Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.05%
trims when stocks drop
when a holding falls −10%+
Middle response
-19.32%
baseline attrition
Rally response
-27.50%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TMUST-Mobile US, Inc. | $106M | 1.3% | -19.9% | 7.8 yr |
| GMGeneral Motors Company | $81M | 1.0% | +60.0% | 8.3 yr |
| BKHBlack Hills Corporation | $74M | 0.9% | +19.3% | 6.5 yr |
| MSFTMicrosoft Corporation | $73M | 0.9% | -0.6% | 6.8 yr |
| MAMastercard Incorporated | $72M | 0.9% | -8.5% | 9.0 yr |
| PHParker-Hannifin Corporat | $69M | 0.9% | +48.6% | 7.8 yr |
| PECOPhillips Edison & Compan | $66M | 0.8% | +6.3% | 2.8 yr |
| SBACSBA Communications Corpo | $65M | 0.8% | -20.0% | 6.8 yr |
| ARMKAramark | $62M | 0.8% | +18.8% | 5.8 yr |
| ITTITT Inc. | $62M | 0.8% | +48.7% | 5.8 yr |
| VTRVentas, Inc. | $61M | 0.8% | +21.4% | 4.8 yr |
| SPYState Street SPDR S&P 50 | $59M | 0.7% | +17.6% | 4.0 yr |
| FRFirst Industrial Realty | $53M | 0.7% | +10.0% | 3.8 yr |
| CFGCitizens Financial Group | $52M | 0.6% | +51.7% | 9.3 yr |
| DARDarling Ingredients Inc. | $51M | 0.6% | +98.0% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Software - Application3.9%-2.3pp$309M
Software - Infrastructure3.5%-0.3pp$280M
Banks - Regional3.2%+0.9pp$253M
Industrial - Machinery3.2%+0.7pp$252M
Semiconductors3.1%-0.8pp$248M
Asset Management3.0%-0.7pp$237M
Biotechnology2.9%+0.5pp$235M
Financial - Capital Markets2.9%+1.5pp$228M
REIT - Retail2.5%+2.2pp$202M
Aerospace & Defense2.2%+0.6pp$178M
Country
US85.8%-3.3pp
CA2.8%+2.2pp
GB2.1%+0.8pp
Unknown1.8%+0.1pp
IE1.2%-0.4pp
BM0.8%+0.3pp
BR0.7%+0.4pp
IL0.5%-0.3pp
Top 5: 5.1% · Top 10: 9.2% · Top 25: 18.5%
Top buys this quarter · 15
| TMUS T-Mobile US, Inc. | +$94M |
| MSFT Microsoft Corporation | +$69M |
| MA Mastercard Incorporated | +$57M |
| ARMK Aramark | +$57M |
| BP BP p.l.c. | +$46M |
| TW Tradeweb Markets Inc. | +$44M |
| AME AMETEK, Inc. | +$43M |
| FDX FedEx Corporation | +$43M |
| BK The Bank of New York Mellon Co | +$38M |
| EWBC East West Bancorp, Inc. | +$34M |
Top sells this quarter · 15
| INVH Invitation Homes Inc. | −$94M |
| PG The Procter & Gamble Company | −$73M |
| EQIX Equinix, Inc. | −$72M |
| SPY State Street SPDR S&P 500 ETF | −$67M |
| LIN Linde plc | −$58M |
| CHD Church & Dwight Co., Inc.exit | −$54M |
| VMC Vulcan Materials Company | −$54M |
| NVT nVent Electric plc | −$52M |
| RL Ralph Lauren Corporation | −$52M |
| SNDK Sandisk Corporation | −$50M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.97B | 2132 | +17.32% | +17.59% | -0.28% | -0.36B |
| 2025-12-31 | $8.42B | 2046 | +13.44% | +17.72% | -4.28% | -0.47B |
| 2025-09-30 | $8.73B | 2106 | +14.04% | +17.52% | -3.47% | +0.16B |
| 2025-06-30 | $8.03B | 2111 | +15.12% | +14.94% | +0.18% | +1.56B |
| 2025-03-31 | $5.93B | 2106 | +4.86% | +8.30% | -3.45% | +0.43B |
| 2024-12-31 | $5.74B | 2172 | +17.98% | +24.89% | -6.91% | +0.51B |
| 2024-09-30 | $5.11B | 2061 | +29.01% | +36.04% | -7.02% | +0.34B |
| 2024-06-30 | $4.43B | 1873 | +18.26% | +24.49% | -6.24% | +0.66B |
| 2024-03-31 | $3.80B | 1863 | +25.68% | +29.62% | -3.94% | +0.03B |
| 2023-12-31 | $3.50B | 1929 | +22.52% | +26.18% | -3.66% | +0.48B |
| 2023-09-30 | $2.70B | 1737 | +13.10% | +21.57% | -8.47% | +0.09B |
| 2023-06-30 | $2.64B | 1688 | -14.21% | +19.42% | -33.64% | +0.12B |
| 2023-03-31 | $2.39B | 1600 | -42.93% | -7.82% | -35.11% | +0.64B |
| 2022-12-31 | $1.66B | 1639 | +3.28% | +7.56% | -4.28% | +0.01B |
| 2022-09-30 | $1.60B | 1554 | -25.08% | -4.93% | -20.15% | -0.44B |
| 2022-06-30 | $2.73B | 1853 | -29.76% | -16.11% | -13.65% | +0.94B |