Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.42%
adds when stocks drop
when a holding falls −10%+
Middle response
+4.32%
steady accumulation
Rally response
-1.12%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WTMWhite Mountains Insuranc | $173M | 19.9% | +14.1% | 10.5 yr |
| GHCGraham Holdings Company | $164M | 18.8% | +10.9% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $116M | 13.3% | — | 10.5 yr |
| IACIAC InterActive Corp. | $45M | 5.1% | +6.3% | 0.8 yr |
| SEBSeaboard Corporation | $42M | 4.8% | +110.2% | 1.3 yr |
| JNJJohnson & Johnson | $29M | 3.3% | +51.5% | 10.5 yr |
| LLoews Corporation | $27M | 3.2% | +16.4% | 10.5 yr |
| UHAL-BU-Haul Holding Company | $24M | 2.8% | — | 0.3 yr |
| MHKMohawk Industries, Inc. | $21M | 2.4% | -13.8% | 6.3 yr |
| TAPMolson Coors Beverage Co | $20M | 2.3% | -26.4% | 1.8 yr |
| GLBKVGCI Liberty, Inc. Series | $19M | 2.2% | — | 0.8 yr |
| RSGRepublic Services, Inc. | $18M | 2.0% | -8.9% | 10.5 yr |
| AMGAffiliated Managers Grou | $17M | 2.0% | +64.7% | 6.8 yr |
| IMKTAIngles Markets, Incorpor | $17M | 2.0% | — | 0.8 yr |
| CNXCNX Resources Corporatio | $16M | 1.9% | +22.5% | 4.0 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Property & Casualty23.1%+0.2pp$201M
Education & Training Services18.8%-1.4pp$164M
Insurance - Diversified14.5%-7.0pp$126M
Internet Content & Information5.7%+4.8pp$50M
Conglomerates4.8%+3.3pp$42M
Drug Manufacturers - General3.7%+0.3pp$32M
Unknown3.6%+0.2pp$31M
Rental & Leasing Services3.0%$26M
Telecommunications Services2.7%-2.4pp$24M
Asset Management2.4%+0.5pp$21M
Country
US76.4%+4.5pp
BM19.9%+0.2pp
Unknown3.6%+0.2pp
CA0.1%-0.0pp
NL0.1%
GB0.0%-2.3pp
Top 5: 62.0% · Top 10: 75.9% · Top 25: 95.5%
Top buys this quarter · 15
| IAC IAC InterActive Corp. | +$9M |
| JOUT Johnson Outdoors Inc. | +$3M |
| TAP Molson Coors Beverage Company | +$2M |
| UHAL U-Haul Holding Companynew | +$2M |
| PIPR Piper Sandler Companiesnew | +$1M |
| MHK Mohawk Industries, Inc. | +$21M |
| CNX CNX Resources Corporation | +$0M |
| HTLD Heartland Express, Inc. | +$0M |
| CLX The Clorox Company | +$0M |
| SPY State Street SPDR S&P 500 ETF | +$0M |
Top sells this quarter · 15
| JNJ Johnson & Johnson | −$28M |
| WTM White Mountains Insurance Grou | −$167M |
| GHC Graham Holdings Company | −$2M |
| SEB Seaboard Corporation | −$34M |
| RSG Republic Services, Inc. | −$1M |
| KO The Coca-Cola Company | −$1M |
| AMG Affiliated Managers Group, Inc | −$1M |
| L Loews Corporation | −$1M |
| TRIP Tripadvisor, Inc. | −$0M |
| ABT Abbott Laboratoriesexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $871M | 75 | +13.84% | +17.59% | -3.75% | +0.02B |
| 2025-12-31 | $830M | 75 | +14.21% | +17.72% | -3.51% | -0.02B |
| 2025-09-30 | $805M | 77 | +13.15% | +17.52% | -4.37% | +0.01B |
| 2025-06-30 | $734M | 72 | +11.13% | +14.94% | -3.81% | -0.02B |
| 2025-03-31 | $781M | 83 | +9.74% | +8.30% | +1.43% | +0.03B |
| 2024-12-31 | $732M | 81 | +18.25% | +24.89% | -6.64% | -0.04B |
| 2024-09-30 | $738M | 85 | +21.03% | +36.04% | -15.01% | +0.00B |
| 2024-06-30 | $690M | 80 | +14.07% | +24.49% | -10.42% | -0.01B |
| 2024-03-31 | $733M | 77 | +19.56% | +29.62% | -10.06% | -0.01B |
| 2023-12-31 | $673M | 76 | +6.85% | +26.18% | -19.33% | -0.03B |
| 2023-09-30 | $652M | 77 | +9.03% | +21.57% | -12.54% | -0.00B |
| 2023-06-30 | $648M | 82 | +0.94% | +19.42% | -18.49% | +0.04B |
| 2023-03-31 | $610M | 64 | -5.23% | -7.82% | +2.59% | -0.02B |
| 2022-12-31 | $638M | 66 | -8.76% | -18.17% | +9.42% | -0.02B |
| 2022-09-30 | $600M | 66 | -7.54% | -15.51% | +7.97% | -0.02B |
| 2022-06-30 | $664M | 72 | +8.15% | -10.62% | +18.77% | +0.04B |