Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+8.58%
adds when stocks drop
when a holding falls −10%+
Middle response
-6.86%
baseline attrition
Rally response
-6.40%
trims into rallies
when a holding rises +10%+
Top positions · 15
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $90M | 30.8% | — | 10.5 yr |
| FIVEFive Below, Inc. | $49M | 16.7% | +204.9% | 10.5 yr |
| BBWBuild-A-Bear Workshop, I | $38M | 12.8% | +1.9% | 7.0 yr |
| ASOAcademy Sports and Outdo | $25M | 8.4% | +25.1% | 2.8 yr |
| SBUXStarbucks Corporation | $22M | 7.5% | -6.1% | 10.5 yr |
| NKENIKE, Inc. | $17M | 5.9% | -14.7% | 1.0 yr |
| RTORentokil Initial plc | $15M | 5.0% | +39.3% | 1.5 yr |
| FNDFloor & Decor Holdings, | $11M | 3.9% | -36.9% | 0.5 yr |
| BRK-ABerkshire Hathaway Inc. | $9M | 3.2% | — | 10.5 yr |
| GSThe Goldman Sachs Group, | $7M | 2.4% | +58.1% | 10.5 yr |
| AXPAmerican Express Company | $5M | 1.9% | +13.3% | 10.5 yr |
| KRUSKura Sushi USA, Inc. | $3M | 1.0% | +36.3% | 4.3 yr |
| CNACNA Financial Corporatio | $1M | 0.4% | -2.0% | 10.5 yr |
| WFCWells Fargo & Company | $1M | 0.2% | +13.3% | 10.5 yr |
| ACCOACCO Brands Corporation | $0M | 0.0% | -22.1% | 3.8 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified34.0%-7.9pp$100M
Specialty Retail21.2%-1.0pp$62M
Discount Stores16.7%-1.1pp$49M
Restaurants8.5%-0.2pp$25M
Apparel - Footwear & Accessories5.9%$17M
Specialty Business Services5.0%+1.3pp$15M
Home Improvement3.9%$11M
Financial - Capital Markets2.4%+0.6pp$7M
Financial - Credit Services1.9%+0.1pp$5M
Insurance - Property & Casualty0.4%-0.0pp$1M
Country
US95.0%-1.3pp
GB5.0%+1.3pp
Top 5: 76.3% · Top 10: 96.5% · Top 25: 100.0%
Top sells this quarter · 9
| BRK-B Berkshire Hathaway Inc. | −$0M |
| FIVE Five Below, Inc. | −$87M |
| ASO Academy Sports and Outdoors, I | −$23M |
| GS The Goldman Sachs Group, Inc. | −$0M |
| RTO Rentokil Initial plc | −$14M |
| BBW Build-A-Bear Workshop, Inc. | −$0M |
| SBUX Starbucks Corporation | −$21M |
| CNA CNA Financial Corporation | −$0M |
| KRUS Kura Sushi USA, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $294M | 15 | +68.56% | +17.59% | +50.97% | -0.08B |
| 2025-12-31 | $367M | 15 | +39.46% | +17.72% | +21.75% | -0.03B |
| 2025-09-30 | $368M | 14 | +44.56% | +17.52% | +27.04% | -0.02B |
| 2025-06-30 | $340M | 16 | +35.58% | +14.94% | +20.64% | -0.04B |
| 2025-03-31 | $282M | 14 | -18.58% | +8.30% | -26.89% | +0.02B |
| 2024-12-31 | $311M | 14 | -6.29% | +24.89% | -31.18% | -0.02B |
| 2024-09-30 | $291M | 16 | -2.44% | +36.04% | -38.47% | -0.01B |
| 2024-06-30 | $278M | 18 | -16.46% | +24.49% | -40.95% | +0.02B |
| 2024-03-31 | $324M | 19 | +2.52% | +29.62% | -27.10% | +0.00B |
| 2023-12-31 | $337M | 19 | +18.16% | +26.18% | -8.02% | -0.03B |
| 2023-09-30 | $311M | 20 | +18.55% | +21.57% | -3.02% | +0.01B |
| 2023-06-30 | $325M | 18 | +40.25% | +19.42% | +20.82% | +0.02B |
| 2023-03-31 | $313M | 17 | +14.27% | -7.82% | +22.09% | -0.03B |
| 2022-12-31 | $310M | 20 | +17.89% | +7.56% | +10.33% | -0.00B |
| 2022-09-30 | $264M | 19 | +8.68% | -4.93% | +13.61% | -0.02B |
| 2022-06-30 | $262M | 18 | -19.56% | -16.11% | -3.45% | +0.01B |