Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.06%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.73%
baseline attrition
Rally response
+1.11%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $174M | 6.0% | +60.9% | 9.8 yr |
| AAPLApple Inc. | $145M | 5.0% | +14.7% | 10.3 yr |
| MSFTMicrosoft Corporation | $75M | 2.6% | -0.6% | 10.3 yr |
| SHYiShares 1-3 Year Treasur | $72M | 2.5% | — | 7.5 yr |
| GLDSPDR Gold Shares | $56M | 1.9% | — | 10.0 yr |
| AMZNAmazon.com, Inc. | $51M | 1.7% | +9.5% | 10.0 yr |
| GOOGAlphabet Inc. | $45M | 1.5% | +84.3% | 10.0 yr |
| SCECSterling Capital Enhance | $42M | 1.4% | — | 1.0 yr |
| GOOGLAlphabet Inc. | $41M | 1.4% | — | 9.8 yr |
| TPLTexas Pacific Land Corpo | $40M | 1.4% | +8.1% | 0.3 yr |
| VCITVanguard Intermediate-Te | $40M | 1.4% | — | 8.3 yr |
| BRK-BBerkshire Hathaway Inc. | $37M | 1.3% | — | 10.0 yr |
| ORLAOrla Mining Ltd. | $37M | 1.3% | +72.7% | 5.3 yr |
| BILState Street SPDR Bloomb | $36M | 1.2% | — | 5.0 yr |
| NENoble Corporation Plc | $35M | 1.2% | +124.7% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management18.1%-0.8pp$527M
Semiconductors8.8%+1.3pp$257M
Consumer Electronics5.0%-0.7pp$145M
Software - Infrastructure4.4%-1.6pp$127M
Internet Content & Information4.3%+0.5pp$124M
Drug Manufacturers - General3.1%-0.7pp$89M
Specialty Retail2.7%-1.5pp$79M
Asset Management - Bonds2.5%-0.2pp$73M
Gold2.5%-0.5pp$72M
Regulated Electric2.4%+0.0pp$70M
Country
US86.3%-4.4pp
CA5.5%+1.6pp
CH1.8%+0.9pp
Unknown1.2%+0.7pp
LU1.2%+1.1pp
KY0.9%+0.5pp
GB0.7%+0.4pp
IE0.4%-0.3pp
Top 5: 17.9% · Top 10: 25.4% · Top 25: 41.8%
Top buys this quarter · 15
| TPL Texas Pacific Land Corporationnew | +$40M |
| RIG Transocean Ltd.new | +$35M |
| TS Tenaris S.A.new | +$29M |
| NE Noble Corporation Plc | +$27M |
| SEB Seaboard Corporationnew | +$20M |
| UROY Uranium Royalty Corp.new | +$15M |
| CNR Core Natural Resources, Inc. | +$10M |
| HUBB Hubbell Incorporatednew | +$9M |
| MELI MercadoLibre, Inc. | +$7M |
| COKE Coca-Cola Consolidated, Inc. | +$6M |
Top sells this quarter · 15
| FNV Franco-Nevada Corporation | −$33M |
| ORLA Orla Mining Ltd. | −$17M |
| FCN FTI Consulting, Inc. | −$17M |
| TDW Tidewater Inc. | −$15M |
| OR OR Royalties Inc. | −$13M |
| ORLY O'Reilly Automotive, Inc. | −$10M |
| MO Altria Group, Inc. | −$9M |
| UNM Unum Groupexit | −$6M |
| BKR Baker Hughes Company | −$6M |
| PM Philip Morris International In | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.92B | 643 | +27.74% | +17.59% | +10.15% | +0.10B |
| 2025-12-31 | $2.77B | 641 | +23.32% | +17.72% | +5.60% | +0.02B |
| 2025-09-30 | $2.70B | 659 | +25.54% | +17.52% | +8.02% | +0.09B |
| 2025-06-30 | $2.37B | 636 | +26.06% | +14.94% | +11.12% | +0.03B |
| 2025-03-31 | $2.08B | 595 | +21.36% | +14.54% | +6.82% | +0.14B |
| 2024-12-31 | $1.98B | 558 | +34.06% | +33.57% | +0.49% | +0.03B |
| 2024-09-30 | $1.88B | 566 | +24.96% | +26.13% | -1.17% | +0.06B |
| 2024-03-31 | $1.64B | 530 | +18.48% | +29.62% | -11.14% | +0.07B |
| 2023-12-31 | $1.46B | 414 | +16.85% | +26.18% | -9.33% | -0.01B |
| 2023-09-30 | $1.35B | 354 | +15.61% | +21.57% | -5.96% | -0.06B |
| 2023-06-30 | $1.45B | 355 | +14.09% | +19.42% | -5.33% | +0.04B |
| 2023-03-31 | $1.35B | 319 | -4.38% | -7.82% | +3.44% | +0.04B |
| 2022-12-31 | $1.23B | 316 | -14.11% | -18.17% | +4.06% | +0.12B |
| 2022-09-30 | $1.03B | 300 | -10.96% | -15.51% | +4.54% | +0.01B |
| 2022-06-30 | $1.07B | 299 | -6.33% | -10.62% | +4.29% | -0.08B |
| 2022-03-31 | $1.31B | 294 | +15.45% | +15.45% | +0.00% | +0.03B |