Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.62%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.03%
baseline attrition
Rally response
-13.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| QSRRestaurant Brands Intern | $1.43B | 11.5% | +15.1% | 10.5 yr |
| TMOThermo Fisher Scientific | $943M | 7.6% | -0.9% | 1.8 yr |
| DLTRDollar Tree, Inc. | $910M | 7.3% | +45.9% | 4.5 yr |
| FNVFranco-Nevada Corporatio | $857M | 6.9% | +58.0% | 10.5 yr |
| — | $845M | 6.8% | — | 3.0 yr |
| PKIPerkinElmer, Inc. | $771M | 6.2% | — | 2.0 yr |
| OROR Royalties Inc. | $741M | 5.9% | +80.9% | 1.0 yr |
| MATMattel, Inc. | $714M | 5.7% | -25.2% | 8.0 yr |
| SPGIS&P Global Inc. | $703M | 5.6% | -15.6% | 0.5 yr |
| JLLJones Lang LaSalle Incor | $580M | 4.6% | +22.8% | 3.0 yr |
| UNPUnion Pacific Corporatio | $526M | 4.2% | +5.1% | 2.0 yr |
| AQNAlgonquin Power & Utilit | $499M | 4.0% | +23.8% | 3.3 yr |
| DGXQuest Diagnostics Incorp | $440M | 3.5% | +17.5% | 1.0 yr |
| ROSTRoss Stores, Inc. | $419M | 3.4% | +71.2% | 4.5 yr |
| AMEAMETEK, Inc. | $402M | 3.2% | +25.3% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Medical - Diagnostics & Research19.3%+13.0pp$2.41B
Gold12.8%+8.1pp$1.60B
Restaurants11.5%+4.1pp$1.43B
Unknown8.4%-4.1pp$1.05B
Discount Stores7.3%+1.4pp$910M
Leisure5.7%+0.0pp$714M
Financial - Data & Stock Exchanges5.6%$703M
Real Estate - Services4.6%+1.0pp$580M
Railroads4.2%-3.5pp$526M
Semiconductors4.0%-2.1pp$502M
Country
US61.3%-4.0pp
CA29.6%+12.0pp
Unknown8.4%-4.1pp
IE0.7%-4.0pp
BR0.0%
Top 5: 40.0% · Top 10: 68.1% · Top 25: 99.4%
Top buys this quarter · 15
| SPGI S&P Global Inc. | +$624M |
| AMZN Amazon.com, Inc.new | +$280M |
| TMO Thermo Fisher Scientific Inc. | +$262M |
| QSR Restaurant Brands Internationa | +$200M |
| DGX Quest Diagnostics Incorporated | +$114M |
| RMBS Rambus Inc. | +$47M |
| FNV Franco-Nevada Corporation | +$27M |
| MAT Mattel, Inc. | +$714M |
| BRO Brown & Brown, Inc.new | +$7M |
| TWST Twist Bioscience Corporation | +$0M |
Top sells this quarter · 15
| ROST Ross Stores, Inc. | −$532M |
| AMAT Applied Materials, Inc. | −$449M |
| AME AMETEK, Inc. | −$224M |
| UNP Union Pacific Corporation | −$116M |
| OR OR Royalties Inc. | −$79M |
| JLL Jones Lang LaSalle Incorporate | −$62M |
| DLTR Dollar Tree, Inc. | −$38M |
| SLM SLM Corporationexit | −$37M |
| LKQ LKQ Corporation | −$35M |
| HBM Hudbay Minerals Inc. | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $12.48B | 37 | +39.78% | +17.59% | +22.19% | +0.05B |
| 2025-12-31 | $12.18B | 40 | +39.40% | +17.72% | +21.69% | -2.54B |
| 2025-09-30 | $13.39B | 43 | +21.92% | +17.52% | +4.41% | -1.64B |
| 2025-06-30 | $13.20B | 40 | +11.53% | +14.94% | -3.41% | -0.29B |
| 2025-03-31 | $12.33B | 40 | -7.94% | +8.30% | -16.25% | -0.54B |
| 2024-12-31 | $12.64B | 38 | -5.46% | +24.89% | -30.35% | +0.47B |
| 2024-09-30 | $12.66B | 38 | +10.49% | +36.04% | -25.55% | +0.32B |
| 2024-06-30 | $11.85B | 39 | -0.65% | +24.49% | -25.14% | +0.53B |
| 2024-03-31 | $12.54B | 42 | +16.12% | +29.62% | -13.51% | +0.48B |
| 2023-12-31 | $11.53B | 39 | +13.54% | +26.18% | -12.63% | -0.22B |
| 2023-09-30 | $10.45B | 41 | +15.60% | +21.57% | -5.97% | +0.05B |
| 2023-06-30 | $11.11B | 42 | +16.89% | +19.42% | -2.54% | +0.61B |
| 2023-03-31 | $9.94B | 42 | -3.30% | -7.82% | +4.52% | +0.39B |
| 2022-12-31 | $9.34B | 38 | +14.40% | +7.56% | +6.84% | -0.83B |
| 2022-09-30 | $8.90B | 40 | -5.33% | -4.93% | -0.40% | -1.67B |
| 2022-06-30 | $11.15B | 40 | -12.66% | -16.11% | +3.45% | +0.29B |