Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.25%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.61%
baseline attrition
Rally response
-13.07%
trims into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $97M | 25.9% | — | 9.8 yr |
| AVLVAvantis U.S. Large Cap V | $43M | 11.4% | — | 3.8 yr |
| VEAVanguard FTSE Developed | $40M | 10.8% | — | 9.8 yr |
| AVUSAvantis U.S. Equity ETF | $34M | 9.2% | — | 3.8 yr |
| AVEMAvantis Emerging Markets | $27M | 7.2% | — | 3.3 yr |
| AVUVAvantis U.S. Small Cap V | $23M | 6.1% | — | 3.8 yr |
| AVDEAvantis International Eq | $22M | 5.8% | — | 1.0 yr |
| EPDEnterprise Products Part | $21M | 5.6% | +18.7% | 10.5 yr |
| AVDVAvantis International Sm | $17M | 4.6% | — | 3.8 yr |
| RGRSturm, Ruger & Company, | $16M | 4.2% | +3.4% | 0.3 yr |
| BRK-ABerkshire Hathaway Inc. | $16M | 4.2% | — | 9.8 yr |
| PAGPPlains GP Holdings, L.P. | $6M | 1.6% | +23.4% | 4.3 yr |
| SPDWState Street SPDR Portfo | $4M | 1.1% | — | 8.5 yr |
| WFC-PLWells Fargo & Company | $2M | 0.6% | — | 9.5 yr |
| TRPTC Energy Corporation | $2M | 0.5% | +37.4% | 7.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management56.8%+9.8pp$213M
Insurance - Diversified30.1%-10.6pp$113M
Oil & Gas Midstream7.7%+0.5pp$29M
Aerospace & Defense4.2%$16M
Banks - Diversified0.7%-3.3pp$3M
Consumer Electronics0.4%-0.5pp$1M
Railroads0.1%-0.0pp$0M
Country
US99.5%-0.0pp
CA0.5%+0.0pp
Top 5: 64.5% · Top 10: 90.8% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| EPD | $16M | +0.00B | 18.7% |
| PAGP | $4M | +0.00B | 23.4% |
| TRP | $1M | +0.00B | 37.4% |
| AAPL | $3M | +0.00B | 14.7% |
| UNP | $0M | +0.00B | 5.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BX | $3M | -0.00B | -14.9% |
Top buys this quarter · 10
| RGR Sturm, Ruger & Company, Inc.new | +$16M |
| PAGP Plains GP Holdings, L.P. | +$1M |
| EPD Enterprise Products Partners L | +$0M |
| AVLV Avantis U.S. Large Cap Value E | +$0M |
| AVEM Avantis Emerging Markets Equit | +$0M |
| AVDE Avantis International Equity E | +$0M |
| AVDV Avantis International Small Ca | +$0M |
| AVUV Avantis U.S. Small Cap Value E | +$0M |
| BRK-B Berkshire Hathaway Inc. | +$97M |
| VEA Vanguard FTSE Developed Market | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $375M | 21 | +20.24% | +17.59% | +2.65% | -0.03B |
| 2025-12-31 | $346M | 21 | +2.93% | +17.72% | -14.78% | +0.00B |
| 2025-09-30 | $334M | 21 | +9.69% | +17.52% | -7.82% | +0.01B |
| 2025-06-30 | $311M | 20 | +14.77% | +14.94% | -0.17% | +0.03B |
| 2025-03-31 | $293M | 20 | +22.82% | +8.30% | +14.51% | +0.01B |
| 2024-12-31 | $283M | 20 | +29.10% | +24.89% | +4.21% | -0.04B |
| 2024-09-30 | $290M | 20 | +27.86% | +36.04% | -8.18% | -0.04B |
| 2024-06-30 | $296M | 21 | +23.35% | +24.49% | -1.14% | -0.01B |
| 2024-03-31 | $303M | 20 | +32.58% | +29.62% | +2.95% | +0.02B |
| 2023-12-31 | $274M | 21 | +31.95% | +26.18% | +5.78% | +0.03B |
| 2023-09-30 | $226M | 22 | +13.48% | +21.57% | -8.09% | -0.02B |
| 2023-06-30 | $236M | 21 | +0.53% | +19.42% | -18.90% | -0.01B |
| 2023-03-31 | $228M | 22 | -23.66% | -7.82% | -15.84% | -0.02B |
| 2022-12-31 | $233M | 20 | -6.23% | +7.56% | -13.79% | +0.01B |
| 2022-09-30 | $235M | 23 | -6.15% | -4.93% | -1.22% | +0.02B |
| 2022-06-30 | $230M | 17 | -17.06% | -16.11% | -0.95% | +0.02B |