Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.72%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.29%
steady accumulation
Rally response
-1.34%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $102M | 13.7% | — | 10.0 yr |
| AAPLApple Inc. | $45M | 6.0% | +14.7% | 10.0 yr |
| TJXThe TJX Companies, Inc. | $39M | 5.2% | +32.7% | 10.5 yr |
| JNJJohnson & Johnson | $38M | 5.2% | +51.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $29M | 3.9% | — | 9.0 yr |
| BKNGBooking Holdings Inc. | $29M | 3.9% | -96.3% | 7.0 yr |
| MSFTMicrosoft Corporation | $26M | 3.5% | -0.6% | 10.5 yr |
| VVisa Inc. | $23M | 3.1% | -13.1% | 4.5 yr |
| GDGeneral Dynamics Corpora | $23M | 3.1% | +27.8% | 6.5 yr |
| NVDANVIDIA Corporation | $21M | 2.9% | +60.9% | 2.3 yr |
| PEPPepsiCo, Inc. | $20M | 2.6% | +7.7% | 10.5 yr |
| MAMastercard Incorporated | $19M | 2.5% | -8.5% | 10.5 yr |
| ADPAutomatic Data Processin | $17M | 2.3% | -31.8% | 9.8 yr |
| CTSHCognizant Technology Sol | $17M | 2.2% | -18.4% | 10.5 yr |
| AMZNAmazon.com, Inc. | $17M | 2.2% | +9.5% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified14.1%-2.2pp$105M
Apparel - Retail7.3%+1.9pp$55M
Financial - Credit Services6.6%-0.1pp$49M
Consumer Electronics6.0%+1.0pp$45M
Drug Manufacturers - General6.0%+1.6pp$45M
Internet Content & Information5.6%-0.7pp$42M
Aerospace & Defense5.4%+0.8pp$40M
Specialty Retail5.2%-1.0pp$38M
Information Technology Services4.9%+1.4pp$37M
Travel Services3.9%-0.2pp$29M
Country
US94.8%-0.6pp
Unknown2.1%+0.5pp
CA1.7%+0.3pp
IE1.2%-0.1pp
FR0.1%+0.0pp
CH0.1%+0.0pp
Top 5: 34.0% · Top 10: 50.5% · Top 25: 79.6%
Top buys this quarter · 15
| BR Broadridge Financial Solutionsnew | +$12M |
| NVDA NVIDIA Corporation | +$3M |
| MSFT Microsoft Corporation | +$26M |
| META Meta Platforms, Inc. | +$2M |
| CTSH Cognizant Technology Solutions | +$17M |
| FDS FactSet Research Systems Inc. | +$2M |
| ADBE Adobe Inc. | +$7M |
| ADP Automatic Data Processing, Inc | +$17M |
| ACN Accenture plc | +$8M |
| PG The Procter & Gamble Company | +$1M |
Top sells this quarter · 15
| ORCL Oracle Corporationexit | −$6M |
| GOOG Alphabet Inc. | −$4M |
| RTX RTX Corporation | −$3M |
| TTE TotalEnergies SEexit | −$1M |
| TJX The TJX Companies, Inc. | −$38M |
| JNJ Johnson & Johnson | −$33M |
| TPL Texas Pacific Land Corporation | −$1M |
| AAPL Apple Inc. | −$0M |
| NSC Norfolk Southern Corporation | −$0M |
| ABBV AbbVie Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $744M | 128 | -1.00% | +17.59% | -18.59% | +0.04B |
| 2025-12-31 | $784M | 123 | +8.88% | +17.72% | -8.84% | -0.02B |
| 2025-09-30 | $794M | 127 | +7.94% | +17.52% | -9.57% | +0.00B |
| 2025-06-30 | $748M | 128 | +11.49% | +14.94% | -3.45% | -0.02B |
| 2025-03-31 | $735M | 128 | +6.12% | +8.30% | -2.18% | +0.01B |
| 2024-12-31 | $734M | 130 | +14.63% | +24.89% | -10.26% | -0.00B |
| 2024-09-30 | $736M | 129 | +25.74% | +36.04% | -10.29% | -0.02B |
| 2024-06-30 | $696M | 130 | +11.32% | +24.49% | -13.17% | +0.00B |
| 2024-03-31 | $699M | 130 | +18.26% | +29.62% | -11.37% | +0.01B |
| 2023-12-31 | $650M | 130 | +15.89% | +26.18% | -10.29% | -0.00B |
| 2023-09-30 | $596M | 133 | +18.07% | +21.57% | -3.49% | -0.00B |
| 2023-06-30 | $620M | 140 | +16.62% | +19.42% | -2.81% | -0.01B |
| 2023-03-31 | $595M | 142 | -2.97% | -7.82% | +4.85% | -0.02B |
| 2022-12-31 | $593M | 142 | +11.65% | +7.56% | +4.09% | +0.00B |
| 2022-09-30 | $530M | 139 | -4.67% | -4.93% | +0.26% | -0.01B |
| 2022-06-30 | $566M | 141 | -12.24% | -16.11% | +3.87% | -0.01B |