Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.78%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.08%
baseline attrition
Rally response
-5.85%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VZVerizon Communications I | $231M | 4.5% | +16.5% | 9.5 yr |
| GSKGSK plc | $178M | 3.5% | +48.1% | 3.8 yr |
| USBU.S. Bancorp | $167M | 3.3% | +27.1% | 9.5 yr |
| UPSUnited Parcel Service, I | $158M | 3.1% | -4.4% | 9.3 yr |
| ZBHZimmer Biomet Holdings, | $158M | 3.1% | -19.5% | 1.8 yr |
| TOTB.DETotalEnergies SE | $156M | 3.1% | +41.2% | 0.5 yr |
| TGTTarget Corporation | $152M | 3.0% | +21.5% | 6.8 yr |
| PYPLPayPal Holdings, Inc. | $142M | 2.8% | -30.3% | 3.0 yr |
| MDTMedtronic plc | $139M | 2.7% | -1.3% | 8.0 yr |
| SGOViShares 0-3 Month Treasu | $136M | 2.7% | — | 3.0 yr |
| TAT&T Inc. | $134M | 2.6% | +5.9% | 5.0 yr |
| CTRACoterra Energy Inc. | $133M | 2.6% | +25.8% | 4.5 yr |
| KVUEKenvue Inc. | $132M | 2.6% | -25.0% | 2.8 yr |
| PNCThe PNC Financial Servic | $131M | 2.6% | +22.7% | 9.5 yr |
| SNYSanofi | $128M | 2.5% | -10.4% | 6.8 yr |
Portfolio composition (YoY)
Industry mix
Telecommunications Services7.2%-1.0pp$365M
Oil & Gas Integrated6.9%+0.0pp$352M
Drug Manufacturers - General6.0%-1.0pp$306M
Medical - Devices5.8%+0.2pp$296M
Banks - Diversified5.6%-0.1pp$284M
Discount Stores5.0%-1.6pp$256M
Banks - Regional4.6%+0.3pp$237M
Asset Management3.8%+1.5pp$196M
Insurance - Property & Casualty3.6%-0.3pp$185M
Beverages - Wineries & Distilleries3.4%$173M
Country
US77.0%-2.2pp
GB7.6%-0.5pp
FR5.6%-0.6pp
IE5.1%+2.2pp
Unknown2.2%-0.1pp
CA1.4%
JP1.2%-0.2pp
TW0.0%
Top 5: 17.5% · Top 10: 31.7% · Top 25: 67.1%
Top buys this quarter · 15
| ADBE Adobe Inc.new | +$78M |
| FDS FactSet Research Systems Inc.new | +$62M |
| ICLR ICON Public Limited Company | +$52M |
| PYPL PayPal Holdings, Inc. | +$52M |
| SOLV Solventum Corporationnew | +$51M |
| ZBH Zimmer Biomet Holdings, Inc. | +$37M |
| BAX Baxter International Inc. | +$25M |
| DEO Diageo plc | +$25M |
| PPG PPG Industries, Inc. | +$16M |
| KVUE Kenvue Inc. | +$14M |
Top sells this quarter · 15
| GD General Dynamics Corporation | −$94M |
| WMB The Williams Companies, Inc. | −$72M |
| GSK GSK plc | −$49M |
| TOTB.DE TotalEnergies SE | −$149M |
| WFC Wells Fargo & Company | −$37M |
| B Barrick Mining Corporation | −$35M |
| SCHW The Charles Schwab Corporation | −$27M |
| JNJ Johnson & Johnson | −$22M |
| DG Dollar General Corporation | −$21M |
| BF-B Brown-Forman Corporation | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.10B | 69 | +9.75% | +17.59% | -7.84% | +0.07B |
| 2025-12-31 | $4.95B | 70 | +14.42% | +17.72% | -3.30% | +0.07B |
| 2025-09-30 | $4.77B | 62 | +10.65% | +17.52% | -6.87% | +0.05B |
| 2025-06-30 | $4.56B | 60 | +17.57% | +14.94% | +2.63% | +0.01B |
| 2025-03-31 | $4.47B | 64 | +11.37% | +8.30% | +3.07% | -0.05B |
| 2024-12-31 | $4.26B | 61 | +14.05% | +24.89% | -10.84% | +0.01B |
| 2024-09-30 | $4.29B | 63 | +30.21% | +36.04% | -5.82% | -0.00B |
| 2024-06-30 | $3.91B | 64 | +15.77% | +24.49% | -8.72% | +0.05B |
| 2024-03-31 | $3.99B | 62 | +23.85% | +29.62% | -5.78% | +0.13B |
| 2023-12-31 | $3.56B | 59 | +13.96% | +26.18% | -12.22% | -0.07B |
| 2023-09-30 | $3.21B | 59 | +13.18% | +21.57% | -8.39% | +0.06B |
| 2023-06-30 | $3.23B | 60 | +7.10% | +19.42% | -12.33% | +0.08B |
| 2023-03-31 | $3.05B | 57 | -5.78% | -7.82% | +2.04% | +0.08B |
| 2022-12-31 | $2.97B | 56 | +12.17% | +7.56% | +4.61% | +0.05B |
| 2022-09-30 | $2.61B | 53 | -7.57% | -4.93% | -2.64% | +0.11B |
| 2022-06-30 | $2.70B | 56 | -9.08% | -16.11% | +7.03% | +0.04B |