Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.89%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.95%
baseline attrition
Rally response
-0.66%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $50M | 24.0% | — | 5.5 yr |
| MKLMarkel Corporation | $29M | 13.9% | +2.4% | 5.3 yr |
| GOOGLAlphabet Inc. | $13M | 6.4% | — | 5.5 yr |
| III.TOImperial Metals Corporat | $10M | 4.6% | +179.5% | 5.5 yr |
| GOOGAlphabet Inc. | $8M | 3.8% | +84.3% | 5.5 yr |
| PMPhilip Morris Internatio | $6M | 3.1% | +7.9% | 5.5 yr |
| JNJJohnson & Johnson | $6M | 2.7% | +51.5% | 5.5 yr |
| MSFTMicrosoft Corporation | $5M | 2.6% | -0.6% | 5.5 yr |
| RTXRTX Corporation | $5M | 2.6% | +48.1% | 5.5 yr |
| IBMInternational Business M | $4M | 2.0% | -0.1% | 5.5 yr |
| ABBVAbbVie Inc. | $4M | 1.9% | +7.3% | 5.5 yr |
| GSThe Goldman Sachs Group, | $3M | 1.7% | +58.1% | 5.5 yr |
| ORCLOracle Corporation | $3M | 1.6% | +5.9% | 5.5 yr |
| MCOMoody's Corporation | $3M | 1.5% | -5.6% | 5.5 yr |
| MCDMcDonald's Corporation | $3M | 1.5% | +1.8% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified24.0%-4.6pp$50M
Insurance - Property & Casualty15.0%-0.1pp$31M
Internet Content & Information10.4%+4.1pp$22M
Copper4.6%+2.8pp$10M
Drug Manufacturers - General4.5%+0.6pp$10M
Aerospace & Defense4.3%+0.8pp$9M
Software - Infrastructure4.1%-0.4pp$9M
Tobacco3.1%-0.1pp$6M
Beverages - Non-Alcoholic2.6%-0.2pp$6M
Banks - Diversified2.4%+0.2pp$5M
Country
US91.4%-2.5pp
CA5.0%+2.8pp
Unknown2.0%-0.2pp
BE0.5%-0.1pp
IE0.5%+0.1pp
BM0.4%-0.1pp
GB0.2%-0.0pp
Top 5: 52.8% · Top 10: 65.6% · Top 25: 84.8%
Top buys this quarter · 0
No buys this quarter
Top sells this quarter · 15
| MKL Markel Corporation | −$1M |
| KHC The Kraft Heinz Companyexit | −$0M |
| MSFT Microsoft Corporation | −$0M |
| GS The Goldman Sachs Group, Inc. | −$0M |
| MCO Moody's Corporation | −$0M |
| RTX RTX Corporation | −$5M |
| ORCL Oracle Corporation | −$0M |
| III.TO Imperial Metals Corporation | −$0M |
| IDXX IDEXX Laboratories, Inc. | −$0M |
| ABBV AbbVie Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $210M | 78 | +16.82% | +17.59% | -0.77% | +0.00B |
| 2025-12-31 | $231M | 79 | +34.87% | +17.72% | +17.15% | -0.01B |
| 2025-09-30 | $218M | 82 | +24.33% | +17.52% | +6.82% | -0.00B |
| 2025-06-30 | $205M | 82 | +24.46% | +14.94% | +9.52% | -0.02B |
| 2025-03-31 | $204M | 82 | +11.37% | +8.30% | +3.06% | +0.01B |
| 2024-12-31 | $192M | 81 | +16.69% | +24.89% | -8.20% | +0.00B |
| 2024-09-30 | $190M | 81 | +24.98% | +36.04% | -11.05% | +0.00B |
| 2024-06-30 | $176M | 82 | +14.35% | +24.49% | -10.14% | -0.00B |
| 2024-03-31 | $178M | 82 | +17.80% | +29.62% | -11.82% | +0.00B |
| 2023-12-31 | $163M | 81 | +12.45% | +26.18% | -13.73% | -0.00B |
| 2023-09-30 | $153M | 81 | +17.42% | +21.57% | -4.15% | +0.00B |
| 2023-06-30 | $155M | 80 | +7.50% | +19.42% | -11.92% | +0.00B |
| 2023-03-31 | $147M | 79 | -7.61% | -7.82% | +0.21% | -0.00B |
| 2022-12-31 | $146M | 79 | +12.73% | +7.56% | +5.17% | -0.00B |
| 2022-09-30 | $131M | 78 | -10.91% | -4.93% | -5.98% | -0.00B |
| 2022-06-30 | $148M | 80 | -10.72% | -16.11% | +5.39% | +0.02B |