Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.50%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.25%
baseline attrition
Rally response
-1.18%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $243M | 4.8% | -0.6% | 10.5 yr |
| GOOGAlphabet Inc. | $235M | 4.6% | +84.3% | 9.5 yr |
| AAPLApple Inc. | $184M | 3.6% | +14.7% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $163M | 3.2% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $144M | 2.8% | +9.5% | 7.8 yr |
| CBChubb Limited | $134M | 2.6% | +9.3% | 8.0 yr |
| VRTVertiv Holdings Co | $129M | 2.5% | +247.5% | 2.3 yr |
| BNBrookfield Corporation | $109M | 2.2% | +16.5% | 3.5 yr |
| GOOGLAlphabet Inc. | $104M | 2.1% | — | 9.3 yr |
| MRPMillrose Properties, Inc | $103M | 2.0% | +12.1% | 1.3 yr |
| MRKMerck & Co., Inc. | $96M | 1.9% | +38.9% | 10.5 yr |
| ADIAnalog Devices, Inc. | $93M | 1.8% | +60.2% | 5.3 yr |
| UNPUnion Pacific Corporatio | $90M | 1.8% | +5.1% | 6.0 yr |
| — | $86M | 1.7% | — | 1.8 yr |
| NVDANVIDIA Corporation | $83M | 1.6% | +60.9% | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information6.9%+1.0pp$350M
Software - Infrastructure6.1%-1.5pp$310M
Asset Management6.0%+0.9pp$303M
Semiconductors5.5%+3.8pp$277M
Gold5.3%+3.2pp$268M
Drug Manufacturers - General4.4%+1.2pp$223M
Insurance - Property & Casualty4.1%+0.8pp$209M
Unknown4.0%-0.4pp$203M
Insurance - Diversified3.8%-1.0pp$194M
Consumer Electronics3.6%-0.2pp$184M
Country
US77.6%-5.5pp
CA10.3%+4.3pp
Unknown4.0%-0.4pp
CH2.7%+0.6pp
IE2.0%-0.3pp
BM1.4%+0.0pp
GB1.1%+0.6pp
FR0.4%+0.4pp
Top 5: 19.1% · Top 10: 30.6% · Top 25: 52.0%
Top buys this quarter · 15
| MRK Merck & Co., Inc. | +$54M |
| LIN Linde plc | +$19M |
| MLM Martin Marietta Materials, Inc | +$17M |
| NVDA NVIDIA Corporation | +$16M |
| MU Micron Technology, Inc. | +$14M |
| RKT Rocket Companies, Inc. | +$14M |
| SHAK Shake Shack Inc. | +$9M |
| TXN Texas Instruments Incorporated | +$6M |
| OII Oceaneering International, Incnew | +$6M |
| TRV The Travelers Companies, Inc. | +$5M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$34M |
| AEM Agnico Eagle Mines Limited | −$24M |
| EQT EQT Corporation | −$22M |
| VRT Vertiv Holdings Co | −$97M |
| AVGO Broadcom Inc. | −$19M |
| ADI Analog Devices, Inc. | −$17M |
| REGN Regeneron Pharmaceuticals, Inc | −$16M |
| BEPC Brookfield Renewable Corporati | −$15M |
| ORCL Oracle Corporation | −$11M |
| GOOG Alphabet Inc. | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.06B | 419 | +21.00% | +17.59% | +3.41% | -0.19B |
| 2025-12-31 | $5.32B | 410 | +17.33% | +17.72% | -0.39% | -0.11B |
| 2025-09-30 | $5.30B | 400 | +13.82% | +17.52% | -3.69% | -0.10B |
| 2025-06-30 | $4.95B | 393 | +10.25% | +14.94% | -4.69% | -0.14B |
| 2025-03-31 | $4.64B | 390 | +1.76% | +8.30% | -6.54% | -0.02B |
| 2024-12-31 | $4.87B | 391 | +15.73% | +24.89% | -9.16% | -0.18B |
| 2024-09-30 | $5.08B | 401 | +27.38% | +36.04% | -8.65% | -0.01B |
| 2024-06-30 | $4.82B | 366 | +15.72% | +24.49% | -8.77% | -0.07B |
| 2024-03-31 | $4.84B | 383 | +24.14% | +29.62% | -5.48% | +3.47B |
| 2023-12-31 | $1.26B | 214 | +22.18% | +26.18% | -3.99% | -0.02B |
| 2023-09-30 | $1.17B | 205 | +21.71% | +21.57% | +0.14% | -0.01B |
| 2023-06-30 | $1.23B | 223 | +18.62% | +19.42% | -0.81% | +0.01B |
| 2023-03-31 | $1.12B | 215 | -6.10% | -7.82% | +1.71% | -0.01B |
| 2022-12-31 | $1.05B | 224 | +8.94% | +7.56% | +1.38% | -0.05B |
| 2022-09-30 | $1.01B | 192 | -6.43% | -4.93% | -1.51% | -0.03B |
| 2022-06-30 | $1.11B | 210 | -14.06% | -16.11% | +2.05% | -0.05B |