Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.50%
trims when stocks drop
when a holding falls −10%+
Middle response
-22.09%
baseline attrition
Rally response
-29.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $24M | 1.0% | -0.6% | 7.0 yr |
| NSCNorfolk Southern Corpora | $17M | 0.7% | +23.6% | 6.0 yr |
| GDGeneral Dynamics Corpora | $17M | 0.7% | +27.8% | 8.5 yr |
| GOOGLAlphabet Inc. | $15M | 0.6% | — | 8.0 yr |
| CPRTCopart, Inc. | $15M | 0.6% | -41.3% | 5.5 yr |
| FIVEFive Below, Inc. | $14M | 0.6% | +204.9% | 4.5 yr |
| VICIVICI Properties Inc. | $14M | 0.6% | -11.1% | 4.8 yr |
| AAPLApple Inc. | $14M | 0.6% | +14.7% | 7.5 yr |
| AAgilent Technologies, In | $14M | 0.6% | -1.8% | 7.3 yr |
| TJXThe TJX Companies, Inc. | $13M | 0.5% | +32.7% | 5.3 yr |
| AMEAMETEK, Inc. | $13M | 0.5% | +25.3% | 8.3 yr |
| VLTOVeralto Corporation | $13M | 0.5% | -9.0% | 2.3 yr |
| OZKBank OZK | $13M | 0.5% | +9.8% | 4.5 yr |
| VVisa Inc. | $12M | 0.5% | -13.1% | 4.5 yr |
| CNICanadian National Railwa | $12M | 0.5% | +8.2% | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management4.5%+0.6pp$109M
Banks - Regional3.8%-0.1pp$93M
Software - Application3.2%-1.2pp$77M
Industrial - Machinery2.9%+1.1pp$70M
Software - Infrastructure2.8%-2.0pp$69M
Aerospace & Defense2.8%+0.7pp$67M
Semiconductors2.6%-2.0pp$64M
Medical - Devices2.4%+0.4pp$58M
Insurance - Property & Casualty2.0%+1.6pp$50M
Information Technology Services2.0%-0.3pp$49M
Country
US83.4%-1.0pp
CA6.4%+3.1pp
Unknown1.9%-1.1pp
BM1.3%+0.5pp
GB1.3%+0.2pp
CH1.1%+0.1pp
IE0.9%+0.4pp
IL0.5%-0.6pp
Top 5: 3.6% · Top 10: 6.4% · Top 25: 13.5%
Top buys this quarter · 15
| GD General Dynamics Corporation | +$14M |
| MSFT Microsoft Corporation | +$13M |
| NSC Norfolk Southern Corporation | +$13M |
| TJX The TJX Companies, Inc. | +$13M |
| AME AMETEK, Inc. | +$11M |
| VICI VICI Properties Inc. | +$11M |
| WRB W. R. Berkley Corporation | +$11M |
| TOL Toll Brothers, Inc. | +$10M |
| FIVE Five Below, Inc. | +$10M |
| A Agilent Technologies, Inc. | +$10M |
Top sells this quarter · 15
| ONTO Onto Innovation Inc. | −$29M |
| TER Teradyne, Inc. | −$23M |
| NUE Nucor Corporation | −$20M |
| SNDK Sandisk Corporationexit | −$20M |
| APLD Applied Digital Corporation | −$19M |
| FRO Frontline Ltd. | −$16M |
| ETN Eaton Corporation plcexit | −$15M |
| MU Micron Technology, Inc. | −$15M |
| PYPL PayPal Holdings, Inc.exit | −$14M |
| VLO Valero Energy Corporation | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.44B | 1650 | +22.42% | +17.59% | +4.82% | -0.62B |
| 2025-12-31 | $3.01B | 1654 | +17.43% | +17.72% | -0.29% | -0.77B |
| 2025-09-30 | $3.68B | 1690 | +17.32% | +17.52% | -0.20% | -0.54B |
| 2025-06-30 | $3.90B | 1594 | +19.20% | +14.94% | +4.26% | +0.50B |
| 2025-03-31 | $3.14B | 1417 | +11.33% | +8.30% | +3.03% | +0.47B |
| 2024-12-31 | $2.74B | 1424 | +19.52% | +24.89% | -5.37% | +0.14B |
| 2024-09-30 | $2.54B | 1400 | +27.78% | +36.04% | -8.26% | +0.27B |
| 2024-06-30 | $2.07B | 1373 | +6.03% | +24.49% | -18.46% | +0.27B |
| 2024-03-31 | $1.77B | 1505 | +11.52% | +29.62% | -18.11% | -0.03B |
| 2023-12-31 | $1.72B | 1518 | +12.81% | +26.18% | -13.37% | +0.09B |
| 2023-09-30 | $1.49B | 1487 | +8.40% | +21.57% | -13.17% | +0.10B |
| 2023-06-30 | $1.53B | 1517 | +11.95% | +19.42% | -7.48% | +0.02B |
| 2023-03-31 | $1.41B | 1485 | -10.99% | -7.82% | -3.17% | -0.07B |
| 2022-12-31 | $1.39B | 1610 | -18.04% | -18.17% | +0.13% | -0.00B |
| 2022-09-30 | $1.32B | 1535 | -13.61% | -15.51% | +1.90% | +0.30B |
| 2022-06-30 | $1.09B | 1641 | -7.62% | -10.62% | +3.01% | +0.12B |