Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.77%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.76%
steady accumulation
Rally response
-1.03%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SGOViShares 0-3 Month Treasu | $177M | 2.7% | — | 2.5 yr |
| ADIAnalog Devices, Inc. | $172M | 2.7% | +60.2% | 10.5 yr |
| LMTLockheed Martin Corporat | $163M | 2.5% | +39.0% | 10.5 yr |
| CVXChevron Corporation | $160M | 2.5% | +29.2% | 10.5 yr |
| SNASnap-on Incorporated | $158M | 2.5% | +10.7% | 6.5 yr |
| CBChubb Limited | $157M | 2.4% | +9.3% | 10.3 yr |
| HSYThe Hershey Company | $144M | 2.2% | +25.3% | 4.3 yr |
| WECWEC Energy Group, Inc. | $143M | 2.2% | +9.8% | 3.5 yr |
| LINLinde plc | $140M | 2.2% | +7.9% | 3.3 yr |
| ETREntergy Corporation | $138M | 2.1% | +35.0% | 7.3 yr |
| FASTFastenal Company | $138M | 2.1% | +22.1% | 10.5 yr |
| SOThe Southern Company | $137M | 2.1% | +8.4% | 10.5 yr |
| MDLZMondelez International, | $122M | 1.9% | -13.0% | 1.0 yr |
| GILDGilead Sciences, Inc. | $120M | 1.9% | +27.7% | 8.3 yr |
| CSCOCisco Systems, Inc. | $120M | 1.9% | +28.1% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management8.8%+0.2pp$567M
Regulated Electric6.5%+0.4pp$419M
Insurance - Property & Casualty5.8%-0.4pp$372M
Asset Management - Bonds5.6%-1.0pp$364M
Food Confectioners4.1%+2.4pp$265M
Chemicals - Specialty3.9%+0.0pp$249M
Industrial - Machinery3.7%+0.5pp$238M
Semiconductors3.5%+1.0pp$222M
Household & Personal Products3.4%-0.5pp$222M
Banks - Diversified3.0%+0.2pp$192M
Country
US87.9%-2.5pp
GB3.8%-0.2pp
CH2.5%+0.1pp
Unknown2.2%+1.0pp
IE1.4%+1.0pp
NL0.7%+0.1pp
BM0.5%-0.0pp
CA0.3%+0.2pp
Top 5: 12.9% · Top 10: 24.1% · Top 25: 50.3%
Top buys this quarter · 15
| MDLZ Mondelez International, Inc. | +$21M |
| RLI RLI Corp. | +$21M |
| DEO Diageo plc | +$19M |
| MORN Morningstar, Inc. | +$18M |
| CLX The Clorox Company | +$16M |
| TREX Trex Company, Inc.new | +$14M |
| DOW Dow Inc. | +$12M |
| PAYC Paycom Software, Inc. | +$50M |
| STZ Constellation Brands, Inc. | +$9M |
| APD Air Products and Chemicals, In | +$8M |
Top sells this quarter · 15
| NTRS Northern Trust Corporation | −$57M |
| KEYS Keysight Technologies, Inc. | −$44M |
| TJX The TJX Companies, Inc. | −$21M |
| ADI Analog Devices, Inc. | −$159M |
| MKC McCormick & Company, Incorporaexit | −$14M |
| SNA Snap-on Incorporated | −$12M |
| WEC WEC Energy Group, Inc. | −$140M |
| DLTR Dollar Tree, Inc. | −$10M |
| CB Chubb Limited | −$9M |
| LMT Lockheed Martin Corporation | −$138M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.44B | 283 | +6.13% | +17.59% | -11.46% | -0.39B |
| 2025-12-31 | $6.67B | 296 | +5.69% | +17.72% | -12.03% | -0.24B |
| 2025-09-30 | $7.01B | 294 | +4.41% | +17.52% | -13.10% | -0.34B |
| 2025-06-30 | $7.08B | 287 | +11.13% | +14.94% | -3.81% | +0.04B |
| 2025-03-31 | $6.94B | 293 | +5.87% | +8.30% | -2.43% | -0.41B |
| 2024-12-31 | $7.21B | 299 | +11.69% | +24.89% | -13.19% | -0.08B |
| 2024-09-30 | $7.48B | 298 | +26.50% | +36.04% | -9.54% | -0.17B |
| 2024-06-30 | $6.93B | 299 | +10.09% | +24.49% | -14.40% | -0.25B |
| 2024-03-31 | $7.44B | 296 | +18.54% | +29.62% | -11.08% | -0.17B |
| 2023-12-31 | $7.07B | 294 | +13.73% | +26.18% | -12.44% | -0.05B |
| 2023-09-30 | $6.46B | 290 | +15.18% | +21.57% | -6.39% | -0.14B |
| 2023-06-30 | $6.86B | 298 | +13.46% | +19.42% | -5.97% | -0.19B |
| 2023-03-31 | $6.79B | 301 | -3.02% | -7.82% | +4.80% | -0.12B |
| 2022-12-31 | $6.70B | 305 | -10.32% | -18.17% | +7.86% | +0.01B |
| 2022-09-30 | $5.99B | 298 | -10.85% | -15.51% | +4.66% | -0.08B |
| 2022-06-30 | $6.42B | 310 | -5.31% | -10.62% | +5.31% | +0.06B |