Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.84%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.52%
baseline attrition
Rally response
-3.68%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGAlphabet Inc. | $937M | 6.1% | +84.3% | 10.5 yr |
| MSFTMicrosoft Corporation | $857M | 5.6% | -0.6% | 7.8 yr |
| AMZNAmazon.com, Inc. | $760M | 4.9% | +9.5% | 9.3 yr |
| SHELShell plc | $662M | 4.3% | +32.0% | 3.8 yr |
| MMCMarsh & McLennan Compani | $603M | 3.9% | — | 10.5 yr |
| VVisa Inc. | $585M | 3.8% | -13.1% | 10.5 yr |
| APHAmphenol Corporation | $504M | 3.3% | +93.6% | 10.3 yr |
| NOCNorthrop Grumman Corpora | $466M | 3.0% | +35.4% | 1.0 yr |
| WATWaters Corporation | $418M | 2.7% | -19.2% | 10.3 yr |
| AONAon plc | $412M | 2.7% | -18.4% | 6.0 yr |
| WFCWells Fargo & Company | $372M | 2.4% | +13.3% | 6.5 yr |
| AERAerCap Holdings N.V. | $368M | 2.4% | +35.6% | 1.0 yr |
| BRK-ABerkshire Hathaway Inc. | $366M | 2.4% | — | 1.3 yr |
| METAMeta Platforms, Inc. | $351M | 2.3% | -0.4% | 1.8 yr |
| SOThe Southern Company | $330M | 2.1% | +8.4% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information8.8%+3.5pp$1.36B
Insurance - Brokers7.4%-7.2pp$1.14B
Software - Infrastructure5.7%-0.4pp$873M
Hardware, Equipment & Parts5.3%+2.0pp$814M
Financial - Credit Services5.3%+0.4pp$811M
Banks - Diversified5.3%+4.8pp$810M
Financial - Data & Stock Exchanges5.2%+2.5pp$795M
Specialty Retail5.0%+1.3pp$771M
Medical - Diagnostics & Research4.5%+1.6pp$696M
Oil & Gas Integrated4.3%+2.6pp$662M
Country
US83.5%+2.3pp
GB5.3%+2.8pp
IE5.1%-2.9pp
CA1.4%-0.5pp
Unknown1.2%-0.6pp
IL1.1%
CN1.0%-1.2pp
BR0.7%-0.9pp
Top 5: 24.8% · Top 10: 40.4% · Top 25: 68.6%
Top buys this quarter · 15
| TSEM Tower Semiconductor Ltd.new | +$169M |
| SO The Southern Company | +$160M |
| NVDA NVIDIA Corporation | +$104M |
| SPGI S&P Global Inc. | +$75M |
| MCK McKesson Corporationnew | +$74M |
| ZTS Zoetis Inc. | +$47M |
| AEP American Electric Power Compan | +$47M |
| NU Nu Holdings Ltd. | +$45M |
| BSX Boston Scientific Corporation | +$34M |
| WAT Waters Corporation | +$418M |
Top sells this quarter · 15
| DE Deere & Companyexit | −$215M |
| ATR AptarGroup, Inc. | −$176M |
| FCN FTI Consulting, Inc. | −$176M |
| APH Amphenol Corporation | −$139M |
| GOOG Alphabet Inc. | −$116M |
| MSFT Microsoft Corporation | −$115M |
| NOC Northrop Grumman Corporation | −$111M |
| CDW CDW Corporation | −$89M |
| SHEL Shell plc | −$593M |
| AMZN Amazon.com, Inc. | −$87M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $15.38B | 125 | +1.94% | +17.59% | -15.65% | -0.94B |
| 2025-12-31 | $17.79B | 124 | +8.67% | +17.72% | -9.05% | -1.74B |
| 2025-09-30 | $19.18B | 109 | +5.23% | +17.52% | -12.28% | -1.49B |
| 2025-06-30 | $19.66B | 109 | +4.53% | +14.94% | -10.41% | -1.79B |
| 2025-03-31 | $20.66B | 104 | -1.31% | +8.30% | -9.61% | -0.87B |
| 2024-12-31 | $22.03B | 100 | +8.17% | +24.89% | -16.72% | +0.39B |
| 2024-09-30 | $21.95B | 101 | +19.25% | +36.04% | -16.79% | -0.12B |
| 2024-06-30 | $21.12B | 105 | +12.74% | +24.49% | -11.75% | -0.01B |
| 2024-03-31 | $21.56B | 105 | +23.63% | +29.62% | -5.99% | +0.64B |
| 2023-12-31 | $19.53B | 107 | +22.75% | +26.18% | -3.42% | -0.82B |
| 2023-09-30 | $18.71B | 104 | +22.63% | +21.57% | +1.06% | -0.17B |
| 2023-06-30 | $19.12B | 101 | +16.95% | +19.42% | -2.48% | -0.58B |
| 2023-03-31 | $18.33B | 103 | -4.83% | -7.82% | +2.99% | -0.55B |
| 2022-12-31 | $17.74B | 112 | +8.59% | +7.56% | +1.03% | -0.17B |
| 2022-09-30 | $16.49B | 106 | -5.81% | -4.93% | -0.88% | -0.09B |
| 2022-06-30 | $17.60B | 105 | -12.54% | -16.11% | +3.57% | -0.81B |