Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.56%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.66%
baseline attrition
Rally response
+1.06%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| XLFState Street Financial S | $11M | 11.4% | — | 0.3 yr |
| TRVThe Travelers Companies, | $8M | 8.1% | +12.0% | 9.3 yr |
| CBChubb Limited | $6M | 6.4% | +9.3% | 3.8 yr |
| ACGLArch Capital Group Ltd. | $6M | 5.9% | -0.2% | 8.5 yr |
| ORIOld Republic Internation | $5M | 5.5% | +10.8% | 5.5 yr |
| REEverest Re Group, Ltd. | $4M | 4.6% | — | 8.3 yr |
| WRBW. R. Berkley Corporatio | $4M | 4.5% | -4.4% | 6.8 yr |
| AVGOBroadcom Inc. | $3M | 3.6% | +86.0% | 5.8 yr |
| HIGThe Hartford Financial S | $3M | 3.2% | +11.1% | 10.5 yr |
| LNCLincoln National Corpora | $3M | 3.2% | +2.5% | 1.8 yr |
| MMCMarsh & McLennan Compani | $3M | 3.2% | — | 3.0 yr |
| RDNRadian Group Inc. | $3M | 3.2% | +3.0% | 3.0 yr |
| AJGArthur J. Gallagher & Co | $3M | 3.1% | -36.6% | 7.8 yr |
| WTWWillis Towers Watson Pub | $3M | 2.9% | -13.2% | 1.8 yr |
| — | $2M | 2.3% | — | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Property & Casualty22.2%-4.0pp$21M
Asset Management14.6%+9.3pp$14M
Insurance - Diversified14.4%-2.5pp$14M
Insurance - Brokers9.2%-7.6pp$9M
Insurance - Life4.7%+1.5pp$4M
Insurance - Reinsurance4.6%+1.4pp$4M
Semiconductors4.4%+1.3pp$4M
Insurance - Specialty3.2%$3M
Specialty Retail2.8%-0.7pp$3M
Unknown2.3%-0.2pp$2M
Country
US73.9%-11.1pp
BM10.4%+2.5pp
CH6.4%
GB2.9%
Unknown2.3%-0.2pp
JO1.5%-0.6pp
BR0.8%+0.1pp
KR0.7%
Top 5: 37.3% · Top 10: 56.4% · Top 25: 87.8%
Top buys this quarter · 7
| XLF State Street Financial Select new | +$0M |
| RE Everest Re Group, Ltd. | +$0M |
| ACGL Arch Capital Group Ltd. | +$2M |
| UNM Unum Groupnew | +$1M |
| AJG Arthur J. Gallagher & Co. | +$3M |
| CB Chubb Limited | +$0M |
| ORI Old Republic International Cor | +$5M |
Top sells this quarter · 13
| MMC Marsh & McLennan Companies, In | −$0M |
| AIG American International Group, exit | −$5M |
| XOM Exxon Mobil Corporationexit | −$3M |
| AFG American Financial Group, Inc.exit | −$3M |
| TRV The Travelers Companies, Inc. | −$3M |
| HIG The Hartford Financial Service | −$3M |
| RDN Radian Group Inc. | −$3M |
| WTW Willis Towers Watson Public Li | −$3M |
| LNC Lincoln National Corporation | −$2M |
| EQH Equitable Holdings, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $94M | 39 | +3.05% | +17.59% | -14.55% | -0.00B |
| 2025-12-31 | $103M | 37 | +22.20% | +17.72% | +4.48% | -0.01B |
| 2025-09-30 | $107M | 40 | +19.40% | +17.52% | +1.88% | +0.02B |
| 2025-06-30 | $86M | 35 | +25.23% | +14.94% | +10.29% | +0.01B |
| 2025-03-31 | $75M | 36 | +18.97% | +8.30% | +10.67% | +0.03B |
| 2024-12-31 | $39M | 20 | +27.80% | +24.89% | +2.91% | -0.05B |
| 2024-09-30 | $93M | 39 | +39.80% | +36.04% | +3.77% | +0.01B |
| 2024-06-30 | $77M | 39 | +31.52% | +24.49% | +7.03% | -0.04B |
| 2024-03-31 | $118M | 37 | +39.37% | +29.62% | +9.74% | +0.02B |
| 2023-12-31 | $87M | 35 | +13.08% | +26.18% | -13.09% | +0.02B |
| 2023-09-30 | $65M | 33 | +23.91% | +21.57% | +2.34% | +0.00B |
| 2023-06-30 | $62M | 30 | +16.03% | +19.42% | -3.40% | +0.01B |
| 2023-03-31 | $49M | 28 | +2.04% | -7.82% | +9.85% | -0.01B |
| 2022-12-31 | $65M | 30 | +18.73% | +7.56% | +11.17% | +0.01B |
| 2022-09-30 | $49M | 29 | -3.82% | -4.93% | +1.11% | -0.01B |
| 2022-06-30 | $58M | 32 | -6.63% | -16.11% | +9.48% | -0.01B |