Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-19.06%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.60%
baseline attrition
Rally response
-12.88%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SRESempra | $295M | 4.5% | +40.3% | 5.0 yr |
| ATOAtmos Energy Corporation | $229M | 3.5% | +22.2% | 3.3 yr |
| — | $225M | 3.5% | — | 2.0 yr |
| ICEIntercontinental Exchang | $211M | 3.2% | -7.8% | 5.5 yr |
| PMPhilip Morris Internatio | $195M | 3.0% | +7.9% | 7.3 yr |
| CSXCSX Corporation | $186M | 2.9% | +41.6% | 5.5 yr |
| MSFTMicrosoft Corporation | $178M | 2.7% | -0.6% | 10.8 yr |
| CRH.LCRH plc | $172M | 2.7% | — | 2.8 yr |
| UNPUnion Pacific Corporatio | $167M | 2.6% | +5.1% | 9.8 yr |
| TMOThermo Fisher Scientific | $167M | 2.6% | -0.9% | 4.5 yr |
| TELTE Connectivity Ltd. | $161M | 2.5% | +50.0% | 0.3 yr |
| CTVACorteva, Inc. | $155M | 2.4% | +34.3% | 3.5 yr |
| FCXFreeport-McMoRan Inc. | $150M | 2.3% | +57.4% | 6.0 yr |
| TIGOMillicom International C | $132M | 2.0% | +167.9% | 1.5 yr |
| BKRBaker Hughes Company | $120M | 1.8% | +41.7% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors6.6%+2.9pp$428M
Railroads5.4%+4.5pp$354M
Diversified Utilities4.5%+2.3pp$295M
Unknown3.9%-0.2pp$256M
Construction Materials3.7%+0.6pp$241M
Financial - Data & Stock Exchanges3.7%-2.0pp$239M
Regulated Gas3.5%+0.8pp$229M
Banks - Regional3.2%+0.8pp$209M
Industrial - Machinery3.1%+0.3pp$202M
Tobacco3.1%+0.6pp$199M
Country
US72.4%+11.3pp
IE5.8%-1.1pp
BR5.0%+2.8pp
Unknown3.9%-0.2pp
CA2.2%+1.0pp
LU2.0%-0.4pp
TW1.8%+1.2pp
MX1.3%-0.5pp
Top 5: 17.8% · Top 10: 31.2% · Top 25: 56.0%
Top buys this quarter · 15
| TEL TE Connectivity Ltd.new | +$161M |
| BKR Baker Hughes Company | +$120M |
| NWS News Corporation | +$65M |
| NU Nu Holdings Ltd. | +$46M |
| PB Prosperity Bancshares, Inc.new | +$39M |
| GEHC GE HealthCare Technologies Inc | +$38M |
| TMO Thermo Fisher Scientific Inc. | +$33M |
| GPRE Green Plains Inc.new | +$32M |
| Q Qnity Electronics, Inc. | +$25M |
| HPE Hewlett Packard Enterprise Com | +$24M |
Top sells this quarter · 15
| CDW CDW Corporationexit | −$132M |
| SPOT Spotify Technology S.A. | −$86M |
| GXO GXO Logistics, Inc. | −$85M |
| CTVA Corteva, Inc. | −$64M |
| FERG Ferguson plc | −$57M |
| SE Sea Limited | −$55M |
| AIG American International Group, | −$53M |
| PM Philip Morris International In | −$44M |
| WAL Western Alliance Bancorporatio | −$39M |
| DD DuPont de Nemours, Inc. | −$39M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.50B | 423 | +16.96% | +17.59% | -0.63% | -0.45B |
| 2025-12-31 | $6.89B | 410 | +17.66% | +17.72% | -0.06% | -1.19B |
| 2025-09-30 | $8.06B | 400 | +15.22% | +17.52% | -2.29% | -0.81B |
| 2025-06-30 | $8.52B | 416 | +20.32% | +14.94% | +5.38% | -0.68B |
| 2025-03-31 | $8.28B | 411 | +6.56% | +8.30% | -1.74% | -0.36B |
| 2024-12-31 | $8.52B | 409 | +10.77% | +24.89% | -14.12% | -0.54B |
| 2024-09-30 | $9.23B | 418 | +27.22% | +36.04% | -8.82% | -0.77B |
| 2024-06-30 | $9.20B | 424 | +14.99% | +24.49% | -9.50% | -0.87B |
| 2024-03-31 | $10.23B | 433 | +23.55% | +29.62% | -6.08% | +0.01B |
| 2023-12-31 | $9.69B | 430 | +12.75% | +11.64% | +1.11% | -1.22B |
| 2023-09-30 | $9.68B | 442 | -1.79% | -3.22% | +1.43% | -1.77B |
| 2023-06-30 | $11.66B | 460 | +5.76% | +8.68% | -2.92% | -0.56B |
| 2023-03-31 | $11.56B | 494 | — | — | — | +10.17B |
| 2020-09-30 | $1.39B | 331 | — | — | — | +0.32B |
| 2020-06-30 | $1.07B | 226 | — | — | — | +0.37B |
| 2020-03-31 | $704M | 160 | — | — | — | +0.04B |