Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.78%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.86%
baseline attrition
Rally response
-12.45%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $200M | 8.8% | — | 3.8 yr |
| QCOMQUALCOMM Incorporated | $179M | 7.9% | -14.2% | 4.0 yr |
| HPQHP Inc. | $163M | 7.2% | -27.1% | 3.5 yr |
| CSXCSX Corporation | $147M | 6.5% | +41.6% | 3.5 yr |
| METAMeta Platforms, Inc. | $146M | 6.4% | -0.4% | 8.5 yr |
| AMATApplied Materials, Inc. | $143M | 6.3% | +137.6% | 1.8 yr |
| AMPAmeriprise Financial, In | $132M | 5.8% | -7.0% | 1.8 yr |
| UNPUnion Pacific Corporatio | $127M | 5.6% | +5.1% | 13.0 yr |
| LOWLowe's Companies, Inc. | $124M | 5.5% | +3.4% | 6.3 yr |
| KRThe Kroger Co. | $110M | 4.8% | +9.1% | 2.3 yr |
| UPSUnited Parcel Service, I | $108M | 4.8% | -4.4% | 2.0 yr |
| GOOGLAlphabet Inc. | $107M | 4.7% | — | 9.3 yr |
| CICigna Corporation | $104M | 4.6% | -17.2% | 3.3 yr |
| AXPAmerican Express Company | $95M | 4.2% | +13.3% | 6.3 yr |
| HCAHCA Healthcare, Inc. | $82M | 3.6% | +37.9% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors14.2%+3.4pp$323M
Railroads12.1%+2.3pp$274M
Internet Content & Information11.2%+0.1pp$254M
Insurance - Diversified8.8%+1.9pp$200M
Medical - Healthcare Plans7.9%-4.7pp$180M
Computer Hardware7.2%+2.4pp$163M
Asset Management5.8%-0.0pp$132M
Home Improvement5.5%-0.5pp$124M
Grocery Stores4.8%-0.4pp$110M
Integrated Freight & Logistics4.8%+1.9pp$108M
Country
US100.0%+0.3pp
CN0.0%+0.0pp
JP0.0%-0.0pp
Top 5: 36.8% · Top 10: 64.8% · Top 25: 99.9%
Top buys this quarter · 8
| ZTS Zoetis Inc.new | +$80M |
| HPQ HP Inc. | +$68M |
| META Meta Platforms, Inc. | +$55M |
| QCOM QUALCOMM Incorporated | +$53M |
| AFL Aflac Incorporated | +$2M |
| AXP American Express Company | +$95M |
| UPS United Parcel Service, Inc. | +$108M |
| BRK-B Berkshire Hathaway Inc. | +$0M |
Top sells this quarter · 13
| AMAT Applied Materials, Inc. | −$65M |
| NEM Newmont Corporation | −$35M |
| UNP Union Pacific Corporation | −$126M |
| HCA HCA Healthcare, Inc. | −$82M |
| LOW Lowe's Companies, Inc. | −$1M |
| AMP Ameriprise Financial, Inc. | −$1M |
| CI Cigna Corporation | −$1M |
| KR The Kroger Co. | −$95M |
| CSX CSX Corporation | −$131M |
| SCI Service Corporation Internatio | −$29M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.27B | 38 | +19.17% | +17.59% | +1.58% | +0.13B |
| 2025-12-31 | $2.15B | 38 | +21.55% | +17.72% | +3.83% | -0.90B |
| 2025-09-30 | $2.93B | 42 | +11.74% | +17.52% | -5.77% | -0.11B |
| 2025-06-30 | $2.86B | 42 | +16.09% | +14.94% | +1.15% | -0.13B |
| 2025-03-31 | $2.77B | 45 | +7.65% | +8.30% | -0.66% | -0.32B |
| 2024-12-31 | $3.04B | 40 | +22.63% | +24.89% | -2.26% | -0.57B |
| 2024-09-30 | $3.77B | 39 | +46.74% | +36.04% | +10.71% | -0.20B |
| 2024-06-30 | $3.60B | 37 | +31.34% | +24.49% | +6.85% | -0.10B |
| 2024-03-31 | $3.69B | 36 | +42.62% | +29.62% | +13.00% | -0.28B |
| 2023-12-31 | $3.43B | 35 | +35.51% | +26.18% | +9.33% | -0.87B |
| 2023-09-30 | $3.75B | 37 | +30.20% | +21.57% | +8.63% | -0.24B |
| 2023-06-30 | $4.04B | 38 | +21.08% | +19.42% | +1.66% | -0.11B |
| 2023-03-31 | $3.81B | 40 | -4.76% | -7.82% | +3.05% | -0.34B |
| 2022-12-31 | $3.78B | 35 | +10.09% | +7.56% | +2.53% | -0.86B |
| 2022-09-30 | $4.22B | 38 | -8.07% | -4.93% | -3.14% | +0.14B |
| 2022-06-30 | $4.44B | 35 | -14.44% | -16.11% | +1.67% | -0.18B |