Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.93%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.20%
baseline attrition
Rally response
-5.06%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGAlphabet Inc. | $137M | 4.9% | +84.3% | 10.5 yr |
| CCitigroup Inc. | $128M | 4.6% | +63.9% | 10.5 yr |
| MUMicron Technology, Inc. | $85M | 3.0% | +289.6% | 10.5 yr |
| FCXFreeport-McMoRan Inc. | $85M | 3.0% | +57.4% | 9.8 yr |
| IBKRInteractive Brokers Grou | $80M | 2.9% | +62.8% | 3.0 yr |
| AMZNAmazon.com, Inc. | $79M | 2.8% | +9.5% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $73M | 2.6% | — | 10.5 yr |
| LYBLyondellBasell Industrie | $70M | 2.5% | +25.0% | 9.8 yr |
| CBRECBRE Group, Inc. | $66M | 2.4% | +3.6% | 10.5 yr |
| AIGAmerican International G | $66M | 2.4% | -11.5% | 10.5 yr |
| AXPAmerican Express Company | $66M | 2.3% | +13.3% | 10.5 yr |
| DHTDHT Holdings, Inc. | $64M | 2.3% | +87.2% | 8.0 yr |
| HCCWarrior Met Coal, Inc. | $61M | 2.2% | +96.2% | 7.8 yr |
| COSTCostco Wholesale Corpora | $60M | 2.2% | +5.9% | 10.5 yr |
| TDWTidewater Inc. | $55M | 2.0% | +97.7% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified10.1%-1.0pp$283M
Financial - Credit Services6.7%-1.4pp$186M
Semiconductors6.7%-0.4pp$186M
Oil & Gas Midstream5.5%+1.7pp$155M
Insurance - Diversified5.0%-2.5pp$140M
Internet Content & Information4.9%+1.4pp$137M
Specialty Retail3.7%-1.4pp$104M
Oil & Gas Exploration & Production3.2%+0.1pp$88M
Coal3.1%+0.9pp$87M
Copper3.0%+0.7pp$85M
Country
US84.4%+1.9pp
BM4.1%+0.9pp
Unknown2.4%+1.3pp
GB2.0%-0.1pp
SG1.0%+0.6pp
PE0.9%+0.3pp
LU0.9%+0.3pp
KR0.9%+0.1pp
Top 5: 18.4% · Top 10: 31.1% · Top 25: 59.7%
Top buys this quarter · 15
| VLO Valero Energy Corporationnew | +$10M |
| MPC Marathon Petroleum Corporation | +$10M |
| CPNG Coupang, Inc. | +$10M |
| PSX Phillips 66new | +$9M |
| LYB LyondellBasell Industries N.V. | +$9M |
| RPRX Royalty Pharma plc | +$8M |
| ARLO Arlo Technologies, Inc. | +$7M |
| BIO Bio-Rad Laboratories, Inc. | +$4M |
| MCHP Microchip Technology Incorpora | +$4M |
| COF Capital One Financial Corporat | +$48M |
Top sells this quarter · 15
| CX CEMEX, S.A.B. de C.V.exit | −$55M |
| MU Micron Technology, Inc. | −$44M |
| GLW Corning Incorporated | −$39M |
| GOOG Alphabet Inc. | −$14M |
| C Citigroup Inc. | −$11M |
| SLG SL Green Realty Corp.exit | −$11M |
| STX Seagate Technology Holdings pl | −$27M |
| HEPS D-Market Elektronik Hizmetler exit | −$10M |
| CBRE CBRE Group, Inc. | −$10M |
| BAC Bank of America Corporation | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.79B | 99 | +43.34% | +17.59% | +25.75% | -0.25B |
| 2025-12-31 | $2.94B | 114 | +30.12% | +17.72% | +12.40% | -0.10B |
| 2025-09-30 | $2.76B | 116 | +21.84% | +17.52% | +4.32% | -0.03B |
| 2025-06-30 | $2.51B | 118 | +11.02% | +14.94% | -3.93% | -0.17B |
| 2025-03-31 | $2.37B | 116 | +0.33% | +8.30% | -7.97% | -0.03B |
| 2024-12-31 | $2.56B | 112 | +19.64% | +24.89% | -5.25% | -0.12B |
| 2024-09-30 | $2.59B | 113 | +32.22% | +36.04% | -3.82% | -0.14B |
| 2024-06-30 | $2.70B | 118 | +29.70% | +24.49% | +5.20% | -0.07B |
| 2024-03-31 | $2.71B | 113 | +33.67% | +29.62% | +4.05% | +0.06B |
| 2023-12-31 | $2.37B | 111 | +24.24% | +26.18% | -1.93% | -0.21B |
| 2023-09-30 | $2.26B | 112 | +18.12% | +21.57% | -3.45% | -0.09B |
| 2023-06-30 | $2.37B | 140 | +15.31% | +19.42% | -4.12% | +0.10B |
| 2023-03-31 | $2.16B | 142 | -13.29% | -7.82% | -5.47% | -0.41B |
| 2022-12-31 | $2.47B | 140 | +8.52% | +7.56% | +0.96% | -0.02B |
| 2022-09-30 | $2.29B | 152 | -2.97% | -4.93% | +1.96% | -0.17B |
| 2022-06-30 | $2.53B | 161 | -20.88% | -16.11% | -4.76% | -0.53B |