Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.75%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.01%
baseline attrition
Rally response
-10.58%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $609M | 10.1% | — | 8.3 yr |
| — | $455M | 7.6% | — | 2.8 yr |
| SCHWThe Charles Schwab Corpo | $443M | 7.4% | +21.5% | 8.3 yr |
| ICEIntercontinental Exchang | $415M | 6.9% | -7.8% | 5.8 yr |
| TSMTaiwan Semiconductor Man | $408M | 6.8% | +105.6% | 6.5 yr |
| ANTMElevance Health Inc. | $406M | 6.7% | — | 5.3 yr |
| COFCapital One Financial Co | $368M | 6.1% | +3.1% | 4.0 yr |
| SUNBSunbelt Rentals Holdings | $357M | 5.9% | — | 0.3 yr |
| MSAMSA Safety Incorporated | $291M | 4.8% | +13.2% | 1.0 yr |
| ZTSZoetis Inc. | $287M | 4.8% | -27.2% | 0.3 yr |
| GOOGAlphabet Inc. | $273M | 4.5% | +84.3% | 8.3 yr |
| ALGNAlign Technology, Inc. | $207M | 3.4% | +7.9% | 0.5 yr |
| UNHUnitedHealth Group Incor | $197M | 3.3% | -46.9% | 6.5 yr |
| ACNAccenture plc | $184M | 3.1% | -35.6% | 0.5 yr |
| ICLRICON Public Limited Comp | $181M | 3.0% | -36.8% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information16.5%+0.8pp$997M
Financial - Credit Services13.1%+0.1pp$788M
Medical - Healthcare Plans10.0%-6.7pp$603M
Unknown7.6%-1.9pp$456M
Financial - Capital Markets7.4%-2.3pp$443M
Financial - Data & Stock Exchanges6.9%-1.9pp$415M
Semiconductors6.8%+1.2pp$409M
Security & Protection Services4.8%$291M
Drug Manufacturers - General4.8%$287M
Insurance - Diversified3.8%-1.3pp$229M
Country
US77.5%-3.5pp
Unknown7.6%-1.9pp
TW6.8%+1.1pp
IE6.1%+2.1pp
DE2.1%
KZ0.0%
PA0.0%+0.0pp
GB0.0%
Top 5: 38.7% · Top 10: 67.0% · Top 25: 99.2%
Top buys this quarter · 14
| SUNB Sunbelt Rentals Holdings Incnew | +$357M |
| ZTS Zoetis Inc.new | +$287M |
| SAP SAP SE | +$121M |
| TECH Bio-Techne Corporation | +$101M |
| GMED Globus Medical, Inc.new | +$1M |
| NFLX Netflix, Inc. | +$0M |
| GPI Group 1 Automotive, Inc. | +$1M |
| SDHC Smith Douglas Homes Corp. | +$0M |
| MSFT Microsoft Corporation | +$0M |
| AAPL Apple Inc. | +$0M |
Top sells this quarter · 15
| CACC Credit Acceptance Corporation | −$165M |
| SCHW The Charles Schwab Corporation | −$83M |
| TSM Taiwan Semiconductor Manufactu | −$72M |
| GOOG Alphabet Inc. | −$55M |
| CHTR Charter Communications, Inc. | −$45M |
| META Meta Platforms, Inc. | −$22M |
| AMTM Amentum Holdings, Inc. | −$20M |
| ICE Intercontinental Exchange, Inc | −$10M |
| COF Capital One Financial Corporat | −$9M |
| MSA MSA Safety Incorporated | −$290M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.03B | 50 | +6.92% | +17.59% | -10.67% | +0.23B |
| 2025-12-31 | $6.40B | 48 | +18.75% | +17.72% | +1.03% | +0.11B |
| 2025-09-30 | $6.04B | 47 | +16.49% | +17.52% | -1.03% | -0.10B |
| 2025-06-30 | $5.83B | 43 | +15.81% | +14.94% | +0.87% | -0.09B |
| 2025-03-31 | $5.51B | 38 | +10.02% | +8.30% | +1.72% | -0.42B |
| 2024-12-31 | $5.89B | 39 | +21.28% | +24.89% | -3.60% | -0.65B |
| 2024-09-30 | $6.39B | 37 | +35.92% | +36.04% | -0.12% | -0.32B |
| 2024-06-30 | $6.42B | 37 | +25.55% | +24.49% | +1.06% | -0.16B |
| 2024-03-31 | $6.44B | 34 | +38.62% | +29.62% | +9.00% | -0.50B |
| 2023-12-31 | $6.26B | 33 | +29.04% | +26.18% | +2.86% | -0.65B |
| 2023-09-30 | $6.02B | 36 | +17.76% | +21.57% | -3.80% | -0.10B |
| 2023-06-30 | $6.34B | 34 | +11.14% | +19.42% | -8.29% | -0.56B |
| 2023-03-31 | $6.12B | 31 | -22.02% | -7.82% | -14.20% | -0.49B |
| 2022-12-31 | $6.40B | 32 | +4.67% | +7.56% | -2.89% | -0.65B |
| 2022-09-30 | $6.73B | 31 | -8.84% | -4.93% | -3.91% | -0.26B |
| 2022-06-30 | $7.67B | 31 | -20.87% | -16.11% | -4.76% | -0.36B |