Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.80%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.63%
baseline attrition
Rally response
-3.17%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VGKVanguard FTSE Europe ETF | $15M | 8.4% | — | 2.5 yr |
| BRK-BBerkshire Hathaway Inc. | $14M | 7.6% | — | 2.5 yr |
| KBEState Street SPDR S&P Ba | $12M | 6.8% | — | 1.5 yr |
| BILSState Street SPDR Bloomb | $12M | 6.7% | — | 1.3 yr |
| VIGVanguard Dividend Apprec | $11M | 5.7% | — | 2.5 yr |
| TPYPTortoise North American | $9M | 4.8% | — | 1.0 yr |
| RSPInvesco S&P 500 Equal We | $9M | 4.7% | — | 1.0 yr |
| IJSiShares S&P Small-Cap 60 | $8M | 4.4% | — | 2.5 yr |
| BRK-ABerkshire Hathaway Inc. | $6M | 3.1% | — | 1.3 yr |
| OAKMOakmark U.S. Large Cap E | $5M | 2.8% | — | 1.0 yr |
| AINVApollo Investment Corpor | $4M | 2.4% | — | 2.5 yr |
| GBDCGolub Capital BDC, Inc. | $4M | 2.4% | -6.8% | 1.3 yr |
| BAThe Boeing Company | $4M | 2.4% | +16.7% | 2.3 yr |
| CCitigroup Inc. | $4M | 2.2% | +63.9% | 2.5 yr |
| XSOEWisdomTree Emerging Mark | $4M | 2.1% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management61.1%+36.3pp$113M
Insurance - Diversified10.7%+0.4pp$20M
Aerospace & Defense4.0%-0.0pp$7M
Banks - Diversified2.8%+0.8pp$5M
Unknown2.7%-29.4pp$5M
Financial - Capital Markets1.9%+0.8pp$3M
Internet Content & Information1.5%+0.7pp$3M
Asset Management - Income1.3%$2M
Drug Manufacturers - General1.2%-0.2pp$2M
Discount Stores1.2%+0.2pp$2M
Country
US95.5%+30.4pp
Unknown2.7%-29.4pp
CH1.2%-0.2pp
IE0.6%-0.0pp
Top 5: 35.1% · Top 10: 54.9% · Top 25: 80.5%
Top buys this quarter · 15
| DHR Danaher Corporationnew | +$1M |
| HD The Home Depot, Inc. | +$0M |
| MSFT Microsoft Corporation | +$1M |
| IBM International Business Machine | +$1M |
| MDT Medtronic plc | +$0M |
| JPM JPMorgan Chase & Co. | +$0M |
| BA The Boeing Company | +$4M |
| GBDC Golub Capital BDC, Inc. | +$4M |
| PG The Procter & Gamble Company | +$0M |
| PEP PepsiCo, Inc. | +$0M |
Top sells this quarter · 15
| GLDD Great Lakes Dredge & Dock Corpexit | −$7M |
| ADEA Adeia Inc.exit | −$3M |
| SUPN Supernus Pharmaceuticals, Inc.exit | −$3M |
| DHT DHT Holdings, Inc.exit | −$2M |
| BFH Bread Financial Holdings, Inc.exit | −$2M |
| JHG Janus Henderson Group plcexit | −$2M |
| GL Globe Life Inc.exit | −$2M |
| MO Altria Group, Inc.exit | −$2M |
| HIG The Hartford Financial Serviceexit | −$2M |
| THG The Hanover Insurance Group, Iexit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $184M | 66 | +19.20% | +17.59% | +1.61% | -0.04B |
| 2025-12-31 | $221M | 90 | +13.88% | +17.72% | -3.83% | +0.00B |
| 2025-09-30 | $214M | 87 | +10.69% | +17.52% | -6.83% | -0.00B |
| 2025-06-30 | $204M | 87 | +18.11% | +14.94% | +3.17% | -0.01B |
| 2025-03-31 | $195M | 85 | +4.91% | +8.30% | -3.39% | -3.13B |
| 2024-12-31 | $3.46B | 116 | +20.44% | +24.89% | -4.45% | +3.32B |
| 2024-09-30 | $147M | 96 | +11.97% | +5.75% | +6.21% | +0.00B |
| 2024-06-30 | $130M | 93 | -2.71% | +4.38% | -7.09% | -0.01B |
| 2024-03-31 | $139M | 99 | +10.23% | +10.39% | -0.16% | -0.02B |
| 2023-12-31 | $141M | 100 | — | — | — | — |