Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.36%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.48%
baseline attrition
Rally response
-2.37%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $12M | 3.4% | — | 10.5 yr |
| JPMJPMorgan Chase & Co. | $12M | 3.3% | +21.8% | 10.5 yr |
| WSOWatsco, Inc. | $11M | 3.0% | -26.4% | 10.5 yr |
| MKLMarkel Corporation | $8M | 2.3% | +2.4% | 10.5 yr |
| SCHWThe Charles Schwab Corpo | $8M | 2.2% | +21.5% | 6.8 yr |
| MSFTMicrosoft Corporation | $8M | 2.2% | -0.6% | 7.0 yr |
| BRK-BBerkshire Hathaway Inc. | $7M | 2.0% | — | 10.5 yr |
| NSCNorfolk Southern Corpora | $7M | 2.0% | +23.6% | 9.5 yr |
| VVisa Inc. | $7M | 1.9% | -13.1% | 10.5 yr |
| XPOXPO Logistics, Inc. | $7M | 1.8% | +80.8% | 4.3 yr |
| JNJJohnson & Johnson | $6M | 1.7% | +51.5% | 10.5 yr |
| AMZNAmazon.com, Inc. | $5M | 1.4% | +9.5% | 10.5 yr |
| ECLEcolab Inc. | $5M | 1.3% | +6.0% | 10.5 yr |
| NSSCNapco Security Technolog | $5M | 1.3% | +73.7% | 6.3 yr |
| OMCLOmnicell, Inc. | $5M | 1.3% | -4.5% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management5.3%+1.5pp$19M
Industrial - Distribution4.8%+1.2pp$18M
Internet Content & Information4.7%+2.1pp$17M
Banks - Diversified4.2%+1.2pp$15M
Software - Infrastructure3.9%+0.1pp$14M
Software - Application3.8%-2.0pp$14M
Drug Manufacturers - General3.4%-0.6pp$12M
Industrial - Machinery2.8%+0.4pp$10M
Insurance - Property & Casualty2.8%-0.2pp$10M
Financial - Data & Stock Exchanges2.8%+0.3pp$10M
Country
US96.6%-0.3pp
Unknown1.6%+1.0pp
IL0.7%+0.2pp
IE0.7%-0.3pp
BR0.3%
GB0.1%-0.8pp
CA0.1%
Top 5: 14.2% · Top 10: 24.1% · Top 25: 42.0%
Top buys this quarter · 15
| ZBRA Zebra Technologies Corporationnew | +$4M |
| O Realty Income Corporation | +$2M |
| WSC WillScot Holdings Corporation | +$2M |
| NU Nu Holdings Ltd.new | +$1M |
| AMT American Tower Corporation | +$1M |
| PANW Palo Alto Networks, Inc.new | +$1M |
| BX Blackstone Inc. | +$3M |
| JPM JPMorgan Chase & Co. | +$12M |
| WSO Watsco, Inc. | +$0M |
| CSX CSX Corporation | +$0M |
Top sells this quarter · 15
| AXON Axon Enterprise, Inc. | −$8M |
| XPO XPO Logistics, Inc. | −$4M |
| CCOI Cogent Communications Holdingsexit | −$4M |
| TRS TriMas Corporationexit | −$2M |
| ADEA Adeia Inc. | −$2M |
| HCSG Healthcare Services Group, Incexit | −$2M |
| JNJ Johnson & Johnson | −$1M |
| KNX Knight-Swift Transportation Ho | −$1M |
| LMT Lockheed Martin Corporation | −$1M |
| CVX Chevron Corporation | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $366M | 197 | +2.81% | +17.59% | -14.78% | -0.01B |
| 2025-12-31 | $392M | 197 | +3.67% | +17.72% | -14.05% | -0.01B |
| 2025-09-30 | $407M | 198 | +7.32% | +17.52% | -10.20% | -0.02B |
| 2025-06-30 | $419M | 209 | +12.27% | +14.94% | -2.67% | +0.01B |
| 2025-03-31 | $388M | 205 | +5.02% | +8.30% | -3.28% | -0.00B |
| 2024-12-31 | $400M | 203 | +14.67% | +24.89% | -10.22% | +0.07B |
| 2024-09-30 | $319M | 153 | +25.94% | +36.04% | -10.10% | -0.00B |
| 2024-06-30 | $304M | 155 | +12.41% | +24.49% | -12.09% | -0.01B |
| 2024-03-31 | $315M | 151 | +22.83% | +29.62% | -6.79% | -0.01B |
| 2023-12-31 | $310M | 157 | +23.11% | +26.18% | -3.06% | -0.01B |
| 2023-09-30 | $280M | 159 | +16.35% | +21.57% | -5.21% | -0.01B |
| 2023-06-30 | $307M | 157 | +17.02% | +19.42% | -2.40% | -0.00B |
| 2023-03-31 | $288M | 161 | -8.82% | -7.82% | -1.00% | -0.01B |
| 2022-12-31 | $277M | 166 | +6.65% | +7.56% | -0.91% | -0.01B |
| 2022-09-30 | $267M | 171 | -4.31% | -4.93% | +0.61% | +0.00B |
| 2022-06-30 | $277M | 185 | -15.86% | -16.11% | +0.25% | -0.00B |