Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+11.46%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.27%
baseline attrition
Rally response
-3.81%
trims into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| YUMCYum China Holdings, Inc. | $555M | 18.9% | -4.3% | 4.8 yr |
| SPGIS&P Global Inc. | $375M | 12.8% | -15.6% | 10.0 yr |
| OTISOtis Worldwide Corporati | $338M | 11.5% | -23.9% | 6.0 yr |
| AZOAutoZone, Inc. | $296M | 10.1% | -11.4% | 7.5 yr |
| ADPAutomatic Data Processin | $239M | 8.2% | -31.8% | 6.3 yr |
| ZTSZoetis Inc. | $231M | 7.9% | -27.2% | 1.3 yr |
| MCOMoody's Corporation | $226M | 7.7% | -5.6% | 10.5 yr |
| MAMastercard Incorporated | $224M | 7.6% | -8.5% | 9.5 yr |
| VVisa Inc. | $178M | 6.1% | -13.1% | 10.5 yr |
| AJGArthur J. Gallagher & Co | $140M | 4.8% | -36.6% | 0.3 yr |
| CRMSalesforce, Inc. | $135M | 4.6% | -30.2% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Financial - Data & Stock Exchanges20.4%+9.3pp$601M
Restaurants18.9%-4.3pp$555M
Financial - Credit Services13.7%-0.8pp$403M
Industrial - Machinery11.5%-2.4pp$338M
Specialty Retail10.1%-1.4pp$296M
Staffing & Employment Services8.2%-4.5pp$239M
Drug Manufacturers - General7.9%+2.0pp$231M
Insurance - Brokers4.8%$140M
Software - Application4.6%$135M
Country
US81.1%+4.3pp
CN18.9%-4.3pp
Top 5: 61.4% · Top 10: 95.4% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.94B | 11 | -10.52% | +17.59% | -28.11% | +0.23B |
| 2025-12-31 | $2.95B | 12 | +3.61% | +17.72% | -14.10% | +0.01B |
| 2025-09-30 | $2.91B | 11 | +4.00% | +17.52% | -13.51% | -0.14B |
| 2025-06-30 | $3.10B | 11 | +22.73% | +14.94% | +7.78% | +0.24B |
| 2025-03-31 | $2.91B | 10 | +15.64% | +8.30% | +7.34% | -0.56B |
| 2024-12-31 | $3.26B | 11 | +13.86% | +24.89% | -11.03% | -0.25B |
| 2024-09-30 | $3.46B | 12 | +19.20% | +36.04% | -16.84% | -0.41B |
| 2024-06-30 | $3.34B | 13 | -3.13% | +24.49% | -27.62% | -0.29B |
| 2024-03-31 | $3.92B | 12 | +6.74% | +29.62% | -22.88% | -0.25B |
| 2023-12-31 | $4.00B | 12 | +9.11% | +26.18% | -17.06% | -0.28B |
| 2023-09-30 | $4.03B | 13 | +20.19% | +21.57% | -1.37% | -0.04B |
| 2023-06-30 | $4.32B | 13 | +19.52% | +19.42% | +0.10% | +0.34B |
| 2023-03-31 | $3.90B | 14 | +8.49% | -7.82% | +16.31% | +0.17B |
| 2022-12-31 | $3.49B | 13 | +17.09% | +7.56% | +9.52% | +0.73B |
| 2022-09-30 | $2.36B | 13 | -6.38% | -4.93% | -1.45% | -0.26B |
| 2022-06-30 | $2.80B | 13 | -7.29% | -16.11% | +8.82% | +0.26B |