Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.71%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.36%
baseline attrition
Rally response
-1.83%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $47M | 12.0% | — | 8.3 yr |
| BRK-ABerkshire Hathaway Inc. | $34M | 8.8% | — | 9.5 yr |
| AAPLApple Inc. | $16M | 4.1% | +14.7% | 9.5 yr |
| GOOGAlphabet Inc. | $16M | 4.0% | +84.3% | 10.0 yr |
| MSFTMicrosoft Corporation | $15M | 3.9% | -0.6% | 10.3 yr |
| AMZNAmazon.com, Inc. | $12M | 3.0% | +9.5% | 8.3 yr |
| BRK-BBerkshire Hathaway Inc. | $10M | 2.5% | — | 9.5 yr |
| AMBFXAmerican Balanced Fund C | $7M | 1.7% | — | 0.8 yr |
| METAMeta Platforms, Inc. | $6M | 1.6% | -0.4% | 10.3 yr |
| VTVVanguard Value ETF | $5M | 1.4% | — | 7.0 yr |
| TRAIXT. Rowe Price Capital Ap | $5M | 1.4% | — | 0.8 yr |
| — | $5M | 1.3% | — | 0.8 yr |
| GOOGLAlphabet Inc. | $5M | 1.3% | — | 9.5 yr |
| GFFFXAmerican Funds Growth Fu | $5M | 1.3% | — | 0.8 yr |
| BROBrown & Brown, Inc. | $5M | 1.2% | -47.2% | 6.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management38.9%+3.6pp$152M
Insurance - Diversified11.3%-7.7pp$44M
Unknown9.8%+9.5pp$39M
Internet Content & Information7.2%-0.4pp$28M
Software - Infrastructure4.2%-1.6pp$16M
Consumer Electronics4.1%-1.3pp$16M
Specialty Retail3.2%-1.3pp$13M
Drug Manufacturers - General2.3%-0.6pp$9M
Banks - Diversified1.5%+0.1pp$6M
Semiconductors1.4%+0.6pp$6M
Country
US88.4%-10.0pp
Unknown9.8%+9.5pp
CA0.5%+0.2pp
GB0.2%+0.0pp
IE0.2%+0.1pp
RU0.2%
CN0.2%-0.3pp
CH0.1%
Top 5: 32.7% · Top 10: 43.0% · Top 25: 58.9%
Top buys this quarter · 15
| AMZN Amazon.com, Inc. | +$4M |
| META Meta Platforms, Inc. | +$1M |
| WINE.L Naked Wines plc | +$1M |
| NVDA NVIDIA Corporation | +$0M |
| GOOG Alphabet Inc. | +$16M |
| SLRC SLR Investment Corp. | +$0M |
| NFLX Netflix, Inc. | +$0M |
| MSFT Microsoft Corporation | +$15M |
| LLY Eli Lilly and Company | +$0M |
| V Visa Inc. | +$0M |
Top sells this quarter · 15
| Q Qnity Electronics, Inc. | −$1M |
| TFC Truist Financial Corporationexit | −$0M |
| RKT Rocket Companies, Inc.exit | −$0M |
| EPD Enterprise Products Partners L | −$0M |
| OBDC Blue Owl Capital Corporationexit | −$0M |
| CAT Caterpillar Inc. | −$0M |
| KVUE Kenvue Inc. | −$0M |
| DAL Delta Air Lines, Inc. | −$0M |
| JPM JPMorgan Chase & Co. | −$0M |
| SPHR Sphere Entertainment Co. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $392M | 663 | +16.83% | +17.59% | -0.76% | -0.01B |
| 2025-12-31 | $433M | 688 | +19.42% | +17.72% | +1.70% | +0.02B |
| 2025-09-30 | $398M | 622 | +18.96% | +17.52% | +1.44% | +0.08B |
| 2025-06-30 | $288M | 138 | +13.32% | +14.94% | -1.62% | +0.01B |
| 2025-03-31 | $251M | 127 | +6.45% | +8.30% | -1.85% | -0.00B |
| 2024-12-31 | $265M | 113 | +21.40% | +24.89% | -3.48% | -0.00B |
| 2024-09-30 | $262M | 119 | +34.05% | +36.04% | -1.99% | +0.01B |
| 2024-06-30 | $244M | 108 | +23.17% | +24.49% | -1.32% | -0.01B |
| 2024-03-31 | $241M | 122 | +33.60% | +29.62% | +3.98% | +0.01B |
| 2023-12-31 | $213M | 106 | +37.76% | +26.18% | +11.58% | -0.01B |
| 2023-09-30 | $195M | 106 | +25.58% | +21.57% | +4.01% | +0.03B |
| 2023-06-30 | $174M | 113 | +23.21% | +19.42% | +3.79% | +0.00B |
| 2023-03-31 | $151M | 105 | -9.41% | -7.82% | -1.59% | +0.00B |
| 2022-12-31 | $133M | 99 | -22.90% | -18.17% | -4.72% | -0.01B |
| 2022-09-30 | $139M | 116 | -17.03% | -15.51% | -1.53% | -0.04B |
| 2022-06-30 | $191M | 135 | -11.90% | -10.62% | -1.28% | +0.04B |