Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.37%
adds when stocks drop
when a holding falls −10%+
Middle response
+1.54%
steady accumulation
Rally response
-0.31%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $46M | 11.6% | — | 5.5 yr |
| TPLTexas Pacific Land Corpo | $36M | 9.0% | +8.1% | 5.3 yr |
| INFLHorizon Kinetics Inflati | $26M | 6.5% | — | 5.3 yr |
| VTVVanguard Value ETF | $20M | 4.9% | — | 6.5 yr |
| LBLandBridge Company LLC | $16M | 4.1% | -3.4% | 1.5 yr |
| VUGVanguard Growth ETF | $15M | 3.9% | — | 6.3 yr |
| JAAAJanus Henderson AAA CLO | $15M | 3.8% | — | 2.0 yr |
| GBTCGrayscale Bitcoin Trust | $15M | 3.7% | — | 2.3 yr |
| SAMTStrategas Macro Thematic | $12M | 3.0% | — | 0.8 yr |
| JSIJanus Henderson Securiti | $9M | 2.3% | — | 1.3 yr |
| XLKState Street Technology | $9M | 2.2% | — | 5.8 yr |
| SCHGSchwab U.S. Large-Cap Gr | $8M | 2.0% | — | 1.0 yr |
| AAPLApple Inc. | $8M | 1.9% | +14.7% | 6.5 yr |
| TXUEThornburg International | $7M | 1.7% | — | 1.0 yr |
| SCHBSchwab U.S. Broad Market | $6M | 1.4% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management50.2%+10.2pp$200M
Insurance - Diversified11.6%-4.0pp$46M
Oil & Gas Exploration & Production9.1%-2.1pp$36M
Asset Management - Cryptocurrency4.4%-2.7pp$17M
Oil & Gas Equipment & Services4.1%+1.2pp$16M
Semiconductors2.5%+1.2pp$10M
Asset Management - Income2.4%+1.1pp$9M
Oil & Gas Midstream2.1%+0.3pp$8M
Consumer Electronics1.9%-0.3pp$8M
Banks - Diversified1.6%-0.2pp$6M
Country
US99.9%-0.0pp
Unknown0.1%+0.0pp
Top 5: 36.1% · Top 10: 52.8% · Top 25: 72.2%
Top buys this quarter · 15
| BAC Bank of America Corporation | +$0M |
| GS The Goldman Sachs Group, Inc. | +$0M |
| NVDA NVIDIA Corporation | +$4M |
| SPY State Street SPDR S&P 500 ETF | +$2M |
| MRK Merck & Co., Inc. | +$0M |
| RTX RTX Corporation | +$0M |
| MPLX MPLX Lp | +$0M |
| CVX Chevron Corporation | +$0M |
| PG The Procter & Gamble Company | +$0M |
| AAPL Apple Inc. | +$8M |
Top sells this quarter · 15
| CFLT Confluent, Inc.exit | −$1M |
| VRTX Vertex Pharmaceuticals Incorpoexit | −$0M |
| TPL Texas Pacific Land Corporation | −$22M |
| ROST Ross Stores, Inc. | −$0M |
| BLK BlackRock, Inc.exit | −$0M |
| UNH UnitedHealth Group Incorporateexit | −$0M |
| WFC Wells Fargo & Companyexit | −$0M |
| AXP American Express Companyexit | −$0M |
| FICO Fair Isaac Corporationexit | −$0M |
| AMZN Amazon.com, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $399M | 157 | +13.95% | +17.59% | -3.64% | -0.05B |
| 2025-12-31 | $386M | 169 | -8.41% | +17.72% | -26.13% | +0.01B |
| 2025-09-30 | $380M | 166 | -0.96% | +17.52% | -18.48% | +0.04B |
| 2025-06-30 | $356M | 162 | +13.41% | +14.94% | -1.53% | +0.03B |
| 2025-03-31 | $309M | 145 | +12.06% | +8.30% | +3.76% | +0.03B |
| 2024-12-31 | $297M | 154 | +37.08% | +24.89% | +12.20% | +0.02B |
| 2024-09-30 | $263M | 153 | +35.03% | +36.04% | -1.00% | -0.00B |
| 2024-06-30 | $240M | 148 | +14.32% | +24.49% | -10.17% | +0.00B |
| 2024-03-31 | $230M | 144 | +27.86% | +29.62% | -1.76% | +0.02B |
| 2023-12-31 | $189M | 138 | +33.96% | +26.18% | +7.78% | +0.01B |
| 2023-09-30 | $171M | 125 | +39.50% | +21.57% | +17.93% | +0.01B |
| 2023-06-30 | $172M | 124 | +47.45% | +19.42% | +28.02% | -0.01B |
| 2023-03-31 | $161M | 118 | -8.11% | -7.82% | -0.30% | -0.02B |
| 2022-12-31 | $154M | 114 | -25.99% | -18.17% | -7.81% | -0.01B |
| 2022-09-30 | $151M | 115 | -24.98% | -15.51% | -9.47% | +0.01B |
| 2022-06-30 | $148M | 116 | -22.96% | -10.62% | -12.34% | +0.03B |