Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.42%
adds when stocks drop
when a holding falls −10%+
Middle response
-9.01%
baseline attrition
Rally response
-14.97%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| REEverest Re Group, Ltd. | $445M | 11.8% | — | 6.3 yr |
| MSFTMicrosoft Corporation | $411M | 10.9% | -0.6% | 8.0 yr |
| AMZNAmazon.com, Inc. | $332M | 8.8% | +9.5% | 7.5 yr |
| UNHUnitedHealth Group Incor | $247M | 6.5% | -46.9% | 3.8 yr |
| RYANRyan Specialty Holdings, | $223M | 5.9% | -53.9% | 0.8 yr |
| TRUTransUnion | $222M | 5.9% | -16.1% | 0.5 yr |
| TDGTransDigm Group Incorpor | $214M | 5.7% | -10.5% | 6.0 yr |
| GOOGAlphabet Inc. | $194M | 5.1% | +84.3% | 9.0 yr |
| VVisa Inc. | $193M | 5.1% | -13.1% | 10.5 yr |
| MAMastercard Incorporated | $191M | 5.1% | -8.5% | 10.5 yr |
| ARESAres Management Corporat | $185M | 4.9% | -23.1% | 3.8 yr |
| MEDPMedpace Holdings, Inc. | $98M | 2.6% | +57.6% | 5.0 yr |
| KMXCarMax, Inc. | $92M | 2.4% | -46.6% | 2.3 yr |
| ANTMElevance Health Inc. | $87M | 2.3% | — | 9.8 yr |
| TPGTPG Inc. | $80M | 2.1% | -11.3% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Reinsurance11.8%+2.7pp$445M
Software - Infrastructure10.9%+1.1pp$411M
Financial - Credit Services10.2%-1.6pp$385M
Medical - Healthcare Plans8.8%+4.2pp$334M
Specialty Retail8.8%+2.5pp$332M
Aerospace & Defense7.2%-1.1pp$270M
Asset Management7.0%+0.5pp$265M
Insurance - Specialty5.9%$223M
Consulting Services5.9%$222M
Internet Content & Information5.1%-0.3pp$194M
Country
US84.5%-1.3pp
BM12.5%+2.7pp
IL2.3%-1.2pp
CA0.7%+0.1pp
Top 5: 43.9% · Top 10: 70.8% · Top 25: 96.0%
Top buys this quarter · 7
| TRU TransUnion | +$148M |
| MEDP Medpace Holdings, Inc. | +$75M |
| RYAN Ryan Specialty Holdings, Inc. | +$223M |
| NOW ServiceNow, Inc.new | +$56M |
| TPG TPG Inc. | +$80M |
| CIGI Colliers International Group I | +$8M |
| SARO StandardAero, Inc. | +$6M |
Top sells this quarter · 15
| CRM Salesforce, Inc. | −$252M |
| CSGP CoStar Group, Inc.exit | −$181M |
| SWK Stanley Black & Decker, Inc.exit | −$75M |
| GOOG Alphabet Inc. | −$73M |
| TDG TransDigm Group Incorporated | −$65M |
| QRVO Qorvo, Inc. | −$65M |
| UNH UnitedHealth Group Incorporate | −$46M |
| CCK Crown Holdings, Inc.exit | −$40M |
| LFUS Littelfuse, Inc. | −$39M |
| AMZN Amazon.com, Inc. | −$34M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.77B | 33 | -4.43% | +17.59% | -22.02% | -0.82B |
| 2025-12-31 | $5.54B | 41 | +8.53% | +17.72% | -9.19% | -0.03B |
| 2025-09-30 | $5.52B | 40 | +12.88% | +17.52% | -4.63% | -0.43B |
| 2025-06-30 | $5.67B | 38 | +14.92% | +14.94% | -0.02% | -0.12B |
| 2025-03-31 | $5.32B | 39 | +3.45% | +8.30% | -4.86% | -0.30B |
| 2024-12-31 | $5.98B | 49 | +23.03% | +24.89% | -1.86% | -0.30B |
| 2024-09-30 | $5.97B | 43 | +39.62% | +36.04% | +3.58% | -1.02B |
| 2024-06-30 | $6.55B | 44 | +26.56% | +24.49% | +2.07% | -0.20B |
| 2024-03-31 | $6.89B | 46 | +43.46% | +29.62% | +13.84% | -0.74B |
| 2023-12-31 | $6.81B | 46 | +48.93% | +26.18% | +22.75% | -1.02B |
| 2023-09-30 | $6.57B | 45 | +34.09% | +21.57% | +12.52% | -1.14B |
| 2023-06-30 | $7.96B | 44 | +27.23% | +19.42% | +7.81% | -0.81B |
| 2023-03-31 | $7.90B | 43 | -14.82% | -7.82% | -7.00% | -0.74B |
| 2022-12-31 | $7.44B | 41 | -28.33% | -18.17% | -10.16% | -1.74B |
| 2022-09-30 | $8.55B | 37 | +54.82% | -15.51% | +70.33% | -0.84B |
| 2022-06-30 | $10.22B | 39 | -25.64% | -16.11% | -9.53% | -1.89B |