Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.82%
baseline attrition
Rally response
-15.11%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMGAffiliated Managers Grou | $54M | 14.5% | +64.7% | 7.5 yr |
| DGDollar General Corporati | $32M | 8.6% | +37.3% | 2.0 yr |
| CVSCVS Health Corporation | $26M | 7.1% | +10.0% | 8.8 yr |
| CMCSAComcast Corporation | $23M | 6.2% | — | 6.0 yr |
| ABEVAmbev S.A. | $23M | 6.2% | +34.6% | 2.8 yr |
| LUVSouthwest Airlines Co. | $22M | 6.0% | +14.2% | 5.8 yr |
| CICigna Corporation | $20M | 5.4% | -17.2% | 4.3 yr |
| KMXCarMax, Inc. | $16M | 4.4% | -46.6% | 6.0 yr |
| LYBLyondellBasell Industrie | $16M | 4.2% | +25.0% | 7.0 yr |
| VALEVale S.A. | $15M | 4.1% | +72.7% | 3.8 yr |
| HCAHCA Healthcare, Inc. | $14M | 3.8% | +37.9% | 3.5 yr |
| LKQLKQ Corporation | $14M | 3.8% | -28.4% | 0.8 yr |
| GILDGilead Sciences, Inc. | $14M | 3.8% | +27.7% | 2.3 yr |
| MDTMedtronic plc | $13M | 3.5% | -1.3% | 3.5 yr |
| TSTenaris S.A. | $12M | 3.2% | +56.1% | 4.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management14.5%+4.1pp$54M
Medical - Healthcare Plans12.4%-0.7pp$46M
Discount Stores8.6%+2.4pp$32M
Telecommunications Services6.2%-4.4pp$23M
Beverages - Alcoholic6.2%+1.1pp$23M
Airlines, Airports & Air Services6.0%-0.2pp$22M
Medical - Care Facilities5.6%+1.3pp$21M
Oil & Gas Equipment & Services4.9%+2.0pp$18M
Auto - Dealerships4.4%-1.5pp$16M
Chemicals4.2%+0.6pp$16M
Country
US82.1%-0.2pp
BR10.3%+2.1pp
IE3.5%-0.8pp
LU3.2%+1.9pp
BM0.9%-0.5pp
Top 5: 42.5% · Top 10: 66.6% · Top 25: 100.0%
Top sells this quarter · 15
| AMG Affiliated Managers Group, Inc | −$11M |
| EBAY eBay Inc.exit | −$11M |
| SYY Sysco Corporationexit | −$9M |
| DG Dollar General Corporation | −$6M |
| CVS CVS Health Corporation | −$6M |
| ABEV Ambev S.A. | −$5M |
| LUV Southwest Airlines Co. | −$5M |
| CI Cigna Corporation | −$4M |
| HOG Harley-Davidson, Inc.exit | −$4M |
| LYB LyondellBasell Industries N.V. | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $372M | 25 | +16.88% | +17.59% | -0.71% | -0.10B |
| 2025-12-31 | $462M | 28 | +19.10% | +17.72% | +1.38% | -0.09B |
| 2025-09-30 | $499M | 28 | +0.50% | +17.52% | -17.02% | -0.01B |
| 2025-06-30 | $497M | 27 | +8.56% | +14.94% | -6.38% | -0.04B |
| 2025-03-31 | $525M | 29 | -1.65% | +8.30% | -9.95% | -0.11B |
| 2024-12-31 | $605M | 31 | +4.10% | +24.89% | -20.79% | -0.08B |
| 2024-09-30 | $736M | 33 | +24.11% | +36.04% | -11.93% | -0.17B |
| 2024-06-30 | $825M | 33 | +7.81% | +24.49% | -16.68% | -0.17B |
| 2024-03-31 | $1.08B | 30 | +22.27% | +29.62% | -7.36% | -0.36B |
| 2023-12-31 | $1.30B | 33 | +10.46% | +26.18% | -15.72% | -0.10B |
| 2023-09-30 | $1.27B | 38 | +15.61% | +21.57% | -5.96% | -0.04B |
| 2023-06-30 | $1.37B | 33 | +13.20% | +19.42% | -6.22% | -0.08B |
| 2023-03-31 | $1.38B | 31 | -3.64% | -7.82% | +4.18% | +0.02B |
| 2022-12-31 | $1.36B | 31 | +15.71% | +7.56% | +8.15% | -0.63B |
| 2022-09-30 | $1.73B | 34 | -6.78% | -4.93% | -1.85% | -0.05B |
| 2022-06-30 | $1.91B | 33 | -10.97% | -16.11% | +5.14% | -0.16B |