Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.28%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.48%
baseline attrition
Rally response
-2.84%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| KRMNKarman Holdings Inc. | $280M | 9.1% | +139.5% | 0.8 yr |
| AVGOBroadcom Inc. | $154M | 5.0% | +86.0% | 7.0 yr |
| AAPLApple Inc. | $144M | 4.7% | +14.7% | 10.0 yr |
| XLCState Street Communicati | $127M | 4.1% | — | 4.3 yr |
| ABBVAbbVie Inc. | $105M | 3.4% | +7.3% | 10.3 yr |
| MSFTMicrosoft Corporation | $103M | 3.3% | -0.6% | 10.3 yr |
| JPMJPMorgan Chase & Co. | $101M | 3.3% | +21.8% | 10.3 yr |
| SOXXiShares Semiconductor ET | $99M | 3.2% | — | 5.8 yr |
| ICSHiShares Ultra Short Dura | $97M | 3.2% | — | 6.0 yr |
| MRKMerck & Co., Inc. | $94M | 3.1% | +38.9% | 10.3 yr |
| COSTCostco Wholesale Corpora | $83M | 2.7% | +5.9% | 7.3 yr |
| MSMorgan Stanley | $76M | 2.5% | +44.8% | 6.5 yr |
| RTXRTX Corporation | $74M | 2.4% | +48.1% | 5.8 yr |
| LLYEli Lilly and Company | $68M | 2.2% | +12.2% | 10.3 yr |
| CCitigroup Inc. | $67M | 2.2% | +63.9% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management16.9%-0.9pp$521M
Aerospace & Defense13.7%+9.6pp$424M
Drug Manufacturers - General9.3%+2.5pp$286M
Semiconductors6.1%-0.0pp$189M
Banks - Diversified5.5%+2.2pp$171M
Financial - Capital Markets4.8%+2.7pp$148M
Consumer Electronics4.7%-0.1pp$144M
Industrial - Distribution4.0%+1.9pp$124M
Regulated Electric3.4%+1.1pp$105M
Software - Infrastructure3.3%-0.6pp$103M
Country
US98.0%+1.4pp
IE1.0%-2.0pp
TW0.3%+0.2pp
UY0.3%+0.2pp
IN0.2%
CA0.2%+0.1pp
GB0.0%-0.0pp
DK0.0%-0.0pp
Top 5: 26.2% · Top 10: 42.2% · Top 25: 72.7%
Top buys this quarter · 15
| CTAS Cintas Corporation | +$31M |
| PCAR PACCAR Inc | +$29M |
| WSO Watsco, Inc. | +$19M |
| PAYX Paychex, Inc. | +$14M |
| LPLA LPL Financial Holdings Inc.new | +$9M |
| IBKR Interactive Brokers Group, Incnew | +$8M |
| MKL Markel Corporationnew | +$8M |
| AVGO Broadcom Inc. | +$154M |
| LLY Eli Lilly and Company | +$68M |
| GD General Dynamics Corporation | +$4M |
Top sells this quarter · 15
| XOM Exxon Mobil Corporation | −$81M |
| SO The Southern Company | −$53M |
| KLAC KLA Corporation | −$27M |
| GE GE Aerospace | −$8M |
| NU Nu Holdings Ltd.exit | −$7M |
| PGR The Progressive Corporation | −$7M |
| ACN Accenture plc | −$4M |
| UNH UnitedHealth Group Incorporate | −$3M |
| INTU Intuit Inc. | −$3M |
| TSM Taiwan Semiconductor Manufactu | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.09B | 232 | +13.33% | +17.59% | -4.26% | -0.04B |
| 2025-12-31 | $3.14B | 230 | +12.17% | +17.72% | -5.55% | -0.04B |
| 2025-09-30 | $3.16B | 231 | +10.47% | +17.52% | -7.05% | +0.22B |
| 2025-06-30 | $2.72B | 212 | +11.32% | +14.94% | -3.62% | -0.05B |
| 2025-03-31 | $2.65B | 221 | +6.47% | +8.30% | -1.83% | +0.06B |
| 2024-12-31 | $2.62B | 213 | +16.25% | +24.89% | -8.64% | +0.04B |
| 2024-09-30 | $2.60B | 213 | +26.75% | +36.04% | -9.29% | +0.01B |
| 2024-06-30 | $2.38B | 208 | +12.43% | +24.49% | -12.06% | -0.03B |
| 2024-03-31 | $2.40B | 204 | +15.96% | +29.62% | -13.67% | +0.00B |
| 2023-12-31 | $2.23B | 213 | +9.12% | +26.18% | -17.06% | -0.06B |
| 2023-09-30 | $2.12B | 222 | +12.98% | +21.57% | -8.58% | +0.01B |
| 2023-06-30 | $2.19B | 228 | +12.16% | +19.42% | -7.26% | +0.00B |
| 2023-03-31 | $2.12B | 220 | -2.85% | -7.82% | +4.97% | +0.04B |
| 2022-12-31 | $2.05B | 222 | -8.47% | -18.17% | +9.70% | +0.01B |
| 2022-09-30 | $1.82B | 219 | -9.22% | -15.51% | +6.28% | -0.04B |
| 2022-06-30 | $1.94B | 228 | -4.56% | -10.62% | +6.06% | -0.02B |