Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.60%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.59%
baseline attrition
Rally response
-6.52%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VVisa Inc. | $493M | 14.7% | -13.1% | 8.8 yr |
| GOOGLAlphabet Inc. | $425M | 12.7% | — | 9.8 yr |
| CBChubb Limited | $285M | 8.5% | +9.3% | 2.0 yr |
| CNICanadian National Railwa | $285M | 8.5% | +8.2% | 2.5 yr |
| AAgilent Technologies, In | $275M | 8.2% | -1.8% | 6.5 yr |
| HUBBHubbell Incorporated | $272M | 8.1% | +50.1% | 1.3 yr |
| MSFTMicrosoft Corporation | $254M | 7.6% | -0.6% | 9.8 yr |
| VRSNVeriSign, Inc. | $195M | 5.8% | -0.9% | 1.5 yr |
| ALCAlcon Inc. | $177M | 5.3% | -20.3% | 6.8 yr |
| ADBEAdobe Inc. | $128M | 3.8% | -36.6% | 4.3 yr |
| CMECME Group Inc. | $68M | 2.0% | +15.6% | 6.0 yr |
| MAMastercard Incorporated | $64M | 1.9% | -8.5% | 6.5 yr |
| METAMeta Platforms, Inc. | $41M | 1.2% | -0.4% | 8.3 yr |
| PAYXPaychex, Inc. | $34M | 1.0% | -38.2% | 8.8 yr |
| TXNTexas Instruments Incorp | $32M | 1.0% | +11.4% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Financial - Credit Services16.6%-2.1pp$557M
Internet Content & Information13.9%-1.8pp$467M
Software - Infrastructure13.4%-4.5pp$449M
Insurance - Property & Casualty8.5%+2.5pp$285M
Railroads8.5%+5.0pp$285M
Medical - Diagnostics & Research8.2%+0.9pp$275M
Electrical Equipment & Parts8.1%+4.7pp$272M
Medical - Instruments & Supplies5.3%+4.2pp$177M
Software - Application4.7%-1.5pp$159M
Financial - Data & Stock Exchanges2.9%-0.4pp$97M
Country
US76.9%-10.8pp
CH13.8%+6.8pp
CA8.5%+5.0pp
IE0.8%-0.9pp
TW0.0%+0.0pp
Top 5: 52.6% · Top 10: 83.2% · Top 25: 98.3%
Top buys this quarter · 7
| CB Chubb Limited | +$27M |
| INTU Intuit Inc. | +$31M |
| ACN Accenture plc | +$27M |
| HUBB Hubbell Incorporated | +$1M |
| AMZN Amazon.com, Inc. | +$25M |
| A Agilent Technologies, Inc. | +$275M |
| ALC Alcon Inc. | +$177M |
Top sells this quarter · 15
| V Visa Inc. | −$232M |
| VRSN VeriSign, Inc. | −$33M |
| CME CME Group Inc. | −$25M |
| PAYX Paychex, Inc. | −$19M |
| CNI Canadian National Railway Comp | −$11M |
| PYPL PayPal Holdings, Inc.exit | −$10M |
| MSFT Microsoft Corporation | −$9M |
| PEP PepsiCo, Inc. | −$9M |
| META Meta Platforms, Inc. | −$4M |
| TXN Texas Instruments Incorporated | −$31M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.35B | 30 | -3.39% | +17.59% | -20.98% | -0.11B |
| 2025-12-31 | $3.88B | 30 | +11.64% | +17.72% | -6.08% | -0.09B |
| 2025-09-30 | $3.89B | 31 | +12.45% | +17.52% | -5.07% | +0.22B |
| 2025-06-30 | $3.72B | 32 | +23.74% | +14.94% | +8.79% | -0.44B |
| 2025-03-31 | $3.86B | 35 | +12.69% | +8.30% | +4.39% | +0.73B |
| 2024-12-31 | $3.04B | 33 | +17.67% | +24.89% | -7.21% | -0.22B |
| 2024-09-30 | $3.17B | 33 | +25.40% | +36.04% | -10.63% | -0.26B |
| 2024-06-30 | $3.16B | 34 | +10.95% | +24.49% | -13.54% | -0.19B |
| 2024-03-31 | $3.42B | 34 | +18.87% | +29.62% | -10.75% | -0.10B |
| 2023-12-31 | $3.27B | 35 | +18.49% | +26.18% | -7.69% | -0.33B |
| 2023-09-30 | $3.29B | 36 | +21.20% | +21.57% | -0.36% | -0.11B |
| 2023-06-30 | $3.55B | 36 | +16.82% | +19.42% | -2.60% | -0.12B |
| 2023-03-31 | $3.48B | 37 | -4.84% | -7.82% | +2.97% | -0.49B |
| 2022-12-31 | $3.71B | 37 | +11.82% | +7.56% | +4.26% | -0.18B |
| 2022-09-30 | $3.47B | 36 | -7.45% | -4.93% | -2.52% | -1.03B |
| 2022-06-30 | $4.87B | 36 | -14.23% | -16.11% | +1.88% | +0.05B |