Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.43%
baseline attrition
Rally response
-0.42%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $49M | 9.2% | — | 10.5 yr |
| GOOGLAlphabet Inc. | $44M | 8.4% | — | 10.5 yr |
| BRK-ABerkshire Hathaway Inc. | $39M | 7.5% | — | 7.0 yr |
| MKLMarkel Corporation | $35M | 6.6% | +2.4% | 10.5 yr |
| COSTCostco Wholesale Corpora | $34M | 6.5% | +5.9% | 10.5 yr |
| MAMastercard Incorporated | $30M | 5.6% | -8.5% | 10.5 yr |
| AMZNAmazon.com, Inc. | $16M | 3.1% | +9.5% | 10.5 yr |
| DHRDanaher Corporation | $16M | 3.0% | -7.1% | 10.5 yr |
| MSFTMicrosoft Corporation | $16M | 3.0% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $14M | 2.7% | +14.7% | 10.5 yr |
| SBUXStarbucks Corporation | $14M | 2.7% | -6.1% | 10.5 yr |
| HGTYHagerty, Inc. | $10M | 1.9% | +16.5% | 4.0 yr |
| MCDMcDonald's Corporation | $10M | 1.9% | +1.8% | 10.5 yr |
| MARMarriott International, | $8M | 1.6% | +38.6% | 7.5 yr |
| CARRCarrier Global Corporati | $8M | 1.6% | -9.9% | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified16.7%-2.3pp$88M
Insurance - Property & Casualty10.0%+1.0pp$53M
Internet Content & Information9.2%+3.6pp$48M
Discount Stores7.1%-0.7pp$37M
Financial - Credit Services6.9%-1.2pp$36M
Asset Management6.6%+1.2pp$35M
Restaurants4.5%-0.5pp$24M
Medical - Diagnostics & Research3.6%-0.3pp$19M
Specialty Retail3.2%+0.2pp$17M
Software - Infrastructure3.0%-0.1pp$16M
Country
US96.1%+0.6pp
Unknown1.5%+0.5pp
GB1.4%-1.2pp
CH0.5%+0.1pp
CA0.3%-0.0pp
IE0.2%-0.0pp
Top 5: 38.2% · Top 10: 55.7% · Top 25: 77.5%
Top buys this quarter · 15
| UPS United Parcel Service, Inc. | +$4M |
| MKL Markel Corporation | +$35M |
| HGTY Hagerty, Inc. | +$10M |
| WAT Waters Corporationnew | +$0M |
| CASY Casey's General Stores, Inc.new | +$0M |
| CVX Chevron Corporation | +$0M |
| AMR Alpha Metallurgical Resources,new | +$0M |
| WMB The Williams Companies, Inc.new | +$0M |
| TSLA Tesla, Inc. | +$1M |
| UAMY United States Antimony Corpora | +$0M |
Top sells this quarter · 15
| KMI Kinder Morgan, Inc. | −$4M |
| ROP Roper Technologies, Inc. | −$4M |
| OXY Occidental Petroleum Corporati | −$4M |
| CPRT Copart, Inc. | −$1M |
| CARR Carrier Global Corporation | −$8M |
| DIS The Walt Disney Company | −$0M |
| SBUX Starbucks Corporation | −$13M |
| MA Mastercard Incorporated | −$0M |
| COST Costco Wholesale Corporation | −$30M |
| DHR Danaher Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $528M | 135 | +4.13% | +17.59% | -13.47% | -0.00B |
| 2025-12-31 | $552M | 131 | +8.60% | +17.72% | -9.12% | +0.01B |
| 2025-09-30 | $534M | 124 | +7.15% | +17.52% | -10.37% | +0.01B |
| 2025-06-30 | $520M | 123 | +13.84% | +14.94% | -1.10% | +0.01B |
| 2025-03-31 | $479M | 117 | +8.07% | +8.30% | -0.23% | +0.00B |
| 2024-12-31 | $476M | 116 | +17.57% | +24.89% | -7.32% | -0.00B |
| 2024-09-30 | $473M | 112 | +28.13% | +36.04% | -7.91% | -0.01B |
| 2024-06-30 | $448M | 109 | +16.31% | +24.49% | -8.18% | -0.00B |
| 2024-03-31 | $449M | 111 | +22.84% | +29.62% | -6.78% | +0.00B |
| 2023-12-31 | $410M | 109 | +18.86% | +26.18% | -7.32% | -0.01B |
| 2023-09-30 | $381M | 105 | +18.08% | +21.57% | -3.48% | +0.00B |
| 2023-06-30 | $388M | 105 | +15.39% | +19.42% | -4.03% | +0.00B |
| 2023-03-31 | $364M | 103 | -6.17% | -7.82% | +1.65% | -0.00B |
| 2022-12-31 | $347M | 101 | -14.78% | -18.17% | +3.39% | -0.00B |
| 2022-09-30 | $321M | 98 | -13.33% | -15.51% | +2.18% | -0.02B |
| 2022-06-30 | $356M | 103 | -8.37% | -10.62% | +2.25% | -0.01B |