Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.81%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.69%
baseline attrition
Rally response
-8.17%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WSTWest Pharmaceutical Serv | $330M | 4.7% | +12.3% | 0.8 yr |
| TMOThermo Fisher Scientific | $326M | 4.6% | -0.9% | 5.8 yr |
| AXPAmerican Express Company | $325M | 4.6% | +13.3% | 7.5 yr |
| IQVIQVIA Holdings Inc. | $324M | 4.6% | -3.3% | 7.8 yr |
| MSCIMSCI Inc. | $317M | 4.5% | -3.4% | 1.0 yr |
| AONAon plc | $315M | 4.5% | -18.4% | 6.0 yr |
| BKNGBooking Holdings Inc. | $313M | 4.4% | -96.3% | 3.8 yr |
| VVisa Inc. | $313M | 4.4% | -13.1% | 3.3 yr |
| MCOMoody's Corporation | $310M | 4.4% | -5.6% | 4.3 yr |
| BDXBecton, Dickinson and Co | $305M | 4.3% | +14.0% | 5.3 yr |
| UNHUnitedHealth Group Incor | $304M | 4.3% | -46.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $303M | 4.3% | -0.6% | 4.0 yr |
| GOOGLAlphabet Inc. | $301M | 4.3% | — | 6.0 yr |
| CMECME Group Inc. | $300M | 4.3% | +15.6% | 0.5 yr |
| TXNTexas Instruments Incorp | $295M | 4.2% | +11.4% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Financial - Data & Stock Exchanges15.2%+5.6pp$1.07B
Medical - Instruments & Supplies12.9%+9.4pp$908M
Information Technology Services10.0%-2.5pp$703M
Medical - Diagnostics & Research9.2%+2.7pp$649M
Financial - Credit Services9.0%+0.2pp$639M
Semiconductors8.2%$582M
Insurance - Brokers6.5%-2.7pp$456M
Travel Services4.4%-0.5pp$313M
Medical - Healthcare Plans4.3%+0.3pp$304M
Software - Infrastructure4.3%-4.3pp$303M
Country
US91.5%-0.3pp
IE4.5%-3.7pp
TW4.1%
Top 5: 23.0% · Top 10: 45.0% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.06B | 25 | -8.96% | +17.59% | -26.55% | -0.78B |
| 2025-12-31 | $9.58B | 23 | +8.48% | +17.72% | -9.24% | -0.31B |
| 2025-09-30 | $9.57B | 23 | -0.09% | +17.52% | -17.61% | -2.21B |
| 2025-06-30 | $11.61B | 24 | +7.11% | +14.94% | -7.83% | -1.58B |
| 2025-03-31 | $12.43B | 25 | -1.11% | +8.30% | -9.41% | -0.63B |
| 2024-12-31 | $13.39B | 24 | +10.69% | +24.89% | -14.20% | -0.48B |
| 2024-09-30 | $14.58B | 24 | +30.74% | +36.04% | -5.30% | -0.08B |
| 2024-06-30 | $13.48B | 24 | +12.49% | +24.49% | -12.01% | -1.69B |
| 2024-03-31 | $15.49B | 24 | +22.97% | +29.62% | -6.66% | -0.88B |
| 2023-12-31 | $14.99B | 25 | +19.20% | +26.18% | -6.97% | -0.86B |
| 2023-09-30 | $14.11B | 25 | +22.16% | +21.57% | +0.60% | -0.18B |
| 2023-06-30 | $15.27B | 26 | +21.07% | +19.42% | +1.65% | +0.09B |
| 2023-03-31 | $14.18B | 25 | -1.66% | -7.82% | +6.16% | +0.85B |
| 2022-12-31 | $12.59B | 26 | +15.17% | +7.56% | +7.61% | -0.85B |
| 2022-09-30 | $11.66B | 27 | -7.25% | -4.93% | -2.32% | -0.47B |
| 2022-06-30 | $13.08B | 25 | -13.01% | -16.11% | +3.10% | -0.20B |