Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.38%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.39%
baseline attrition
Rally response
-8.79%
trims into rallies
when a holding rises +10%+
Top positions · 26
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BMYBristol-Myers Squibb Com | $1.29B | 9.0% | +3.4% | 6.8 yr |
| SOLVSolventum Corporation | $1.03B | 7.2% | -14.1% | 1.8 yr |
| LYVLive Nation Entertainmen | $894M | 6.3% | +16.8% | 1.8 yr |
| KVUEKenvue Inc. | $848M | 5.9% | -25.0% | 1.8 yr |
| TRUTransUnion | $839M | 5.9% | -16.1% | 6.5 yr |
| AONAon plc | $835M | 5.8% | -18.4% | 5.8 yr |
| ICEIntercontinental Exchang | $779M | 5.5% | -7.8% | 5.0 yr |
| NWSANews Corporation | $771M | 5.4% | -7.7% | 9.0 yr |
| CRMSalesforce, Inc. | $753M | 5.3% | -30.2% | 2.5 yr |
| ITGartner, Inc. | $728M | 5.1% | -62.3% | 0.8 yr |
| JNJJohnson & Johnson | $726M | 5.1% | +51.5% | 10.5 yr |
| ABNBAirbnb, Inc. | $666M | 4.7% | +5.7% | 0.8 yr |
| EBAYeBay Inc. | $616M | 4.3% | +36.3% | 10.5 yr |
| ZZillow Group, Inc. Class | $546M | 3.8% | -39.6% | 4.5 yr |
| FOXAFox Corporation | $477M | 3.3% | +4.2% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Entertainment23.4%-3.9pp$3.35B
Drug Manufacturers - General14.1%+0.3pp$2.02B
Consulting Services11.0%+9.7pp$1.57B
Household & Personal Products9.3%+3.9pp$1.32B
Medical - Care Facilities7.2%+4.0pp$1.03B
Insurance - Brokers5.8%+1.3pp$835M
Financial - Data & Stock Exchanges5.5%-2.2pp$779M
Software - Application5.3%$753M
Travel Services4.7%$666M
Internet Content & Information4.6%-1.8pp$659M
Country
US94.2%+2.8pp
IE5.8%+1.3pp
Top 5: 34.3% · Top 10: 61.4% · Top 25: 99.5%
Top buys this quarter · 15
| CRM Salesforce, Inc. | +$651M |
| TRU TransUnion | +$207M |
| IT Gartner, Inc. | +$728M |
| AON Aon plc | +$153M |
| Z Zillow Group, Inc. Class C | +$546M |
| ZG Zillow Group, Inc. Class A | +$113M |
| BMY Bristol-Myers Squibb Company | +$27M |
| NWSA News Corporation | +$771M |
| SOLV Solventum Corporation | +$1.03B |
| RYAN Ryan Specialty Holdings, Inc. | +$95M |
Top sells this quarter · 12
| — exit | −$0M |
| CTVA Corteva, Inc. | −$779M |
| PM Philip Morris International In | −$209M |
| JNJ Johnson & Johnson | −$167M |
| WBD Warner Bros. Discovery, Inc. | −$110M |
| FOXA Fox Corporation | −$94M |
| EBAY eBay Inc. | −$89M |
| EL The Estée Lauder Companies In | −$87M |
| TKO TKO Group Holdings, Inc. | −$6M |
| OTIS Otis Worldwide Corporation | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $14.29B | 26 | +4.09% | +17.59% | -13.50% | -0.18B |
| 2025-12-31 | $15.72B | 27 | +20.71% | +17.72% | +2.99% | +0.21B |
| 2025-09-30 | $15.17B | 29 | +20.15% | +17.52% | +2.64% | -0.44B |
| 2025-06-30 | $15.03B | 25 | +34.07% | +14.94% | +19.13% | +0.09B |
| 2025-03-31 | $14.02B | 25 | +25.09% | +8.30% | +16.78% | -0.19B |
| 2024-12-31 | $13.32B | 25 | +24.34% | +24.89% | -0.54% | +1.78B |
| 2024-09-30 | $11.34B | 25 | +30.89% | +36.04% | -5.15% | -1.25B |
| 2024-06-30 | $10.86B | 24 | +7.58% | +24.49% | -16.91% | -1.16B |
| 2024-03-31 | $12.09B | 23 | +16.88% | +29.62% | -12.74% | -0.39B |
| 2023-12-31 | $11.76B | 25 | +20.38% | +26.18% | -5.79% | -0.59B |
| 2023-09-30 | $11.54B | 24 | +22.94% | +21.57% | +1.38% | +0.15B |
| 2023-06-30 | $11.95B | 24 | +19.05% | +19.42% | -0.38% | -0.05B |
| 2023-03-31 | $11.11B | 23 | -6.71% | -7.82% | +1.11% | -0.03B |
| 2022-12-31 | $10.20B | 24 | +9.42% | +7.56% | +1.86% | -0.20B |
| 2022-09-30 | $9.51B | 25 | -7.77% | -4.93% | -2.84% | -0.30B |
| 2022-06-30 | $10.64B | 26 | -15.37% | -16.11% | +0.74% | -0.08B |