Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.37%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.54%
baseline attrition
Rally response
-15.66%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BLKBlackRock, Inc. | $234M | 7.2% | +3.7% | 1.5 yr |
| MAMastercard Incorporated | $188M | 5.8% | -8.5% | 5.5 yr |
| BACBank of America Corporat | $186M | 5.7% | +19.4% | 4.3 yr |
| ICEIntercontinental Exchang | $176M | 5.4% | -7.8% | 7.8 yr |
| TFCTruist Financial Corpora | $135M | 4.1% | +17.1% | 5.8 yr |
| HBANHuntington Bancshares In | $126M | 3.9% | +8.2% | 3.8 yr |
| HDThe Home Depot, Inc. | $105M | 3.2% | -8.0% | 1.8 yr |
| WFCWells Fargo & Company | $104M | 3.2% | +13.3% | 5.0 yr |
| AONAon plc | $104M | 3.2% | -18.4% | 5.0 yr |
| STTState Street Corporation | $86M | 2.6% | +44.6% | 6.8 yr |
| MCOMoody's Corporation | $81M | 2.5% | -5.6% | 2.5 yr |
| KEYKeyCorp | $78M | 2.4% | +31.0% | 4.0 yr |
| LPLALPL Financial Holdings I | $74M | 2.3% | -7.7% | 3.3 yr |
| LENLennar Corporation | $74M | 2.3% | -23.0% | 4.8 yr |
| ACNAccenture plc | $69M | 2.1% | -35.6% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management13.4%-2.6pp$437M
Banks - Regional12.8%+5.3pp$419M
Banks - Diversified10.5%-3.4pp$342M
Financial - Data & Stock Exchanges9.3%-1.8pp$303M
Financial - Credit Services8.2%-1.1pp$267M
Financial - Capital Markets7.1%+2.2pp$231M
Information Technology Services5.7%+1.1pp$186M
Insurance - Brokers4.3%-2.3pp$140M
Home Improvement4.0%+2.8pp$132M
Medical - Healthcare Plans4.0%+3.7pp$132M
Country
US90.7%+0.9pp
IE5.3%-1.2pp
BM1.6%+1.2pp
GB1.1%-1.6pp
CA0.7%+0.6pp
Unknown0.5%+0.0pp
CH0.1%
IL0.0%
Top 5: 28.2% · Top 10: 44.3% · Top 25: 70.2%
Top buys this quarter · 15
| ICE Intercontinental Exchange, Inc | +$123M |
| MA Mastercard Incorporated | +$105M |
| HBAN Huntington Bancshares Incorpor | +$91M |
| MCO Moody's Corporation | +$79M |
| HD The Home Depot, Inc. | +$72M |
| LPLA LPL Financial Holdings Inc. | +$72M |
| WFC Wells Fargo & Company | +$65M |
| ACN Accenture plc | +$55M |
| AON Aon plc | +$54M |
| STT State Street Corporation | +$50M |
Top sells this quarter · 15
| C Citigroup Inc. | −$125M |
| USB U.S. Bancorpexit | −$95M |
| CME CME Group Inc.exit | −$95M |
| SCHW The Charles Schwab Corporationexit | −$89M |
| AMP Ameriprise Financial, Inc. | −$85M |
| CB Chubb Limited | −$75M |
| WTW Willis Towers Watson Public Li | −$60M |
| MS Morgan Stanley | −$44M |
| ALL The Allstate Corporationexit | −$42M |
| LOW Lowe's Companies, Inc. | −$41M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.26B | 126 | +10.39% | +17.59% | -7.20% | +0.68B |
| 2025-12-31 | $2.76B | 113 | +18.39% | +17.72% | +0.67% | -0.33B |
| 2025-09-30 | $3.00B | 108 | +22.93% | +17.52% | +5.42% | +0.07B |
| 2025-06-30 | $2.76B | 104 | +29.21% | +14.94% | +14.27% | +0.11B |
| 2025-03-31 | $2.46B | 93 | +19.33% | +8.30% | +11.02% | +0.35B |
| 2024-12-31 | $2.10B | 94 | +35.58% | +24.89% | +10.69% | -0.24B |
| 2024-09-30 | $2.18B | 85 | +46.63% | +36.04% | +10.59% | -0.15B |
| 2024-06-30 | $2.10B | 93 | +33.45% | +24.49% | +8.96% | -0.12B |
| 2024-03-31 | $2.23B | 86 | +38.42% | +29.62% | +8.80% | +0.29B |
| 2023-12-31 | $1.70B | 87 | +17.75% | +26.18% | -8.43% | -0.08B |
| 2023-09-30 | $1.54B | 87 | +11.15% | +21.57% | -10.42% | +0.02B |
| 2023-06-30 | $1.50B | 83 | +5.90% | +19.42% | -13.52% | +0.28B |
| 2023-03-31 | $1.18B | 81 | -11.00% | -7.82% | -3.19% | -0.09B |
| 2022-12-31 | $1.30B | 90 | +9.04% | +7.56% | +1.48% | -0.30B |
| 2022-09-30 | $1.47B | 83 | -3.57% | -4.93% | +1.35% | +0.20B |
| 2022-06-30 | $1.32B | 87 | -13.01% | -16.11% | +3.10% | +0.23B |