Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.38%
adds when stocks drop
when a holding falls −10%+
Middle response
-7.64%
baseline attrition
Rally response
-5.02%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IAUiShares Gold Trust | $16M | 7.0% | — | 4.8 yr |
| BRK-BBerkshire Hathaway Inc. | $14M | 6.3% | — | 5.3 yr |
| COSTCostco Wholesale Corpora | $14M | 6.1% | +5.9% | 5.3 yr |
| MKLMarkel Corporation | $13M | 5.7% | +2.4% | 5.0 yr |
| CBChubb Limited | $11M | 4.7% | +9.3% | 3.3 yr |
| APHAmphenol Corporation | $9M | 4.1% | +93.6% | 5.3 yr |
| XLEState Street Energy Sele | $9M | 4.1% | — | 1.0 yr |
| AAPLApple Inc. | $8M | 3.6% | +14.7% | 4.5 yr |
| NVDANVIDIA Corporation | $8M | 3.5% | +60.9% | 3.0 yr |
| AMEAMETEK, Inc. | $7M | 3.3% | +25.3% | 1.8 yr |
| HUBBHubbell Incorporated | $7M | 3.2% | +50.1% | 0.5 yr |
| VPLVanguard FTSE Pacific ET | $7M | 3.2% | — | 0.5 yr |
| VEAVanguard FTSE Developed | $7M | 3.1% | — | 1.3 yr |
| ALLEAllegion plc | $6M | 2.8% | +12.9% | 1.0 yr |
| PSLVSprott Physical Silver T | $5M | 2.5% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management26.9%+11.4pp$60M
Insurance - Property & Casualty12.0%-2.6pp$27M
Insurance - Diversified6.6%-3.8pp$15M
Electrical Equipment & Parts6.5%+3.5pp$15M
Discount Stores6.1%-2.2pp$14M
Hardware, Equipment & Parts5.9%+2.3pp$13M
Semiconductors5.9%+1.2pp$13M
Industrial - Distribution3.7%+3.1pp$8M
Consumer Electronics3.6%-0.1pp$8M
Software - Infrastructure3.5%+0.1pp$8M
Country
US84.5%+2.5pp
CH4.7%-2.5pp
CA3.8%+2.4pp
IE2.8%-1.2pp
NL2.4%+0.3pp
BM1.5%
NO0.3%
Top 5: 29.8% · Top 10: 48.4% · Top 25: 80.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| APH | $6M | +0.01B | 93.6% |
| ASML | $4M | +0.00B | 100.9% |
| NVDA | $4M | +0.00B | 60.9% |
| AME | $5M | +0.00B | 25.3% |
| CB | $12M | +0.00B | 9.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $6M | -0.00B | -0.6% |
Top buys this quarter · 15
| PANW Palo Alto Networks, Inc.new | +$3M |
| EOG EOG Resources, Inc. | +$3M |
| BMI Badger Meter, Inc.new | +$3M |
| HD The Home Depot, Inc. | +$3M |
| TYL Tyler Technologies, Inc.new | +$3M |
| LNG Cheniere Energy, Inc.new | +$3M |
| CRS Carpenter Technology Corporatinew | +$2M |
| TMDX TransMedics Group, Inc.new | +$2M |
| AAPL Apple Inc. | +$1M |
| EQNR Equinor ASAnew | +$1M |
Top sells this quarter · 15
| SHEL Shell plcexit | −$7M |
| AEP American Electric Power Companexit | −$6M |
| AXP American Express Companyexit | −$5M |
| META Meta Platforms, Inc.exit | −$4M |
| AON Aon plcexit | −$4M |
| RJF Raymond James Financial, Inc.exit | −$4M |
| AFL Aflac Incorporatedexit | −$4M |
| V Visa Inc.exit | −$3M |
| GRMN Garmin Ltd.exit | −$3M |
| CB Chubb Limited | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $224M | 60 | +17.73% | +17.59% | +0.13% | -0.02B |
| 2025-12-31 | $240M | 62 | +16.10% | +17.72% | -1.62% | +0.02B |
| 2025-09-30 | $210M | 58 | +12.97% | +17.52% | -4.55% | +0.01B |
| 2025-06-30 | $191M | 58 | +13.78% | +14.94% | -1.16% | +0.01B |
| 2025-03-31 | $167M | 43 | +8.63% | +8.30% | +0.33% | -0.01B |
| 2024-12-31 | $185M | 49 | +17.70% | +24.89% | -7.19% | +0.00B |
| 2024-09-30 | $182M | 46 | +27.10% | +36.04% | -8.94% | +0.02B |
| 2024-06-30 | $155M | 47 | +18.36% | +24.49% | -6.13% | -0.01B |
| 2024-03-31 | $157M | 48 | +23.88% | +29.62% | -5.74% | -0.00B |
| 2023-12-31 | $149M | 51 | +18.67% | +26.18% | -7.50% | +0.02B |
| 2023-09-30 | $118M | 45 | +11.10% | +21.57% | -10.47% | +0.00B |
| 2023-06-30 | $115M | 43 | +10.85% | +19.42% | -8.58% | +0.03B |
| 2023-03-31 | $83M | 31 | -8.56% | -7.82% | -0.74% | -0.01B |
| 2022-12-31 | $87M | 32 | -14.75% | -18.17% | +3.42% | +0.00B |
| 2022-09-30 | $82M | 36 | -6.83% | -15.51% | +8.68% | -0.01B |
| 2022-06-30 | $93M | 81 | -4.83% | -10.62% | +5.79% | -0.03B |