Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.83%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.50%
baseline attrition
Rally response
-2.35%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SGOViShares 0-3 Month Treasu | $44M | 4.7% | — | 2.5 yr |
| GOOGLAlphabet Inc. | $42M | 4.4% | — | 7.5 yr |
| AXSAXIS Capital Holdings Li | $29M | 3.0% | +2.5% | 8.3 yr |
| CMECME Group Inc. | $24M | 2.5% | +15.6% | 3.3 yr |
| AMZNAmazon.com, Inc. | $24M | 2.5% | +9.5% | 7.5 yr |
| KOThe Coca-Cola Company | $24M | 2.5% | +9.3% | 7.8 yr |
| GDGeneral Dynamics Corpora | $23M | 2.4% | +27.8% | 4.5 yr |
| TFPM.TOTriple Flag Precious Met | $20M | 2.1% | +76.9% | 3.3 yr |
| LLYEli Lilly and Company | $20M | 2.1% | +12.2% | 2.5 yr |
| SHELShell plc | $20M | 2.1% | +32.0% | 4.3 yr |
| COCOThe Vita Coco Company, I | $19M | 2.0% | +56.3% | 4.0 yr |
| AIRAAR Corp. | $19M | 2.0% | +95.5% | 2.3 yr |
| TKRThe Timken Company | $19M | 2.0% | +42.3% | 2.8 yr |
| MBBiShares MBS ETF | $19M | 1.9% | — | 3.3 yr |
| MKLMarkel Corporation | $18M | 1.9% | +2.4% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Property & Casualty7.7%-2.1pp$74M
Asset Management7.4%+2.5pp$71M
Financial - Data & Stock Exchanges6.3%+0.2pp$60M
Gold5.1%+2.4pp$49M
Internet Content & Information5.0%+0.3pp$47M
Asset Management - Bonds4.8%+0.7pp$46M
Beverages - Non-Alcoholic4.5%-0.1pp$43M
Aerospace & Defense4.4%+2.7pp$42M
Specialty Retail3.5%-1.3pp$34M
Financial - Credit Services3.0%-1.6pp$29M
Country
US81.9%+3.7pp
CA6.6%+2.9pp
BM3.0%-1.6pp
GB2.8%-0.4pp
IE2.5%-0.7pp
Unknown1.9%-1.6pp
UY1.0%-0.7pp
NL0.2%-0.6pp
Top 5: 17.1% · Top 10: 28.3% · Top 25: 53.4%
Top buys this quarter · 15
| GD General Dynamics Corporation | +$16M |
| AES The AES Corporationnew | +$14M |
| MKC McCormick & Company, Incorpora | +$9M |
| TFPM.TO Triple Flag Precious Metals Co | +$7M |
| VNOM Viper Energy, Inc. | +$7M |
| CGAU Centerra Gold Inc. | +$6M |
| LAMR Lamar Advertising Company | +$6M |
| GLPI Gaming and Leisure Properties, | +$6M |
| PM Philip Morris International In | +$6M |
| HCSG Healthcare Services Group, Incnew | +$6M |
Top sells this quarter · 15
| PSMT PriceSmart, Inc. | −$10M |
| RGLD Royal Gold, Inc. | −$9M |
| KGC Kinross Gold Corporation | −$9M |
| AEM Agnico Eagle Mines Limited | −$8M |
| WRB W. R. Berkley Corporation | −$7M |
| NOG Northern Oil and Gas, Inc.exit | −$6M |
| ALLE Allegion plc | −$6M |
| MKL Markel Corporation | −$6M |
| MSFT Microsoft Corporation | −$5M |
| V Visa Inc. | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $955M | 140 | +16.28% | +17.59% | -1.31% | +0.01B |
| 2025-12-31 | $969M | 144 | +20.46% | +17.72% | +2.75% | -0.00B |
| 2025-09-30 | $947M | 143 | +12.70% | +17.52% | -4.82% | +0.04B |
| 2025-06-30 | $858M | 134 | +17.17% | +14.94% | +2.23% | -0.01B |
| 2025-03-31 | $792M | 123 | +5.33% | +8.30% | -2.97% | +0.07B |
| 2024-12-31 | $716M | 117 | +14.06% | +24.89% | -10.83% | -0.01B |
| 2024-09-30 | $750M | 120 | +30.98% | +36.04% | -5.06% | -0.04B |
| 2024-06-30 | $717M | 123 | +13.08% | +24.49% | -11.41% | +0.03B |
| 2024-03-31 | $698M | 118 | +20.79% | +29.62% | -8.83% | +0.07B |
| 2023-12-31 | $570M | 109 | +14.07% | +26.18% | -12.10% | -0.06B |
| 2023-09-30 | $571M | 109 | +9.36% | +21.57% | -12.21% | +0.05B |
| 2023-06-30 | $546M | 93 | +10.57% | +19.42% | -8.85% | +0.00B |
| 2023-03-31 | $516M | 100 | -9.11% | -7.82% | -1.30% | +0.02B |
| 2022-12-31 | $484M | 102 | +5.97% | +7.56% | -1.59% | -0.01B |
| 2022-09-30 | $463M | 98 | -3.77% | -4.93% | +1.16% | +0.01B |
| 2022-06-30 | $470M | 109 | -13.77% | -16.11% | +2.34% | -0.02B |