Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.70%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.05%
baseline attrition
Rally response
-2.30%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $468M | 7.6% | — | 2.5 yr |
| MOATVanEck Morningstar Wide | $259M | 4.2% | — | 2.5 yr |
| AAPLApple Inc. | $247M | 4.0% | +14.7% | 2.5 yr |
| IJRiShares Core S&P Small-C | $195M | 3.2% | — | 2.5 yr |
| MSFTMicrosoft Corporation | $169M | 2.7% | -0.6% | 2.5 yr |
| IVViShares Core S&P 500 ETF | $159M | 2.6% | — | 2.5 yr |
| FPAGFPA Global Equity ETF | $158M | 2.6% | — | 2.0 yr |
| GOOGAlphabet Inc. | $156M | 2.5% | +84.3% | 2.5 yr |
| ITOTiShares Core S&P Total U | $150M | 2.4% | — | 2.5 yr |
| IJHiShares Core S&P Mid-Cap | $139M | 2.3% | — | 2.5 yr |
| VOOVanguard S&P 500 ETF | $124M | 2.0% | — | 2.5 yr |
| IWRiShares Russell Mid-Cap | $109M | 1.8% | — | 2.5 yr |
| GOOGLAlphabet Inc. | $107M | 1.7% | — | 2.3 yr |
| JPMJPMorgan Chase & Co. | $92M | 1.5% | +21.8% | 2.5 yr |
| GLDSPDR Gold Shares | $87M | 1.4% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management48.1%+2.5pp$2.97B
Insurance - Diversified8.1%-2.3pp$500M
Internet Content & Information4.6%+1.1pp$282M
Consumer Electronics4.0%-0.7pp$247M
Software - Infrastructure3.3%+0.7pp$206M
Asset Management - Bonds3.3%+0.6pp$203M
Banks - Diversified2.5%+0.1pp$154M
Drug Manufacturers - General1.8%-0.1pp$110M
Semiconductors1.7%+0.6pp$107M
Specialty Retail1.4%-0.2pp$87M
Country
US97.9%+0.7pp
IE1.0%-0.4pp
GB0.6%-0.1pp
CA0.3%+0.0pp
Unknown0.1%-0.0pp
TW0.1%-0.0pp
CH0.0%+0.0pp
IL0.0%-0.0pp
Top 5: 21.7% · Top 10: 34.0% · Top 25: 54.0%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$62M |
| NVDA NVIDIA Corporation | +$26M |
| ORCL Oracle Corporation | +$19M |
| PEP PepsiCo, Inc. | +$16M |
| AMZN Amazon.com, Inc. | +$13M |
| NKE NIKE, Inc. | +$10M |
| SPY State Street SPDR S&P 500 ETF | +$9M |
| PM Philip Morris International In | +$9M |
| NTRS Northern Trust Corporation | +$8M |
| PFE Pfizer Inc. | +$8M |
Top sells this quarter · 15
| AAPL Apple Inc. | −$6M |
| FITB Fifth Third Bancorp | −$2M |
| ISSC Innovative Aerosystems, Inc. | −$1M |
| ARCC Ares Capital Corporation | −$1M |
| CAT Caterpillar Inc. | −$52M |
| MPC Marathon Petroleum Corporation | −$2M |
| AEM Agnico Eagle Mines Limited | −$0M |
| BMY Bristol-Myers Squibb Company | −$0M |
| VLO Valero Energy Corporationexit | −$0M |
| SKE.TO Skeena Resources Limitedexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.17B | 516 | +17.36% | +17.59% | -0.23% | +1.48B |
| 2025-12-31 | $4.87B | 484 | +16.54% | +17.72% | -1.18% | -0.94B |
| 2025-09-30 | $5.59B | 553 | +14.63% | +17.52% | -2.89% | -0.03B |
| 2025-06-30 | $5.13B | 535 | +11.56% | +14.94% | -3.38% | -0.38B |
| 2025-03-31 | $5.16B | 592 | +6.68% | +8.30% | -1.62% | +0.34B |
| 2024-12-31 | $5.03B | 594 | +19.28% | +24.89% | -5.61% | -0.25B |
| 2024-09-30 | $5.17B | 591 | +30.41% | +36.04% | -5.63% | +0.41B |
| 2024-06-30 | $4.46B | 572 | +15.36% | +24.49% | -9.13% | -0.05B |
| 2024-03-31 | $4.41B | 588 | +19.83% | +29.62% | -9.80% | +1.53B |
| 2023-12-31 | $2.70B | 537 | +19.29% | +26.18% | -6.88% | +2.67B |
| 2023-09-30 | $23M | 81 | +14.21% | +21.57% | -7.36% | +0.00B |
| 2023-06-30 | $24M | 79 | +21.17% | +19.42% | +1.75% | -0.00B |
| 2023-03-31 | $24M | 73 | -7.12% | -7.82% | +0.70% | -0.00B |
| 2022-12-31 | $24M | 77 | +7.00% | +7.56% | -0.56% | +0.00B |
| 2022-09-30 | $21M | 71 | +0.12% | -4.93% | +5.04% | +0.00B |
| 2022-06-30 | $21M | 69 | -18.69% | -16.11% | -2.58% | -0.00B |