Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.45%
baseline attrition
Rally response
-2.02%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $1.76B | 6.1% | +105.6% | 10.3 yr |
| GOOGLAlphabet Inc. | $1.62B | 5.6% | — | 10.0 yr |
| MSFTMicrosoft Corporation | $1.22B | 4.2% | -0.6% | 10.3 yr |
| MCOMoody's Corporation | $1.03B | 3.5% | -5.6% | 10.3 yr |
| MAMastercard Incorporated | $934M | 3.2% | -8.5% | 10.3 yr |
| AZOAutoZone, Inc. | $882M | 3.0% | -11.4% | 10.3 yr |
| CMECME Group Inc. | $794M | 2.7% | +15.6% | 9.5 yr |
| TJXThe TJX Companies, Inc. | $753M | 2.6% | +32.7% | 10.3 yr |
| RYRoyal Bank of Canada | $681M | 2.3% | +48.2% | 10.3 yr |
| CNICanadian National Railwa | $636M | 2.2% | +8.2% | 10.3 yr |
| SHWThe Sherwin-Williams Com | $569M | 2.0% | -7.4% | 10.3 yr |
| JNJJohnson & Johnson | $548M | 1.9% | +51.5% | 10.3 yr |
| MSCIMSCI Inc. | $529M | 1.8% | -3.4% | 10.3 yr |
| QSRRestaurant Brands Intern | $494M | 1.7% | +15.1% | 10.3 yr |
| BMOBank of Montreal | $471M | 1.6% | +47.5% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Financial - Data & Stock Exchanges9.0%-1.6pp$2.62B
Semiconductors8.6%+3.1pp$2.51B
Internet Content & Information5.9%+1.3pp$1.72B
Software - Infrastructure5.2%-3.5pp$1.52B
Specialty Retail4.9%-0.5pp$1.43B
Banks - Diversified4.7%+1.2pp$1.38B
Financial - Credit Services4.1%-0.3pp$1.19B
Industrial - Machinery4.1%-1.1pp$1.19B
Unknown3.6%-1.0pp$1.04B
Asset Management3.5%-0.1pp$1.03B
Country
US68.7%-3.6pp
CA17.4%+3.1pp
TW6.1%+1.4pp
Unknown3.6%-1.0pp
GB1.5%+0.8pp
CH0.8%+0.0pp
IE0.6%-0.1pp
NL0.6%+0.3pp
Top 5: 22.6% · Top 10: 35.5% · Top 25: 58.2%
Top buys this quarter · 15
| LIN Linde plc | +$167M |
| CNQ Canadian Natural Resources Lim | +$153M |
| SU Suncor Energy Inc. | +$133M |
| SLF Sun Life Financial Inc. | +$102M |
| MA Mastercard Incorporated | +$934M |
| SUNB Sunbelt Rentals Holdings Incnew | +$81M |
| SHOP Shopify Inc. | +$71M |
| KLAC KLA Corporation | +$57M |
| AVGO Broadcom Inc. | +$48M |
| CTAS Cintas Corporation | +$39M |
Top sells this quarter · 15
| ORCL Oracle Corporation | −$374M |
| TSM Taiwan Semiconductor Manufactu | −$275M |
| HDB HDFC Bank Limited | −$140M |
| SPGI S&P Global Inc. | −$71M |
| BMO Bank of Montreal | −$67M |
| JNJ Johnson & Johnson | −$509M |
| RY Royal Bank of Canada | −$52M |
| CNI Canadian National Railway Comp | −$47M |
| VEEV Veeva Systems Inc.exit | −$45M |
| APH Amphenol Corporation | −$43M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $29.02B | 409 | +6.69% | +17.59% | -10.90% | -0.89B |
| 2025-12-31 | $31.36B | 415 | +10.08% | +17.72% | -7.64% | +0.82B |
| 2025-09-30 | $30.82B | 434 | +9.21% | +17.52% | -8.31% | +0.02B |
| 2025-06-30 | $29.43B | 437 | +12.60% | +14.94% | -2.34% | -0.38B |
| 2025-03-31 | $27.64B | 459 | +3.98% | +8.30% | -4.33% | -3.56B |
| 2024-12-31 | $31.72B | 450 | +13.68% | +24.89% | -11.21% | -0.94B |
| 2024-09-30 | $33.21B | 454 | +29.05% | +36.04% | -6.98% | -1.57B |
| 2024-06-30 | $32.22B | 443 | +13.75% | +24.49% | -10.74% | -1.95B |
| 2024-03-31 | $34.31B | 475 | +22.24% | +29.62% | -7.39% | -0.72B |
| 2023-12-31 | $32.57B | 505 | +20.93% | +26.18% | -5.25% | -2.31B |
| 2023-09-30 | $31.25B | 487 | +21.80% | +21.57% | +0.24% | -1.62B |
| 2023-06-30 | $34.55B | 489 | +20.64% | +19.42% | +1.22% | -1.27B |
| 2023-03-31 | $33.47B | 491 | -1.76% | -7.82% | +6.06% | -0.74B |
| 2022-12-31 | $32.15B | 501 | -11.94% | -18.17% | +6.24% | +0.83B |
| 2022-09-30 | $27.85B | 536 | -13.01% | -15.51% | +2.50% | -2.05B |
| 2022-06-30 | $31.73B | 569 | -7.15% | -10.62% | +3.47% | -1.79B |