Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+15.90%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.87%
baseline attrition
Rally response
-11.80%
trims into rallies
when a holding rises +10%+
Top positions · 13
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $250M | 12.4% | -0.6% | 4.0 yr |
| AMZNAmazon.com, Inc. | $246M | 12.2% | +9.5% | 3.5 yr |
| ABNBAirbnb, Inc. | $227M | 11.3% | +5.7% | 1.3 yr |
| VVisa Inc. | $227M | 11.3% | -13.1% | 7.8 yr |
| QXOQXO, Inc. | $214M | 10.6% | +43.4% | 1.8 yr |
| NFLXNetflix, Inc. | $144M | 7.2% | +3.1% | 0.8 yr |
| GOOGLAlphabet Inc. | $127M | 6.3% | — | 9.0 yr |
| PGRThe Progressive Corporat | $119M | 5.9% | -25.5% | 0.5 yr |
| DHRDanaher Corporation | $114M | 5.7% | -7.1% | 3.5 yr |
| UNPUnion Pacific Corporatio | $109M | 5.4% | +5.1% | 1.5 yr |
| MSCIMSCI Inc. | $108M | 5.4% | -3.4% | 0.3 yr |
| — | $106M | 5.3% | — | 3.0 yr |
| HHHHoward Hughes Holdings I | $19M | 0.9% | -14.6% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure12.4%-2.8pp$250M
Specialty Retail12.2%$246M
Travel Services11.3%+1.2pp$227M
Financial - Credit Services11.3%+1.2pp$227M
Industrial - Distribution10.6%+7.0pp$214M
Entertainment7.2%$144M
Internet Content & Information6.3%-2.1pp$127M
Insurance - Property & Casualty5.9%$119M
Medical - Diagnostics & Research5.7%-6.6pp$114M
Railroads5.4%$109M
Country
US94.7%+9.0pp
Unknown5.3%-9.0pp
Top 5: 57.9% · Top 10: 88.4% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.01B | 13 | +18.68% | +17.59% | +1.09% | +0.13B |
| 2025-12-31 | $2.04B | 14 | +28.18% | +17.72% | +10.46% | +0.20B |
| 2025-09-30 | $1.76B | 12 | +18.62% | +17.52% | +1.11% | +0.06B |
| 2025-06-30 | $1.56B | 10 | +7.30% | +14.94% | -7.64% | -0.11B |
| 2025-03-31 | $1.48B | 10 | -9.86% | +8.30% | -18.16% | -0.04B |
| 2024-12-31 | $1.53B | 13 | -1.71% | +24.89% | -26.60% | -0.04B |
| 2024-09-30 | $1.62B | 15 | +12.83% | +36.04% | -23.20% | +0.18B |
| 2024-06-30 | $1.47B | 14 | +10.83% | +24.49% | -13.66% | -0.01B |
| 2024-03-31 | $1.55B | 14 | +22.93% | +29.62% | -6.70% | -0.10B |
| 2023-12-31 | $1.52B | 14 | +18.52% | +26.18% | -7.66% | -0.02B |
| 2023-09-30 | $1.39B | 13 | +18.07% | +21.57% | -3.50% | +0.00B |
| 2023-06-30 | $1.44B | 14 | +17.44% | +19.42% | -1.98% | +0.10B |
| 2023-03-31 | $1.27B | 13 | -4.39% | -7.82% | +3.43% | +0.05B |
| 2022-12-31 | $1.17B | 12 | +10.48% | +7.56% | +2.92% | +0.06B |
| 2022-09-30 | $1.00B | 11 | -4.00% | -4.93% | +0.93% | -0.47B |
| 2022-06-30 | $1.53B | 11 | -13.93% | -16.11% | +2.18% | -0.18B |