Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.41%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.27%
baseline attrition
Rally response
-2.42%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-ABerkshire Hathaway Inc. | $36M | 11.3% | — | 7.5 yr |
| IDEViShares Core MSCI Intern | $33M | 10.4% | — | 1.5 yr |
| LBRDKLiberty Broadband Corpor | $17M | 5.3% | — | 7.5 yr |
| BRK-BBerkshire Hathaway Inc. | $16M | 5.1% | — | 7.5 yr |
| SIRISirius XM Holdings Inc. | $15M | 4.8% | +7.6% | 1.8 yr |
| RSPInvesco S&P 500 Equal We | $13M | 4.2% | — | 1.5 yr |
| IEMGiShares Core MSCI Emergi | $13M | 4.2% | — | 1.5 yr |
| NENoble Corporation Plc | $11M | 3.5% | +124.7% | 0.5 yr |
| CBChubb Limited | $10M | 3.3% | +9.3% | 2.8 yr |
| EXPEagle Materials Inc. | $10M | 3.1% | -14.2% | 1.3 yr |
| CFCF Industries Holdings, | $9M | 3.0% | +70.0% | 0.3 yr |
| AERAerCap Holdings N.V. | $9M | 2.9% | +35.6% | 1.0 yr |
| JPMJPMorgan Chase & Co. | $9M | 2.8% | +21.8% | 7.5 yr |
| CICigna Corporation | $8M | 2.6% | -17.2% | 0.8 yr |
| CRH.LCRH plc | $8M | 2.5% | — | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management24.0%+2.8pp$76M
Insurance - Diversified16.4%-3.5pp$52M
Telecommunications Services7.1%-8.0pp$22M
Entertainment6.3%-0.5pp$20M
Construction Materials5.7%+1.5pp$18M
Insurance - Property & Casualty5.5%+0.7pp$17M
Oil & Gas Drilling3.5%$11M
Agricultural Inputs3.0%$9M
Rental & Leasing Services2.9%$9M
Banks - Diversified2.8%+0.2pp$9M
Country
US87.0%+10.9pp
IE5.4%+3.1pp
CH3.3%-3.7pp
Unknown2.2%-2.2pp
GR2.1%
Top 5: 37.0% · Top 10: 55.3% · Top 25: 90.9%
Top buys this quarter · 15
| CF CF Industries Holdings, Inc.new | +$9M |
| BRO Brown & Brown, Inc.new | +$7M |
| NE Noble Corporation Plc | +$6M |
| GRBK Green Brick Partners, Inc.new | +$4M |
| EXP Eagle Materials Inc. | +$4M |
| AER AerCap Holdings N.V. | +$3M |
| CI Cigna Corporation | +$3M |
| SIRI Sirius XM Holdings Inc. | +$3M |
| ADBE Adobe Inc. | +$3M |
| MHK Mohawk Industries, Inc. | +$2M |
Top sells this quarter · 15
| COP ConocoPhillipsexit | −$14M |
| VSAT Viasat, Inc.exit | −$10M |
| LMT Lockheed Martin Corporationexit | −$9M |
| ADM Archer-Daniels-Midland Companyexit | −$4M |
| MKL Markel Corporation | −$1M |
| DINO HF Sinclair Corporationexit | −$1M |
| ARW Arrow Electronics, Inc.exit | −$1M |
| UPS United Parcel Service, Inc. | −$0M |
| JPM JPMorgan Chase & Co. | −$0M |
| CB Chubb Limited | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $318M | 32 | +23.07% | +17.59% | +5.48% | +0.01B |
| 2025-12-31 | $300M | 37 | +21.70% | +17.72% | +3.98% | -0.03B |
| 2025-09-30 | $317M | 39 | +15.57% | +17.52% | -1.95% | +0.00B |
| 2025-06-30 | $282M | 38 | +12.62% | +14.94% | -2.32% | +0.01B |
| 2025-03-31 | $267M | 39 | +6.96% | +8.30% | -1.34% | +0.03B |
| 2024-12-31 | $229M | 37 | +11.30% | +24.89% | -13.59% | +0.03B |
| 2024-09-30 | $204M | 30 | +25.85% | +36.04% | -10.19% | -0.06B |
| 2024-06-30 | $238M | 33 | +9.86% | +24.49% | -14.63% | -0.03B |
| 2024-03-31 | $282M | 39 | +15.22% | +29.62% | -14.40% | +0.01B |
| 2023-12-31 | $258M | 38 | +11.03% | +26.18% | -15.14% | -0.05B |
| 2023-09-30 | $271M | 39 | +12.99% | +21.57% | -8.58% | +0.01B |
| 2023-06-30 | $269M | 38 | +13.16% | +19.42% | -6.27% | -0.03B |
| 2023-03-31 | $293M | 40 | -0.68% | -7.82% | +7.13% | -0.04B |
| 2022-12-31 | $324M | 42 | +13.83% | +7.56% | +6.27% | +0.04B |
| 2022-09-30 | $248M | 24 | -4.53% | -4.93% | +0.40% | -0.00B |
| 2022-06-30 | $263M | 23 | -11.04% | -16.11% | +5.07% | +0.00B |