Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+14.19%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.67%
steady accumulation
Rally response
-0.81%
trims into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| INFQInfleqtion, Inc. | $251M | 34.3% | — | 0.3 yr |
| JPMJPMorgan Chase & Co. | $92M | 12.6% | +25.2% | 5.5 yr |
| AXPAmerican Express Company | $71M | 9.6% | +2.9% | 5.0 yr |
| ACNAccenture plc | $43M | 5.8% | -42.6% | 5.5 yr |
| PGRThe Progressive Corporat | $36M | 4.9% | -10.3% | 5.5 yr |
| MAMastercard Incorporated | $34M | 4.6% | -4.6% | 4.0 yr |
| BRK-ABerkshire Hathaway Inc. | $32M | 4.3% | — | 5.5 yr |
| USBU.S. Bancorp | $29M | 4.0% | +13.6% | 4.0 yr |
| MKLMarkel Corporation | $27M | 3.7% | +10.9% | 0.3 yr |
| KKRKKR & Co. Inc. | $25M | 3.4% | -37.0% | 5.5 yr |
| WALWestern Alliance Bancorp | $20M | 2.8% | -13.2% | 5.5 yr |
| AONAon plc | $16M | 2.2% | -9.2% | 5.5 yr |
| ACGLArch Capital Group Ltd. | $14M | 2.0% | +3.9% | 5.0 yr |
| GSThe Goldman Sachs Group, | $11M | 1.5% | +51.5% | 5.5 yr |
| BRK-BBerkshire Hathaway Inc. | $7M | 1.0% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Computer Hardware34.3%$251M
Banks - Diversified17.2%-13.9pp$126M
Financial - Credit Services15.3%-10.9pp$112M
Insurance - Property & Casualty8.7%-2.6pp$63M
Insurance - Diversified7.3%-4.0pp$53M
Information Technology Services5.8%+4.5pp$43M
Banks - Regional3.5%-2.6pp$26M
Asset Management3.4%-0.0pp$25M
Insurance - Brokers2.2%-2.4pp$16M
Financial - Capital Markets1.5%-2.2pp$11M
Country
US89.2%-0.3pp
IE8.0%+2.1pp
BM2.0%-1.6pp
CN0.9%-0.2pp
Top 5: 67.3% · Top 10: 87.4% · Top 25: 100.0%
Top buys this quarter · 6
| BRK-B Berkshire Hathaway Inc.new | +$0M |
| INFQ Infleqtion, Inc.new | +$251M |
| MKL Markel Corporationnew | +$27M |
| AX Axos Financial, Inc.new | +$3M |
| V Visa Inc.new | +$3M |
| WBS Webster Financial Corporationnew | +$2M |
Top sells this quarter · 0
No sells this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $732M | 21 | +2.19% | +17.59% | -15.40% | +0.29B |
| 2025-12-31 | $507M | 15 | +44.96% | +26.03% | +18.94% | -0.03B |
| 2025-09-30 | $519M | 15 | +38.65% | +28.13% | +10.52% | +0.08B |
| 2025-06-30 | $419M | 15 | +53.30% | +30.82% | +22.48% | -0.00B |
| 2024-12-31 | $389M | 15 | +66.26% | +31.84% | +34.42% | -0.02B |
| 2024-06-30 | $335M | 16 | +37.31% | +24.49% | +12.82% | -0.00B |
| 2024-03-31 | $341M | 16 | +45.40% | +29.62% | +15.78% | +0.00B |
| 2023-12-31 | $291M | 16 | +24.35% | +26.18% | -1.83% | +0.02B |
| 2023-09-30 | $231M | 16 | +19.66% | +21.57% | -1.91% | -0.00B |
| 2023-06-30 | $228M | 16 | +11.50% | +19.42% | -7.92% | -0.00B |
| 2023-03-31 | $223M | 17 | -9.28% | -7.82% | -1.47% | -0.00B |
| 2022-12-31 | $227M | 18 | +13.80% | +7.56% | +6.23% | +0.00B |
| 2022-09-30 | $197M | 17 | -5.69% | -4.93% | -0.76% | -0.01B |
| 2022-06-30 | $215M | 20 | -14.96% | -16.11% | +1.15% | -0.01B |
| 2022-03-31 | $259M | 21 | — | — | — | -0.01B |
| 2021-12-31 | $265M | 22 | — | — | — | +0.13B |