Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.35%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.35%
baseline attrition
Rally response
-0.35%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $63M | 10.5% | — | 9.5 yr |
| LLYEli Lilly and Company | $47M | 7.8% | +12.2% | 9.5 yr |
| FFH.TOFairfax Financial Holdin | $42M | 7.0% | +14.9% | 3.3 yr |
| EFViShares MSCI EAFE Value | $34M | 5.6% | — | 3.5 yr |
| IEMGiShares Core MSCI Emergi | $25M | 4.2% | — | 3.5 yr |
| FNDESchwab Fundamental Emerg | $21M | 3.4% | — | 8.0 yr |
| CCitigroup Inc. | $19M | 3.1% | +63.9% | 9.5 yr |
| CASHPathward Financial, Inc. | $18M | 3.0% | +22.6% | 7.5 yr |
| BOMNBoston Omaha Corporation | $17M | 2.8% | — | 6.5 yr |
| SCHFSchwab International Equ | $17M | 2.8% | — | 7.5 yr |
| SCHWThe Charles Schwab Corpo | $15M | 2.4% | +21.5% | 7.5 yr |
| SCHBSchwab U.S. Broad Market | $14M | 2.4% | — | 6.3 yr |
| TBBKThe Bancorp, Inc. | $12M | 2.0% | +1.7% | 6.3 yr |
| DRVNDriven Brands Holdings I | $12M | 2.0% | -26.4% | 0.8 yr |
| 0JUJ.LFormula One Group | $12M | 1.9% | -3.4% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management30.1%+1.3pp$182M
Insurance - Diversified11.2%-4.2pp$68M
Drug Manufacturers - General8.5%+3.3pp$52M
Insurance - Property & Casualty7.4%-1.1pp$45M
Banks - Regional5.2%+0.8pp$32M
Banks - Diversified3.5%+0.4pp$21M
Unknown2.8%-0.6pp$17M
Advertising Agencies2.8%-0.5pp$17M
Specialty Retail2.5%+1.7pp$15M
Financial - Capital Markets2.4%-0.4pp$15M
Country
US87.9%+2.2pp
CA7.9%-1.1pp
Unknown2.8%-0.6pp
GB0.6%-0.1pp
NL0.3%-0.4pp
TW0.2%+0.1pp
IE0.1%-0.1pp
CH0.1%-0.0pp
Top 5: 35.1% · Top 10: 50.2% · Top 25: 75.6%
Top buys this quarter · 15
| LLY Eli Lilly and Company | +$25M |
| DRVN Driven Brands Holdings Inc. | +$5M |
| MSFT Microsoft Corporation | +$10M |
| CSX CSX Corporation | +$1M |
| BBY Best Buy Co., Inc.new | +$1M |
| VTS Vitesse Energy, Inc. | +$1M |
| EMAT Evolution Metals & Technologienew | +$1M |
| CWGL Crimson Wine Group, Ltd. | +$8M |
| META Meta Platforms, Inc.new | +$0M |
| MRK Merck & Co., Inc. | +$0M |
Top sells this quarter · 15
| INTC Intel Corporation | −$6M |
| DAL Delta Air Lines, Inc. | −$2M |
| C Citigroup Inc. | −$1M |
| SCHW The Charles Schwab Corporation | −$0M |
| TGT Target Corporation | −$0M |
| CNQ Canadian Natural Resources Limexit | −$0M |
| IBM International Business Machine | −$0M |
| STLA Stellantis N.V. | −$0M |
| NGD New Gold Inc.exit | −$0M |
| MO Altria Group, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $604M | 165 | +10.94% | +17.59% | -6.66% | +0.05B |
| 2025-12-31 | $579M | 163 | +16.81% | +17.72% | -0.91% | +0.02B |
| 2025-09-30 | $550M | 155 | +20.07% | +17.52% | +2.55% | +0.03B |
| 2025-06-30 | $497M | 150 | +23.17% | +14.94% | +8.23% | +0.01B |
| 2025-03-31 | $447M | 150 | +13.85% | +8.30% | +5.55% | +0.03B |
| 2024-12-31 | $412M | 154 | +21.46% | +24.89% | -3.43% | -0.03B |
| 2024-09-30 | $426M | 153 | +33.79% | +36.04% | -2.25% | -0.00B |
| 2024-06-30 | $397M | 154 | +23.43% | +24.49% | -1.06% | -0.00B |
| 2024-03-31 | $397M | 156 | +32.62% | +29.62% | +3.00% | +0.02B |
| 2023-12-31 | $353M | 154 | +26.88% | +26.18% | +0.71% | -0.03B |
| 2023-09-30 | $332M | 158 | +20.99% | +21.57% | -0.58% | +0.00B |
| 2023-06-30 | $332M | 158 | +14.57% | +19.42% | -4.85% | -0.01B |
| 2023-03-31 | $316M | 131 | -10.01% | -7.82% | -2.20% | +0.03B |
| 2022-12-31 | $277M | 125 | +8.75% | +7.56% | +1.19% | +0.00B |
| 2022-09-30 | $250M | 120 | -5.86% | -4.93% | -0.93% | +0.01B |
| 2022-06-30 | $258M | 117 | -14.60% | -16.11% | +1.51% | +0.01B |