Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.28%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.11%
baseline attrition
Rally response
-1.15%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $64M | 23.6% | — | 6.0 yr |
| AMATApplied Materials, Inc. | $41M | 14.9% | +137.6% | 5.5 yr |
| WFCWells Fargo & Company | $20M | 7.2% | +13.3% | 6.0 yr |
| PGRThe Progressive Corporat | $14M | 5.2% | -25.5% | 6.0 yr |
| GOOGLAlphabet Inc. | $14M | 5.1% | — | 6.0 yr |
| ORCLOracle Corporation | $14M | 5.0% | +5.9% | 6.0 yr |
| USBU.S. Bancorp | $13M | 4.8% | +27.1% | 6.0 yr |
| CDNSCadence Design Systems, | $12M | 4.5% | +9.3% | 1.3 yr |
| KNSLKinsale Capital Group, I | $10M | 3.6% | -29.7% | 0.3 yr |
| KKRKKR & Co. Inc. | $10M | 3.6% | -19.5% | 3.8 yr |
| BROBrown & Brown, Inc. | $7M | 2.6% | -47.2% | 6.0 yr |
| PCORProcore Technologies, In | $6M | 2.2% | -13.7% | 1.8 yr |
| PEPPepsiCo, Inc. | $6M | 2.2% | +7.7% | 6.0 yr |
| NETCloudflare, Inc. | $6M | 2.0% | +83.1% | 3.0 yr |
| ZTSZoetis Inc. | $5M | 1.8% | -27.2% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified23.9%-3.6pp$65M
Semiconductors14.9%+7.3pp$41M
Banks - Diversified12.1%+1.6pp$33M
Insurance - Property & Casualty9.0%+1.4pp$24M
Software - Infrastructure7.2%+0.9pp$20M
Software - Application6.9%-0.7pp$19M
Internet Content & Information5.8%+2.2pp$16M
Asset Management4.2%-0.8pp$11M
Insurance - Brokers2.8%-2.2pp$8M
Drug Manufacturers - General2.5%-0.5pp$7M
Country
US99.0%+0.2pp
Unknown0.5%+0.1pp
CA0.3%-0.2pp
IE0.2%-0.0pp
Top 5: 56.0% · Top 10: 77.4% · Top 25: 95.7%
Top buys this quarter · 8
| KNSL Kinsale Capital Group, Inc.new | +$10M |
| ORCL Oracle Corporation | +$14M |
| PCOR Procore Technologies, Inc. | +$6M |
| JNJ Johnson & Johnson | +$0M |
| MSFT Microsoft Corporation | +$0M |
| LLY Eli Lilly and Company | +$0M |
| ABT Abbott Laboratories | +$1M |
| PEP PepsiCo, Inc. | +$0M |
Top sells this quarter · 14
| GOOGL Alphabet Inc. | −$0M |
| BRK-B Berkshire Hathaway Inc. | −$0M |
| SKYT SkyWater Technology, Inc.exit | −$8M |
| AMAT Applied Materials, Inc. | −$31M |
| WFC Wells Fargo & Company | −$0M |
| USB U.S. Bancorp | −$0M |
| MLM Martin Marietta Materials, Inc | −$0M |
| LH Labcorp Holdings Inc. | −$2M |
| PGR The Progressive Corporation | −$0M |
| MHK Mohawk Industries, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $273M | 52 | +15.51% | +17.59% | -2.08% | +0.00B |
| 2025-12-31 | $282M | 52 | +16.86% | +17.72% | -0.86% | -0.02B |
| 2025-09-30 | $306M | 53 | +19.03% | +17.52% | +1.52% | -0.00B |
| 2025-06-30 | $284M | 53 | +18.54% | +14.94% | +3.60% | -0.01B |
| 2025-03-31 | $265M | 52 | +7.45% | +8.30% | -0.85% | +0.03B |
| 2024-12-31 | $236M | 47 | +27.55% | +24.89% | +2.66% | -0.01B |
| 2024-09-30 | $241M | 49 | +46.15% | +36.04% | +10.11% | +0.01B |
| 2024-06-30 | $214M | 46 | +32.89% | +24.49% | +8.40% | -0.00B |
| 2024-03-31 | $211M | 46 | +42.67% | +29.62% | +13.04% | -0.00B |
| 2023-12-31 | $183M | 45 | +28.60% | +26.18% | +2.43% | -0.02B |
| 2023-09-30 | $179M | 44 | +21.80% | +21.57% | +0.23% | +0.00B |
| 2023-06-30 | $181M | 45 | +18.91% | +19.42% | -0.51% | -0.00B |
| 2023-03-31 | $169M | 48 | -5.50% | -7.82% | +2.32% | -0.00B |
| 2022-12-31 | $167M | 30 | +8.81% | +7.56% | +1.25% | +0.01B |
| 2022-09-30 | $147M | 30 | -3.77% | -4.93% | +1.16% | +0.00B |
| 2022-06-30 | $149M | 32 | -13.34% | -16.11% | +2.77% | -0.01B |