | +1.53% | -0.32B |
| 2023-03-31 | $6.33B | 138 | -8.93% | -7.82% | -1.11% | -0.53B |
| 2022-12-31 | $6.42B | 161 | +7.80% | +7.56% | +0.23% | -0.26B |
| 2022-09-30 | $6.20B | 180 | -5.69% | -4.93% | -0.76% | -0.11B |
| 2022-06-30 | $6.69B | 182 | -16.16% | -16.11% | -0.05% | +0.18B |