Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.88%
baseline attrition
Rally response
-11.46%
trims into rallies
when a holding rises +10%+
Top positions · 24
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VVisa Inc. | $1.24B | 13.8% | -13.1% | 7.3 yr |
| GOOGAlphabet Inc. | $992M | 11.0% | +84.3% | 9.8 yr |
| MCOMoody's Corporation | $674M | 7.5% | -5.6% | 1.5 yr |
| LINLinde plc | $530M | 5.9% | +7.9% | 0.5 yr |
| CRSCarpenter Technology Cor | $525M | 5.8% | +118.3% | 1.3 yr |
| AMZNAmazon.com, Inc. | $492M | 5.5% | +9.5% | 5.5 yr |
| VMCVulcan Materials Company | $482M | 5.3% | +17.5% | 3.5 yr |
| NVDANVIDIA Corporation | $467M | 5.2% | +60.9% | 1.3 yr |
| IBKRInteractive Brokers Grou | $421M | 4.7% | +62.8% | 2.3 yr |
| APHAmphenol Corporation | $363M | 4.0% | +93.6% | 1.3 yr |
| CMECME Group Inc. | $349M | 3.9% | +15.6% | 2.0 yr |
| UBERUber Technologies, Inc. | $335M | 3.7% | -1.3% | 1.0 yr |
| DVNDevon Energy Corporation | $328M | 3.6% | +38.1% | 0.3 yr |
| CRH.LCRH plc | $290M | 3.2% | — | 2.5 yr |
| CNQCanadian Natural Resourc | $277M | 3.1% | +66.0% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Financial - Credit Services16.3%+8.2pp$1.47B
Financial - Data & Stock Exchanges11.4%+3.9pp$1.02B
Internet Content & Information11.0%+3.1pp$992M
Construction Materials8.6%+3.4pp$772M
Oil & Gas Exploration & Production6.7%$605M
Chemicals - Specialty5.9%$530M
Manufacturing - Metal Fabrication5.8%+2.0pp$525M
Specialty Retail5.5%-3.8pp$492M
Semiconductors5.2%$467M
Investment - Banking & Investment Services4.7%+1.2pp$421M
Country
US82.0%+2.8pp
GB7.5%
IE3.2%-1.1pp
CA3.1%
BM2.2%-2.6pp
BR2.0%
Top 5: 44.0% · Top 10: 68.7% · Top 25: 100.0%
Top buys this quarter · 15
| CRH.L CRH plc | +$0M |
| GOOG Alphabet Inc. | +$683M |
| LIN Linde plc | +$471M |
| MCO Moody's Corporation | +$337M |
| DVN Devon Energy Corporationnew | +$328M |
| NVDA NVIDIA Corporation | +$326M |
| CNQ Canadian Natural Resources Limnew | +$277M |
| V Visa Inc. | +$254M |
| VMC Vulcan Materials Company | +$220M |
| MDLN Medline Inc.new | +$194M |
Top sells this quarter · 15
| ERJ Embraer S.A. | −$0M |
| AMZN Amazon.com, Inc. | −$735M |
| MSFT Microsoft Corporationexit | −$647M |
| COF Capital One Financial Corporatexit | −$377M |
| BSX Boston Scientific Corporationexit | −$338M |
| STX Seagate Technology Holdings plexit | −$286M |
| ACGL Arch Capital Group Ltd. | −$230M |
| WYNN Wynn Resorts, Limitedexit | −$210M |
| APH Amphenol Corporation | −$106M |
| CRS Carpenter Technology Corporati | −$489M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.01B | 24 | +19.07% | +17.59% | +1.47% | +0.17B |
| 2025-12-31 | $9.20B | 23 | +26.22% | +17.72% | +8.50% | -0.71B |
| 2025-09-30 | $9.48B | 24 | +23.81% | +17.52% | +6.29% | -0.61B |
| 2025-06-30 | $9.75B | 25 | +28.76% | +14.94% | +13.82% | -0.17B |
| 2025-03-31 | $8.67B | 27 | +14.26% | +8.30% | +5.96% | -0.14B |
| 2024-12-31 | $8.65B | 30 | +29.39% | +24.89% | +4.50% | -1.51B |
| 2024-09-30 | $9.91B | 30 | +36.58% | +36.04% | +0.54% | -0.76B |
| 2024-06-30 | $9.90B | 26 | +29.06% | +24.49% | +4.57% | -0.61B |
| 2024-03-31 | $10.35B | 22 | +36.19% | +29.62% | +6.56% | -0.30B |
| 2023-12-31 | $9.23B | 22 | +22.14% | +26.18% | -4.03% | -0.09B |
| 2023-09-30 | $8.62B | 22 | +25.09% | +21.57% | +3.53% | -1.26B |
| 2023-06-30 | $9.70B | 23 | +17.67% | +19.42% | -1.75% | -0.23B |
| 2023-03-31 | $9.26B | 25 | -8.55% | -7.82% | -0.73% | -2.76B |
| 2022-12-31 | $11.62B | 21 | +10.82% | +7.56% | +3.26% | -2.65B |
| 2022-09-30 | $12.88B | 23 | -4.24% | -4.93% | +0.69% | -1.31B |
| 2022-06-30 | $14.81B | 26 | -16.71% | -16.11% | -0.60% | -0.99B |