Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.37%
baseline attrition
Rally response
-9.75%
trims into rallies
when a holding rises +10%+
Top positions · 27
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TKOTKO Group Holdings, Inc. | $494M | 15.7% | +33.8% | 2.8 yr |
| GOOGLAlphabet Inc. | $490M | 15.6% | — | 4.8 yr |
| INTUIntuit Inc. | $317M | 10.1% | -29.3% | 10.5 yr |
| DISThe Walt Disney Company | $309M | 9.9% | -1.3% | 10.5 yr |
| TMOThermo Fisher Scientific | $303M | 9.7% | -0.9% | 1.5 yr |
| FICOFair Isaac Corporation | $266M | 8.5% | -42.1% | 4.3 yr |
| MDLZMondelez International, | $205M | 6.5% | -13.0% | 10.5 yr |
| PEPPepsiCo, Inc. | $198M | 6.3% | +7.7% | 10.5 yr |
| PYPLPayPal Holdings, Inc. | $189M | 6.0% | -30.3% | 10.5 yr |
| EBAYeBay Inc. | $175M | 5.6% | +36.3% | 10.5 yr |
| BF-ABrown-Forman Corporation | $69M | 2.2% | -17.3% | 10.5 yr |
| MANUManchester United plc | $53M | 1.7% | +28.5% | 8.8 yr |
| BF-BBrown-Forman Corporation | $42M | 1.3% | -19.5% | 8.3 yr |
| VVisa Inc. | $3M | 0.1% | -13.1% | 6.0 yr |
| SPGIS&P Global Inc. | $3M | 0.1% | -15.6% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Entertainment27.3%-0.6pp$857M
Software - Application18.7%-6.2pp$585M
Internet Content & Information15.6%+15.5pp$490M
Medical - Diagnostics & Research9.7%+2.7pp$303M
Food Confectioners6.5%-4.8pp$205M
Beverages - Non-Alcoholic6.4%-3.9pp$199M
Financial - Credit Services6.2%-1.5pp$195M
Specialty Retail5.6%-0.7pp$175M
Beverages - Wineries & Distilleries3.5%-0.5pp$111M
Financial - Data & Stock Exchanges0.2%+0.0pp$5M
Country
US98.2%+0.1pp
GB1.7%-0.1pp
Unknown0.1%+0.1pp
Top 5: 61.0% · Top 10: 94.0% · Top 25: 99.9%
Top buys this quarter · 8
| INTU Intuit Inc. | +$317M |
| FICO Fair Isaac Corporation | +$266M |
| ADBE Adobe Inc. | +$2M |
| SPGI S&P Global Inc. | +$3M |
| VRSK Verisk Analytics, Inc. | +$2M |
| V Visa Inc. | +$3M |
| EFX Equifax Inc. | +$2M |
| NKE NIKE, Inc. | +$1M |
Top sells this quarter · 15
| PEP PepsiCo, Inc. | −$81M |
| TKO TKO Group Holdings, Inc. | −$75M |
| MDLZ Mondelez International, Inc. | −$53M |
| TMO Thermo Fisher Scientific Inc. | −$36M |
| DIS The Walt Disney Company | −$27M |
| EBAY eBay Inc. | −$14M |
| MANU Manchester United plc | −$8M |
| PYPL PayPal Holdings, Inc. | −$5M |
| BF-A Brown-Forman Corporation | −$4M |
| BF-B Brown-Forman Corporation | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.14B | 27 | -4.69% | +17.59% | -22.28% | -0.30B |
| 2025-12-31 | $3.94B | 28 | +6.17% | +17.72% | -11.55% | -0.20B |
| 2025-09-30 | $4.08B | 28 | +3.95% | +17.52% | -13.56% | -0.12B |
| 2025-06-30 | $4.24B | 29 | +17.70% | +14.94% | +2.76% | +0.31B |
| 2025-03-31 | $3.61B | 29 | +8.40% | +8.30% | +0.10% | -0.27B |
| 2024-12-31 | $4.00B | 28 | +17.37% | +24.89% | -7.52% | -0.41B |
| 2024-09-30 | $4.43B | 29 | +29.71% | +36.04% | -6.32% | -0.42B |
| 2024-06-30 | $4.33B | 29 | +12.04% | +24.49% | -12.45% | -0.43B |
| 2024-03-31 | $4.76B | 29 | +14.70% | +29.62% | -14.92% | -0.67B |
| 2023-12-31 | $5.16B | 30 | +17.59% | +26.18% | -8.59% | -0.32B |
| 2023-09-30 | $4.98B | 30 | +19.78% | +21.57% | -1.79% | -0.45B |
| 2023-06-30 | $5.61B | 29 | +22.00% | +19.42% | +2.57% | -0.26B |
| 2023-03-31 | $5.73B | 29 | +0.03% | -7.82% | +7.85% | +0.06B |
| 2022-12-31 | $5.26B | 29 | +11.96% | +7.56% | +4.40% | -0.25B |
| 2022-09-30 | $4.92B | 29 | -1.45% | -4.93% | +3.48% | -0.10B |
| 2022-06-30 | $5.10B | 29 | -15.96% | -16.11% | +0.15% | -0.23B |