Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.92%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.60%
baseline attrition
Rally response
-2.29%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TPLTexas Pacific Land Corpo | $72M | 10.1% | +8.1% | 5.3 yr |
| NVDANVIDIA Corporation | $33M | 4.6% | +60.9% | 8.8 yr |
| AAPLApple Inc. | $25M | 3.5% | +14.7% | 10.5 yr |
| NKENIKE, Inc. | $21M | 2.9% | -14.7% | 10.5 yr |
| WPMWheaton Precious Metals | $20M | 2.7% | +70.0% | 9.0 yr |
| GBTCGrayscale Bitcoin Trust | $19M | 2.6% | — | 2.3 yr |
| ABBVAbbVie Inc. | $16M | 2.2% | +7.3% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $15M | 2.2% | +21.8% | 10.5 yr |
| GOOGAlphabet Inc. | $15M | 2.1% | +84.3% | 10.5 yr |
| HDThe Home Depot, Inc. | $14M | 2.0% | -8.0% | 10.5 yr |
| LBLandBridge Company LLC | $14M | 2.0% | -3.4% | 1.8 yr |
| LINLinde plc | $14M | 2.0% | +7.9% | 3.3 yr |
| ETNEaton Corporation plc | $14M | 2.0% | +33.2% | 10.5 yr |
| CVXChevron Corporation | $14M | 1.9% | +29.2% | 10.5 yr |
| CATCaterpillar Inc. | $13M | 1.9% | +117.8% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production10.9%+0.1pp$78M
Drug Manufacturers - General5.7%+0.4pp$41M
Semiconductors5.5%+0.2pp$40M
Industrial - Machinery4.8%+0.9pp$34M
Software - Infrastructure4.7%-0.4pp$33M
Gold4.4%+1.2pp$31M
Asset Management3.7%+0.3pp$26M
Chemicals - Specialty3.7%-0.3pp$26M
Consumer Electronics3.5%+0.3pp$25M
Home Improvement3.3%-0.4pp$24M
Country
US88.8%-1.0pp
CA4.4%+1.2pp
GB2.6%+0.1pp
IE2.4%+0.1pp
CH0.6%+0.1pp
Unknown0.4%-0.1pp
FR0.3%-0.1pp
DK0.3%-0.4pp
Top 5: 23.9% · Top 10: 35.0% · Top 25: 60.8%
Top buys this quarter · 15
| AJG Arthur J. Gallagher & Co. | +$4M |
| MSFT Microsoft Corporation | +$3M |
| XYL Xylem Inc.new | +$3M |
| AAPL Apple Inc. | +$3M |
| TPL Texas Pacific Land Corporation | +$3M |
| PFE Pfizer Inc. | +$2M |
| WBI WaterBridge Infrastructure LLC | +$2M |
| RYN Rayonier Inc.new | +$1M |
| WAT Waters Corporationnew | +$1M |
| PANW Palo Alto Networks, Inc. | +$13M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$2M |
| AIG American International Group, | −$2M |
| PYPL PayPal Holdings, Inc. | −$2M |
| CI Cigna Corporation | −$2M |
| GEN Gen Digital Inc. | −$1M |
| CAT Caterpillar Inc. | −$12M |
| ETN Eaton Corporation plc | −$13M |
| WPM Wheaton Precious Metals Corp. | −$18M |
| BDX Becton, Dickinson and Company | −$1M |
| TXN Texas Instruments Incorporated | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $714M | 145 | +17.55% | +17.59% | -0.04% | -0.00B |
| 2025-12-31 | $691M | 144 | +11.96% | +17.72% | -5.76% | -0.02B |
| 2025-09-30 | $715M | 146 | +11.48% | +17.52% | -6.03% | +0.01B |
| 2025-06-30 | $670M | 144 | +13.10% | +14.94% | -1.84% | -0.02B |
| 2025-03-31 | $636M | 144 | +5.22% | +8.30% | -3.08% | +0.01B |
| 2024-12-31 | $631M | 139 | +13.45% | +24.89% | -11.44% | +0.04B |
| 2024-09-30 | $598M | 138 | +25.54% | +36.04% | -10.50% | +0.00B |
| 2024-06-30 | $556M | 134 | +14.00% | +24.49% | -10.49% | +0.00B |
| 2024-03-31 | $552M | 135 | +18.26% | +29.62% | -11.37% | +0.04B |
| 2023-12-31 | $480M | 127 | +15.76% | +26.18% | -10.42% | -0.00B |
| 2023-09-30 | $440M | 123 | +21.47% | +21.57% | -0.10% | +0.02B |
| 2023-06-30 | $435M | 125 | +18.45% | +19.42% | -0.97% | -0.01B |
| 2023-03-31 | $424M | 126 | -2.75% | -7.82% | +5.07% | -0.01B |
| 2022-12-31 | $421M | 142 | -10.77% | -18.17% | +7.41% | +0.01B |
| 2022-09-30 | $357M | 124 | -14.06% | -15.51% | +1.45% | +0.01B |
| 2022-06-30 | $369M | 126 | -9.03% | -10.62% | +1.59% | -0.00B |