Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.81%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.29%
baseline attrition
Rally response
-12.52%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MMacy's, Inc. | $204M | 9.2% | +50.6% | 1.3 yr |
| CMCSAComcast Corporation | $174M | 7.9% | — | 0.3 yr |
| HPQHP Inc. | $120M | 5.4% | -27.1% | 10.5 yr |
| KHCThe Kraft Heinz Company | $109M | 4.9% | -21.4% | 0.3 yr |
| EXCExelon Corporation | $80M | 3.6% | +10.2% | 5.5 yr |
| SQMSociedad QuÃmica y Mine | $77M | 3.5% | +104.1% | 4.8 yr |
| LEALear Corporation | $77M | 3.5% | +41.3% | 2.5 yr |
| JNJJohnson & Johnson | $63M | 2.8% | +51.5% | 10.0 yr |
| GFIGold Fields Limited | $60M | 2.7% | +112.1% | 5.8 yr |
| PBRPetróleo Brasileiro S.A | $55M | 2.5% | +54.2% | 8.8 yr |
| OMCOmnicom Group Inc. | $54M | 2.5% | -5.6% | 6.0 yr |
| BAXBaxter International Inc | $52M | 2.3% | -50.2% | 0.3 yr |
| TAPMolson Coors Beverage Co | $51M | 2.3% | -26.4% | 3.5 yr |
| VISTVista Energy, S.A.B. de | $45M | 2.0% | +62.1% | 2.8 yr |
| SYYSysco Corporation | $36M | 1.6% | -3.0% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric12.2%-4.0pp$269M
Department Stores9.2%+4.1pp$204M
Telecommunications Services8.6%+8.1pp$190M
Computer Hardware5.4%-1.6pp$120M
Packaged Foods4.9%$109M
Drug Manufacturers - General4.0%-0.7pp$89M
Beverages - Alcoholic3.7%-1.4pp$81M
Oil & Gas Exploration & Production3.7%+2.6pp$81M
Chemicals - Specialty3.5%+2.9pp$78M
Auto - Parts3.5%+0.8pp$77M
Country
US76.8%+2.7pp
BR6.3%+2.5pp
AR3.9%+1.7pp
CL3.5%+1.7pp
ZA2.7%+0.3pp
MX2.0%+1.4pp
CA1.1%+0.0pp
CN1.0%-1.9pp
Top 5: 31.0% · Top 10: 46.0% · Top 25: 71.3%
Top buys this quarter · 15
| KHC The Kraft Heinz Companynew | +$109M |
| BAX Baxter International Inc.new | +$52M |
| PBR Petróleo Brasileiro S.A. - Pe | +$44M |
| WMB The Williams Companies, Inc. | +$21M |
| CHRD Chord Energy Corporationnew | +$15M |
| OMC Omnicom Group Inc. | +$12M |
| DVN Devon Energy Corporation | +$10M |
| OC Owens Corningnew | +$9M |
| SQM Sociedad QuÃmica y Minera de | +$9M |
| LEA Lear Corporation | +$6M |
Top sells this quarter · 15
| BSAC Banco Santander-Chileexit | −$27M |
| VIST Vista Energy, S.A.B. de C.V. | −$36M |
| DINO HF Sinclair Corporationexit | −$10M |
| FSLR First Solar, Inc.exit | −$8M |
| EXC Exelon Corporation | −$79M |
| BABA Alibaba Group Holding Limited | −$8M |
| VALE Vale S.A. | −$33M |
| GGAL Grupo Financiero Galicia S.A. | −$3M |
| DTE DTE Energy Company | −$2M |
| JNJ Johnson & Johnson | −$55M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.21B | 118 | +20.42% | +17.59% | +2.83% | +0.42B |
| 2025-12-31 | $1.79B | 109 | +23.48% | +17.72% | +5.76% | -0.12B |
| 2025-09-30 | $1.78B | 116 | +10.34% | +17.52% | -7.18% | +0.07B |
| 2025-06-30 | $1.55B | 101 | +10.43% | +14.94% | -4.52% | -0.06B |
| 2025-03-31 | $1.58B | 84 | +9.31% | +8.30% | +1.01% | -0.13B |
| 2024-12-31 | $1.67B | 89 | +7.92% | +24.89% | -16.97% | +0.33B |
| 2024-09-30 | $1.40B | 69 | +27.22% | +36.04% | -8.82% | +0.12B |
| 2024-06-30 | $1.16B | 54 | +9.30% | +24.49% | -15.19% | -0.17B |
| 2024-03-31 | $1.32B | 57 | +12.82% | +29.62% | -16.80% | -0.10B |
| 2023-12-31 | $1.40B | 54 | +15.69% | +26.18% | -10.49% | -0.02B |
| 2023-09-30 | $1.25B | 75 | +13.50% | +21.57% | -8.07% | -0.41B |
| 2023-06-30 | $1.76B | 74 | +13.26% | +19.42% | -6.16% | -1.29B |
| 2023-03-31 | $2.93B | 75 | -12.00% | -7.82% | -4.18% | -0.06B |
| 2022-12-31 | $2.87B | 73 | +10.83% | +7.56% | +3.27% | -0.08B |
| 2022-09-30 | $2.66B | 75 | -5.82% | -4.93% | -0.89% | -0.03B |
| 2022-06-30 | $2.87B | 72 | -18.95% | -16.11% | -2.84% | +0.28B |