Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.60%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.09%
baseline attrition
Rally response
+0.03%
adds into rallies
when a holding rises +10%+
Top positions · 9
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $65M | 18.9% | +9.5% | 7.5 yr |
| BNBrookfield Corporation | $56M | 16.4% | +16.5% | 3.5 yr |
| BRK-ABerkshire Hathaway Inc. | $45M | 13.1% | — | 2.5 yr |
| MKLMarkel Corporation | $43M | 12.5% | +2.4% | 3.3 yr |
| SGOViShares 0-3 Month Treasu | $39M | 11.2% | — | 0.3 yr |
| GOOGLAlphabet Inc. | $29M | 8.4% | — | 5.8 yr |
| NFLXNetflix, Inc. | $27M | 7.8% | +3.1% | 4.5 yr |
| TSLATesla, Inc. | $20M | 5.9% | +43.4% | 2.0 yr |
| TRUPTrupanion, Inc. | $20M | 5.8% | -31.3% | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail18.9%-2.4pp$65M
Asset Management16.4%-4.8pp$56M
Insurance - Diversified13.1%-5.3pp$45M
Insurance - Property & Casualty12.5%-2.0pp$43M
Asset Management - Bonds11.2%$39M
Internet Content & Information8.4%+2.8pp$29M
Entertainment7.8%$27M
Auto - Manufacturers5.9%-1.3pp$20M
Insurance - Specialty5.8%-5.9pp$20M
Country
US83.6%+4.8pp
CA16.4%-1.1pp
Top 5: 72.2% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSLA | $21M | +0.01B | 43.4% |
| AMZN | $62M | +0.01B | 9.5% |
| BN | $51M | +0.01B | 16.5% |
| MKL | $42M | +0.00B | 2.4% |
| TRUP | $34M | -0.01B | -31.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TRUP | $34M | -0.01B | -31.3% |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $344M | 9 | +2.15% | +17.59% | -15.44% | +0.05B |
| 2025-12-31 | $343M | 8 | +2.75% | +17.72% | -14.96% | +0.00B |
| 2025-09-30 | $343M | 8 | +19.39% | +17.52% | +1.87% | -0.07B |
| 2025-06-30 | $414M | 9 | +32.97% | +14.94% | +18.03% | +0.07B |
| 2025-03-31 | $289M | 8 | +13.98% | +8.30% | +5.67% | +0.00B |
| 2024-12-31 | $332M | 8 | +44.80% | +24.89% | +19.92% | -0.05B |
| 2024-09-30 | $330M | 9 | +45.35% | +36.04% | +9.31% | -0.07B |
| 2024-06-30 | $366M | 9 | +29.61% | +24.49% | +5.12% | +0.00B |
| 2024-03-31 | $353M | 10 | +46.36% | +29.62% | +16.73% | -0.00B |
| 2023-12-31 | $323M | 10 | +71.36% | +26.18% | +45.18% | -0.00B |
| 2023-09-30 | $279M | 9 | +33.97% | +21.57% | +12.40% | +0.01B |
| 2023-06-30 | $274M | 10 | +31.14% | +19.42% | +11.72% | -0.02B |
| 2023-03-31 | $251M | 12 | -19.63% | -7.82% | -11.81% | -0.02B |
| 2022-12-31 | $210M | 11 | -8.96% | +7.56% | -16.52% | -0.04B |
| 2022-09-30 | $275M | 10 | -3.82% | -4.93% | +1.11% | +0.03B |
| 2022-06-30 | $251M | 10 | -28.83% | -16.11% | -12.72% | -0.00B |