Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.32%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.78%
baseline attrition
Rally response
-0.59%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BKThe Bank of New York Mel | $18M | 6.1% | +44.4% | 6.3 yr |
| JPMJPMorgan Chase & Co. | $16M | 5.4% | +21.8% | 6.3 yr |
| AAPLApple Inc. | $15M | 4.9% | +14.7% | 6.3 yr |
| GOOGAlphabet Inc. | $14M | 4.7% | +84.3% | 3.3 yr |
| CVXChevron Corporation | $11M | 3.8% | +29.2% | 6.3 yr |
| IBMInternational Business M | $11M | 3.6% | -0.1% | 6.3 yr |
| AEPAmerican Electric Power | $11M | 3.6% | +24.0% | 1.0 yr |
| KOThe Coca-Cola Company | $10M | 3.3% | +9.3% | 6.3 yr |
| ALSNAllison Transmission Hol | $10M | 3.2% | +23.8% | 0.8 yr |
| BACBank of America Corporat | $9M | 3.2% | +19.4% | 6.3 yr |
| COFCapital One Financial Co | $9M | 3.0% | +3.1% | 1.0 yr |
| AFLAflac Incorporated | $9M | 2.9% | +0.8% | 6.3 yr |
| PGThe Procter & Gamble Com | $9M | 2.9% | -12.9% | 6.3 yr |
| TAT&T Inc. | $8M | 2.8% | +5.9% | 6.3 yr |
| JNJJohnson & Johnson | $8M | 2.8% | +51.5% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management13.3%+6.4pp$39M
Banks - Diversified10.9%+3.2pp$32M
Oil & Gas Integrated8.1%+3.0pp$24M
Telecommunications Services5.3%+3.4pp$16M
Consumer Electronics4.9%+0.6pp$15M
Drug Manufacturers - General4.9%+0.8pp$14M
Internet Content & Information4.7%+2.1pp$14M
Regulated Electric4.5%+2.4pp$13M
Insurance - Life4.1%+0.5pp$12M
Information Technology Services3.6%+2.2pp$11M
Country
US95.4%-2.2pp
FR1.8%+1.2pp
GB1.5%+0.8pp
CN0.8%+0.0pp
Unknown0.4%+0.2pp
Top 5: 25.0% · Top 10: 41.8% · Top 25: 76.0%
Top buys this quarter · 15
| DLR Digital Realty Trust, Inc. | +$18M |
| HD The Home Depot, Inc. | +$10M |
| ADM Archer-Daniels-Midland Company | +$7M |
| CVS CVS Health Corporation | +$6M |
| PG The Procter & Gamble Company | +$5M |
| QCOM QUALCOMM Incorporated | +$2M |
| TOTB.DE TotalEnergies SEnew | +$3M |
| GAM General American Investors Com | +$2M |
| XOM Exxon Mobil Corporation | +$3M |
| TTE TotalEnergies SE | +$2M |
Top sells this quarter · 15
| OKE ONEOK, Inc.exit | −$11M |
| GS The Goldman Sachs Group, Inc.exit | −$11M |
| CSCO Cisco Systems, Inc. | −$10M |
| NOC Northrop Grumman Corporation | −$9M |
| PSX Phillips 66exit | −$8M |
| MSFT Microsoft Corporationexit | −$6M |
| BK The Bank of New York Mellon Co | −$9M |
| BAC Bank of America Corporation | −$5M |
| UNH UnitedHealth Group Incorporateexit | −$4M |
| GPC Genuine Parts Company | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $297M | 74 | +18.22% | +17.59% | +0.62% | -0.05B |
| 2025-12-31 | $339M | 88 | +16.80% | +17.72% | -0.92% | -0.00B |
| 2025-09-30 | $330M | 89 | +10.44% | +17.52% | -7.08% | -0.00B |
| 2025-06-30 | $304M | 89 | +10.52% | +14.94% | -4.42% | -0.01B |
| 2025-03-31 | $305M | 87 | +10.49% | +8.30% | +2.18% | -0.00B |
| 2024-12-31 | $300M | 88 | +16.42% | +24.89% | -8.47% | +0.00B |
| 2024-09-30 | $306M | 89 | +31.38% | +36.04% | -4.66% | -0.00B |
| 2024-06-30 | $284M | 87 | +17.94% | +24.49% | -6.56% | +0.00B |
| 2024-03-31 | $277M | 87 | +20.88% | +29.62% | -8.74% | +0.01B |
| 2023-12-31 | $248M | 87 | +14.14% | +26.18% | -12.04% | -0.01B |
| 2023-09-30 | $231M | 84 | +18.57% | +21.57% | -3.00% | -0.00B |
| 2023-06-30 | $238M | 85 | +12.85% | +19.42% | -6.57% | -0.01B |
| 2023-03-31 | $233M | 85 | -2.59% | -7.82% | +5.22% | +0.00B |
| 2022-12-31 | $228M | 85 | +14.37% | +7.56% | +6.80% | -0.00B |
| 2022-09-30 | $203M | 81 | -6.87% | -4.93% | -1.94% | +0.00B |
| 2022-06-30 | $213M | 82 | -9.87% | -16.11% | +6.24% | -0.01B |