Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.68%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.28%
baseline attrition
Rally response
-11.20%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LINLinde plc | $849M | 5.9% | +7.9% | 3.3 yr |
| NVDANVIDIA Corporation | $635M | 4.4% | +60.9% | 5.3 yr |
| XYLXylem Inc. | $548M | 3.8% | +1.3% | 7.8 yr |
| KLACKLA Corporation | $536M | 3.7% | +118.2% | 3.5 yr |
| MSFTMicrosoft Corporation | $440M | 3.1% | -0.6% | 7.8 yr |
| AWKAmerican Water Works Com | $383M | 2.7% | -5.4% | 7.8 yr |
| WCNWaste Connections, Inc. | $344M | 2.4% | -16.2% | 1.8 yr |
| HUBBHubbell Incorporated | $335M | 2.3% | +50.1% | 7.8 yr |
| — | $319M | 2.2% | — | 1.5 yr |
| VLTOVeralto Corporation | $299M | 2.1% | -9.0% | 2.5 yr |
| AOSA. O. Smith Corporation | $282M | 2.0% | +3.0% | 7.0 yr |
| VRTVertiv Holdings Co | $272M | 1.9% | +247.5% | 6.3 yr |
| WMSAdvanced Drainage System | $264M | 1.8% | +26.9% | 7.8 yr |
| CTASCintas Corporation | $254M | 1.8% | -17.0% | 4.8 yr |
| EBAYeBay Inc. | $247M | 1.7% | +36.3% | 7.0 yr |
Portfolio composition (YoY)
Industry mix
Industrial - Machinery12.2%-3.2pp$1.75B
Semiconductors12.1%+2.4pp$1.74B
Chemicals - Specialty7.6%+1.5pp$1.09B
Electrical Equipment & Parts4.7%+2.3pp$669M
Software - Infrastructure4.5%-2.0pp$644M
Regulated Water4.1%+0.9pp$589M
Hardware, Equipment & Parts4.0%-0.4pp$576M
Construction3.8%+0.1pp$548M
Software - Application3.7%-1.4pp$535M
Medical - Diagnostics & Research3.3%-2.1pp$477M
Country
US81.8%-2.3pp
GB7.7%-0.6pp
Unknown2.5%+1.3pp
CA2.4%+1.8pp
IE1.9%-0.5pp
BR1.4%+0.3pp
BM1.3%-0.3pp
UY0.2%+0.2pp
Top 5: 21.0% · Top 10: 32.7% · Top 25: 55.5%
Top buys this quarter · 15
| WCN Waste Connections, Inc. | +$266M |
| KLAC KLA Corporation | +$223M |
| NVDA NVIDIA Corporation | +$106M |
| ITRI Itron, Inc. | +$75M |
| QXO QXO, Inc. | +$67M |
| AWK American Water Works Company, | +$59M |
| ECL Ecolab Inc. | +$36M |
| MELI MercadoLibre, Inc. | +$30M |
| WAB Westinghouse Air Brake Technol | +$28M |
| CTAS Cintas Corporation | +$27M |
Top sells this quarter · 15
| WM Waste Management, Inc. | −$205M |
| AMAT Applied Materials, Inc. | −$203M |
| MSFT Microsoft Corporation | −$149M |
| IEX IDEX Corporation | −$144M |
| PNR Pentair plc | −$139M |
| CARR Carrier Global Corporation | −$134M |
| RSG Republic Services, Inc. | −$119M |
| RNR RenaissanceRe Holdings Ltd. | −$99M |
| A Agilent Technologies, Inc. | −$86M |
| MRVL Marvell Technology, Inc. | −$82M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $14.35B | 287 | +15.41% | +17.59% | -2.18% | -1.41B |
| 2025-12-31 | $15.98B | 279 | +12.99% | +17.72% | -4.73% | -0.85B |
| 2025-09-30 | $17.14B | 275 | +8.94% | +17.52% | -8.58% | -1.50B |
| 2025-06-30 | $17.39B | 280 | +10.87% | +14.94% | -4.07% | -1.08B |
| 2025-03-31 | $16.61B | 295 | -2.77% | +8.30% | -11.07% | -4.71B |
| 2024-12-31 | $22.08B | 312 | +10.43% | +24.89% | -14.46% | -1.98B |
| 2024-09-30 | $25.40B | 313 | +31.80% | +36.04% | -4.24% | -1.38B |
| 2024-06-30 | $24.57B | 315 | +14.15% | +24.49% | -10.35% | -0.92B |
| 2024-03-31 | $26.13B | 308 | +25.05% | +29.62% | -4.57% | -1.18B |
| 2023-12-31 | $24.91B | 366 | +22.21% | +26.18% | -3.96% | -0.40B |
| 2023-09-30 | $22.38B | 395 | +18.22% | +21.57% | -3.34% | -1.11B |
| 2023-06-30 | $24.88B | 388 | +23.17% | +19.42% | +3.75% | -0.70B |
| 2023-03-31 | $23.94B | 391 | -0.62% | -7.82% | +7.20% | -0.01B |
| 2022-12-31 | $22.35B | 381 | +9.37% | +7.56% | +1.81% | +1.07B |
| 2022-09-30 | $19.46B | 387 | -1.63% | -4.93% | +3.30% | -0.88B |
| 2022-06-30 | $20.67B | 421 | -13.77% | -16.11% | +2.34% | -0.19B |