Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.29%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.47%
baseline attrition
Rally response
-1.03%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $133M | 14.5% | — | 10.5 yr |
| GOOGAlphabet Inc. | $121M | 13.2% | +84.3% | 10.5 yr |
| CNXCNX Resources Corporatio | $93M | 10.2% | +22.5% | 8.5 yr |
| AAPLApple Inc. | $58M | 6.4% | +14.7% | 10.5 yr |
| RSPInvesco S&P 500 Equal We | $31M | 3.4% | — | 5.5 yr |
| VOOVanguard S&P 500 ETF | $27M | 2.9% | — | 10.5 yr |
| KOThe Coca-Cola Company | $25M | 2.7% | +9.3% | 10.5 yr |
| CVXChevron Corporation | $19M | 2.1% | +29.2% | 10.5 yr |
| IJHiShares Core S&P Mid-Cap | $16M | 1.7% | — | 1.5 yr |
| TSMTaiwan Semiconductor Man | $15M | 1.7% | +105.6% | 2.0 yr |
| AFLAflac Incorporated | $15M | 1.6% | +0.8% | 10.5 yr |
| XOMExxon Mobil Corporation | $14M | 1.6% | +47.6% | 10.5 yr |
| MSFTMicrosoft Corporation | $13M | 1.4% | -0.6% | 10.5 yr |
| FLOFlowers Foods, Inc. | $11M | 1.2% | -53.5% | 10.5 yr |
| JNJJohnson & Johnson | $11M | 1.2% | +51.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified15.1%-4.8pp$138M
Internet Content & Information14.2%+5.5pp$130M
Asset Management12.5%-2.1pp$115M
Oil & Gas Exploration & Production10.7%+1.2pp$98M
Consumer Electronics6.4%+0.2pp$58M
Oil & Gas Integrated3.7%+1.3pp$34M
Beverages - Non-Alcoholic2.8%-0.2pp$26M
Drug Manufacturers - General2.7%+1.1pp$25M
Semiconductors2.6%+1.2pp$24M
Asset Management - Income2.0%-0.5pp$18M
Country
US95.8%-1.5pp
TW1.7%+0.8pp
Unknown1.0%+0.2pp
IE0.8%+0.1pp
BM0.3%+0.0pp
CH0.1%+0.1pp
CA0.1%+0.1pp
SG0.1%+0.1pp
Top 5: 47.8% · Top 10: 58.8% · Top 25: 73.7%
Top buys this quarter · 15
| SCHW The Charles Schwab Corporation | +$3M |
| CHRW C.H. Robinson Worldwide, Inc.new | +$2M |
| PTLO Portillo's Inc. | +$2M |
| NDAQ Nasdaq, Inc. | +$1M |
| TSM Taiwan Semiconductor Manufactu | +$1M |
| FLO Flowers Foods, Inc. | +$11M |
| AMZN Amazon.com, Inc. | +$1M |
| EME EMCOR Group, Inc. | +$1M |
| NVDA NVIDIA Corporation | +$1M |
| ETN Eaton Corporation plc | +$1M |
Top sells this quarter · 15
| GOOG Alphabet Inc. | −$5M |
| TSLA Tesla, Inc. | −$3M |
| JLL Jones Lang LaSalle Incorporateexit | −$2M |
| BJ BJ's Wholesale Club Holdings, exit | −$2M |
| VRT Vertiv Holdings Co | −$7M |
| MIDD The Middleby Corporation | −$1M |
| WAB Westinghouse Air Brake Technol | −$1M |
| MORN Morningstar, Inc. | −$1M |
| PTC PTC Inc.exit | −$1M |
| TRMB Trimble Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $913M | 217 | +22.36% | +17.59% | +4.77% | -0.14B |
| 2025-12-31 | $1.05B | 217 | +13.86% | +17.72% | -3.86% | +0.06B |
| 2025-09-30 | $918M | 209 | +8.49% | +17.52% | -9.02% | +0.00B |
| 2025-06-30 | $841M | 191 | +7.70% | +14.94% | -7.24% | -0.01B |
| 2025-03-31 | $816M | 184 | +7.17% | +8.30% | -1.14% | +0.06B |
| 2024-12-31 | $815M | 167 | +24.31% | +24.89% | -0.58% | -0.12B |
| 2024-09-30 | $904M | 166 | +28.38% | +36.04% | -7.66% | +0.01B |
| 2024-06-30 | $832M | 161 | +19.16% | +24.49% | -5.33% | -0.03B |
| 2024-03-31 | $831M | 167 | +21.99% | +29.62% | -7.63% | +0.02B |
| 2023-12-31 | $754M | 165 | +17.70% | +26.18% | -8.47% | -0.00B |
| 2023-09-30 | $712M | 153 | +17.37% | +21.57% | -4.19% | +0.01B |
| 2023-06-30 | $702M | 153 | +11.55% | +19.42% | -7.87% | -0.01B |
| 2023-03-31 | $667M | 143 | -7.30% | -7.82% | +0.52% | +0.01B |
| 2022-12-31 | $630M | 134 | -14.90% | -18.17% | +3.27% | +0.00B |
| 2022-09-30 | $588M | 136 | -11.08% | -15.51% | +4.43% | -0.01B |
| 2022-06-30 | $634M | 142 | -5.94% | -10.62% | +4.69% | -0.03B |