Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.50%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.61%
baseline attrition
Rally response
-9.31%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SCIService Corporation Inte | $44M | 3.1% | +4.6% | 6.0 yr |
| VVisa Inc. | $37M | 2.6% | -13.1% | 10.5 yr |
| WCNWaste Connections, Inc. | $30M | 2.1% | -16.2% | 6.0 yr |
| STESTERIS plc | $28M | 2.0% | -1.5% | 3.5 yr |
| USFDUS Foods Holding Corp. | $27M | 1.9% | +40.9% | 0.5 yr |
| BFAMBright Horizons Family S | $27M | 1.9% | -35.4% | 2.0 yr |
| ROPRoper Technologies, Inc. | $27M | 1.9% | -39.7% | 1.5 yr |
| SITESiteOne Landscape Supply | $27M | 1.9% | +9.6% | 6.0 yr |
| — | $26M | 1.9% | — | 1.0 yr |
| WTFCWintrust Financial Corpo | $25M | 1.8% | +25.5% | 6.0 yr |
| PBProsperity Bancshares, I | $25M | 1.8% | -2.6% | 6.0 yr |
| RJFRaymond James Financial, | $25M | 1.8% | +5.2% | 5.0 yr |
| ROLRollins, Inc. | $25M | 1.7% | +0.0% | 2.5 yr |
| TYLTyler Technologies, Inc. | $25M | 1.7% | -41.1% | 1.0 yr |
| FULH.B. Fuller Company | $24M | 1.7% | +11.7% | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Application7.9%+2.8pp$112M
Personal Products & Services6.8%-1.2pp$96M
Oil & Gas Midstream4.5%+2.9pp$63M
Drug Manufacturers - General4.3%+3.5pp$60M
Banks - Regional3.6%+0.5pp$51M
Chemicals - Specialty3.6%+1.0pp$50M
Semiconductors3.4%+2.9pp$48M
Financial - Credit Services3.2%-1.5pp$45M
Industrial - Distribution3.1%-1.9pp$44M
Medical - Diagnostics & Research3.1%-0.5pp$43M
Country
US83.5%-6.3pp
CA7.2%+2.3pp
Unknown2.8%+2.0pp
IE2.7%+0.3pp
GB1.0%+0.2pp
CL0.6%
TW0.5%+0.5pp
BR0.4%
Top 5: 11.9% · Top 10: 21.2% · Top 25: 46.0%
Top buys this quarter · 15
| MDLN Medline Inc.new | +$17M |
| DOW Dow Inc.new | +$16M |
| CASY Casey's General Stores, Inc.new | +$12M |
| LYB LyondellBasell Industries N.V. | +$11M |
| MO Altria Group, Inc. | +$11M |
| JNJ Johnson & Johnson | +$9M |
| KEX Kirby Corporation | +$8M |
| OKE ONEOK, Inc. | +$6M |
| MCO Moody's Corporation | +$6M |
| FDX FedEx Corporationnew | +$6M |
Top sells this quarter · 15
| MSFT Microsoft Corporationexit | −$23M |
| UNP Union Pacific Corporation | −$18M |
| CBZ CBIZ, Inc.exit | −$16M |
| JPM JPMorgan Chase & Co. | −$12M |
| MAR Marriott International, Inc. | −$12M |
| ICE Intercontinental Exchange, Incexit | −$12M |
| INTU Intuit Inc. | −$12M |
| BABA Alibaba Group Holding Limited | −$12M |
| UPS United Parcel Service, Inc.exit | −$11M |
| FUL H.B. Fuller Company | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.41B | 166 | -1.25% | +17.59% | -18.84% | -0.27B |
| 2025-12-31 | $1.74B | 153 | -1.27% | +17.72% | -18.99% | -0.65B |
| 2025-09-30 | $2.43B | 175 | -1.13% | +17.52% | -18.64% | -0.31B |
| 2025-06-30 | $2.74B | 168 | +7.89% | +14.94% | -7.05% | -0.04B |
| 2025-03-31 | $2.68B | 177 | -2.14% | +8.30% | -10.45% | -0.04B |
| 2024-12-31 | $2.81B | 189 | +11.33% | +24.89% | -13.55% | +0.04B |
| 2024-09-30 | $2.82B | 183 | +27.68% | +36.04% | -8.35% | +0.10B |
| 2024-06-30 | $2.49B | 195 | +13.42% | +24.49% | -11.07% | +0.11B |
| 2024-03-31 | $2.53B | 210 | +30.20% | +29.62% | +0.57% | -0.03B |
| 2023-12-31 | $2.32B | 217 | +20.61% | +26.18% | -5.57% | -0.08B |
| 2023-09-30 | $2.13B | 198 | +15.79% | +21.57% | -5.78% | -0.31B |
| 2023-06-30 | $2.52B | 200 | +16.02% | +19.42% | -3.41% | -0.22B |
| 2023-03-31 | $2.53B | 222 | -9.15% | -7.82% | -1.34% | -0.09B |
| 2022-12-31 | $2.57B | 201 | +8.27% | +7.56% | +0.71% | +1.12B |
| 2022-09-30 | $1.34B | 177 | -2.88% | -4.93% | +2.05% | -0.85B |
| 2022-06-30 | $2.25B | 196 | -15.27% | -16.11% | +0.84% | -0.17B |