Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.67%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.97%
baseline attrition
Rally response
-5.69%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VRTVertiv Holdings Co | $101M | 9.5% | +247.5% | 4.5 yr |
| GOOGLAlphabet Inc. | $47M | 4.4% | — | 6.3 yr |
| ULTAUlta Beauty, Inc. | $46M | 4.3% | +42.6% | 5.3 yr |
| MCKMcKesson Corporation | $36M | 3.4% | +29.1% | 4.5 yr |
| CRMSalesforce, Inc. | $36M | 3.4% | -30.2% | 0.8 yr |
| ICLRICON Public Limited Comp | $31M | 2.9% | -36.8% | 1.5 yr |
| MSFTMicrosoft Corporation | $31M | 2.9% | -0.6% | 10.5 yr |
| VWOVanguard FTSE Emerging M | $29M | 2.7% | — | 4.8 yr |
| KKRKKR & Co. Inc. | $29M | 2.7% | -19.5% | 3.5 yr |
| ABBVAbbVie Inc. | $28M | 2.7% | +7.3% | 9.8 yr |
| BRK-BBerkshire Hathaway Inc. | $28M | 2.6% | — | 10.5 yr |
| VEAVanguard FTSE Developed | $27M | 2.6% | — | 5.3 yr |
| GPGIGPGI, Inc. | $27M | 2.6% | +57.3% | 1.8 yr |
| AAPLApple Inc. | $26M | 2.4% | +14.7% | 9.8 yr |
| DKSDICK'S Sporting Goods, I | $25M | 2.3% | +0.1% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management20.4%+2.0pp$216M
Electrical Equipment & Parts9.5%+4.2pp$101M
Specialty Retail8.6%-0.9pp$91M
Internet Content & Information6.9%+1.7pp$73M
Medical - Distribution5.4%-0.3pp$57M
Unknown4.8%+2.4pp$51M
Software - Application4.7%+4.5pp$50M
Insurance - Diversified4.0%-1.2pp$43M
Industrial - Machinery4.0%-0.9pp$42M
Medical - Diagnostics & Research3.8%+1.3pp$41M
Country
US88.9%-1.0pp
Unknown4.8%+2.4pp
IE3.0%+0.5pp
GB1.9%-0.3pp
CA1.2%+1.2pp
TW0.1%+0.1pp
NL0.1%
DK0.0%-0.0pp
Top 5: 25.0% · Top 10: 38.9% · Top 25: 70.5%
Top buys this quarter · 15
| CRM Salesforce, Inc. | +$23M |
| ICLR ICON Public Limited Company | +$14M |
| NFLX Netflix, Inc.new | +$9M |
| TMO Thermo Fisher Scientific Inc. | +$9M |
| KKR KKR & Co. Inc. | +$29M |
| ADBE Adobe Inc. | +$6M |
| MSFT Microsoft Corporation | +$31M |
| APGE Apogee Therapeutics, Inc.new | +$4M |
| AAPL Apple Inc. | +$26M |
| PGR The Progressive Corporation | +$17M |
Top sells this quarter · 15
| VRT Vertiv Holdings Co | −$61M |
| KVUE Kenvue Inc. | −$16M |
| AVTR Avantor, Inc. | −$13M |
| BCO The Brink's Company | −$11M |
| ULTA Ulta Beauty, Inc. | −$10M |
| MCK McKesson Corporation | −$6M |
| VZ Verizon Communications Inc.exit | −$2M |
| BMY Bristol-Myers Squibb Company | −$1M |
| CSWC Capital Southwest Corporation | −$1M |
| PCAR PACCAR Incexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.06B | 134 | +20.76% | +17.59% | +3.17% | -0.02B |
| 2025-12-31 | $1.12B | 136 | +15.69% | +17.72% | -2.03% | +0.00B |
| 2025-09-30 | $1.08B | 157 | +14.76% | +17.52% | -2.75% | -0.03B |
| 2025-06-30 | $1.03B | 154 | +18.03% | +14.94% | +3.08% | -0.02B |
| 2025-03-31 | $931M | 163 | +1.21% | +8.30% | -7.10% | -0.03B |
| 2024-12-31 | $1.04B | 152 | +31.18% | +24.89% | +6.29% | +0.04B |
| 2024-09-30 | $972M | 144 | +46.48% | +36.04% | +10.44% | +0.02B |
| 2024-06-30 | $865M | 147 | +35.29% | +24.49% | +10.80% | +0.03B |
| 2024-03-31 | $866M | 146 | +54.86% | +29.62% | +25.23% | -0.03B |
| 2023-12-31 | $743M | 128 | +41.42% | +26.18% | +15.24% | -0.02B |
| 2023-09-30 | $668M | 130 | +36.37% | +21.57% | +14.80% | -0.01B |
| 2023-06-30 | $661M | 119 | +24.45% | +19.42% | +5.03% | -0.02B |
| 2023-03-31 | $621M | 118 | -4.76% | -7.82% | +3.06% | -0.03B |
| 2022-12-31 | $596M | 129 | +10.59% | +7.56% | +3.03% | +0.04B |
| 2022-09-30 | $500M | 113 | -6.81% | -4.93% | -1.88% | +0.01B |
| 2022-06-30 | $524M | 109 | -15.75% | -16.11% | +0.36% | +0.01B |