Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.41%
adds when stocks drop
when a holding falls −10%+
Middle response
-11.76%
baseline attrition
Rally response
-9.07%
trims into rallies
when a holding rises +10%+
Top positions · 27
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $234M | 25.6% | +17.6% | 6.3 yr |
| — | $62M | 6.7% | — | 2.3 yr |
| AMZNAmazon.com, Inc. | $61M | 6.6% | +9.5% | 5.8 yr |
| MSFTMicrosoft Corporation | $52M | 5.7% | -0.6% | 7.3 yr |
| AONAon plc | $49M | 5.4% | -18.4% | 3.5 yr |
| TSMTaiwan Semiconductor Man | $45M | 5.0% | +105.6% | 0.8 yr |
| MAMastercard Incorporated | $34M | 3.7% | -8.5% | 6.5 yr |
| MSCIMSCI Inc. | $33M | 3.6% | -3.4% | 2.3 yr |
| AZOAutoZone, Inc. | $32M | 3.5% | -11.4% | 10.5 yr |
| CSGPCoStar Group, Inc. | $31M | 3.3% | -49.1% | 1.5 yr |
| GOOGAlphabet Inc. | $27M | 3.0% | +84.3% | 8.3 yr |
| SAPSAP SE | $26M | 2.9% | -35.8% | 1.3 yr |
| KMBKimberly-Clark Corporati | $26M | 2.9% | -29.2% | 2.3 yr |
| FICOFair Isaac Corporation | $24M | 2.6% | -42.1% | 0.8 yr |
| RSPInvesco S&P 500 Equal We | $23M | 2.5% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management28.1%+14.6pp$257M
Specialty Retail10.1%-0.2pp$93M
Software - Application7.5%-4.0pp$69M
Unknown6.9%-0.6pp$63M
Semiconductors6.2%+5.4pp$56M
Software - Infrastructure5.7%-1.0pp$52M
Insurance - Brokers5.4%+1.0pp$49M
Financial - Credit Services5.4%+1.0pp$49M
Internet Content & Information3.9%+0.3pp$35M
Financial - Data & Stock Exchanges3.6%+0.4pp$33M
Country
US79.9%-4.9pp
Unknown6.9%-0.6pp
IE5.4%+0.7pp
TW5.0%
DE2.9%+1.5pp
Top 5: 50.1% · Top 10: 69.2% · Top 25: 99.2%
Top buys this quarter · 15
| GOOGL Alphabet Inc. | +$0M |
| SPY State Street SPDR S&P 500 ETF | +$28M |
| TMO Thermo Fisher Scientific Inc. | +$17M |
| WBD Warner Bros. Discovery, Inc.new | +$12M |
| NVDA NVIDIA Corporation | +$11M |
| HSIC Henry Schein, Inc. | +$10M |
| TSM Taiwan Semiconductor Manufactu | +$9M |
| KMB Kimberly-Clark Corporation | +$8M |
| CSGP CoStar Group, Inc. | +$31M |
| V Visa Inc. | +$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $915M | 27 | -8.21% | +17.59% | -25.81% | +0.05B |
| 2025-12-31 | $989M | 26 | +2.91% | +17.72% | -14.81% | +0.08B |
| 2025-09-30 | $913M | 163 | +8.98% | +17.52% | -8.54% | -0.08B |
| 2025-06-30 | $963M | 498 | +13.50% | +14.94% | -1.44% | -0.15B |
| 2025-03-31 | $1.07B | 575 | +7.94% | +8.30% | -0.36% | +0.06B |
| 2024-12-31 | $1.03B | 572 | +23.30% | +24.89% | -1.58% | -0.04B |
| 2024-09-30 | $1.03B | 536 | +30.43% | +36.04% | -5.61% | -0.12B |
| 2024-06-30 | $1.07B | 575 | +22.14% | +24.49% | -2.36% | -0.02B |
| 2024-03-31 | $1.11B | 609 | +35.90% | +29.62% | +6.28% | -0.07B |
| 2023-12-31 | $1.05B | 585 | +31.29% | +26.18% | +5.11% | +0.02B |
| 2023-09-30 | $934M | 556 | +22.99% | +21.57% | +1.43% | +0.04B |
| 2023-06-30 | $890M | 566 | +10.73% | +19.42% | -8.69% | -0.01B |
| 2023-03-31 | $824M | 522 | -15.05% | -7.82% | -7.23% | -0.02B |
| 2022-12-31 | $787M | 468 | -24.85% | -18.17% | -6.68% | +0.06B |
| 2022-09-30 | $703M | 236 | -19.78% | -15.51% | -4.27% | +0.07B |
| 2022-06-30 | $701M | 134 | -10.37% | -10.62% | +0.25% | +0.04B |