Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.35%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.86%
baseline attrition
Rally response
-2.97%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GLDMSPDR Gold MiniShares Tru | $113M | 28.9% | — | 4.3 yr |
| DMLPDorchester Minerals, L.P | $22M | 5.6% | +0.1% | 0.8 yr |
| BRK-BBerkshire Hathaway Inc. | $19M | 5.0% | — | 8.8 yr |
| MSFTMicrosoft Corporation | $11M | 2.9% | -0.6% | 10.5 yr |
| PPAInvesco Aerospace & Defe | $11M | 2.7% | — | 5.5 yr |
| GOOGLAlphabet Inc. | $10M | 2.5% | — | 5.5 yr |
| PGThe Procter & Gamble Com | $10M | 2.5% | -12.9% | 10.5 yr |
| XLEState Street Energy Sele | $9M | 2.4% | — | 3.8 yr |
| JNJJohnson & Johnson | $9M | 2.4% | +51.5% | 10.5 yr |
| AAPLApple Inc. | $9M | 2.3% | +14.7% | 10.5 yr |
| XLUState Street Utilities S | $9M | 2.3% | — | 3.8 yr |
| OIHVanEck Oil Services ETF | $8M | 2.2% | — | 4.8 yr |
| XOMExxon Mobil Corporation | $8M | 2.1% | +47.6% | 5.8 yr |
| CEGConstellation Energy Cor | $8M | 2.0% | +39.2% | 4.3 yr |
| CVXChevron Corporation | $8M | 2.0% | +29.2% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management44.3%+8.3pp$174M
Oil & Gas Integrated6.0%+0.7pp$23M
Oil & Gas Exploration & Production5.6%$22M
Insurance - Diversified5.0%-1.5pp$19M
Drug Manufacturers - General4.3%-0.5pp$17M
Internet Content & Information3.4%+1.0pp$13M
Software - Infrastructure3.0%-0.9pp$12M
Semiconductors2.6%+1.5pp$10M
Household & Personal Products2.5%-1.1pp$10M
Consumer Electronics2.3%-0.2pp$9M
Country
US93.0%-1.2pp
NL1.5%+1.0pp
DE1.1%-0.5pp
FR1.0%+0.2pp
NO0.9%+0.2pp
IE0.7%-1.0pp
GB0.7%
TW0.6%+0.3pp
Top 5: 44.9% · Top 10: 57.0% · Top 25: 81.7%
Top buys this quarter · 14
| SAP SAP SE | +$4M |
| RAL Ralliant Corp. | +$1M |
| MP MP Materials Corp.new | +$0M |
| CVX Chevron Corporation | +$0M |
| XOM Exxon Mobil Corporation | +$0M |
| LAB Standard BioTools Inc. | +$5M |
| TOTB.DE TotalEnergies SE | +$0M |
| CEG Constellation Energy Corporati | +$8M |
| MIR Mirion Technologies, Inc. | +$3M |
| EQNR Equinor ASA | +$0M |
Top sells this quarter · 15
| EYE National Vision Holdings, Inc.exit | −$3M |
| PWR Quanta Services, Inc. | −$2M |
| ACN Accenture plcexit | −$2M |
| WMT Walmart Inc. | −$2M |
| ICLR ICON Public Limited Companyexit | −$1M |
| JNJ Johnson & Johnson | −$8M |
| META Meta Platforms, Inc.exit | −$0M |
| AMZN Amazon.com, Inc. | −$0M |
| AAPL Apple Inc. | −$0M |
| NEE NextEra Energy, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $392M | 70 | +23.67% | +17.59% | +6.08% | -0.01B |
| 2025-12-31 | $387M | 79 | +13.75% | +17.72% | -3.97% | -0.04B |
| 2025-09-30 | $423M | 104 | +12.13% | +17.52% | -5.39% | +0.06B |
| 2025-06-30 | $342M | 88 | +12.05% | +14.94% | -2.89% | -0.03B |
| 2025-03-31 | $339M | 84 | +4.73% | +8.30% | -3.57% | +0.03B |
| 2024-12-31 | $326M | 87 | +21.49% | +24.89% | -3.39% | -0.01B |
| 2024-09-30 | $337M | 90 | +30.44% | +36.04% | -5.60% | +0.02B |
| 2024-06-30 | $294M | 77 | +19.71% | +24.49% | -4.78% | +0.02B |
| 2024-03-31 | $270M | 82 | +27.16% | +29.62% | -2.46% | -0.01B |
| 2023-12-31 | $251M | 83 | +22.12% | +26.18% | -4.06% | -0.01B |
| 2023-09-30 | $240M | 84 | +23.53% | +21.57% | +1.96% | +0.01B |
| 2023-06-30 | $231M | 86 | +19.49% | +19.42% | +0.07% | +0.00B |
| 2023-03-31 | $211M | 82 | -3.73% | -7.82% | +4.08% | -0.01B |
| 2022-12-31 | $209M | 81 | +8.58% | +7.56% | +1.02% | +0.02B |
| 2022-09-30 | $176M | 74 | -5.68% | -4.93% | -0.75% | +0.00B |
| 2022-06-30 | $182M | 71 | -11.84% | -16.11% | +4.27% | -0.02B |