Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.60%
adds when stocks drop
when a holding falls −10%+
Middle response
-5.98%
baseline attrition
Rally response
-4.89%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $97M | 23.1% | — | 9.3 yr |
| AMZNAmazon.com, Inc. | $29M | 6.9% | +9.5% | 9.0 yr |
| CWCurtiss-Wright Corporati | $23M | 5.5% | +115.0% | 10.5 yr |
| VTIVanguard Total Stock Mar | $21M | 5.0% | — | 4.5 yr |
| VOOGVanguard S&P 500 Growth | $19M | 4.4% | — | 2.3 yr |
| VOOVanguard S&P 500 ETF | $14M | 3.4% | — | 2.3 yr |
| DMLPDorchester Minerals, L.P | $14M | 3.2% | +0.1% | 10.5 yr |
| LZBLa-Z-Boy Incorporated | $11M | 2.7% | -15.8% | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $11M | 2.5% | — | 4.8 yr |
| CSCOCisco Systems, Inc. | $10M | 2.4% | +28.1% | 10.5 yr |
| MSFTMicrosoft Corporation | $9M | 2.2% | -0.6% | 7.5 yr |
| LNGCheniere Energy, Inc. | $9M | 2.2% | +23.8% | 5.5 yr |
| PHYSSprott Physical Gold Tru | $9M | 2.1% | — | 1.8 yr |
| SPYState Street SPDR S&P 50 | $8M | 1.8% | +17.6% | 6.5 yr |
| QLTYGMO U.S. Quality ETF | $7M | 1.8% | — | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management32.8%-3.2pp$138M
Internet Content & Information24.0%+6.2pp$101M
Specialty Retail7.9%-0.6pp$33M
Oil & Gas Midstream6.3%-0.8pp$26M
Aerospace & Defense5.5%+1.3pp$23M
Oil & Gas Exploration & Production3.2%-2.1pp$14M
Furnishings, Fixtures & Appliances2.7%-3.3pp$11M
Communication Equipment2.4%-0.2pp$10M
Software - Infrastructure2.2%+1.8pp$9M
Medical - Diagnostics & Research1.7%-0.6pp$7M
Country
US95.3%+0.2pp
CA2.9%+1.9pp
CN1.1%+0.9pp
Unknown0.5%
KR0.1%-0.1pp
GB0.1%-3.4pp
Top 5: 44.8% · Top 10: 59.2% · Top 25: 82.3%
Top buys this quarter · 15
| AMZN Amazon.com, Inc. | +$9M |
| MSFT Microsoft Corporation | +$6M |
| CSGP CoStar Group, Inc. | +$5M |
| NVDA NVIDIA Corporation | +$4M |
| BX Blackstone Inc.new | +$2M |
| AAPL Apple Inc. | +$1M |
| EPD Enterprise Products Partners L | +$0M |
| SPY State Street SPDR S&P 500 ETF | +$8M |
| CMI Cummins Inc. | +$0M |
| JNJ Johnson & Johnson | +$0M |
Top sells this quarter · 15
| ARM Arm Holdings plc American Depo | −$15M |
| CFLT Confluent, Inc.exit | −$13M |
| CW Curtiss-Wright Corporation | −$6M |
| GPC Genuine Parts Company | −$2M |
| DMLP Dorchester Minerals, L.P. | −$13M |
| HNGE Hinge Health, Inc.exit | −$0M |
| CSCO Cisco Systems, Inc. | −$10M |
| GOOGL Alphabet Inc. | −$0M |
| KWEB KraneShares CSI China Internet | −$0M |
| XLE State Street Energy Select Sec | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $420M | 78 | +21.76% | +17.59% | +4.17% | -0.02B |
| 2025-12-31 | $422M | 80 | +10.79% | +17.72% | -6.93% | +0.05B |
| 2025-09-30 | $365M | 72 | +13.60% | +17.52% | -3.92% | +0.02B |
| 2025-06-30 | $340M | 69 | +18.69% | +14.94% | +3.74% | +0.00B |
| 2025-03-31 | $304M | 69 | +6.19% | +8.30% | -2.11% | +0.02B |
| 2024-12-31 | $304M | 67 | +24.76% | +24.89% | -0.13% | -0.01B |
| 2024-09-30 | $299M | 68 | +29.81% | +36.04% | -6.23% | +0.02B |
| 2024-06-30 | $264M | 70 | +18.33% | +24.49% | -6.16% | +0.03B |
| 2024-03-31 | $238M | 66 | +27.30% | +29.62% | -2.32% | -0.03B |
| 2023-12-31 | $240M | 53 | +22.25% | +26.18% | -3.93% | -0.05B |
| 2023-09-30 | $262M | 56 | +6.83% | +21.57% | -14.74% | +0.01B |
| 2023-06-30 | $259M | 57 | +13.34% | +19.42% | -6.08% | +0.01B |
| 2023-03-31 | $230M | 55 | -11.14% | -7.82% | -3.32% | +0.00B |
| 2022-12-31 | $211M | 56 | -4.55% | +7.56% | -12.11% | -0.02B |
| 2022-09-30 | $245M | 58 | +3.76% | -4.93% | +8.69% | -0.02B |
| 2022-06-30 | $252M | 58 | -16.03% | -16.11% | +0.08% | +0.01B |