Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.10%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.37%
baseline attrition
Rally response
-7.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $49M | 18.1% | — | 9.5 yr |
| AAPLApple Inc. | $26M | 9.7% | +14.7% | 9.5 yr |
| SIRISirius XM Holdings Inc. | $26M | 9.5% | +7.6% | 1.8 yr |
| GOOGAlphabet Inc. | $24M | 8.8% | +84.3% | 9.5 yr |
| GOOGLAlphabet Inc. | $19M | 7.1% | — | 9.5 yr |
| WBDWarner Bros. Discovery, | $15M | 5.5% | +155.9% | 4.0 yr |
| SSPThe E.W. Scripps Company | $9M | 3.3% | +25.7% | 5.5 yr |
| LBRDALiberty Broadband Corpor | $6M | 2.3% | — | 9.5 yr |
| TRIPTripadvisor, Inc. | $6M | 2.3% | -24.8% | 2.0 yr |
| JPMJPMorgan Chase & Co. | $6M | 2.3% | +21.8% | 9.5 yr |
| VSNTVVersant Media Group, Inc | $5M | 1.9% | — | 0.3 yr |
| TDWTidewater Inc. | $5M | 1.7% | +97.7% | 7.0 yr |
| PARPAR Technology Corporati | $5M | 1.7% | -78.3% | 0.3 yr |
| MSFTMicrosoft Corporation | $4M | 1.6% | -0.6% | 9.5 yr |
| LILALiberty Latin America Lt | $4M | 1.6% | +36.5% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Entertainment21.1%+3.3pp$57M
Internet Content & Information20.6%+6.4pp$55M
Insurance - Diversified18.1%-8.5pp$49M
Consumer Electronics9.7%-1.1pp$26M
Telecommunications Services6.6%-0.8pp$18M
Banks - Diversified3.9%-0.5pp$10M
Broadcasting3.3%+0.5pp$9M
Unknown2.3%-1.2pp$6M
Oil & Gas Exploration & Production2.0%+1.4pp$5M
Oil & Gas Equipment & Services1.7%+1.1pp$5M
Country
US94.3%+2.2pp
BM2.6%+0.1pp
Unknown2.3%-1.2pp
LU0.5%-0.2pp
KY0.2%-0.0pp
CH0.1%-0.7pp
FR0.1%
Top 5: 53.3% · Top 10: 69.0% · Top 25: 87.3%
Top buys this quarter · 15
| PAR PAR Technology Corporationnew | +$5M |
| TRIP Tripadvisor, Inc. | +$4M |
| THRY Thryv Holdings, Inc. | +$2M |
| CABO Cable One, Inc. | +$1M |
| SIRI Sirius XM Holdings Inc. | +$0M |
| CTGO Contango Ore, Inc. | +$0M |
| TOTB.DE TotalEnergies SEnew | +$0M |
| FPH Five Point Holdings, LLC | +$0M |
| SSP The E.W. Scripps Company | +$9M |
| NN NextNav Inc. | +$0M |
Top sells this quarter · 15
| GLDD Great Lakes Dredge & Dock Corpexit | −$3M |
| GOOG Alphabet Inc. | −$1M |
| TDW Tidewater Inc. | −$3M |
| AMZN Amazon.com, Inc.exit | −$1M |
| AAPL Apple Inc. | −$0M |
| LEE Lee Enterprises, Incorporatedexit | −$0M |
| GTX Garrett Motion Inc. | −$0M |
| BAC Bank of America Corporation | −$0M |
| PSMT PriceSmart, Inc. | −$2M |
| BLFY Blue Foundry Bancorp | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $268M | 73 | +27.28% | +17.59% | +9.69% | +0.02B |
| 2025-12-31 | $261M | 72 | +23.39% | +17.72% | +5.67% | -0.01B |
| 2025-09-30 | $252M | 75 | +22.94% | +17.52% | +5.43% | -0.01B |
| 2025-06-30 | $229M | 76 | +9.83% | +14.94% | -5.12% | -0.01B |
| 2025-03-31 | $222M | 74 | +11.24% | +8.30% | +2.94% | -0.02B |
| 2024-12-31 | $255M | 74 | +24.39% | +24.89% | -0.50% | -0.07B |
| 2024-09-30 | $306M | 79 | +31.56% | +36.04% | -4.48% | +0.00B |
| 2024-06-30 | $294M | 81 | +21.48% | +24.49% | -3.01% | -0.02B |
| 2024-03-31 | $293M | 82 | +23.29% | +29.62% | -6.33% | -0.01B |
| 2023-12-31 | $288M | 80 | +33.40% | +26.18% | +7.22% | -0.02B |
| 2023-09-30 | $273M | 83 | +21.29% | +21.57% | -0.28% | +0.01B |
| 2023-06-30 | $276M | 87 | +21.06% | +19.42% | +1.64% | -0.02B |
| 2023-03-31 | $269M | 88 | -13.15% | -7.82% | -5.33% | -0.01B |
| 2022-12-31 | $246M | 83 | +2.19% | +7.56% | -5.37% | +0.01B |
| 2022-09-30 | $235M | 84 | -4.56% | -4.93% | +0.37% | +0.01B |
| 2022-06-30 | $237M | 84 | -21.65% | -16.11% | -5.54% | +0.03B |