Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.88%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.42%
baseline attrition
Rally response
-6.37%
trims into rallies
when a holding rises +10%+
Top positions · 27
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HCAHCA Healthcare, Inc. | $117M | 13.1% | +37.9% | 9.0 yr |
| PGRThe Progressive Corporat | $107M | 12.0% | -25.5% | 6.3 yr |
| — | $95M | 10.6% | — | 2.3 yr |
| AONAon plc | $82M | 9.2% | -18.4% | 6.0 yr |
| — | $67M | 7.5% | — | 0.5 yr |
| SUNBSunbelt Rentals Holdings | $66M | 7.4% | — | 0.3 yr |
| BKNGBooking Holdings Inc. | $65M | 7.3% | -96.3% | 6.3 yr |
| CIGIColliers International G | $60M | 6.8% | -11.7% | 11.0 yr |
| HURNHuron Consulting Group I | $56M | 6.2% | -11.1% | 1.0 yr |
| WRBW. R. Berkley Corporatio | $44M | 4.9% | -4.4% | 5.8 yr |
| NOWServiceNow, Inc. | $38M | 4.2% | -34.3% | 0.3 yr |
| CBZCBIZ, Inc. | $27M | 3.0% | -64.6% | 4.3 yr |
| UNHUnitedHealth Group Incor | $18M | 2.0% | -46.9% | 1.0 yr |
| CICigna Corporation | $17M | 1.9% | -17.2% | 7.5 yr |
| WWayfair Inc. | $6M | 0.7% | +134.8% | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown18.2%+7.0pp$163M
Insurance - Property & Casualty16.9%-4.1pp$151M
Medical - Care Facilities13.1%+4.7pp$117M
Insurance - Brokers9.2%-0.8pp$82M
Financial - Credit Services7.4%$66M
Travel Services7.3%+0.3pp$65M
Real Estate - Services6.8%+0.0pp$60M
Consulting Services6.2%$56M
Software - Application4.5%+4.3pp$40M
Medical - Healthcare Plans3.9%-1.7pp$35M
Country
US65.8%-6.1pp
Unknown18.2%+7.0pp
IE9.2%-0.8pp
CA6.8%+0.0pp
Top 5: 52.4% · Top 10: 85.0% · Top 25: 99.8%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $893M | 27 | -22.21% | +17.59% | -39.80% | +0.17B |
| 2025-12-31 | $947M | 26 | +5.88% | +17.72% | -11.84% | -0.21B |
| 2025-09-30 | $1.18B | 30 | +2.65% | +17.52% | -14.87% | -0.02B |
| 2025-06-30 | $1.18B | 29 | +19.74% | +14.94% | +4.80% | -0.01B |
| 2025-03-31 | $1.16B | 29 | +9.96% | +8.30% | +1.66% | -0.03B |
| 2024-12-31 | $1.15B | 29 | +13.54% | +24.89% | -11.35% | +0.02B |
| 2024-09-30 | $1.19B | 31 | +33.68% | +36.04% | -2.36% | -0.05B |
| 2024-06-30 | $1.05B | 29 | +14.52% | +24.49% | -9.97% | -0.04B |
| 2024-03-31 | $1.16B | 29 | +27.79% | +29.62% | -1.83% | -0.16B |
| 2023-12-31 | $1.24B | 30 | +27.58% | +26.18% | +1.41% | -0.03B |
| 2023-09-30 | $1.13B | 30 | +25.12% | +21.57% | +3.55% | -0.01B |
| 2023-06-30 | $1.13B | 30 | +15.00% | +19.42% | -4.43% | -0.12B |
| 2023-03-31 | $1.18B | 31 | -5.79% | -7.82% | +2.02% | -0.05B |
| 2022-12-31 | $1.16B | 32 | +10.11% | +7.56% | +2.55% | -0.05B |
| 2022-09-30 | $1.10B | 33 | -7.15% | -4.93% | -2.22% | -0.08B |
| 2022-06-30 | $1.26B | 33 | -13.47% | -16.11% | +2.64% | -0.12B |