Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+16.02%
adds when stocks drop
when a holding falls −10%+
Middle response
-13.60%
baseline attrition
Rally response
-32.75%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CWTCalifornia Water Service | $73M | 10.1% | -3.9% | 8.3 yr |
| MRTNMarten Transport, Ltd. | $63M | 8.8% | -2.4% | 2.3 yr |
| — | $53M | 7.4% | — | 0.3 yr |
| CLXThe Clorox Company | $53M | 7.3% | -26.7% | 6.5 yr |
| WERNWerner Enterprises, Inc. | $45M | 6.2% | +2.3% | 7.0 yr |
| SOLVSolventum Corporation | $44M | 6.1% | -14.1% | 2.0 yr |
| MASIMasimo Corporation | $44M | 6.1% | +6.8% | 0.3 yr |
| KMBKimberly-Clark Corporati | $30M | 4.1% | -29.2% | 7.0 yr |
| KVUEKenvue Inc. | $29M | 4.0% | -25.0% | 1.5 yr |
| HTOH2O America | $23M | 3.2% | +10.9% | 8.0 yr |
| GLGlobe Life Inc. | $22M | 3.0% | +6.3% | 2.5 yr |
| ATRAptarGroup, Inc. | $20M | 2.7% | -13.9% | 9.3 yr |
| LNNLindsay Corporation | $19M | 2.7% | -4.8% | 9.3 yr |
| REEverest Re Group, Ltd. | $18M | 2.4% | — | 6.8 yr |
| BDXBecton, Dickinson and Co | $17M | 2.3% | +14.0% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Household & Personal Products15.8%+1.3pp$113M
Regulated Water15.4%+3.4pp$110M
Trucking15.0%+3.9pp$108M
Unknown7.4%-0.1pp$53M
Medical - Devices6.3%$45M
Medical - Care Facilities6.1%+2.6pp$44M
Medical - Diagnostics & Research5.2%+4.5pp$37M
Medical - Instruments & Supplies5.1%-1.7pp$36M
Agricultural - Machinery3.7%+2.7pp$26M
Insurance - Life3.0%-1.8pp$22M
Country
US89.2%-2.5pp
Unknown7.4%-0.1pp
BM2.4%+2.1pp
GB1.0%+0.6pp
Top 5: 39.9% · Top 10: 63.4% · Top 25: 91.7%
Top buys this quarter · 15
| MASI Masimo Corporationnew | +$44M |
| KMB Kimberly-Clark Corporation | +$19M |
| WAT Waters Corporation | +$12M |
| TMO Thermo Fisher Scientific Inc. | +$5M |
| AIG American International Group, new | +$4M |
| MMM 3M Company | +$4M |
| WTRG Essential Utilities, Inc. | +$3M |
| EL The Estée Lauder Companies In | +$2M |
| SOLV Solventum Corporation | +$44M |
| DHR Danaher Corporationnew | +$2M |
Top sells this quarter · 15
| HTO H2O America | −$30M |
| CLX The Clorox Company | −$29M |
| HOLX Hologic, Inc.exit | −$27M |
| KVUE Kenvue Inc. | −$20M |
| MRTN Marten Transport, Ltd. | −$19M |
| IEX IDEX Corporation | −$14M |
| WERN Werner Enterprises, Inc. | −$13M |
| ATR AptarGroup, Inc. | −$12M |
| KNX Knight-Swift Transportation Hoexit | −$11M |
| GL Globe Life Inc. | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $717M | 43 | +17.52% | +17.59% | -0.07% | -0.23B |
| 2025-12-31 | $908M | 45 | +9.56% | +17.72% | -8.16% | -0.11B |
| 2025-09-30 | $982M | 46 | +1.49% | +17.52% | -16.03% | -0.36B |
| 2025-06-30 | $1.28B | 46 | +11.72% | +14.94% | -3.22% | -0.30B |
| 2025-03-31 | $1.52B | 49 | +6.70% | +8.30% | -1.60% | -0.88B |
| 2024-12-31 | $2.48B | 53 | +13.22% | +24.89% | -11.66% | -0.39B |
| 2024-09-30 | $2.98B | 48 | +31.82% | +36.04% | -4.22% | -0.80B |
| 2024-06-30 | $3.27B | 48 | +2.04% | +24.49% | -22.45% | -0.51B |
| 2024-03-31 | $3.81B | 49 | +5.87% | +29.62% | -23.75% | -0.68B |
| 2023-12-31 | $4.37B | 47 | +3.23% | +26.18% | -22.95% | -0.21B |
| 2023-09-30 | $4.08B | 48 | +5.07% | +21.57% | -16.49% | -0.10B |
| 2023-06-30 | $4.68B | 52 | +6.41% | +19.42% | -13.01% | -0.18B |
| 2023-03-31 | $4.72B | 51 | -7.89% | -7.82% | -0.07% | -0.06B |
| 2022-12-31 | $4.77B | 56 | +14.10% | +7.56% | +6.54% | -0.35B |
| 2022-09-30 | $4.49B | 55 | -9.47% | -4.93% | -4.54% | -0.06B |
| 2022-06-30 | $5.04B | 52 | -11.00% | -16.11% | +5.11% | +0.06B |