Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.41%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.14%
baseline attrition
Rally response
-4.55%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $64M | 6.3% | — | 9.0 yr |
| ZWSZurn Elkay Water Solutio | $60M | 5.9% | +37.2% | 4.5 yr |
| VOOVanguard S&P 500 ETF | $50M | 4.9% | — | 4.0 yr |
| SPYState Street SPDR S&P 50 | $32M | 3.1% | +17.6% | 9.0 yr |
| VTIVanguard Total Stock Mar | $28M | 2.8% | — | 9.0 yr |
| IEMGiShares Core MSCI Emergi | $26M | 2.5% | — | 7.5 yr |
| IEFiShares 7-10 Year Treasu | $24M | 2.4% | — | 6.8 yr |
| QQQInvesco QQQ Trust, Serie | $21M | 2.1% | — | 7.0 yr |
| IJRiShares Core S&P Small-C | $21M | 2.1% | — | 7.5 yr |
| CDWCDW Corporation | $21M | 2.1% | -23.2% | 7.5 yr |
| IJHiShares Core S&P Mid-Cap | $21M | 2.0% | — | 9.0 yr |
| ICEIntercontinental Exchang | $20M | 2.0% | -7.8% | 3.5 yr |
| IEFAiShares Core MSCI EAFE E | $19M | 1.9% | — | 8.8 yr |
| AAPLApple Inc. | $19M | 1.9% | +14.7% | 9.0 yr |
| SGOViShares 0-3 Month Treasu | $18M | 1.8% | — | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management61.7%+7.8pp$623M
Industrial - Pollution & Treatment Controls5.9%-2.4pp$60M
Asset Management - Bonds5.7%+0.7pp$58M
Information Technology Services4.2%-0.6pp$43M
Financial - Data & Stock Exchanges2.0%-7.0pp$20M
Software - Application1.9%+0.2pp$19M
Consumer Electronics1.9%+0.0pp$19M
Insurance - Specialty1.7%-0.4pp$17M
Gold1.7%$17M
Banks - Regional1.0%+0.5pp$10M
Country
US97.3%-1.9pp
CA1.6%+1.5pp
GB0.5%+0.2pp
ZA0.2%
Unknown0.2%-0.0pp
IE0.1%-0.0pp
TW0.0%-0.0pp
FR0.0%
Top 5: 23.1% · Top 10: 34.4% · Top 25: 57.8%
Top buys this quarter · 15
| FIS Fidelity National Information | +$5M |
| CFR Cullen/Frost Bankers, Inc.new | +$3M |
| FNV Franco-Nevada Corporation | +$2M |
| WPM Wheaton Precious Metals Corp. | +$2M |
| GFI Gold Fields Limitednew | +$2M |
| RIO Rio Tinto Group | +$2M |
| SUN Sunoco LP | +$1M |
| CDW CDW Corporation | +$21M |
| NEM Newmont Corporation | +$1M |
| AEM Agnico Eagle Mines Limited | +$1M |
Top sells this quarter · 15
| ZWS Zurn Elkay Water Solutions Cor | −$44M |
| GSL Global Ship Lease, Inc. | −$4M |
| ICE Intercontinental Exchange, Inc | −$4M |
| SPY State Street SPDR S&P 500 ETF | −$3M |
| EXAS Exact Sciences Corporationexit | −$2M |
| PAA Plains All American Pipeline, | −$2M |
| TXT Textron Inc.exit | −$1M |
| ARLP Alliance Resource Partners, L. | −$1M |
| CAT Caterpillar Inc. | −$1M |
| NRG NRG Energy, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.01B | 300 | +12.73% | +17.59% | -4.86% | -0.01B |
| 2025-12-31 | $1.05B | 296 | +10.89% | +17.72% | -6.83% | +0.01B |
| 2025-09-30 | $1.04B | 291 | +12.43% | +17.52% | -5.08% | -0.09B |
| 2025-06-30 | $1.03B | 287 | +14.61% | +14.94% | -0.34% | +0.00B |
| 2025-03-31 | $960M | 263 | +7.66% | +8.30% | -0.64% | +0.00B |
| 2024-12-31 | $1.01B | 277 | +22.33% | +24.89% | -2.56% | +0.02B |
| 2024-09-30 | $980M | 276 | +33.43% | +36.04% | -2.61% | -0.04B |
| 2024-06-30 | $913M | 276 | +20.04% | +24.49% | -4.45% | -0.05B |
| 2024-03-31 | $959M | 300 | +30.64% | +29.62% | +1.01% | -0.01B |
| 2023-12-31 | $897M | 284 | +19.49% | +26.18% | -6.68% | +0.01B |
| 2023-09-30 | $803M | 271 | +10.52% | +21.57% | -11.05% | -0.13B |
| 2023-06-30 | $932M | 290 | -0.66% | +19.42% | -20.08% | -0.01B |
| 2023-03-31 | $862M | 281 | -21.75% | -7.82% | -13.93% | -0.09B |
| 2022-12-31 | $962M | 274 | -24.40% | -18.17% | -6.22% | +0.08B |
| 2022-09-30 | $866M | 258 | -17.41% | -15.51% | -1.90% | +0.01B |
| 2022-06-30 | $950M | 258 | -8.02% | -10.62% | +2.61% | +0.07B |