Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.82%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.06%
baseline attrition
Rally response
-6.79%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ILMNIllumina, Inc. | $472M | 18.8% | +55.4% | 2.8 yr |
| SWXSouthwest Gas Holdings, | $375M | 14.9% | +24.9% | 4.0 yr |
| DISThe Walt Disney Company | $208M | 8.3% | -1.3% | 2.8 yr |
| WGSGeneDx Holdings Corp. | $207M | 8.2% | -27.5% | 3.0 yr |
| MGMMGM Resorts Internationa | $198M | 7.9% | +24.9% | 8.0 yr |
| AMZNAmazon.com, Inc. | $184M | 7.3% | +9.5% | 7.0 yr |
| VSTSVestis Corporation | $156M | 6.2% | -20.6% | 2.3 yr |
| IACIAC InterActive Corp. | $134M | 5.3% | +6.3% | 3.5 yr |
| UNPUnion Pacific Corporatio | $118M | 4.7% | +5.1% | 1.0 yr |
| QSRRestaurant Brands Intern | $117M | 4.6% | +15.1% | 1.0 yr |
| CXCEMEX, S.A.B. de C.V. | $98M | 3.9% | +106.1% | 0.8 yr |
| LLYVALiberty Live Group | $92M | 3.7% | — | 0.5 yr |
| MSFTMicrosoft Corporation | $49M | 1.9% | -0.6% | 6.3 yr |
| FTREFortrea Holdings Inc. | $44M | 1.7% | +24.8% | 1.8 yr |
| CSGPCoStar Group, Inc. | $34M | 1.4% | -49.1% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Medical - Diagnostics & Research18.8%+7.0pp$472M
Regulated Gas14.9%-0.9pp$375M
Entertainment11.9%+11.9pp$300M
Medical - Healthcare Information Services8.2%-0.3pp$207M
Gambling, Resorts & Casinos7.9%+1.3pp$198M
Specialty Retail7.3%+3.1pp$184M
Rental & Leasing Services6.2%-0.3pp$156M
Internet Content & Information5.4%-2.8pp$136M
Railroads4.7%-0.1pp$118M
Restaurants4.6%$117M
Country
US90.7%+0.1pp
CA4.6%+3.5pp
MX3.9%+0.4pp
Unknown0.7%-1.9pp
LU0.0%-0.0pp
Top 5: 58.1% · Top 10: 86.2% · Top 25: 100.0%
Top buys this quarter · 5
| CSGP CoStar Group, Inc.new | +$34M |
| DIS The Walt Disney Company | +$208M |
| WGS GeneDx Holdings Corp. | +$207M |
| FTRE Fortrea Holdings Inc. | +$44M |
| — new | +$0M |
Top sells this quarter · 10
| SWX Southwest Gas Holdings, Inc. | −$62M |
| QSR Restaurant Brands Internationa | −$61M |
| ORCL Oracle Corporationexit | −$59M |
| UNP Union Pacific Corporation | −$49M |
| AQN Algonquin Power & Utilities Coexit | −$38M |
| AMZN Amazon.com, Inc. | −$21M |
| MSFT Microsoft Corporation | −$16M |
| MGM MGM Resorts International | −$197M |
| AMBP Ardagh Metal Packaging S.A. | −$0M |
| LAB Standard BioTools Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.52B | 25 | +15.43% | +17.59% | -2.16% | -0.21B |
| 2025-12-31 | $3.01B | 24 | +15.21% | +17.72% | -2.51% | -0.15B |
| 2025-09-30 | $2.79B | 28 | +6.23% | +17.52% | -11.28% | +0.33B |
| 2025-06-30 | $2.36B | 30 | +11.26% | +14.94% | -3.68% | -0.42B |
| 2025-03-31 | $2.58B | 32 | -0.60% | +8.30% | -8.90% | +0.09B |
| 2024-12-31 | $2.75B | 34 | +21.80% | +24.89% | -3.09% | +0.20B |
| 2024-09-30 | $2.44B | 30 | +36.06% | +36.04% | +0.02% | +0.13B |
| 2024-06-30 | $2.12B | 33 | +16.79% | +24.49% | -7.71% | +0.22B |
| 2024-03-31 | $1.97B | 32 | +28.05% | +29.62% | -1.57% | -0.10B |
| 2023-12-31 | $1.86B | 31 | +25.81% | +26.18% | -0.37% | -0.19B |
| 2023-09-30 | $1.76B | 34 | +17.97% | +21.57% | -3.60% | +0.07B |
| 2023-06-30 | $1.81B | 31 | +31.06% | +19.42% | +11.63% | +0.04B |
| 2023-03-31 | $1.66B | 31 | +1.97% | -7.82% | +9.78% | +0.02B |
| 2022-12-31 | $1.51B | 28 | +9.29% | +7.56% | +1.73% | -0.26B |
| 2022-09-30 | $1.61B | 32 | +3.96% | -4.93% | +8.89% | +0.04B |
| 2022-06-30 | $1.51B | 33 | -17.62% | -16.11% | -1.51% | +0.37B |