Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.96%
baseline attrition
Rally response
-0.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $15M | 7.0% | -0.6% | 9.3 yr |
| JPMJPMorgan Chase & Co. | $14M | 6.7% | +21.8% | 9.3 yr |
| GOOGLAlphabet Inc. | $11M | 5.3% | — | 9.3 yr |
| MRKMerck & Co., Inc. | $11M | 5.1% | +38.9% | 9.3 yr |
| BNBrookfield Corporation | $11M | 5.1% | +16.5% | 3.5 yr |
| BXBlackstone Inc. | $10M | 4.8% | -14.9% | 6.8 yr |
| HDThe Home Depot, Inc. | $10M | 4.6% | -8.0% | 9.3 yr |
| UNPUnion Pacific Corporatio | $8M | 3.9% | +5.1% | 9.3 yr |
| QCOMQUALCOMM Incorporated | $7M | 3.3% | -14.2% | 9.3 yr |
| PFXPhenixFIN Corporation | $7M | 3.3% | -27.7% | 5.0 yr |
| AXPAmerican Express Company | $7M | 3.3% | +13.3% | 9.3 yr |
| GHGuardant Health, Inc. | $6M | 2.7% | +116.8% | 7.0 yr |
| MKLMarkel Corporation | $5M | 2.5% | +2.4% | 9.3 yr |
| ACGLArch Capital Group Ltd. | $5M | 2.5% | -0.2% | 9.3 yr |
| MELIMercadoLibre, Inc. | $5M | 2.2% | -11.4% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management14.7%-1.9pp$31M
Drug Manufacturers - General8.2%+1.3pp$17M
Banks - Diversified7.9%+1.0pp$17M
Internet Content & Information7.0%+2.5pp$15M
Software - Infrastructure7.0%-2.8pp$15M
Home Improvement4.6%-1.1pp$10M
Railroads4.6%-0.5pp$10M
Regulated Electric4.3%-0.1pp$9M
Semiconductors4.2%-0.7pp$9M
Insurance - Diversified4.1%-0.2pp$9M
Country
US83.5%-0.8pp
CA7.8%+0.8pp
BM2.8%-0.1pp
UY2.2%+0.1pp
BR1.2%+0.7pp
Unknown1.0%-0.4pp
KR0.8%-0.1pp
GB0.5%+0.3pp
Top 5: 29.3% · Top 10: 49.1% · Top 25: 77.8%
Top buys this quarter · 15
| MU Micron Technology, Inc. | +$1M |
| MELI MercadoLibre, Inc. | +$1M |
| LB LandBridge Company LLCnew | +$1M |
| WBI WaterBridge Infrastructure LLCnew | +$1M |
| HON Honeywell International Inc. | +$0M |
| SLB SLB N.V. | +$0M |
| TPL Texas Pacific Land Corporation | +$0M |
| OPCH Option Care Health, Inc. | +$0M |
| EQT EQT Corporation | +$0M |
| HSY The Hershey Company | +$0M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$2M |
| QCOM QUALCOMM Incorporated | −$0M |
| TIC TIC Solutions, Inc. | −$0M |
| WRB W. R. Berkley Corporation | −$0M |
| AXP American Express Company | −$0M |
| GH Guardant Health, Inc. | −$0M |
| GRAB Grab Holdings Limited | −$0M |
| MRK Merck & Co., Inc. | −$10M |
| INTC Intel Corporation | −$0M |
| ACGL Arch Capital Group Ltd. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $209M | 96 | +9.28% | +17.59% | -8.31% | -0.00B |
| 2025-12-31 | $224M | 87 | +15.10% | +17.72% | -2.62% | +0.00B |
| 2025-09-30 | $220M | 101 | +12.75% | +17.52% | -4.77% | +0.01B |
| 2025-06-30 | $199M | 96 | +12.11% | +14.94% | -2.83% | -0.00B |
| 2025-03-31 | $188M | 100 | +4.21% | +8.30% | -4.09% | -0.00B |
| 2024-12-31 | $191M | 98 | +15.19% | +24.89% | -9.69% | -0.00B |
| 2024-09-30 | $194M | 94 | +30.78% | +36.04% | -5.25% | -0.00B |
| 2024-06-30 | $184M | 100 | +18.86% | +24.49% | -5.64% | +0.00B |
| 2024-03-31 | $181M | 100 | +25.82% | +29.62% | -3.81% | +0.00B |
| 2023-12-31 | $165M | 96 | +21.95% | +26.18% | -4.23% | +0.00B |
| 2023-09-30 | $147M | 87 | +15.37% | +21.57% | -6.20% | +0.00B |
| 2023-06-30 | $149M | 85 | +13.04% | +19.42% | -6.39% | -0.00B |
| 2023-03-31 | $143M | 80 | -11.55% | -7.82% | -3.73% | -0.01B |
| 2022-12-31 | $142M | 87 | +6.52% | +7.56% | -1.04% | -0.01B |
| 2022-09-30 | $139M | 89 | -5.75% | -4.93% | -0.82% | -0.01B |
| 2022-06-30 | $154M | 98 | -16.58% | -16.11% | -0.47% | -0.01B |