Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.52%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.58%
baseline attrition
Rally response
-7.45%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MARMarriott International, | $1.10B | 8.6% | +38.6% | 8.5 yr |
| SYKStryker Corporation | $1.01B | 7.8% | -11.1% | 10.5 yr |
| WATWaters Corporation | $957M | 7.5% | -19.2% | 10.5 yr |
| VVisa Inc. | $938M | 7.3% | -13.1% | 10.5 yr |
| GOOGLAlphabet Inc. | $850M | 6.6% | — | 4.3 yr |
| PMPhilip Morris Internatio | $845M | 6.6% | +7.9% | 10.5 yr |
| IDXXIDEXX Laboratories, Inc. | $824M | 6.4% | +33.8% | 10.5 yr |
| ADPAutomatic Data Processin | $783M | 6.1% | -31.8% | 10.3 yr |
| MSFTMicrosoft Corporation | $770M | 6.0% | -0.6% | 10.3 yr |
| METAMeta Platforms, Inc. | $756M | 5.9% | -0.4% | 8.3 yr |
| MTDMettler-Toledo Internati | $717M | 5.6% | +6.8% | 4.3 yr |
| CHDChurch & Dwight Co., Inc | $620M | 4.8% | -14.1% | 5.8 yr |
| PGThe Procter & Gamble Com | $607M | 4.7% | -12.9% | 5.8 yr |
| TXNTexas Instruments Incorp | $509M | 4.0% | +11.4% | 2.3 yr |
| FTNTFortinet, Inc. | $503M | 3.9% | -15.1% | 5.8 yr |
Portfolio composition (YoY)
Industry mix
Medical - Diagnostics & Research19.7%+5.2pp$2.53B
Internet Content & Information12.5%-2.5pp$1.61B
Software - Infrastructure10.5%-3.5pp$1.34B
Household & Personal Products9.8%+2.3pp$1.25B
Travel Lodging8.6%+3.5pp$1.10B
Medical - Devices7.8%-0.7pp$1.01B
Financial - Credit Services7.3%+0.6pp$938M
Tobacco6.6%-1.2pp$845M
Staffing & Employment Services6.1%-0.2pp$783M
Semiconductors4.0%+1.7pp$509M
Country
US100.0%+0.3pp
Top 5: 37.8% · Top 10: 68.8% · Top 25: 98.9%
Top buys this quarter · 1
| BMI Badger Meter, Inc.new | +$22M |
Top sells this quarter · 15
| NKE NIKE, Inc.exit | −$305M |
| INTU Intuit Inc.exit | −$270M |
| IDXX IDEXX Laboratories, Inc. | −$231M |
| SYK Stryker Corporation | −$206M |
| MAR Marriott International, Inc. | −$199M |
| PM Philip Morris International In | −$167M |
| V Visa Inc. | −$130M |
| WAT Waters Corporation | −$103M |
| VRT Vertiv Holdings Co | −$80M |
| ADP Automatic Data Processing, Inc | −$66M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $12.83B | 34 | -2.50% | +17.59% | -20.09% | -2.75B |
| 2025-12-31 | $17.12B | 37 | +10.11% | +17.72% | -7.61% | -2.66B |
| 2025-09-30 | $19.80B | 35 | +9.69% | +17.52% | -7.83% | -2.53B |
| 2025-06-30 | $23.02B | 39 | +23.41% | +14.94% | +8.47% | -1.28B |
| 2025-03-31 | $21.97B | 38 | +9.28% | +8.30% | +0.98% | -2.14B |
| 2024-12-31 | $23.46B | 38 | +15.60% | +24.89% | -9.28% | -1.70B |
| 2024-09-30 | $25.28B | 40 | +28.14% | +36.04% | -7.90% | -1.50B |
| 2024-06-30 | $24.54B | 40 | +9.78% | +24.49% | -14.71% | -0.47B |
| 2024-03-31 | $25.55B | 40 | +16.91% | +29.62% | -12.72% | -0.43B |
| 2023-12-31 | $23.89B | 40 | +17.18% | +26.18% | -8.99% | -0.39B |
| 2023-09-30 | $22.01B | 39 | +19.08% | +21.57% | -2.48% | -0.27B |
| 2023-06-30 | $23.83B | 39 | +17.81% | +19.42% | -1.62% | -0.33B |
| 2023-03-31 | $23.17B | 40 | -4.88% | -7.82% | +2.93% | -0.69B |
| 2022-12-31 | $21.90B | 38 | +12.09% | +7.56% | +4.53% | -1.72B |
| 2022-09-30 | $21.07B | 46 | -7.52% | -4.93% | -2.59% | +0.15B |
| 2022-06-30 | $22.62B | 42 | -15.83% | -16.11% | +0.28% | -1.89B |