Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.65%
trims when stocks drop
when a holding falls −10%+
Middle response
+1.07%
steady accumulation
Rally response
-4.96%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-ABerkshire Hathaway Inc. | $208M | 42.0% | — | 7.8 yr |
| VOOVanguard S&P 500 ETF | $27M | 5.4% | — | 7.8 yr |
| GLDSPDR Gold Shares | $13M | 2.7% | — | 7.8 yr |
| EFAiShares MSCI EAFE ETF | $11M | 2.3% | — | 6.3 yr |
| GOOGAlphabet Inc. | $11M | 2.1% | +84.3% | 7.8 yr |
| BRK-BBerkshire Hathaway Inc. | $10M | 2.1% | — | 7.8 yr |
| BEBloom Energy Corporation | $10M | 1.9% | +589.2% | 2.5 yr |
| MSFTMicrosoft Corporation | $9M | 1.8% | -0.6% | 7.8 yr |
| SLViShares Silver Trust | $8M | 1.6% | — | 7.0 yr |
| QXOQXO, Inc. | $8M | 1.5% | +43.4% | 1.8 yr |
| AMZNAmazon.com, Inc. | $7M | 1.4% | +9.5% | 7.8 yr |
| NVDANVIDIA Corporation | $7M | 1.3% | +60.9% | 5.3 yr |
| XLIState Street Industrial | $7M | 1.3% | — | 7.8 yr |
| AAPLApple Inc. | $6M | 1.3% | +14.7% | 7.8 yr |
| IWMiShares Russell 2000 ETF | $6M | 1.2% | — | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified44.1%-8.6pp$218M
Asset Management25.2%+2.4pp$125M
Internet Content & Information3.3%+1.0pp$17M
Semiconductors2.9%+1.3pp$14M
Electrical Equipment & Parts2.0%+2.0pp$10M
Software - Infrastructure2.0%-0.2pp$10M
Industrial - Distribution1.8%+1.2pp$9M
Specialty Retail1.4%+0.0pp$7M
Consumer Electronics1.3%+0.0pp$6M
Banks - Diversified1.1%+0.2pp$6M
Country
US97.9%+0.1pp
IE0.7%+0.1pp
Unknown0.4%-0.0pp
ES0.2%+0.1pp
LU0.2%-0.1pp
NL0.1%+0.1pp
BM0.1%+0.0pp
CA0.1%+0.1pp
Top 5: 54.5% · Top 10: 63.5% · Top 25: 79.4%
Top buys this quarter · 15
| CEG Constellation Energy Corporatinew | +$2M |
| RKT Rocket Companies, Inc. | +$2M |
| NVDA NVIDIA Corporation | +$1M |
| OWL Blue Owl Capital Inc.new | +$0M |
| NTIP Network-1 Technologies, Inc. | +$0M |
| HTH Hilltop Holdings Inc.new | +$0M |
| CEPT Cantor Equity Partners II, Incnew | +$0M |
| BGC BGC Group, Inc | +$0M |
| AMZN Amazon.com, Inc. | +$7M |
| QXO QXO, Inc. | +$0M |
Top sells this quarter · 15
| ACT Enact Holdings, Inc.exit | −$1M |
| BBT Beacon Financial Corp. | −$1M |
| PANW Palo Alto Networks, Inc.exit | −$0M |
| LEU Centrus Energy Corp. | −$0M |
| AAPL Apple Inc. | −$0M |
| PSTL Postal Realty Trust, Inc. | −$0M |
| BE Bloom Energy Corporation | −$6M |
| GLDD Great Lakes Dredge & Dock Corp | −$0M |
| NVEC NVE Corporationexit | −$0M |
| FLR Fluor Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $496M | 268 | +22.79% | +17.59% | +5.20% | -0.01B |
| 2025-12-31 | $519M | 279 | +19.53% | +17.72% | +1.82% | -0.02B |
| 2025-09-30 | $521M | 272 | +21.71% | +17.52% | +4.19% | -0.01B |
| 2025-06-30 | $490M | 267 | +16.05% | +14.94% | +1.11% | -0.07B |
| 2025-03-31 | $495M | 268 | +4.42% | +8.30% | -3.88% | +0.12B |
| 2024-12-31 | $400M | 248 | +19.12% | +24.89% | -5.77% | -0.02B |
| 2024-09-30 | $401M | 248 | +27.54% | +36.04% | -8.49% | +0.02B |
| 2024-06-30 | $366M | 239 | +17.14% | +24.49% | -7.35% | -0.01B |
| 2024-03-31 | $372M | 246 | +23.73% | +29.62% | -5.89% | +0.01B |
| 2023-12-31 | $332M | 238 | +23.64% | +26.18% | -2.54% | -0.02B |
| 2023-09-30 | $316M | 226 | +10.38% | +21.57% | -11.18% | +0.01B |
| 2023-06-30 | $319M | 236 | +12.80% | +19.42% | -6.62% | +0.00B |
| 2023-03-31 | $293M | 231 | -9.22% | -7.82% | -1.40% | -0.02B |
| 2022-12-31 | $288M | 235 | -19.59% | -18.17% | -1.41% | +0.01B |
| 2022-09-30 | $274M | 223 | -10.69% | -15.51% | +4.82% | -0.01B |
| 2022-06-30 | $287M | 253 | -7.95% | -10.62% | +2.67% | -0.02B |