Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.39%
adds when stocks drop
when a holding falls −10%+
Middle response
-6.16%
baseline attrition
Rally response
-7.17%
trims into rallies
when a holding rises +10%+
Top positions · 27
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $1.74B | 12.5% | +9.5% | 4.3 yr |
| MSFTMicrosoft Corporation | $1.33B | 9.5% | -0.6% | 6.3 yr |
| MAMastercard Incorporated | $1.23B | 8.8% | -8.5% | 4.3 yr |
| TDGTransDigm Group Incorpor | $992M | 7.1% | -10.5% | 1.0 yr |
| DPZDomino's Pizza, Inc. | $895M | 6.4% | -20.6% | 0.8 yr |
| VVisa Inc. | $895M | 6.4% | -13.1% | 5.0 yr |
| METAMeta Platforms, Inc. | $801M | 5.7% | -0.4% | 4.8 yr |
| EFXEquifax Inc. | $754M | 5.4% | -25.4% | 0.8 yr |
| SPGIS&P Global Inc. | $718M | 5.1% | -15.6% | 1.8 yr |
| TSMTaiwan Semiconductor Man | $653M | 4.7% | +105.6% | 1.8 yr |
| GOOGAlphabet Inc. | $611M | 4.4% | +84.3% | 8.8 yr |
| FERGFerguson plc | $559M | 4.0% | +47.8% | 1.3 yr |
| PNWPinnacle West Capital Co | $388M | 2.8% | +10.0% | 0.5 yr |
| WDCWestern Digital Corporat | $310M | 2.2% | +571.9% | 1.3 yr |
| DTEDTE Energy Company | $298M | 2.1% | +9.3% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Financial - Credit Services15.2%+0.7pp$2.13B
Specialty Retail12.5%+7.7pp$1.74B
Regulated Electric11.6%-6.8pp$1.62B
Internet Content & Information11.2%-0.9pp$1.57B
Software - Infrastructure9.5%-12.3pp$1.33B
Aerospace & Defense7.1%$992M
Restaurants6.5%+6.2pp$908M
Semiconductors5.9%+2.4pp$823M
Consulting Services5.4%$754M
Financial - Data & Stock Exchanges5.1%$718M
Country
US88.5%+7.3pp
TW4.7%+1.2pp
GB4.0%-4.1pp
SG1.5%+1.4pp
NL1.2%
CA0.1%-6.9pp
Top 5: 44.3% · Top 10: 71.6% · Top 25: 99.3%
Top buys this quarter · 10
| EFX Equifax Inc. | +$570M |
| SPGI S&P Global Inc. | +$519M |
| AMZN Amazon.com, Inc. | +$508M |
| DPZ Domino's Pizza, Inc. | +$496M |
| MA Mastercard Incorporated | +$287M |
| V Visa Inc. | +$144M |
| META Meta Platforms, Inc. | +$801M |
| TDG TransDigm Group Incorporated | +$125M |
| PNW Pinnacle West Capital Corporat | +$98M |
| DTE DTE Energy Company | +$6M |
Top sells this quarter · 15
| NXPI NXP Semiconductors N.V. | −$825M |
| GOOG Alphabet Inc. | −$414M |
| SO The Southern Company | −$359M |
| UNP Union Pacific Corporationexit | −$248M |
| TSM Taiwan Semiconductor Manufactu | −$240M |
| BN Brookfield Corporationexit | −$233M |
| AEP American Electric Power Compan | −$188M |
| REXR Rexford Industrial Realty, Inc | −$182M |
| ETR Entergy Corporation | −$168M |
| CSX CSX Corporationexit | −$167M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $13.98B | 27 | +24.11% | +17.59% | +6.52% | +0.98B |
| 2025-12-31 | $13.67B | 28 | +36.09% | +17.72% | +18.38% | +1.14B |
| 2025-09-30 | $12.16B | 29 | +35.08% | +17.52% | +17.57% | +0.88B |
| 2025-06-30 | $10.25B | 29 | +31.53% | +14.94% | +16.59% | +2.09B |
| 2025-03-31 | $7.09B | 27 | +12.86% | +8.30% | +4.55% | -0.70B |
| 2024-12-31 | $7.47B | 24 | +15.22% | +24.89% | -9.67% | +0.08B |
| 2024-09-30 | $7.23B | 24 | +28.28% | +36.04% | -7.76% | -0.07B |
| 2024-06-30 | $6.81B | 25 | +15.82% | +24.49% | -8.68% | +0.27B |
| 2024-03-31 | $6.62B | 24 | +29.23% | +29.62% | -0.39% | -1.98B |
| 2023-12-31 | $8.08B | 29 | +25.26% | +26.18% | -0.91% | +0.38B |
| 2023-09-30 | $6.76B | 15 | +18.51% | +21.57% | -3.06% | -0.40B |
| 2023-06-30 | $7.41B | 14 | +15.57% | +19.42% | -3.86% | -0.63B |
| 2023-03-31 | $7.29B | 17 | -12.54% | -7.82% | -4.72% | -1.30B |
| 2022-12-31 | $8.32B | 19 | +7.75% | +7.56% | +0.19% | -1.63B |
| 2022-09-30 | $9.24B | 40 | -5.69% | -4.93% | -0.76% | -1.51B |
| 2022-06-30 | $11.39B | 43 | -16.56% | -16.11% | -0.45% | +1.31B |