Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.45%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.31%
baseline attrition
Rally response
-11.51%
trims into rallies
when a holding rises +10%+
Top positions · 24
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ASTSAST SpaceMobile, Inc. | $121M | 21.4% | +264.4% | 5.0 yr |
| AMATApplied Materials, Inc. | $51M | 8.9% | +137.6% | 4.8 yr |
| BNBrookfield Corporation | $49M | 8.6% | +16.5% | 3.5 yr |
| SUNBSunbelt Rentals Holdings | $44M | 7.8% | — | 0.3 yr |
| MKLMarkel Corporation | $40M | 7.0% | +2.4% | 10.5 yr |
| ORLYO'Reilly Automotive, Inc | $35M | 6.2% | -3.4% | 10.5 yr |
| AONAon plc | $33M | 5.7% | -18.4% | 6.0 yr |
| — | $27M | 4.7% | — | 3.5 yr |
| HLTHilton Worldwide Holding | $20M | 3.4% | +33.9% | 3.5 yr |
| AMTAmerican Tower Corporati | $18M | 3.2% | -17.9% | 10.5 yr |
| NVRNVR, Inc. | $18M | 3.1% | -9.0% | 9.0 yr |
| GOOGAlphabet Inc. | $16M | 2.8% | +84.3% | 10.5 yr |
| CDWCDW Corporation | $15M | 2.7% | -23.2% | 5.5 yr |
| SHENShenandoah Telecommunica | $14M | 2.4% | +23.9% | 4.0 yr |
| DHRDanaher Corporation | $13M | 2.4% | -7.1% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Communication Equipment21.4%+7.1pp$121M
Semiconductors8.9%+4.0pp$51M
Asset Management8.6%-0.2pp$49M
Financial - Credit Services7.8%$44M
Specialty Retail7.7%-2.5pp$44M
Insurance - Property & Casualty7.0%-0.6pp$40M
Insurance - Brokers5.7%-2.1pp$33M
Unknown4.9%+1.1pp$28M
Telecommunications Services4.6%-4.5pp$26M
Travel Lodging3.4%+0.8pp$20M
Country
US80.4%+1.3pp
CA8.6%-0.2pp
IE5.7%-2.1pp
Unknown4.9%+1.1pp
GB0.3%-0.1pp
Top 5: 53.7% · Top 10: 76.9% · Top 25: 100.0%
Top sells this quarter · 15
| ASTS AST SpaceMobile, Inc. | −$114M |
| GOOG Alphabet Inc. | −$4M |
| AMAT Applied Materials, Inc. | −$40M |
| ORLY O'Reilly Automotive, Inc. | −$2M |
| AON Aon plc | −$2M |
| AMT American Tower Corporation | −$1M |
| NVR NVR, Inc. | −$1M |
| DIS The Walt Disney Company | −$1M |
| SHEN Shenandoah Telecommunications | −$10M |
| BN Brookfield Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $568M | 24 | +39.96% | +17.59% | +22.36% | +0.02B |
| 2025-12-31 | $538M | 24 | +32.13% | +17.72% | +14.41% | -0.15B |
| 2025-09-30 | $611M | 24 | +11.06% | +17.52% | -6.45% | -0.05B |
| 2025-06-30 | $653M | 24 | +30.02% | +14.94% | +15.08% | -0.07B |
| 2025-03-31 | $599M | 24 | +7.73% | +8.30% | -0.57% | -0.10B |
| 2024-12-31 | $736M | 24 | +17.70% | +24.89% | -7.19% | -0.05B |
| 2024-09-30 | $828M | 24 | +38.48% | +36.04% | +2.44% | -0.04B |
| 2024-06-30 | $730M | 25 | +9.97% | +24.49% | -14.52% | -0.08B |
| 2024-03-31 | $814M | 26 | +21.75% | +29.62% | -7.88% | +0.04B |
| 2023-12-31 | $748M | 26 | +23.55% | +26.18% | -2.62% | -0.10B |
| 2023-09-30 | $757M | 25 | +17.34% | +21.57% | -4.22% | -0.04B |
| 2023-06-30 | $845M | 25 | +7.96% | +19.42% | -11.46% | -0.08B |
| 2023-03-31 | $839M | 26 | -15.39% | -7.82% | -7.58% | -0.04B |
| 2022-12-31 | $830M | 28 | +6.53% | +7.56% | -1.03% | -0.14B |
| 2022-09-30 | $913M | 22 | -12.89% | -4.93% | -7.96% | -0.04B |
| 2022-06-30 | $1.10B | 24 | -13.63% | -16.11% | +2.48% | -0.12B |