Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.85%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.56%
baseline attrition
Rally response
-20.52%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TJXThe TJX Companies, Inc. | $156M | 3.3% | +32.7% | 3.3 yr |
| BLKBlackRock, Inc. | $155M | 3.3% | +3.7% | 1.5 yr |
| GWWW.W. Grainger, Inc. | $149M | 3.2% | +11.4% | 1.3 yr |
| CSXCSX Corporation | $142M | 3.0% | +41.6% | 2.3 yr |
| ARMKAramark | $134M | 2.8% | +18.8% | 2.5 yr |
| MARMarriott International, | $127M | 2.7% | +38.6% | 0.3 yr |
| FFIVF5, Inc. | $102M | 2.2% | +8.7% | 0.5 yr |
| RSPInvesco S&P 500 Equal We | $98M | 2.1% | — | 2.5 yr |
| PNCThe PNC Financial Servic | $97M | 2.1% | +22.7% | 1.8 yr |
| MSMorgan Stanley | $93M | 2.0% | +44.8% | 6.3 yr |
| PFGCPerformance Food Group C | $89M | 1.9% | +8.9% | 1.5 yr |
| JBHTJ.B. Hunt Transport Serv | $83M | 1.8% | +44.8% | 0.3 yr |
| YUMYum! Brands, Inc. | $80M | 1.7% | +0.7% | 1.3 yr |
| CFGCitizens Financial Group | $76M | 1.6% | +51.7% | 1.0 yr |
| ONON Semiconductor Corpora | $75M | 1.6% | +52.2% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management8.1%-0.5pp$382M
Semiconductors7.9%+5.3pp$374M
Apparel - Retail5.5%-1.9pp$258M
Banks - Regional5.3%+3.3pp$250M
Financial - Capital Markets5.0%+0.0pp$237M
Software - Infrastructure4.8%+3.2pp$227M
Industrial - Distribution4.3%+3.1pp$201M
Aerospace & Defense3.5%$163M
Integrated Freight & Logistics3.2%$151M
Software - Application3.1%-3.5pp$147M
Country
US93.4%+2.3pp
Unknown2.4%-0.5pp
CA1.2%
LU0.9%+0.0pp
TW0.7%-0.2pp
SG0.6%-0.8pp
BM0.4%
CH0.3%
Top 5: 15.6% · Top 10: 26.6% · Top 25: 49.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CFG | $39M | +0.02B | 51.7% |
| PFGC | $112M | +0.01B | 8.9% |
| ARMK | $46M | +0.01B | 18.8% |
| AMZN | $38M | +0.00B | 9.5% |
| BLK | $55M | +0.00B | 3.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| LPLA | $130M | -0.01B | -7.7% |
Top buys this quarter · 15
| MAR Marriott International, Inc.new | +$127M |
| JBHT J.B. Hunt Transport Services, new | +$83M |
| TJX The TJX Companies, Inc. | +$77M |
| PNC The PNC Financial Services Gro | +$74M |
| FTNT Fortinet, Inc.new | +$54M |
| WSO Watsco, Inc.new | +$53M |
| CELH Celsius Holdings, Inc.new | +$52M |
| CHDN Churchill Downs Incorporatednew | +$52M |
| AWI Armstrong World Industries, Innew | +$41M |
| STEP StepStone Group Inc.new | +$41M |
Top sells this quarter · 15
| ROST Ross Stores, Inc. | −$157M |
| WAB Westinghouse Air Brake Technolexit | −$136M |
| V Visa Inc.exit | −$122M |
| EFX Equifax Inc.exit | −$116M |
| ICE Intercontinental Exchange, Incexit | −$112M |
| FDX FedEx Corporation | −$92M |
| F-PD Ford Motor Company 6.500% Noteexit | −$90M |
| OMC Omnicom Group Inc.exit | −$76M |
| BAC Bank of America Corporationexit | −$74M |
| LII Lennox International Inc.exit | −$73M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.71B | 86 | +27.67% | +17.59% | +10.07% | +0.26B |
| 2025-12-31 | $4.47B | 69 | +30.00% | +17.72% | +12.28% | -0.59B |
| 2025-09-30 | $4.78B | 71 | +37.61% | +17.52% | +20.10% | -0.36B |
| 2025-06-30 | $4.72B | 70 | +35.56% | +14.94% | +20.62% | -0.14B |
| 2025-03-31 | $4.37B | 80 | +27.23% | +8.30% | +18.93% | -0.72B |
| 2024-12-31 | $5.02B | 75 | +40.16% | +24.89% | +15.27% | +0.04B |
| 2024-09-30 | $4.44B | 73 | +44.58% | +36.04% | +8.54% | -0.43B |
| 2024-06-30 | $4.55B | 74 | +35.09% | +24.49% | +10.60% | -0.18B |
| 2024-03-31 | $4.52B | 72 | +36.89% | +29.62% | +7.27% | -0.33B |
| 2023-12-31 | $4.34B | 73 | +28.10% | +26.18% | +1.93% | -0.54B |
| 2023-09-30 | $4.22B | 71 | +20.91% | +21.57% | -0.65% | +0.28B |
| 2023-06-30 | $3.94B | 68 | +17.10% | +19.42% | -2.32% | +0.15B |
| 2023-03-31 | $3.58B | 79 | -1.94% | -7.82% | +5.87% | -0.10B |
| 2022-12-31 | $3.52B | 82 | +9.13% | +7.56% | +1.56% | -0.40B |
| 2022-09-30 | $3.60B | 77 | -3.04% | -4.93% | +1.89% | +0.33B |
| 2022-06-30 | $3.37B | 73 | -11.29% | -16.11% | +4.82% | +0.15B |