Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.10%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.35%
baseline attrition
Rally response
-11.30%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $23M | 9.7% | — | 9.3 yr |
| GOOGLAlphabet Inc. | $8M | 3.2% | — | 9.3 yr |
| SGOViShares 0-3 Month Treasu | $6M | 2.7% | — | 1.8 yr |
| SHViShares 0â1 Year Treas | $4M | 1.7% | — | 2.8 yr |
| VOOVanguard S&P 500 ETF | $4M | 1.7% | — | 5.8 yr |
| FLRNState Street SPDR Bloomb | $4M | 1.6% | — | 5.5 yr |
| MKLMarkel Corporation | $4M | 1.6% | +10.9% | 9.3 yr |
| GOOGAlphabet Inc. | $4M | 1.6% | +51.3% | 9.3 yr |
| VTVanguard Total World Sto | $4M | 1.5% | — | 9.0 yr |
| VOVanguard Mid-Cap ETF | $4M | 1.5% | — | 6.0 yr |
| VBVanguard Small-Cap ETF | $3M | 1.4% | — | 5.8 yr |
| METAMeta Platforms, Inc. | $3M | 1.3% | -1.9% | 6.0 yr |
| SCHBSchwab U.S. Broad Market | $3M | 1.2% | — | 6.5 yr |
| BMYBristol-Myers Squibb Com | $3M | 1.1% | +12.7% | 9.3 yr |
| MSFTMicrosoft Corporation | $3M | 1.1% | -11.3% | 8.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management22.1%+2.8pp$52M
Insurance - Diversified10.4%-1.3pp$25M
Asset Management - Bonds8.3%+1.3pp$20M
Internet Content & Information6.8%+1.7pp$16M
Semiconductors6.6%+1.5pp$16M
Insurance - Property & Casualty3.1%+0.3pp$7M
Drug Manufacturers - General3.0%-0.4pp$7M
Software - Application2.2%-0.5pp$5M
Industrial - Machinery2.1%+0.7pp$5M
Specialty Retail2.0%+0.1pp$5M
Country
US90.8%+1.5pp
CN1.8%-0.2pp
CA1.5%+0.2pp
IE1.2%-1.0pp
TW1.0%+0.1pp
GB0.9%-1.1pp
DE0.5%+0.4pp
BR0.4%+0.1pp
Top 5: 19.1% · Top 10: 26.9% · Top 25: 42.3%
Top buys this quarter · 15
| KMB Kimberly-Clark Corporation | +$1M |
| SAP SAP SE | +$1M |
| JD JD.com, Inc. | +$1M |
| NFLX Netflix, Inc. | +$1M |
| INTU Intuit Inc. | +$1M |
| ORCL Oracle Corporation | +$1M |
| META Meta Platforms, Inc. | +$1M |
| CDW CDW Corporation | +$1M |
| CNQ Canadian Natural Resources Lim | +$1M |
| DIS The Walt Disney Company | +$1M |
Top sells this quarter · 15
| AMAT Applied Materials, Inc. | −$3M |
| DVN Devon Energy Corporationexit | −$2M |
| MRK Merck & Co., Inc. | −$2M |
| TSM Taiwan Semiconductor Manufactu | −$1M |
| XOM Exxon Mobil Corporation | −$1M |
| LRCX Lam Research Corporation | −$1M |
| LYB LyondellBasell Industries N.V.exit | −$1M |
| PFE Pfizer Inc. | −$1M |
| PBR Petróleo Brasileiro S.A. - Pe | −$1M |
| VALE Vale S.A. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $237M | 206 | +21.29% | +9.65% | +11.63% | -0.00B |
| 2025-09-30 | $231M | 200 | +17.37% | +17.52% | -0.15% | -0.01B |
| 2025-06-30 | $226M | 678 | +19.18% | +14.94% | +4.24% | -0.00B |
| 2025-03-31 | $210M | 671 | +9.37% | +8.30% | +1.07% | +0.00B |
| 2024-12-31 | $203M | 674 | +15.27% | +24.89% | -9.62% | +0.00B |
| 2024-09-30 | $198M | 690 | +26.63% | +36.04% | -9.41% | -0.02B |
| 2024-06-30 | $198M | 760 | +13.57% | +24.49% | -10.92% | +0.01B |
| 2024-03-31 | $187M | 186 | +18.76% | +29.62% | -10.87% | +0.01B |
| 2023-12-31 | $167M | 178 | +15.36% | +26.18% | -10.81% | +0.00B |
| 2023-09-30 | $151M | 166 | +17.33% | +21.57% | -4.24% | -0.02B |
| 2023-06-30 | $174M | 822 | +12.14% | +19.42% | -7.28% | +0.01B |
| 2023-03-31 | $162M | 812 | -6.32% | -7.82% | +1.50% | +0.02B |
| 2022-12-31 | $137M | 186 | +12.54% | +7.56% | +4.98% | +0.00B |
| 2022-09-30 | $119M | 172 | -7.42% | -4.93% | -2.49% | +0.00B |
| 2022-06-30 | $126M | 181 | -13.19% | -16.11% | +2.92% | -0.01B |
| 2022-03-31 | $151M | 189 | — | — | — | -0.00B |