Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.63%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.70%
baseline attrition
Rally response
-2.36%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-ABerkshire Hathaway Inc. | $809M | 55.8% | — | 10.3 yr |
| GOOGLAlphabet Inc. | $159M | 11.0% | — | 10.0 yr |
| BKLNInvesco Senior Loan ETF | $51M | 3.5% | — | 2.5 yr |
| VVisa Inc. | $31M | 2.1% | -13.1% | 10.3 yr |
| JNJJohnson & Johnson | $29M | 2.0% | +51.5% | 10.3 yr |
| HYGiShares iBoxx $ High Yie | $27M | 1.9% | — | 2.5 yr |
| VOOVanguard S&P 500 ETF | $27M | 1.9% | — | 8.3 yr |
| FTSLFirst Trust Senior Loan | $26M | 1.8% | — | 2.5 yr |
| ABBVAbbVie Inc. | $23M | 1.6% | +7.3% | 6.3 yr |
| ZTSZoetis Inc. | $22M | 1.5% | -27.2% | 1.0 yr |
| PSXPhillips 66 | $21M | 1.5% | +53.0% | 6.0 yr |
| LMTLockheed Martin Corporat | $18M | 1.2% | +39.0% | 4.5 yr |
| BRK-BBerkshire Hathaway Inc. | $15M | 1.0% | — | 4.3 yr |
| MMM3M Company | $15M | 1.0% | +0.7% | 10.3 yr |
| MCOMoody's Corporation | $14M | 1.0% | -5.6% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified56.8%-4.3pp$825M
Internet Content & Information11.0%+4.8pp$159M
Asset Management8.0%-0.8pp$117M
Drug Manufacturers - General5.5%+2.1pp$80M
Financial - Credit Services2.1%-0.2pp$31M
Asset Management - Bonds2.1%+0.1pp$30M
Medical - Devices1.6%-0.2pp$23M
Oil & Gas Refining & Marketing1.5%+0.4pp$21M
Aerospace & Defense1.4%+0.3pp$21M
Medical - Diagnostics & Research1.3%-0.2pp$18M
Country
US97.3%-0.3pp
GB0.9%+0.1pp
IE0.9%-0.0pp
AU0.7%+0.2pp
CA0.2%+0.0pp
DK0.1%-0.0pp
Top 5: 74.4% · Top 10: 83.0% · Top 25: 94.7%
Top buys this quarter · 3
| ZTS Zoetis Inc. | +$3M |
| CRM Salesforce, Inc. | +$1M |
| BRK-B Berkshire Hathaway Inc. | +$0M |
Top sells this quarter · 14
| JNJ Johnson & Johnson | −$27M |
| MMM 3M Company | −$2M |
| WAT Waters Corporation | −$1M |
| ISRG Intuitive Surgical, Inc. | −$1M |
| PG The Procter & Gamble Company | −$0M |
| FONR FONAR Corporationexit | −$0M |
| PSX Phillips 66 | −$15M |
| SOLV Solventum Corporation | −$0M |
| MSFT Microsoft Corporation | −$0M |
| GNTX Gentex Corporationexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.45B | 78 | +5.53% | +17.59% | -12.06% | -0.07B |
| 2025-12-31 | $1.54B | 80 | +14.04% | +17.72% | -3.67% | +0.01B |
| 2025-09-30 | $1.49B | 77 | +6.45% | +17.52% | -11.07% | +0.02B |
| 2025-06-30 | $1.42B | 76 | +14.66% | +14.94% | -0.28% | -0.08B |
| 2025-03-31 | $1.49B | 71 | +12.71% | +8.30% | +4.40% | +0.02B |
| 2024-12-31 | $1.38B | 71 | +13.18% | +24.89% | -11.71% | +0.03B |
| 2024-09-30 | $1.41B | 71 | +29.16% | +36.04% | -6.88% | -0.03B |
| 2024-06-30 | $1.29B | 69 | +13.05% | +24.49% | -11.44% | +0.05B |
| 2024-03-31 | $1.26B | 65 | +18.44% | +29.62% | -11.18% | +0.09B |
| 2023-12-31 | $1.09B | 62 | +11.33% | +26.18% | -14.84% | -0.03B |
| 2023-09-30 | $1.03B | 58 | +15.91% | +21.57% | -5.65% | +0.01B |
| 2023-06-30 | $1.04B | 57 | +10.66% | +19.42% | -8.76% | +0.05B |
| 2023-03-31 | $957M | 57 | -4.62% | -7.82% | +3.20% | +0.01B |
| 2022-12-31 | $941M | 57 | +13.61% | +7.56% | +6.05% | +0.01B |
| 2022-09-30 | $820M | 53 | -6.72% | -4.93% | -1.79% | +0.12B |
| 2022-06-30 | $755M | 53 | -10.84% | -16.11% | +5.27% | -0.13B |