Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.08%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.68%
baseline attrition
Rally response
-11.09%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $249M | 4.8% | +9.5% | 5.8 yr |
| AEPAmerican Electric Power | $237M | 4.6% | +24.0% | 3.5 yr |
| MSFTMicrosoft Corporation | $197M | 3.8% | -0.6% | 9.5 yr |
| EXCExelon Corporation | $184M | 3.6% | +10.2% | 1.3 yr |
| MRKMerck & Co., Inc. | $173M | 3.3% | +38.9% | 6.8 yr |
| SRESempra | $167M | 3.2% | +40.3% | 0.8 yr |
| — | $166M | 3.2% | — | 0.8 yr |
| BBarrick Mining Corporati | $165M | 3.2% | +114.9% | 1.0 yr |
| BKDBrookdale Senior Living | $156M | 3.0% | +118.5% | 2.0 yr |
| AEEAmeren Corporation | $140M | 2.7% | +12.7% | 2.3 yr |
| HCAHCA Healthcare, Inc. | $138M | 2.7% | +37.9% | 1.5 yr |
| COFCapital One Financial Co | $136M | 2.6% | +3.1% | 9.3 yr |
| TOTB.DETotalEnergies SE | $133M | 2.6% | +41.2% | 0.5 yr |
| CCICrown Castle Inc. | $132M | 2.5% | -18.3% | 0.8 yr |
| HTOH2O America | $132M | 2.5% | +10.9% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric18.8%+14.3pp$974M
Specialty Retail6.8%-2.5pp$351M
Medical - Care Facilities5.7%-1.7pp$294M
Regulated Water4.9%$254M
Software - Infrastructure4.5%-2.7pp$234M
Gold4.4%+1.7pp$228M
Financial - Credit Services4.3%-5.5pp$226M
REIT - Specialty4.0%$207M
Software - Application3.9%+2.8pp$200M
Drug Manufacturers - General3.8%-1.7pp$198M
Country
US82.0%+16.4pp
CA5.9%+2.6pp
Unknown3.2%-4.0pp
FR2.6%+1.0pp
MX2.2%-3.0pp
BM1.5%+1.4pp
BR1.2%+1.1pp
CH0.5%-5.6pp
Top 5: 20.0% · Top 10: 35.3% · Top 25: 69.2%
Top buys this quarter · 15
| NVDA NVIDIA Corporationnew | +$124M |
| HTO H2O America | +$109M |
| DIS The Walt Disney Companynew | +$63M |
| CART Instacart (Maplebear Inc.) | +$60M |
| PGR The Progressive Corporationnew | +$58M |
| WDAY Workday, Inc. | +$56M |
| AMZN Amazon.com, Inc. | +$46M |
| MSFT Microsoft Corporation | +$197M |
| SLB SLB N.V. | +$39M |
| ALNY Alnylam Pharmaceuticals, Inc. | +$32M |
Top sells this quarter · 15
| AMD Advanced Micro Devices, Inc.exit | −$60M |
| OC Owens Corning | −$51M |
| WLK Westlake Corporationexit | −$49M |
| META Meta Platforms, Inc. | −$47M |
| LEN Lennar Corporationexit | −$29M |
| CENX Century Aluminum Companyexit | −$25M |
| PCOR Procore Technologies, Inc. | −$22M |
| EGO Eldorado Gold Corporation | −$21M |
| B Barrick Mining Corporation | −$17M |
| COLD Americold Realty Trust, Inc. | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.19B | 126 | +29.81% | +17.59% | +12.22% | +0.32B |
| 2025-12-31 | $4.76B | 127 | +31.30% | +17.72% | +13.58% | -0.01B |
| 2025-09-30 | $4.46B | 115 | +18.69% | +17.52% | +1.17% | +0.95B |
| 2025-06-30 | $3.22B | 105 | +17.24% | +14.94% | +2.29% | -0.25B |
| 2025-03-31 | $3.19B | 101 | +8.76% | +8.30% | +0.46% | +0.21B |
| 2024-12-31 | $2.88B | 78 | +14.46% | +24.89% | -10.43% | +0.09B |
| 2024-09-30 | $2.88B | 83 | +30.37% | +36.04% | -5.66% | -0.07B |
| 2024-06-30 | $2.75B | 75 | +17.88% | +24.49% | -6.61% | -0.44B |
| 2024-03-31 | $3.16B | 69 | +27.71% | +29.62% | -1.91% | -0.33B |
| 2023-12-31 | $3.20B | 72 | +26.52% | +26.18% | +0.35% | -0.23B |
| 2023-09-30 | $3.11B | 69 | +23.93% | +21.57% | +2.37% | +0.30B |
| 2023-06-30 | $2.90B | 69 | +19.46% | +19.42% | +0.04% | -0.26B |
| 2023-03-31 | $2.89B | 69 | +1.63% | -7.82% | +9.45% | -0.13B |
| 2022-12-31 | $2.79B | 69 | +7.99% | +7.56% | +0.43% | +0.10B |
| 2022-09-30 | $2.49B | 44 | -6.35% | -4.93% | -1.42% | +0.24B |
| 2022-06-30 | $2.40B | 42 | -6.96% | -16.11% | +9.15% | -0.22B |