Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.96%
adds when stocks drop
when a holding falls −10%+
Middle response
+2.05%
steady accumulation
Rally response
-17.77%
trims into rallies
when a holding rises +10%+
Top positions · 18
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ARMKAramark | $57M | 9.6% | +18.8% | 3.8 yr |
| SSNCSS&C Technologies Holdin | $54M | 9.1% | -18.0% | 6.3 yr |
| WCNWaste Connections, Inc. | $52M | 8.9% | -16.2% | 0.3 yr |
| OPLNOPENLANE, Inc. | $44M | 7.5% | +51.2% | 2.8 yr |
| VRRMVerra Mobility Corporati | $42M | 7.1% | -36.5% | 4.8 yr |
| FAFirst Advantage Corporat | $36M | 6.0% | -16.5% | 2.8 yr |
| CDWCDW Corporation | $32M | 5.5% | -23.2% | 1.5 yr |
| WEXWEX Inc. | $31M | 5.3% | -2.5% | 1.8 yr |
| HURNHuron Consulting Group I | $30M | 5.0% | -11.1% | 2.0 yr |
| PFGCPerformance Food Group C | $30M | 5.0% | +8.9% | 4.8 yr |
| LYVLive Nation Entertainmen | $26M | 4.4% | +16.8% | 0.5 yr |
| CBZCBIZ, Inc. | $26M | 4.4% | -64.6% | 0.8 yr |
| FISFidelity National Inform | $26M | 4.4% | -35.6% | 7.3 yr |
| TRUTransUnion | $23M | 3.9% | -16.1% | 0.5 yr |
| CAECAE Inc. | $22M | 3.7% | +5.9% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Specialty Business Services20.0%+11.4pp$118M
Information Technology Services17.0%+1.6pp$100M
Software - Application9.1%-9.0pp$54M
Consulting Services8.9%+2.9pp$53M
Waste Management8.9%$52M
Auto - Dealerships7.5%+2.1pp$44M
Aerospace & Defense7.4%$44M
Software - Infrastructure5.3%-8.8pp$31M
Food Distribution5.0%-4.5pp$30M
Entertainment4.4%$26M
Country
US87.4%-0.8pp
CA12.6%
Top 5: 42.2% · Top 10: 69.0% · Top 25: 100.0%
Top buys this quarter · 9
| WCN Waste Connections, Inc.new | +$52M |
| CAE CAE Inc.new | +$22M |
| BOBS Bob's Discount Furniture, Inc.new | +$18M |
| CDW CDW Corporation | +$12M |
| SSNC SS&C Technologies Holdings, In | +$54M |
| FA First Advantage Corporation | +$36M |
| LYV Live Nation Entertainment, Inc | +$3M |
| ARMK Aramark | +$2M |
| OPLN OPENLANE, Inc. | +$44M |
Top sells this quarter · 15
| LMT Lockheed Martin Corporation | −$56M |
| RTO Rentokil Initial plcexit | −$53M |
| SYY Sysco Corporationexit | −$46M |
| HII Huntington Ingalls Industries,exit | −$44M |
| BOX Box, Inc.exit | −$41M |
| NABL N-able, Inc.exit | −$29M |
| IQV IQVIA Holdings Inc.exit | −$28M |
| WEX WEX Inc. | −$19M |
| TRU TransUnion | −$13M |
| ACVA ACV Auctions Inc.exit | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $591M | 18 | -2.73% | +17.59% | -20.32% | -0.25B |
| 2025-12-31 | $954M | 23 | +1.87% | +17.72% | -15.85% | +0.03B |
| 2025-09-30 | $920M | 21 | +1.58% | +17.52% | -15.94% | -0.03B |
| 2025-06-30 | $933M | 23 | +6.04% | +14.94% | -8.90% | +0.07B |
| 2025-03-31 | $810M | 22 | -5.05% | +8.30% | -13.36% | +0.03B |
| 2024-12-31 | $836M | 19 | +10.50% | +24.89% | -14.38% | +0.02B |
| 2024-09-30 | $813M | 17 | +22.12% | +36.04% | -13.91% | -0.03B |
| 2024-06-30 | $790M | 20 | +4.40% | +24.49% | -20.10% | +0.06B |
| 2024-03-31 | $765M | 20 | +15.84% | +29.62% | -13.78% | +0.08B |
| 2023-12-31 | $638M | 22 | +16.69% | +26.18% | -9.49% | +0.05B |
| 2023-09-30 | $529M | 19 | +14.44% | +21.57% | -7.13% | +0.08B |
| 2023-06-30 | $496M | 17 | +12.86% | +19.42% | -6.57% | -0.01B |
| 2023-03-31 | $479M | 17 | -6.13% | -7.82% | +1.69% | -0.05B |
| 2022-12-31 | $487M | 15 | +8.46% | +7.56% | +0.90% | -0.14B |
| 2022-09-30 | $581M | 17 | -9.96% | -4.93% | -5.03% | +0.01B |
| 2022-06-30 | $631M | 18 | -11.68% | -16.11% | +4.43% | +0.07B |