Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.57%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.65%
steady accumulation
Rally response
+2.07%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $113M | 16.0% | — | 10.5 yr |
| VTIVanguard Total Stock Mar | $77M | 10.9% | — | 10.5 yr |
| BILState Street SPDR Bloomb | $48M | 6.8% | — | 3.3 yr |
| AAPLApple Inc. | $38M | 5.4% | +14.7% | 10.5 yr |
| GOOGAlphabet Inc. | $30M | 4.3% | +84.3% | 10.5 yr |
| COSTCostco Wholesale Corpora | $22M | 3.1% | +5.9% | 10.5 yr |
| GOOGLAlphabet Inc. | $21M | 3.0% | — | 10.5 yr |
| VOOVanguard S&P 500 ETF | $20M | 2.9% | — | 7.8 yr |
| AMZNAmazon.com, Inc. | $18M | 2.6% | +9.5% | 10.5 yr |
| METAMeta Platforms, Inc. | $14M | 2.0% | -0.4% | 10.5 yr |
| IBDRiShares iBonds Dec 2026 | $13M | 1.8% | — | 3.8 yr |
| ACGLArch Capital Group Ltd. | $13M | 1.8% | -0.2% | 10.5 yr |
| IBDSiShares iBonds Dec 2027 | $12M | 1.7% | — | 2.5 yr |
| VTVVanguard Value ETF | $11M | 1.6% | — | 8.0 yr |
| VXUSVanguard Total Internati | $11M | 1.5% | — | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management35.0%+2.2pp$248M
Insurance - Diversified18.6%-4.2pp$131M
Internet Content & Information9.3%+2.6pp$65M
Asset Management - Bonds6.8%+1.1pp$48M
Consumer Electronics5.4%-0.1pp$38M
Discount Stores4.0%-0.1pp$29M
Drug Manufacturers - General3.0%+0.8pp$21M
Specialty Retail2.6%-0.2pp$19M
Financial - Credit Services1.8%-0.4pp$13M
Insurance - Property & Casualty1.1%+0.3pp$8M
Country
US97.5%+0.2pp
BM1.8%-0.1pp
CH0.3%+0.1pp
Unknown0.1%+0.1pp
IE0.1%-0.0pp
GB0.1%-0.1pp
CN0.1%-0.0pp
Top 5: 43.4% · Top 10: 56.9% · Top 25: 76.3%
Top buys this quarter · 15
| MKL Markel Corporation | +$6M |
| HCC Warrior Met Coal, Inc. | +$0M |
| AZN AstraZeneca PLCnew | +$0M |
| VLO Valero Energy Corporationnew | +$0M |
| PSX Phillips 66new | +$0M |
| MCK McKesson Corporationnew | +$0M |
| MRK Merck & Co., Inc. | +$0M |
| ACGL Arch Capital Group Ltd. | +$0M |
| AVGO Broadcom Inc. | +$1M |
| MSFT Microsoft Corporation | +$4M |
Top sells this quarter · 15
| AAPL Apple Inc. | −$1M |
| GOOG Alphabet Inc. | −$1M |
| SBUX Starbucks Corporation | −$0M |
| ECL Ecolab Inc. | −$0M |
| GBDC Golub Capital BDC, Inc.exit | −$0M |
| ABBV AbbVie Inc. | −$0M |
| EXAS Exact Sciences Corporationexit | −$0M |
| AMZN Amazon.com, Inc. | −$0M |
| ADP Automatic Data Processing, Inc | −$0M |
| UAL United Airlines Holdings, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $707M | 165 | +9.94% | +17.59% | -7.65% | +0.02B |
| 2025-12-31 | $734M | 162 | +12.74% | +17.72% | -4.97% | +0.02B |
| 2025-09-30 | $686M | 160 | +11.76% | +17.52% | -5.75% | -0.00B |
| 2025-06-30 | $647M | 160 | +12.57% | +14.94% | -2.38% | -0.01B |
| 2025-03-31 | $616M | 149 | +11.48% | +8.30% | +3.17% | +0.04B |
| 2024-12-31 | $596M | 153 | +23.87% | +24.89% | -1.02% | +0.01B |
| 2024-09-30 | $573M | 156 | +33.23% | +36.04% | -2.81% | +0.01B |
| 2024-06-30 | $528M | 146 | +20.62% | +24.49% | -3.87% | -0.00B |
| 2024-03-31 | $505M | 148 | +25.56% | +29.62% | -4.07% | +0.02B |
| 2023-12-31 | $457M | 143 | +30.14% | +26.18% | +3.96% | -0.01B |
| 2023-09-30 | $418M | 141 | +21.18% | +21.57% | -0.39% | +0.01B |
| 2023-06-30 | $423M | 148 | +20.71% | +19.42% | +1.28% | +0.00B |
| 2023-03-31 | $386M | 143 | -5.92% | -7.82% | +1.90% | -0.00B |
| 2022-12-31 | $348M | 134 | -19.08% | -18.17% | -0.91% | +0.01B |
| 2022-09-30 | $329M | 134 | -12.78% | -15.51% | +2.73% | -0.00B |
| 2022-06-30 | $340M | 138 | -9.37% | -10.62% | +1.25% | -0.01B |