Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.15%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.23%
baseline attrition
Rally response
-7.30%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $427M | 29.6% | -0.6% | 8.3 yr |
| BRK-BBerkshire Hathaway Inc. | $55M | 3.8% | — | 8.3 yr |
| AAPLApple Inc. | $42M | 2.9% | +14.7% | 8.3 yr |
| AMZNAmazon.com, Inc. | $38M | 2.6% | +9.5% | 8.3 yr |
| NWPXNWPX Infrastructure, Inc | $33M | 2.3% | +88.5% | 8.3 yr |
| COSTCostco Wholesale Corpora | $26M | 1.8% | +5.9% | 8.3 yr |
| AVGOBroadcom Inc. | $25M | 1.7% | +86.0% | 4.5 yr |
| GOOGAlphabet Inc. | $23M | 1.6% | +84.3% | 6.8 yr |
| NVDANVIDIA Corporation | $22M | 1.5% | +60.9% | 2.8 yr |
| CVXChevron Corporation | $22M | 1.5% | +29.2% | 4.5 yr |
| PEPPepsiCo, Inc. | $21M | 1.5% | +7.7% | 0.8 yr |
| CSCOCisco Systems, Inc. | $21M | 1.5% | +28.1% | 5.5 yr |
| REGNRegeneron Pharmaceutical | $21M | 1.4% | +22.5% | 1.0 yr |
| CMICummins Inc. | $21M | 1.4% | +74.8% | 4.0 yr |
| CBChubb Limited | $21M | 1.4% | +9.3% | 8.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure29.7%+23.5pp$429M
Semiconductors5.6%-1.6pp$81M
Insurance - Diversified5.2%-6.3pp$74M
Specialty Retail4.0%+0.1pp$58M
Asset Management3.6%+0.1pp$52M
Internet Content & Information3.0%+0.7pp$44M
Consumer Electronics2.9%-1.3pp$42M
Manufacturing - Metal Fabrication2.3%+0.0pp$33M
Discount Stores2.0%-3.0pp$29M
Hardware, Equipment & Parts1.9%+0.4pp$28M
Country
US95.7%+5.5pp
CH1.4%-1.6pp
Unknown1.3%+1.1pp
IE1.1%-1.6pp
CA0.3%
IT0.2%-0.2pp
TW0.0%
GR0.0%-0.0pp
Top 5: 41.2% · Top 10: 49.3% · Top 25: 70.4%
Top buys this quarter · 15
| WSO Watsco, Inc.new | +$18M |
| TEL TE Connectivity Ltd.new | +$16M |
| ESI Element Solutions Incnew | +$12M |
| MTH Meritage Homes Corporationnew | +$12M |
| ABT Abbott Laboratories | +$7M |
| GPC Genuine Parts Company | +$6M |
| QCOM QUALCOMM Incorporated | +$20M |
| UNH UnitedHealth Group Incorporate | +$4M |
| ALGN Align Technology, Inc. | +$3M |
| PSMT PriceSmart, Inc.new | +$3M |
Top sells this quarter · 15
| CIEN Ciena Corporation | −$44M |
| VZ Verizon Communications Inc.exit | −$21M |
| BN Brookfield Corporationexit | −$17M |
| PANW Palo Alto Networks, Inc.exit | −$15M |
| TMO Thermo Fisher Scientific Inc.exit | −$12M |
| CDNS Cadence Design Systems, Inc.exit | −$12M |
| RTX RTX Corporation | −$12M |
| UBER Uber Technologies, Inc. | −$11M |
| ELAN Elanco Animal Health Incorpora | −$7M |
| HII Huntington Ingalls Industries, | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.44B | 134 | +9.74% | +17.59% | -7.85% | -0.04B |
| 2025-12-31 | $1.57B | 130 | +10.83% | +17.72% | -6.89% | +0.00B |
| 2025-09-30 | $1.57B | 129 | +15.50% | +17.52% | -2.02% | +0.55B |
| 2025-06-30 | $933M | 112 | +9.56% | +14.94% | -5.38% | +0.06B |
| 2025-03-31 | $823M | 102 | +3.47% | +8.30% | -4.84% | +0.05B |
| 2024-12-31 | $814M | 98 | +14.78% | +24.89% | -10.10% | -0.14B |
| 2024-09-30 | $921M | 102 | +10.35% | +36.04% | -25.69% | +0.02B |
| 2024-06-30 | $863M | 94 | -14.08% | +24.49% | -38.57% | +0.04B |
| 2024-03-31 | $818M | 90 | -16.22% | +29.62% | -45.84% | +0.03B |
| 2023-12-31 | $744M | 83 | -15.64% | +26.18% | -41.82% | +0.05B |
| 2023-09-30 | $693M | 86 | -14.83% | +21.57% | -36.40% | +0.11B |
| 2023-06-30 | $722M | 90 | +4.07% | +19.42% | -15.36% | +0.10B |
| 2023-03-31 | $642M | 80 | -18.37% | -7.82% | -10.55% | -0.02B |
| 2022-12-31 | $625M | 78 | -26.60% | -18.17% | -8.42% | +0.07B |
| 2022-09-30 | $551M | 84 | -19.25% | -15.51% | -3.74% | -0.02B |
| 2022-06-30 | $577M | 82 | -18.31% | -10.62% | -7.69% | +0.02B |