Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.08%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.56%
steady accumulation
Rally response
-1.34%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AXPAmerican Express Company | $860M | 13.2% | +13.3% | 12.3 yr |
| BKNGBooking Holdings Inc. | $724M | 11.1% | -96.3% | 6.0 yr |
| BRK-BBerkshire Hathaway Inc. | $703M | 10.8% | — | 12.3 yr |
| MAMastercard Incorporated | $676M | 10.3% | -8.5% | 7.8 yr |
| DEDeere & Company | $673M | 10.3% | +21.2% | 12.3 yr |
| SPGIS&P Global Inc. | $571M | 8.7% | -15.6% | 8.3 yr |
| SUNBSunbelt Rentals Holdings | $534M | 8.2% | — | 0.3 yr |
| MCOMoody's Corporation | $484M | 7.4% | -5.6% | 8.8 yr |
| — | $414M | 6.3% | — | 3.0 yr |
| CMCSAComcast Corporation | $330M | 5.1% | — | 9.3 yr |
| TXNTexas Instruments Incorp | $260M | 4.0% | +11.4% | 1.8 yr |
| CHTRCharter Communications, | $122M | 1.9% | -41.4% | 9.3 yr |
| LBRDKLiberty Broadband Corpor | $47M | 0.7% | — | 8.5 yr |
| CABOCable One, Inc. | $26M | 0.4% | -65.7% | 9.0 yr |
| VVisa Inc. | $23M | 0.4% | -13.1% | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Financial - Credit Services32.0%+7.0pp$2.09B
Financial - Data & Stock Exchanges16.1%-1.1pp$1.05B
Travel Services11.1%+0.5pp$724M
Insurance - Diversified10.8%-1.8pp$703M
Agricultural - Machinery10.3%+1.1pp$673M
Telecommunications Services8.2%-4.6pp$534M
Unknown6.3%+0.3pp$414M
Semiconductors4.0%+0.1pp$260M
Asset Management0.4%+0.0pp$25M
Specialty Retail0.3%+0.2pp$22M
Country
US93.4%+1.3pp
Unknown6.3%+0.3pp
CA0.1%+0.0pp
IE0.1%-1.7pp
Top 5: 55.6% · Top 10: 91.3% · Top 25: 100.0%
Top buys this quarter · 9
| SUNB Sunbelt Rentals Holdings Incnew | +$554M |
| SPGI S&P Global Inc. | +$119M |
| BKNG Booking Holdings Inc. | +$724M |
| TXN Texas Instruments Incorporated | +$4M |
| V Visa Inc. | +$23M |
| W Wayfair Inc. | +$22M |
| CNI Canadian National Railway Comp | +$1M |
| CMCSA Comcast Corporation | +$330M |
| VSNTV Versant Media Group, Inc. Clasnew | +$0M |
Top sells this quarter · 15
| FOXA Fox Corporationexit | −$24M |
| AXP American Express Company | −$19M |
| MA Mastercard Incorporated | −$15M |
| DE Deere & Company | −$561M |
| MCO Moody's Corporation | −$4M |
| LC LendingClub Corporationexit | −$1M |
| CHTR Charter Communications, Inc. | −$118M |
| CABO Cable One, Inc. | −$1M |
| BRK-B Berkshire Hathaway Inc. | −$0M |
| — | −$394M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.53B | 25 | -15.45% | +17.59% | -33.04% | +1.62B |
| 2025-12-31 | $6.36B | 25 | +8.23% | +17.72% | -9.49% | -0.05B |
| 2025-09-30 | $6.22B | 26 | +11.06% | +17.52% | -6.46% | -0.23B |
| 2025-06-30 | $6.73B | 27 | +30.44% | +14.94% | +15.49% | +0.14B |
| 2025-03-31 | $5.94B | 27 | +18.56% | +8.30% | +10.26% | +0.31B |
| 2024-12-31 | $5.69B | 31 | +24.90% | +24.89% | +0.01% | -0.96B |
| 2024-09-30 | $6.29B | 32 | +34.75% | +36.04% | -1.29% | -0.32B |
| 2024-06-30 | $5.87B | 33 | +14.98% | +24.49% | -9.52% | -0.20B |
| 2024-03-31 | $6.03B | 33 | +23.59% | +29.62% | -6.04% | -0.32B |
| 2023-12-31 | $6.10B | 33 | +28.22% | +26.18% | +2.04% | -0.38B |
| 2023-09-30 | $5.68B | 33 | +28.14% | +21.57% | +6.57% | +0.35B |
| 2023-06-30 | $5.55B | 32 | +20.71% | +19.42% | +1.29% | +0.11B |
| 2023-03-31 | $5.03B | 31 | -10.40% | -7.82% | -2.59% | +0.16B |
| 2022-12-31 | $4.51B | 30 | +14.04% | +7.56% | +6.48% | -0.20B |
| 2022-09-30 | $4.13B | 29 | -9.49% | -4.93% | -4.56% | +0.12B |
| 2022-06-30 | $4.43B | 43 | -19.65% | -16.11% | -3.54% | -0.03B |