Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.47%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.00%
baseline attrition
Rally response
-15.79%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CASYCasey's General Stores, | $26M | 6.0% | +68.4% | 6.0 yr |
| ELSEquity LifeStyle Propert | $24M | 5.7% | -4.0% | 5.5 yr |
| BRK-BBerkshire Hathaway Inc. | $24M | 5.7% | — | 6.0 yr |
| LHLabcorp Holdings Inc. | $24M | 5.7% | +15.9% | 2.0 yr |
| GOOGLAlphabet Inc. | $17M | 4.1% | — | 6.0 yr |
| EOGEOG Resources, Inc. | $14M | 3.3% | +16.9% | 3.3 yr |
| ADIAnalog Devices, Inc. | $14M | 3.2% | +60.2% | 6.0 yr |
| CBChubb Limited | $12M | 2.8% | +9.3% | 5.5 yr |
| MRKMerck & Co., Inc. | $11M | 2.6% | +38.9% | 5.5 yr |
| BKHBlack Hills Corporation | $10M | 2.3% | +19.3% | 3.5 yr |
| JBSSJohn B. Sanfilippo & Son | $10M | 2.3% | +16.3% | 5.5 yr |
| PBProsperity Bancshares, I | $9M | 2.1% | -2.6% | 5.0 yr |
| REGNRegeneron Pharmaceutical | $8M | 2.0% | +22.5% | 1.3 yr |
| GDGeneral Dynamics Corpora | $8M | 2.0% | +27.8% | 5.5 yr |
| TSMTaiwan Semiconductor Man | $8M | 1.8% | +105.6% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional7.5%-2.5pp$32M
Medical - Diagnostics & Research6.8%-0.9pp$29M
Specialty Retail6.3%-0.4pp$27M
REIT - Residential6.1%-0.1pp$26M
Insurance - Diversified5.7%-1.9pp$24M
Semiconductors5.6%+0.7pp$24M
Oil & Gas Exploration & Production5.5%+1.7pp$24M
Drug Manufacturers - General5.5%-0.0pp$23M
Insurance - Property & Casualty4.8%-0.4pp$20M
Internet Content & Information4.5%+1.2pp$19M
Country
US89.5%-1.6pp
CH2.8%+0.1pp
Unknown2.1%+1.3pp
TW1.8%+0.4pp
IL1.3%-0.1pp
IE1.0%+0.0pp
BM0.6%-0.2pp
CA0.5%+0.1pp
Top 5: 27.2% · Top 10: 41.4% · Top 25: 66.0%
Top buys this quarter · 15
| EOG EOG Resources, Inc. | +$4M |
| FANG Diamondback Energy, Inc. | +$3M |
| ELS Equity LifeStyle Properties, I | +$3M |
| FDS FactSet Research Systems Inc.new | +$2M |
| MSFT Microsoft Corporation | +$2M |
| CRM Salesforce, Inc.new | +$2M |
| ZTS Zoetis Inc. | +$1M |
| SPY State Street SPDR S&P 500 ETF | +$1M |
| MORN Morningstar, Inc.new | +$1M |
| CHRD Chord Energy Corporationnew | +$1M |
Top sells this quarter · 15
| WBS Webster Financial Corporationexit | −$7M |
| SUI Sun Communities, Inc.exit | −$5M |
| CASY Casey's General Stores, Inc. | −$23M |
| ICLR ICON Public Limited Companyexit | −$3M |
| GOOG Alphabet Inc. | −$2M |
| GNTX Gentex Corporation | −$2M |
| TFC Truist Financial Corporation | −$2M |
| TSM Taiwan Semiconductor Manufactu | −$2M |
| FLO Flowers Foods, Inc.exit | −$2M |
| GPK Graphic Packaging Holding Compexit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $427M | 143 | +15.03% | +17.59% | -2.56% | -0.02B |
| 2025-12-31 | $432M | 116 | +11.07% | +17.72% | -6.65% | -0.03B |
| 2025-09-30 | $451M | 115 | +4.85% | +17.52% | -12.67% | +0.00B |
| 2025-06-30 | $423M | 110 | +7.03% | +14.94% | -7.91% | -0.01B |
| 2025-03-31 | $431M | 104 | +2.55% | +8.30% | -5.75% | -0.05B |
| 2024-12-31 | $476M | 104 | +10.45% | +24.89% | -14.43% | -0.00B |
| 2024-09-30 | $493M | 106 | +25.88% | +36.04% | -10.16% | -0.02B |
| 2024-06-30 | $476M | 107 | +11.38% | +24.49% | -13.11% | +0.00B |
| 2024-03-31 | $488M | 106 | +16.30% | +29.62% | -13.32% | -0.03B |
| 2023-12-31 | $477M | 88 | +9.70% | +26.18% | -16.48% | -0.04B |
| 2023-09-30 | $464M | 123 | +8.01% | +21.57% | -13.56% | +0.02B |
| 2023-06-30 | $468M | 121 | +7.77% | +19.42% | -11.66% | +0.04B |
| 2023-03-31 | $423M | 112 | -3.56% | -7.82% | +4.26% | -0.03B |
| 2022-12-31 | $439M | 92 | +9.61% | +7.56% | +2.05% | -0.01B |
| 2022-09-30 | $406M | 86 | -4.87% | -4.93% | +0.06% | -0.01B |
| 2022-06-30 | $432M | 81 | -9.46% | -16.11% | +6.65% | -0.02B |