Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.69%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.45%
baseline attrition
Rally response
-1.44%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WCNWaste Connections, Inc. | $96M | 3.1% | -16.2% | 9.3 yr |
| CACICACI International Inc | $96M | 3.1% | +48.2% | 9.3 yr |
| CASYCasey's General Stores, | $95M | 3.1% | +68.4% | 7.8 yr |
| WWDWoodward, Inc. | $91M | 3.0% | +97.0% | 10.5 yr |
| HEIHEICO Corporation | $88M | 2.9% | +2.7% | 10.5 yr |
| MSCIMSCI Inc. | $86M | 2.8% | -3.4% | 3.5 yr |
| WRBW. R. Berkley Corporatio | $82M | 2.6% | -4.4% | 7.5 yr |
| TDYTeledyne Technologies In | $75M | 2.4% | +21.6% | 10.5 yr |
| TYLTyler Technologies, Inc. | $71M | 2.3% | -41.1% | 10.5 yr |
| CDNSCadence Design Systems, | $68M | 2.2% | +9.3% | 8.8 yr |
| MPWRMonolithic Power Systems | $64M | 2.1% | +89.6% | 5.3 yr |
| LIILennox International Inc | $63M | 2.0% | -16.4% | 10.5 yr |
| RBCRBC Bearings Incorporate | $61M | 2.0% | +68.8% | 10.5 yr |
| MSIMotorola Solutions, Inc. | $61M | 2.0% | +0.2% | 6.8 yr |
| CTASCintas Corporation | $59M | 1.9% | -17.0% | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Software - Application12.1%-3.2pp$374M
Aerospace & Defense6.7%+0.1pp$208M
Semiconductors6.6%+2.7pp$206M
Specialty Retail6.2%+3.6pp$193M
Insurance - Property & Casualty5.3%-0.0pp$165M
Financial - Data & Stock Exchanges5.1%-0.3pp$156M
Information Technology Services5.0%-1.4pp$155M
Waste Management4.9%-0.1pp$153M
Industrial - Machinery4.4%+3.5pp$135M
Hardware, Equipment & Parts3.6%+1.9pp$112M
Country
US94.0%+0.4pp
CA4.3%-0.1pp
KY0.8%+0.4pp
IE0.6%-0.6pp
CN0.2%+0.1pp
BM0.2%-0.2pp
Top 5: 15.1% · Top 10: 27.4% · Top 25: 52.2%
Top buys this quarter · 15
| WWD Woodward, Inc. | +$29M |
| ITT ITT Inc. | +$24M |
| MAR Marriott International, Inc.new | +$23M |
| AZO AutoZone, Inc. | +$21M |
| RBC RBC Bearings Incorporated | +$12M |
| TDY Teledyne Technologies Incorpor | +$11M |
| NOW ServiceNow, Inc. | +$42M |
| PH Parker-Hannifin Corporation | +$9M |
| AIT Applied Industrial Technologie | +$8M |
| PRI Primerica, Inc. | +$7M |
Top sells this quarter · 15
| IDXX IDEXX Laboratories, Inc. | −$43M |
| IQV IQVIA Holdings Inc. | −$40M |
| FIX Comfort Systems USA, Inc. | −$33M |
| CASY Casey's General Stores, Inc. | −$31M |
| POOL Pool Corporationexit | −$30M |
| COST Costco Wholesale Corporation | −$27M |
| WST West Pharmaceutical Services, exit | −$26M |
| MPWR Monolithic Power Systems, Inc. | −$21M |
| MTD Mettler-Toledo International Iexit | −$18M |
| CHDN Churchill Downs Incorporated | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.09B | 131 | +1.86% | +17.59% | -15.73% | -0.40B |
| 2025-12-31 | $3.72B | 143 | +6.28% | +17.72% | -11.44% | -0.48B |
| 2025-09-30 | $4.27B | 152 | +5.28% | +17.52% | -12.24% | -0.03B |
| 2025-06-30 | $4.24B | 159 | +12.70% | +14.94% | -2.25% | -0.15B |
| 2025-03-31 | $4.03B | 164 | +2.15% | +8.30% | -6.15% | -0.01B |
| 2024-12-31 | $4.13B | 162 | +13.14% | +24.89% | -11.74% | +0.15B |
| 2024-09-30 | $4.09B | 164 | +34.47% | +36.04% | -1.57% | +0.09B |
| 2024-06-30 | $3.68B | 169 | +20.16% | +24.49% | -4.33% | +0.11B |
| 2024-03-31 | $3.62B | 174 | +30.41% | +29.62% | +0.79% | +0.13B |
| 2023-12-31 | $3.22B | 175 | +33.08% | +26.18% | +6.91% | +0.07B |
| 2023-09-30 | $2.72B | 183 | +22.89% | +21.57% | +1.32% | +0.13B |
| 2023-06-30 | $2.67B | 185 | +21.86% | +19.42% | +2.43% | -0.03B |
| 2023-03-31 | $2.52B | 192 | -5.49% | -7.82% | +2.33% | -0.04B |
| 2022-12-31 | $2.32B | 191 | +6.83% | +7.56% | -0.73% | -0.09B |
| 2022-09-30 | $2.25B | 197 | -3.80% | -4.93% | +1.12% | -0.07B |
| 2022-06-30 | $2.42B | 201 | -16.89% | -16.11% | -0.78% | -0.37B |