Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.61%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.88%
baseline attrition
Rally response
-12.33%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LYVLive Nation Entertainmen | $815M | 4.3% | +16.8% | 8.0 yr |
| — | $794M | 4.2% | — | 2.0 yr |
| ITTITT Inc. | $746M | 4.0% | +48.7% | 3.5 yr |
| WABWestinghouse Air Brake T | $731M | 3.9% | +38.5% | 7.3 yr |
| MKLMarkel Corporation | $723M | 3.9% | +2.4% | 3.8 yr |
| SGISomnigroup International | $686M | 3.7% | +24.4% | 4.8 yr |
| MLMMartin Marietta Material | $608M | 3.2% | +23.8% | 10.3 yr |
| TSCOTractor Supply Company | $602M | 3.2% | -16.4% | 7.8 yr |
| LHLabcorp Holdings Inc. | $580M | 3.1% | +15.9% | 2.0 yr |
| BROBrown & Brown, Inc. | $523M | 2.8% | -47.2% | 9.8 yr |
| CRH.LCRH plc | $511M | 2.7% | — | 2.5 yr |
| SCIService Corporation Inte | $504M | 2.7% | +4.6% | 9.0 yr |
| STESTERIS plc | $474M | 2.5% | -1.5% | 6.8 yr |
| NDAQNasdaq, Inc. | $472M | 2.5% | +13.3% | 1.0 yr |
| ALCAlcon Inc. | $419M | 2.2% | -20.3% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Unknown8.8%+2.3pp$1.65B
Industrial - Machinery6.6%-2.5pp$1.24B
Construction Materials6.2%-0.5pp$1.17B
Specialty Retail4.5%+1.5pp$842M
Medical - Diagnostics & Research4.4%+0.7pp$821M
Entertainment4.3%+0.2pp$815M
Semiconductors4.2%+1.1pp$788M
Hardware, Equipment & Parts4.1%-0.4pp$771M
Insurance - Property & Casualty4.1%+2.0pp$766M
Railroads4.1%+0.3pp$761M
Country
US75.7%-3.2pp
Unknown8.8%+2.3pp
IE5.2%-1.1pp
CH3.1%+0.3pp
CA2.5%+0.2pp
TW1.9%+0.5pp
BM1.6%-0.0pp
LU0.9%+0.9pp
Top 5: 20.3% · Top 10: 36.3% · Top 25: 67.3%
Top buys this quarter · 15
| ROL Rollins, Inc. | +$175M |
| NDAQ Nasdaq, Inc. | +$154M |
| NET Cloudflare, Inc. | +$149M |
| CHRW C.H. Robinson Worldwide, Inc. | +$139M |
| HUBB Hubbell Incorporated | +$132M |
| PKG Packaging Corporation of Ameri | +$114M |
| SPOT Spotify Technology S.A. | +$96M |
| FNV Franco-Nevada Corporation | +$92M |
| CLH Clean Harbors, Inc. | +$81M |
| VRSK Verisk Analytics, Inc. | +$80M |
Top sells this quarter · 15
| JLL Jones Lang LaSalle Incorporateexit | −$277M |
| BJ BJ's Wholesale Club Holdings, exit | −$265M |
| MIDD The Middleby Corporation | −$203M |
| PAYX Paychex, Inc. | −$188M |
| WAB Westinghouse Air Brake Technol | −$159M |
| MORN Morningstar, Inc. | −$149M |
| CDW CDW Corporation | −$131M |
| FTV Fortive Corporation | −$119M |
| TECH Bio-Techne Corporation | −$111M |
| TRMB Trimble Inc. | −$110M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $18.77B | 159 | +7.53% | +17.59% | -10.06% | -1.69B |
| 2025-12-31 | $21.54B | 163 | +9.80% | +17.72% | -7.92% | -1.62B |
| 2025-09-30 | $23.38B | 152 | +12.25% | +17.52% | -5.26% | -0.97B |
| 2025-06-30 | $23.50B | 144 | +18.15% | +14.94% | +3.21% | -1.21B |
| 2025-03-31 | $22.40B | 143 | +1.30% | +8.30% | -7.00% | -1.38B |
| 2024-12-31 | $24.52B | 142 | +16.26% | +24.89% | -8.63% | -3.22B |
| 2024-09-30 | $27.39B | 140 | +31.79% | +36.04% | -4.25% | -0.11B |
| 2024-06-30 | $25.22B | 145 | +16.00% | +24.49% | -8.49% | -0.98B |
| 2024-03-31 | $27.70B | 143 | +29.69% | +29.62% | +0.07% | -2.50B |
| 2023-12-31 | $27.13B | 150 | +24.68% | +26.18% | -1.50% | -0.70B |
| 2023-09-30 | $24.24B | 162 | +14.56% | +21.57% | -7.01% | -1.33B |
| 2023-06-30 | $26.64B | 155 | +12.75% | +19.42% | -6.68% | -1.40B |
| 2023-03-31 | $26.52B | 157 | -13.45% | -7.82% | -5.63% | -1.01B |
| 2022-12-31 | $25.72B | 163 | +5.48% | +7.56% | -2.08% | +0.26B |
| 2022-09-30 | $24.14B | 163 | -5.53% | -4.93% | -0.60% | -1.16B |
| 2022-06-30 | $26.78B | 147 | -18.84% | -16.11% | -2.73% | +1.86B |