Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.65%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.39%
baseline attrition
Rally response
-8.92%
trims into rallies
when a holding rises +10%+
Top positions · 27
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CMECME Group Inc. | $272M | 15.6% | +15.6% | 8.5 yr |
| YUMCYum China Holdings, Inc. | $192M | 11.0% | -4.3% | 8.5 yr |
| BKNGBooking Holdings Inc. | $137M | 7.9% | -96.3% | 8.3 yr |
| CLColgate-Palmolive Compan | $135M | 7.7% | -6.8% | 8.5 yr |
| MAMastercard Incorporated | $132M | 7.6% | -8.5% | 8.5 yr |
| UNHUnitedHealth Group Incor | $127M | 7.3% | -46.9% | 8.5 yr |
| MSFTMicrosoft Corporation | $115M | 6.6% | -0.6% | 5.3 yr |
| ILMNIllumina, Inc. | $110M | 6.3% | +55.4% | 8.0 yr |
| MKTXMarketAxess Holdings Inc | $106M | 6.1% | -22.5% | 7.5 yr |
| NKENIKE, Inc. | $92M | 5.3% | -14.7% | 8.5 yr |
| ADBEAdobe Inc. | $90M | 5.2% | -36.6% | 1.3 yr |
| VRSKVerisk Analytics, Inc. | $90M | 5.2% | -35.7% | 5.3 yr |
| ACNAccenture plc | $68M | 3.9% | -35.6% | 6.0 yr |
| ADPAutomatic Data Processin | $63M | 3.6% | -31.8% | 8.5 yr |
| AOSA. O. Smith Corporation | $4M | 0.2% | +3.0% | 5.8 yr |
Portfolio composition (YoY)
Industry mix
Financial - Data & Stock Exchanges15.6%+2.6pp$272M
Restaurants11.0%+1.3pp$192M
Travel Services7.9%-1.9pp$138M
Household & Personal Products7.7%+0.6pp$135M
Financial - Credit Services7.6%-2.4pp$132M
Medical - Healthcare Plans7.3%-0.7pp$127M
Software - Infrastructure6.6%+1.0pp$115M
Medical - Diagnostics & Research6.5%-1.7pp$114M
Financial - Capital Markets6.1%-0.3pp$106M
Apparel - Footwear & Accessories5.3%+1.6pp$92M
Country
US84.6%-0.1pp
CN11.1%+1.2pp
IE3.9%-1.0pp
TW0.1%-0.0pp
IN0.1%-0.1pp
GB0.1%
UY0.1%-0.0pp
SG0.0%-0.0pp
Top 5: 49.8% · Top 10: 81.3% · Top 25: 100.0%
Top buys this quarter · 1
| RELX RELX Plcnew | +$1M |
Top sells this quarter · 15
| CME CME Group Inc. | −$283M |
| YUMC Yum China Holdings, Inc. | −$175M |
| WAT Waters Corporation | −$155M |
| CL Colgate-Palmolive Company | −$118M |
| MA Mastercard Incorporated | −$109M |
| UNH UnitedHealth Group Incorporate | −$99M |
| MSFT Microsoft Corporation | −$92M |
| ILMN Illumina, Inc. | −$85M |
| MKTX MarketAxess Holdings Inc. | −$84M |
| ADBE Adobe Inc. | −$72M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.75B | 27 | -18.06% | +17.59% | -35.65% | -1.36B |
| 2025-12-31 | $3.74B | 27 | -2.98% | +17.72% | -20.70% | -0.67B |
| 2025-09-30 | $4.31B | 27 | -4.41% | +17.52% | -21.93% | -0.52B |
| 2025-06-30 | $5.10B | 27 | +15.37% | +14.94% | +0.43% | -0.16B |
| 2025-03-31 | $5.16B | 27 | +7.46% | +8.30% | -0.84% | -0.91B |
| 2024-12-31 | $6.19B | 26 | +10.10% | +24.89% | -14.79% | -1.22B |
| 2024-09-30 | $7.35B | 27 | +19.39% | +36.04% | -16.65% | -0.66B |
| 2024-06-30 | $7.00B | 28 | +3.86% | +24.49% | -20.64% | -0.74B |
| 2024-03-31 | $8.16B | 27 | +6.05% | +29.62% | -23.58% | +0.35B |
| 2023-12-31 | $7.76B | 27 | +17.93% | +26.18% | -8.24% | -0.11B |
| 2023-09-30 | $7.20B | 26 | +21.74% | +21.57% | +0.18% | -0.21B |
| 2023-06-30 | $7.44B | 26 | +13.41% | +19.42% | -6.02% | +0.50B |
| 2023-03-31 | $7.15B | 26 | +0.34% | -7.82% | +8.16% | -0.04B |
| 2022-12-31 | $6.44B | 26 | +12.86% | +7.56% | +5.30% | -0.29B |
| 2022-09-30 | $5.96B | 26 | -7.25% | -4.93% | -2.32% | -0.08B |
| 2022-06-30 | $6.52B | 26 | -14.27% | -16.11% | +1.84% | -0.03B |