Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.45%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.94%
baseline attrition
Rally response
-24.12%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| UNPUnion Pacific Corporatio | $97M | 23.6% | +5.1% | 5.3 yr |
| NSCNorfolk Southern Corpora | $44M | 10.8% | +23.6% | 3.3 yr |
| BAThe Boeing Company | $37M | 8.9% | +16.7% | 1.0 yr |
| TSMTaiwan Semiconductor Man | $15M | 3.6% | +105.6% | 1.5 yr |
| AMZNAmazon.com, Inc. | $14M | 3.5% | +9.5% | 5.0 yr |
| UBERUber Technologies, Inc. | $14M | 3.4% | -1.3% | 3.0 yr |
| — | $11M | 2.7% | — | 2.8 yr |
| PFSIPennyMac Financial Servi | $11M | 2.6% | -11.7% | 0.5 yr |
| ASMLASML Holding N.V. | $10M | 2.5% | +100.9% | 1.3 yr |
| MSFTMicrosoft Corporation | $9M | 2.2% | -0.6% | 5.5 yr |
| XLVState Street Health Care | $8M | 1.9% | — | 3.5 yr |
| BABAAlibaba Group Holding Li | $8M | 1.8% | -3.5% | 1.5 yr |
| NVDANVIDIA Corporation | $7M | 1.7% | +60.9% | 4.3 yr |
| CATCaterpillar Inc. | $7M | 1.7% | +117.8% | 2.3 yr |
| XLKState Street Technology | $7M | 1.6% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Railroads34.4%$142M
Aerospace & Defense10.9%+8.2pp$45M
Semiconductors10.6%+6.7pp$44M
Asset Management6.3%-43.1pp$26M
Specialty Retail5.3%+1.3pp$22M
Entertainment3.7%+0.2pp$15M
Software - Application3.6%+2.9pp$15M
Software - Infrastructure3.0%+2.0pp$12M
Oil & Gas Equipment & Services2.8%$11M
Unknown2.7%+0.6pp$11M
Country
US86.1%-6.1pp
TW3.6%+2.3pp
Unknown2.7%+0.6pp
NL2.5%
CN1.8%+0.9pp
GB1.1%
IL0.8%
LU0.8%+0.1pp
Top 5: 50.4% · Top 10: 63.9% · Top 25: 85.9%
Top buys this quarter · 15
| UNP Union Pacific Corporation | +$72M |
| NSC Norfolk Southern Corporation | +$44M |
| BA The Boeing Company | +$26M |
| PFSI PennyMac Financial Services, I | +$8M |
| VLTO Veralto Corporationnew | +$7M |
| RAL Ralliant Corp.new | +$6M |
| HAL Halliburton Company | +$4M |
| LYG Lloyds Banking Group plc | +$4M |
| TKO TKO Group Holdings, Inc. | +$2M |
| SLB SLB N.V. | +$2M |
Top sells this quarter · 15
| SNDK Sandisk Corporation | −$52M |
| AVGO Broadcom Inc.exit | −$28M |
| NVDA NVIDIA Corporation | −$13M |
| SPOT Spotify Technology S.A. | −$12M |
| EQT EQT Corporationexit | −$12M |
| AMZN Amazon.com, Inc. | −$12M |
| GLW Corning Incorporated | −$11M |
| TDG TransDigm Group Incorporatedexit | −$10M |
| BABA Alibaba Group Holding Limited | −$9M |
| LITE Lumentum Holdings Inc. | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $412M | 70 | +54.52% | +17.59% | +36.92% | -0.20B |
| 2025-12-31 | $536M | 88 | +29.79% | +17.72% | +12.08% | -0.72B |
| 2025-09-30 | $1.23B | 85 | +39.44% | +17.52% | +21.92% | -0.13B |
| 2025-06-30 | $1.19B | 92 | +29.63% | +14.94% | +14.68% | -0.11B |
| 2025-03-31 | $1.11B | 89 | +12.54% | +8.30% | +4.24% | -0.49B |
| 2024-12-31 | $1.67B | 127 | +27.50% | +24.89% | +2.62% | +1.16B |
| 2024-09-30 | $471M | 91 | +29.87% | +36.04% | -6.17% | -0.37B |
| 2024-06-30 | $798M | 159 | +18.47% | +24.49% | -6.02% | -0.17B |
| 2024-03-31 | $955M | 156 | +25.12% | +29.62% | -4.51% | +0.36B |
| 2023-12-31 | $546M | 153 | +22.48% | +26.18% | -3.70% | +0.16B |
| 2023-09-30 | $344M | 121 | +20.79% | +21.57% | -0.77% | +0.01B |
| 2023-06-30 | $347M | 129 | +18.68% | +19.42% | -0.74% | +0.12B |
| 2023-03-31 | $209M | 83 | -10.17% | -7.82% | -2.35% | -0.01B |
| 2022-12-31 | $206M | 68 | -19.21% | -18.17% | -1.04% | +0.01B |
| 2022-09-30 | $177M | 70 | -18.28% | -15.51% | -2.77% | +0.01B |
| 2022-06-30 | $181M | 65 | -13.35% | -10.62% | -2.73% | -0.07B |