Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.24%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.60%
baseline attrition
Rally response
-6.08%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGAlphabet Inc. | $418M | 9.0% | +84.3% | 10.5 yr |
| LINLinde plc | $328M | 7.1% | +7.9% | 3.3 yr |
| VVisa Inc. | $296M | 6.4% | -13.1% | 10.5 yr |
| MSFTMicrosoft Corporation | $294M | 6.4% | -0.6% | 9.8 yr |
| TMOThermo Fisher Scientific | $291M | 6.3% | -0.9% | 10.5 yr |
| AMZNAmazon.com, Inc. | $272M | 5.9% | +9.5% | 9.8 yr |
| PHParker-Hannifin Corporat | $254M | 5.5% | +48.6% | 2.0 yr |
| TSMTaiwan Semiconductor Man | $230M | 5.0% | +105.6% | 10.5 yr |
| NEENextEra Energy, Inc. | $223M | 4.8% | +34.9% | 8.0 yr |
| RSGRepublic Services, Inc. | $200M | 4.3% | -8.9% | 3.0 yr |
| HDBHDFC Bank Limited | $182M | 3.9% | -24.3% | 10.5 yr |
| ICEIntercontinental Exchang | $162M | 3.5% | -7.8% | 6.5 yr |
| SPGIS&P Global Inc. | $160M | 3.5% | -15.6% | 5.8 yr |
| PGRThe Progressive Corporat | $136M | 2.9% | -25.5% | 4.3 yr |
| AONAon plc | $129M | 2.8% | -18.4% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information9.5%+3.3pp$441M
Specialty Retail8.2%+0.4pp$380M
Financial - Data & Stock Exchanges7.2%+2.7pp$336M
Medical - Diagnostics & Research7.1%-0.3pp$329M
Chemicals - Specialty7.1%+1.0pp$328M
Software - Infrastructure6.7%-0.3pp$312M
Financial - Credit Services6.5%-3.2pp$303M
Industrial - Machinery5.7%-2.2pp$263M
Medical - Devices5.4%+2.5pp$250M
Banks - Regional5.0%-0.1pp$232M
Country
US74.3%-4.9pp
GB7.3%+0.8pp
IN5.3%-0.2pp
TW5.0%+3.3pp
IE3.5%-0.7pp
UY2.0%+1.8pp
SG1.0%-0.5pp
CN0.7%-0.0pp
Top 5: 35.1% · Top 10: 60.6% · Top 25: 87.2%
Top buys this quarter · 15
| RSG Republic Services, Inc. | +$77M |
| PODD Insulet Corporation | +$21M |
| VRSK Verisk Analytics, Inc. | +$2M |
| WPM Wheaton Precious Metals Corp. | +$2M |
| TYL Tyler Technologies, Inc. | +$10M |
| LENZ LENZ Therapeutics, Inc. | +$6M |
| NU Nu Holdings Ltd. | +$1M |
| CLH Clean Harbors, Inc. | +$0M |
| MMYT MakeMyTrip Limited | +$5M |
| BJ BJ's Wholesale Club Holdings, | +$0M |
Top sells this quarter · 15
| PG The Procter & Gamble Companyexit | −$174M |
| AMZN Amazon.com, Inc. | −$99M |
| PH Parker-Hannifin Corporation | −$88M |
| EXAS Exact Sciences Corporationexit | −$65M |
| GOOG Alphabet Inc. | −$36M |
| TSM Taiwan Semiconductor Manufactu | −$26M |
| V Visa Inc. | −$25M |
| MSFT Microsoft Corporation | −$24M |
| TMO Thermo Fisher Scientific Inc. | −$23M |
| LIN Linde plc | −$300M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.63B | 96 | +4.93% | +17.59% | -12.66% | -0.62B |
| 2025-12-31 | $5.71B | 96 | +10.27% | +17.72% | -7.45% | -1.03B |
| 2025-09-30 | $6.46B | 94 | +5.13% | +17.52% | -12.38% | -1.13B |
| 2025-06-30 | $7.35B | 92 | +7.78% | +14.94% | -7.16% | -1.16B |
| 2025-03-31 | $8.03B | 91 | +4.84% | +8.30% | -3.47% | +0.12B |
| 2024-12-31 | $8.17B | 90 | +16.72% | +24.89% | -8.17% | -1.37B |
| 2024-09-30 | $9.61B | 90 | +31.13% | +36.04% | -4.91% | -0.15B |
| 2024-06-30 | $9.22B | 88 | +18.47% | +24.49% | -6.03% | +0.19B |
| 2024-03-31 | $8.76B | 84 | +23.75% | +29.62% | -5.88% | +0.75B |
| 2023-12-31 | $7.44B | 83 | +23.81% | +26.18% | -2.37% | -0.72B |
| 2023-09-30 | $7.31B | 84 | +16.73% | +21.57% | -4.84% | -0.08B |
| 2023-06-30 | $7.74B | 83 | +15.14% | +19.42% | -4.29% | -0.11B |
| 2023-03-31 | $7.30B | 84 | -5.65% | -7.82% | +2.16% | -0.83B |
| 2022-12-31 | $7.54B | 83 | +5.23% | +7.56% | -2.33% | -0.09B |
| 2022-09-30 | $7.25B | 85 | -5.73% | -4.93% | -0.80% | -0.25B |
| 2022-06-30 | $7.96B | 90 | -11.81% | -16.11% | +4.30% | -0.12B |