Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.44%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.80%
steady accumulation
Rally response
-2.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $76M | 11.2% | — | 10.5 yr |
| FFH.TOFairfax Financial Holdin | $50M | 7.3% | +14.9% | 9.8 yr |
| WTMWhite Mountains Insuranc | $49M | 7.2% | +14.1% | 10.5 yr |
| WRBW. R. Berkley Corporatio | $42M | 6.2% | -4.4% | 10.5 yr |
| USFRWisdomTree Floating Rate | $41M | 6.1% | — | 1.3 yr |
| MKLMarkel Corporation | $37M | 5.4% | +2.4% | 10.5 yr |
| LLoews Corporation | $27M | 4.0% | +16.4% | 10.5 yr |
| JEFJefferies Financial Grou | $25M | 3.7% | -20.7% | 8.0 yr |
| AVUVAvantis U.S. Small Cap V | $18M | 2.7% | — | 5.5 yr |
| BNBrookfield Corporation | $18M | 2.7% | +16.5% | 3.5 yr |
| DFIVDimensional - Internatio | $14M | 2.1% | — | 3.8 yr |
| AVDVAvantis International Sm | $13M | 2.0% | — | 5.8 yr |
| CNQCanadian Natural Resourc | $11M | 1.7% | +66.0% | 9.5 yr |
| CVECenovus Energy Inc. | $10M | 1.4% | +97.2% | 5.5 yr |
| OXYOccidental Petroleum Cor | $9M | 1.3% | +34.6% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Property & Casualty30.1%-1.8pp$204M
Asset Management23.0%+5.7pp$156M
Insurance - Diversified12.2%-7.6pp$83M
Oil & Gas Exploration & Production8.3%+1.3pp$56M
Financial - Capital Markets4.2%-1.1pp$28M
Oil & Gas Equipment & Services3.1%+1.3pp$21M
Oil & Gas Integrated2.1%+0.9pp$14M
Drug Manufacturers - General1.8%+0.5pp$12M
Rental & Leasing Services1.1%+0.0pp$7M
Financial - Credit Services1.0%-0.4pp$7M
Country
US75.6%+0.5pp
CA14.2%+2.6pp
BM7.8%-3.4pp
MC0.4%+0.2pp
GR0.4%+0.0pp
JP0.3%+0.2pp
GG0.3%-0.0pp
BR0.3%+0.0pp
Top 5: 38.0% · Top 10: 56.5% · Top 25: 73.5%
Top buys this quarter · 15
| BN Brookfield Corporation | +$18M |
| JEF Jefferies Financial Group Inc. | +$25M |
| BUR Burford Capital Limited | +$2M |
| MKL Markel Corporation | +$37M |
| DEC Diversified Energy Company PLC | +$0M |
| RPRX Royalty Pharma plcnew | +$0M |
| AMTM Amentum Holdings, Inc. | +$0M |
| NE Noble Corporation Plc | +$0M |
| AMCX AMC Networks Inc.new | +$0M |
| AR Antero Resources Corporation | +$0M |
Top sells this quarter · 15
| WBD Warner Bros. Discovery, Inc.exit | −$3M |
| WTM White Mountains Insurance Grou | −$47M |
| WFC Wells Fargo & Company | −$0M |
| SO The Southern Company | −$0M |
| AMGN Amgen Inc. | −$0M |
| CSL Carlisle Companies Incorporate | −$0M |
| TXN Texas Instruments Incorporatedexit | −$0M |
| MU Micron Technology, Inc.exit | −$0M |
| NVS Novartis AG | −$0M |
| EMR Emerson Electric Co. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $678M | 190 | +15.25% | +17.59% | -2.35% | +0.00B |
| 2025-12-31 | $673M | 192 | +15.07% | +17.72% | -2.65% | +0.00B |
| 2025-09-30 | $642M | 188 | +18.03% | +17.52% | +0.51% | -0.01B |
| 2025-06-30 | $623M | 191 | +18.64% | +14.94% | +3.70% | +0.02B |
| 2025-03-31 | $582M | 170 | +13.37% | +8.30% | +5.07% | +0.02B |
| 2024-12-31 | $561M | 166 | +26.72% | +24.89% | +1.83% | -0.03B |
| 2024-09-30 | $553M | 167 | +26.26% | +36.04% | -9.78% | +0.04B |
| 2024-06-30 | $487M | 168 | +27.84% | +24.49% | +3.34% | -0.04B |
| 2024-03-31 | $529M | 178 | +33.59% | +29.62% | +3.97% | -0.01B |
| 2023-12-31 | $477M | 178 | +19.46% | +26.18% | -6.72% | +0.00B |
| 2023-09-30 | $444M | 174 | +27.73% | +21.57% | +6.16% | -0.01B |
| 2023-06-30 | $426M | 182 | +14.53% | +19.42% | -4.89% | +0.00B |
| 2023-03-31 | $406M | 177 | -3.14% | -7.82% | +4.67% | -0.02B |
| 2022-12-31 | $424M | 170 | +14.53% | +7.56% | +6.97% | -0.00B |
| 2022-09-30 | $372M | 165 | -4.56% | -4.93% | +0.37% | +0.00B |
| 2022-06-30 | $389M | 170 | -11.72% | -16.11% | +4.39% | +0.02B |