Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.57%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.04%
baseline attrition
Rally response
-5.31%
trims into rallies
when a holding rises +10%+
Top positions · 22
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GBILGoldman Sachs Access Tre | $166M | 26.0% | — | 4.3 yr |
| BRK-BBerkshire Hathaway Inc. | $68M | 10.6% | — | 9.8 yr |
| FNVFranco-Nevada Corporatio | $53M | 8.3% | +58.0% | 4.0 yr |
| LLoews Corporation | $48M | 7.6% | +16.4% | 8.8 yr |
| — | $32M | 5.1% | — | 0.5 yr |
| OKEONEOK, Inc. | $32M | 5.0% | -3.8% | 1.0 yr |
| VZVerizon Communications I | $29M | 4.6% | +16.5% | 3.8 yr |
| AEMAgnico Eagle Mines Limit | $29M | 4.5% | +89.2% | 7.3 yr |
| EOGEOG Resources, Inc. | $27M | 4.2% | +16.9% | 4.8 yr |
| MDTMedtronic plc | $26M | 4.1% | -1.3% | 6.8 yr |
| HONHoneywell International | $23M | 3.6% | +9.0% | 1.5 yr |
| TRVThe Travelers Companies, | $20M | 3.1% | +12.0% | 7.3 yr |
| IEXIDEX Corporation | $17M | 2.6% | +6.4% | 0.8 yr |
| EMREmerson Electric Co. | $16M | 2.5% | +21.5% | 2.5 yr |
| SYYSysco Corporation | $12M | 1.8% | -3.0% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management29.0%+8.6pp$185M
Gold12.8%+2.4pp$82M
Insurance - Property & Casualty10.7%-0.5pp$68M
Insurance - Diversified10.6%-2.3pp$68M
Industrial - Machinery5.2%+5.1pp$33M
Unknown5.1%$32M
Oil & Gas Midstream5.0%-0.6pp$32M
Telecommunications Services4.6%+1.2pp$29M
Oil & Gas Exploration & Production4.2%+0.7pp$27M
Medical - Devices4.1%-0.5pp$26M
Country
US77.3%+6.2pp
CA13.5%-3.3pp
Unknown5.1%
IE4.1%-0.5pp
Top 5: 57.5% · Top 10: 79.9% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AEM | $27M | +0.02B | 89.2% |
| FNV | $35M | +0.02B | 58.0% |
| L | $43M | +0.01B | 16.4% |
| EOG | $21M | +0.00B | 16.9% |
| TRV | $24M | +0.00B | 12.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MDT | $28M | -0.00B | -1.3% |
Top buys this quarter · 12
| IEX IDEX Corporation | +$6M |
| VZ Verizon Communications Inc. | +$6M |
| EOG EOG Resources, Inc. | +$3M |
| HON Honeywell International Inc. | +$1M |
| OKE ONEOK, Inc. | +$1M |
| APD Air Products and Chemicals, In | +$0M |
| HUBB Hubbell Incorporated | +$0M |
| EMR Emerson Electric Co. | +$16M |
| PEO Adams Natural Resources Fund, new | +$0M |
| GBIL Goldman Sachs Access Treasury | +$0M |
Top sells this quarter · 15
| ENB Enbridge Inc.exit | −$27M |
| HSY The Hershey Companyexit | −$24M |
| AEM Agnico Eagle Mines Limited | −$20M |
| CTVA Corteva, Inc.exit | −$19M |
| GEHC GE HealthCare Technologies Incexit | −$15M |
| SSNC SS&C Technologies Holdings, Inexit | −$15M |
| CME CME Group Inc.exit | −$10M |
| CSCO Cisco Systems, Inc.exit | −$9M |
| UGI UGI Corporationexit | −$9M |
| TRV The Travelers Companies, Inc. | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $638M | 22 | +21.67% | +17.59% | +4.08% | -0.04B |
| 2025-12-31 | $623M | 30 | +23.11% | +17.72% | +5.39% | -0.02B |
| 2025-09-30 | $637M | 30 | +18.19% | +17.52% | +0.67% | -0.03B |
| 2025-06-30 | $620M | 31 | +22.44% | +14.94% | +7.50% | +0.00B |
| 2025-03-31 | $600M | 29 | +18.82% | +8.30% | +10.51% | -0.04B |
| 2024-12-31 | $579M | 29 | +17.52% | +24.89% | -7.36% | +0.01B |
| 2024-09-30 | $592M | 27 | +31.19% | +36.04% | -4.85% | -0.05B |
| 2024-06-30 | $572M | 25 | +12.39% | +24.49% | -12.10% | -0.04B |
| 2024-03-31 | $613M | 25 | +14.42% | +29.62% | -15.20% | -0.06B |
| 2023-12-31 | $617M | 26 | +5.07% | +26.18% | -21.11% | -0.09B |
| 2023-09-30 | $656M | 25 | +12.25% | +21.57% | -9.32% | -0.00B |
| 2023-06-30 | $688M | 27 | +7.96% | +19.42% | -11.46% | -0.00B |
| 2023-03-31 | $676M | 27 | -3.70% | -7.82% | +4.12% | +0.01B |
| 2022-12-31 | $663M | 28 | +14.76% | +7.56% | +7.20% | -0.05B |
| 2022-09-30 | $622M | 31 | -7.64% | -4.93% | -2.72% | +0.06B |
| 2022-06-30 | $612M | 29 | -9.26% | -16.11% | +6.85% | +0.02B |