Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.40%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.46%
baseline attrition
Rally response
-7.08%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $433M | 9.4% | +105.6% | 10.5 yr |
| JNJJohnson & Johnson | $329M | 7.2% | +51.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $325M | 7.1% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $315M | 6.9% | -0.6% | 10.5 yr |
| VVisa Inc. | $290M | 6.3% | -13.1% | 10.5 yr |
| LINLinde plc | $257M | 5.6% | +7.9% | 3.3 yr |
| AMZNAmazon.com, Inc. | $244M | 5.3% | +9.5% | 10.5 yr |
| SPGIS&P Global Inc. | $229M | 5.0% | -15.6% | 7.0 yr |
| INTUIntuit Inc. | $205M | 4.5% | -29.3% | 10.5 yr |
| AONAon plc | $203M | 4.4% | -18.4% | 0.8 yr |
| VRSKVerisk Analytics, Inc. | $151M | 3.3% | -35.7% | 10.5 yr |
| ZTSZoetis Inc. | $129M | 2.8% | -27.2% | 4.3 yr |
| IDXXIDEXX Laboratories, Inc. | $124M | 2.7% | +33.8% | 4.5 yr |
| CTASCintas Corporation | $122M | 2.7% | -17.0% | 2.8 yr |
| LLYEli Lilly and Company | $120M | 2.6% | +12.2% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Drug Manufacturers - General12.6%-4.5pp$577M
Semiconductors11.7%+2.7pp$539M
Internet Content & Information10.0%+4.1pp$457M
Software - Infrastructure9.1%-0.6pp$416M
Financial - Credit Services9.1%+1.9pp$415M
Specialty Retail8.0%+2.0pp$366M
Software - Application6.2%+1.2pp$284M
Chemicals - Specialty5.6%-1.4pp$257M
Financial - Data & Stock Exchanges5.2%+0.7pp$239M
Insurance - Brokers4.4%$203M
Country
US74.1%+2.5pp
TW9.4%+2.9pp
GB6.0%-1.3pp
IE4.6%-6.0pp
UY2.5%+1.3pp
LU2.4%+1.9pp
IN0.7%-0.1pp
CN0.3%+0.0pp
Top 5: 36.9% · Top 10: 61.7% · Top 25: 93.3%
Top buys this quarter · 15
| AON Aon plc | +$120M |
| SPOT Spotify Technology S.A. | +$60M |
| MSI Motorola Solutions, Inc. | +$54M |
| MELI MercadoLibre, Inc. | +$49M |
| CTAS Cintas Corporation | +$44M |
| SPGI S&P Global Inc. | +$229M |
| NFLX Netflix, Inc. | +$32M |
| AXP American Express Company | +$108M |
| VRSK Verisk Analytics, Inc. | +$151M |
| UBER Uber Technologies, Inc. | +$14M |
Top sells this quarter · 15
| TSM Taiwan Semiconductor Manufactu | −$148M |
| ADI Analog Devices, Inc. | −$97M |
| CPRT Copart, Inc. | −$95M |
| COST Costco Wholesale Corporation | −$89M |
| ACN Accenture plcexit | −$78M |
| JNJ Johnson & Johnson | −$76M |
| LLY Eli Lilly and Company | −$72M |
| MSFT Microsoft Corporation | −$68M |
| LIN Linde plc | −$50M |
| AMZN Amazon.com, Inc. | −$43M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.59B | 52 | +2.89% | +17.59% | -14.71% | -0.57B |
| 2025-12-31 | $5.61B | 55 | +9.65% | +17.72% | -8.07% | -0.08B |
| 2025-09-30 | $5.64B | 60 | +5.11% | +17.52% | -12.40% | -0.33B |
| 2025-06-30 | $5.86B | 64 | +7.98% | +14.94% | -6.96% | -0.24B |
| 2025-03-31 | $5.60B | 62 | +0.78% | +8.30% | -7.52% | -0.38B |
| 2024-12-31 | $6.10B | 60 | +12.34% | +24.89% | -12.55% | -0.64B |
| 2024-09-30 | $6.98B | 63 | +32.16% | +36.04% | -3.88% | -0.64B |
| 2024-06-30 | $7.28B | 66 | +24.76% | +24.49% | +0.26% | -0.02B |
| 2024-03-31 | $7.18B | 66 | +36.63% | +29.62% | +7.01% | -0.10B |
| 2023-12-31 | $6.66B | 63 | +38.77% | +26.18% | +12.60% | +0.03B |
| 2023-09-30 | $5.84B | 65 | +30.97% | +21.57% | +9.40% | -0.07B |
| 2023-06-30 | $5.98B | 66 | +23.40% | +19.42% | +3.97% | +0.05B |
| 2023-03-31 | $5.33B | 66 | -6.75% | -7.82% | +1.07% | +0.22B |
| 2022-12-31 | $4.60B | 63 | +7.28% | +7.56% | -0.28% | -0.35B |
| 2022-09-30 | $4.62B | 62 | -6.83% | -4.93% | -1.90% | -0.20B |
| 2022-06-30 | $5.18B | 62 | -15.91% | -16.11% | +0.21% | -0.33B |