Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.47%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.41%
baseline attrition
Rally response
-5.89%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VVisa Inc. | $135M | 6.0% | -13.1% | 8.5 yr |
| PMPhilip Morris Internatio | $119M | 5.3% | +7.9% | 9.5 yr |
| GOOGLAlphabet Inc. | $108M | 4.9% | — | 10.3 yr |
| MSFTMicrosoft Corporation | $91M | 4.1% | -0.6% | 9.3 yr |
| MAMastercard Incorporated | $85M | 3.8% | -8.5% | 8.3 yr |
| BKNGBooking Holdings Inc. | $78M | 3.5% | -96.3% | 8.3 yr |
| ADSKAutodesk, Inc. | $72M | 3.2% | -8.6% | 5.8 yr |
| JNJJohnson & Johnson | $69M | 3.1% | +51.5% | 10.5 yr |
| EAElectronic Arts Inc. | $69M | 3.1% | +41.7% | 6.3 yr |
| INTUIntuit Inc. | $65M | 2.9% | -29.3% | 8.5 yr |
| TSMTaiwan Semiconductor Man | $61M | 2.7% | +105.6% | 7.5 yr |
| AONAon plc | $57M | 2.5% | -18.4% | 1.8 yr |
| NTESNetEase, Inc. | $57M | 2.5% | +11.4% | 10.5 yr |
| ALCAlcon Inc. | $55M | 2.5% | -20.3% | 5.5 yr |
| MMCMarsh & McLennan Compani | $54M | 2.4% | — | 6.8 yr |
Portfolio composition (YoY)
Industry mix
Financial - Credit Services9.8%-2.3pp$219M
Software - Infrastructure7.2%-3.1pp$161M
Software - Application6.2%-1.2pp$137M
Electronic Gaming & Multimedia5.8%+1.4pp$128M
Tobacco5.3%-1.2pp$119M
Internet Content & Information5.2%+2.5pp$115M
Semiconductors5.0%+1.1pp$111M
Insurance - Brokers5.0%+3.6pp$111M
Drug Manufacturers - General4.8%+2.9pp$107M
Banks - Diversified4.7%+2.0pp$104M
Country
US71.2%+5.8pp
IE5.3%-2.4pp
BR3.3%+1.2pp
TW3.2%-0.7pp
CH2.7%
GB2.6%+2.3pp
CN2.5%+0.3pp
PE2.4%-0.3pp
Top 5: 24.1% · Top 10: 40.0% · Top 25: 72.1%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$31M |
| ALLE Allegion plc | +$24M |
| INTU Intuit Inc. | +$65M |
| LIN Linde plcnew | +$16M |
| VIST Vista Energy, S.A.B. de C.V. | +$10M |
| XP XP Inc. | +$9M |
| EW Edwards Lifesciences Corporati | +$6M |
| AAPL Apple Inc. | +$5M |
| KEY KeyCorpnew | +$3M |
| MA Mastercard Incorporated | +$85M |
Top sells this quarter · 15
| VALE Vale S.A.exit | −$53M |
| ICLR ICON Public Limited Companyexit | −$50M |
| TSM Taiwan Semiconductor Manufactu | −$26M |
| STNE StoneCo Ltd.exit | −$22M |
| KGC Kinross Gold Corporation | −$9M |
| TX Ternium S.A. | −$8M |
| MSFT Microsoft Corporation | −$4M |
| BAP Credicorp Ltd. | −$48M |
| HDB HDFC Bank Limited | −$3M |
| NEE NextEra Energy, Inc. | −$23M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.23B | 100 | +3.57% | +17.59% | -14.02% | +0.00B |
| 2025-12-31 | $2.47B | 102 | +17.08% | +17.72% | -0.63% | +0.22B |
| 2025-09-30 | $2.21B | 70 | +16.17% | +17.52% | -1.34% | +0.14B |
| 2025-06-30 | $2.04B | 65 | +21.63% | +14.94% | +6.69% | +0.38B |
| 2025-03-31 | $1.49B | 68 | +7.99% | +8.30% | -0.31% | -0.16B |
| 2024-12-31 | $1.62B | 71 | +9.70% | +24.89% | -15.19% | +0.13B |
| 2024-09-30 | $1.47B | 66 | +21.98% | +36.04% | -14.06% | -0.63B |
| 2024-06-30 | $1.98B | 62 | +13.17% | +24.49% | -11.33% | -0.06B |
| 2024-03-31 | $2.06B | 61 | +19.88% | +29.62% | -9.75% | -0.07B |
| 2023-12-31 | $2.05B | 68 | +22.91% | +26.18% | -3.27% | -0.24B |
| 2023-09-30 | $2.04B | 68 | +20.36% | +21.57% | -1.21% | -0.28B |
| 2023-06-30 | $2.36B | 89 | +14.95% | +19.42% | -4.48% | +0.04B |
| 2023-03-31 | $2.21B | 83 | -5.67% | -7.82% | +2.14% | +0.03B |
| 2022-12-31 | $2.05B | 82 | +9.92% | +7.56% | +2.36% | -0.25B |
| 2022-09-30 | $2.08B | 80 | -6.11% | -4.93% | -1.19% | -0.04B |
| 2022-06-30 | $2.26B | 79 | -14.03% | -16.11% | +2.09% | -0.09B |