Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.61%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.36%
baseline attrition
Rally response
+1.66%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MMCMarsh & McLennan Compani | $291M | 7.4% | — | 5.5 yr |
| MAMastercard Incorporated | $287M | 7.3% | -8.5% | 5.5 yr |
| LHLabcorp Holdings Inc. | $261M | 6.7% | +15.9% | 2.0 yr |
| ISRGIntuitive Surgical, Inc. | $251M | 6.4% | -6.9% | 4.3 yr |
| TSMTaiwan Semiconductor Man | $245M | 6.2% | +105.6% | 5.3 yr |
| MSFTMicrosoft Corporation | $239M | 6.1% | -0.6% | 5.5 yr |
| AMZNAmazon.com, Inc. | $238M | 6.1% | +9.5% | 5.5 yr |
| TMOThermo Fisher Scientific | $216M | 5.5% | -0.9% | 5.5 yr |
| CDNSCadence Design Systems, | $209M | 5.3% | +9.3% | 1.8 yr |
| APHAmphenol Corporation | $202M | 5.1% | +93.6% | 5.5 yr |
| TSCOTractor Supply Company | $191M | 4.9% | -16.4% | 5.5 yr |
| AMEAMETEK, Inc. | $183M | 4.7% | +25.3% | 1.8 yr |
| BRBroadridge Financial Sol | $170M | 4.3% | -31.8% | 5.3 yr |
| ADPAutomatic Data Processin | $138M | 3.5% | -31.8% | 5.5 yr |
| AVYAvery Dennison Corporati | $129M | 3.3% | -0.9% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Medical - Diagnostics & Research12.2%+0.8pp$477M
Specialty Retail11.0%+1.9pp$430M
Medical - Devices8.9%+1.9pp$349M
Software - Application8.4%-1.6pp$331M
Insurance - Brokers7.4%+0.7pp$291M
Financial - Credit Services7.3%+0.2pp$287M
Information Technology Services6.6%-10.4pp$260M
Semiconductors6.2%+6.2pp$245M
Software - Infrastructure6.1%-3.8pp$241M
Internet Content & Information5.3%+1.8pp$206M
Country
US91.4%-3.8pp
TW6.2%+6.2pp
IE2.3%-2.4pp
CA0.0%+0.0pp
GB0.0%-0.0pp
CH0.0%+0.0pp
Top 5: 34.1% · Top 10: 62.3% · Top 25: 99.8%
Top buys this quarter · 4
| TSM Taiwan Semiconductor Manufactu | +$149M |
| BSX Boston Scientific Corporationnew | +$98M |
| XYL Xylem Inc. | +$51M |
| ISRG Intuitive Surgical, Inc. | +$251M |
Top sells this quarter · 15
| INTU Intuit Inc. | −$99M |
| ACN Accenture plc | −$87M |
| AMZN Amazon.com, Inc. | −$56M |
| MA Mastercard Incorporated | −$50M |
| TSCO Tractor Supply Company | −$41M |
| GOOG Alphabet Inc. | −$26M |
| LH Labcorp Holdings Inc. | −$258M |
| MSFT Microsoft Corporation | −$11M |
| CDNS Cadence Design Systems, Inc. | −$9M |
| APH Amphenol Corporation | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.92B | 56 | -7.23% | +17.59% | -24.83% | -0.14B |
| 2025-12-31 | $4.74B | 60 | +3.24% | +17.72% | -14.47% | -0.53B |
| 2025-09-30 | $5.22B | 52 | +1.80% | +17.52% | -15.72% | -0.32B |
| 2025-06-30 | $5.50B | 51 | +5.54% | +14.94% | -9.40% | -0.33B |
| 2025-03-31 | $5.47B | 57 | -1.37% | +8.30% | -9.67% | +0.14B |
| 2024-12-31 | $5.59B | 59 | +10.91% | +24.89% | -13.98% | -0.01B |
| 2024-09-30 | $5.62B | 65 | +22.67% | +36.04% | -13.36% | +0.06B |
| 2024-06-30 | $5.32B | 60 | +17.27% | +24.49% | -7.22% | +0.24B |
| 2024-03-31 | $5.10B | 65 | +27.61% | +29.62% | -2.02% | +0.13B |
| 2023-12-31 | $4.64B | 75 | +28.20% | +26.18% | +2.02% | +0.53B |
| 2023-09-30 | $3.73B | 62 | +24.35% | +21.57% | +2.78% | -0.14B |
| 2023-06-30 | $3.88B | 66 | +18.01% | +19.42% | -1.41% | +0.03B |
| 2023-03-31 | $3.56B | 67 | -5.88% | -7.82% | +1.94% | +0.09B |
| 2022-12-31 | $3.23B | 73 | +6.76% | +7.56% | -0.80% | +0.07B |
| 2022-09-30 | $2.95B | 79 | -5.28% | -4.93% | -0.35% | -0.49B |
| 2022-06-30 | $3.63B | 71 | -13.50% | -16.11% | +2.61% | +0.58B |