Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.09%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.56%
baseline attrition
Rally response
-8.43%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| KATScharf ETF | $244M | 7.5% | — | 0.8 yr |
| OXYOccidental Petroleum Cor | $233M | 7.2% | +34.6% | 2.0 yr |
| MCKMcKesson Corporation | $192M | 5.9% | +29.1% | 10.5 yr |
| UNPUnion Pacific Corporatio | $146M | 4.5% | +5.1% | 4.3 yr |
| FNVFranco-Nevada Corporatio | $138M | 4.2% | +58.0% | 1.0 yr |
| MSFTMicrosoft Corporation | $127M | 3.9% | -0.6% | 10.5 yr |
| MKLMarkel Corporation | $117M | 3.6% | +2.4% | 5.8 yr |
| METAMeta Platforms, Inc. | $116M | 3.6% | -0.4% | 5.0 yr |
| GKATScharf Global Opportunit | $115M | 3.6% | — | 0.8 yr |
| BNBrookfield Corporation | $112M | 3.4% | +16.5% | 3.5 yr |
| BRK-BBerkshire Hathaway Inc. | $111M | 3.4% | — | 10.5 yr |
| VVisa Inc. | $111M | 3.4% | -13.1% | 8.8 yr |
| ZTSZoetis Inc. | $99M | 3.1% | -27.2% | 0.8 yr |
| CMECME Group Inc. | $96M | 3.0% | +15.6% | 1.8 yr |
| NVSNovartis AG | $90M | 2.8% | +39.7% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management18.1%+9.0pp$588M
Oil & Gas Exploration & Production7.2%+2.8pp$233M
Insurance - Property & Casualty6.3%+1.3pp$205M
Medical - Distribution5.9%-1.8pp$192M
Drug Manufacturers - General5.9%+1.6pp$190M
Insurance - Brokers4.9%+2.2pp$160M
Railroads4.8%+0.8pp$157M
Medical - Diagnostics & Research4.7%+4.7pp$152M
Gold4.2%$138M
Software - Infrastructure4.0%-4.3pp$129M
Country
US83.4%-2.1pp
CA8.0%+2.5pp
CH5.5%+1.3pp
IE2.6%-0.3pp
GB0.4%-1.4pp
Unknown0.1%
UY0.0%
Top 5: 29.3% · Top 10: 47.5% · Top 25: 87.1%
Top buys this quarter · 15
| OXY Occidental Petroleum Corporati | +$42M |
| META Meta Platforms, Inc. | +$29M |
| A Agilent Technologies, Inc. | +$26M |
| ADBE Adobe Inc. | +$25M |
| AON Aon plc | +$15M |
| SPY State Street SPDR S&P 500 ETF | +$9M |
| AWK American Water Works Company, new | +$5M |
| SLB SLB N.V. | +$4M |
| CNI Canadian National Railway Comp | +$3M |
| ZTS Zoetis Inc. | +$99M |
Top sells this quarter · 15
| ORCL Oracle Corporation | −$73M |
| NVS Novartis AG | −$57M |
| SNN Smith & Nephew plc | −$53M |
| MCK McKesson Corporation | −$38M |
| LMT Lockheed Martin Corporation | −$36M |
| FNV Franco-Nevada Corporation | −$33M |
| BN Brookfield Corporation | −$31M |
| DCI Donaldson Company, Inc. | −$21M |
| CME CME Group Inc. | −$19M |
| HSY The Hershey Company | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.24B | 70 | +2.81% | +17.59% | -14.78% | -0.23B |
| 2025-12-31 | $3.72B | 72 | +12.98% | +17.72% | -4.74% | -0.22B |
| 2025-09-30 | $3.98B | 69 | +11.73% | +17.52% | -5.78% | +0.38B |
| 2025-06-30 | $3.47B | 66 | +15.99% | +14.94% | +1.05% | -0.07B |
| 2025-03-31 | $3.31B | 69 | +7.73% | +8.30% | -0.57% | -0.15B |
| 2024-12-31 | $3.37B | 69 | +11.79% | +24.89% | -13.09% | -0.19B |
| 2024-09-30 | $3.63B | 68 | +25.56% | +36.04% | -10.48% | -0.14B |
| 2024-06-30 | $3.51B | 58 | +15.57% | +24.49% | -8.92% | -0.17B |
| 2024-03-31 | $3.69B | 61 | +23.44% | +29.62% | -6.18% | -0.19B |
| 2023-12-31 | $3.65B | 60 | +16.67% | +26.18% | -9.51% | -0.04B |
| 2023-09-30 | $3.35B | 49 | +19.50% | +21.57% | -2.07% | +0.04B |
| 2023-06-30 | $3.33B | 51 | +10.38% | +19.42% | -9.05% | -0.03B |
| 2023-03-31 | $3.17B | 48 | -4.03% | -7.82% | +3.79% | +0.09B |
| 2022-12-31 | $3.06B | 51 | -8.96% | -18.17% | +9.22% | +0.07B |
| 2022-09-30 | $2.65B | 50 | -10.36% | -15.51% | +5.15% | -0.03B |
| 2022-06-30 | $2.93B | 49 | -1.56% | -10.62% | +9.06% | -0.19B |