Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.74%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.70%
baseline attrition
Rally response
-21.92%
trims into rallies
when a holding rises +10%+
Top positions · 24
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PGRThe Progressive Corporat | $177M | 21.1% | -25.5% | 2.5 yr |
| AERAerCap Holdings N.V. | $155M | 18.6% | +35.6% | 1.8 yr |
| AMZNAmazon.com, Inc. | $142M | 17.0% | +9.5% | 3.5 yr |
| FERGFerguson plc | $123M | 14.7% | +47.8% | 1.0 yr |
| MDLNMedline Inc. | $109M | 13.0% | — | 0.5 yr |
| VTEBVanguard Tax-Exempt Bond | $36M | 4.3% | — | 0.5 yr |
| EQTEQT Corporation | $30M | 3.6% | +20.5% | 3.5 yr |
| GOOGLAlphabet Inc. | $26M | 3.1% | — | 4.3 yr |
| TECKTeck Resources Limited | $17M | 2.0% | +43.3% | 4.3 yr |
| — | $10M | 1.2% | — | 2.5 yr |
| KYTXKyverna Therapeutics, In | $5M | 0.6% | +347.2% | 2.0 yr |
| AVGOBroadcom Inc. | $3M | 0.4% | +86.0% | 3.5 yr |
| GTXGarrett Motion Inc. | $0M | 0.0% | +121.3% | 2.0 yr |
| IBPInstalled Building Produ | $0M | 0.0% | +56.7% | 0.8 yr |
| ESIElement Solutions Inc | $0M | 0.0% | +52.8% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Property & Casualty21.1%+9.4pp$177M
Rental & Leasing Services18.6%+12.5pp$155M
Specialty Retail17.0%+12.5pp$142M
Industrial - Distribution14.7%+14.6pp$123M
Medical - Instruments & Supplies13.0%+12.8pp$109M
Asset Management4.3%-16.4pp$36M
Oil & Gas Exploration & Production3.6%-4.3pp$30M
Internet Content & Information3.1%-1.7pp$26M
Industrial Materials2.0%-1.1pp$17M
Unknown1.2%-2.8pp$10M
Country
US63.4%-18.2pp
IE18.6%+12.1pp
GB14.7%+14.6pp
CA2.0%-4.1pp
Unknown1.2%-2.8pp
CH0.0%-0.1pp
Top 5: 84.5% · Top 10: 98.7% · Top 25: 100.0%
Top buys this quarter · 7
| RUSHA Rush Enterprises, Inc.new | +$0M |
| VTEB Vanguard Tax-Exempt Bond ETF | +$0M |
| FERG Ferguson plc | +$14M |
| AMZN Amazon.com, Inc. | +$142M |
| PGR The Progressive Corporation | +$177M |
| ESI Element Solutions Incnew | +$0M |
| UNF UniFirst Corporationnew | +$0M |
Top sells this quarter · 11
| GOOGL Alphabet Inc. | −$0M |
| — | −$9M |
| VEA Vanguard FTSE Developed Marketexit | −$0M |
| AMGN Amgen Inc.exit | −$21M |
| AVGO Broadcom Inc. | −$17M |
| TECK Teck Resources Limited | −$12M |
| EQT EQT Corporation | −$9M |
| FCX Freeport-McMoRan Inc.exit | −$6M |
| WDC Western Digital Corporationexit | −$0M |
| STX Seagate Technology Holdings plexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $835M | 24 | +21.71% | +17.59% | +4.12% | -0.10B |
| 2025-12-31 | $957M | 27 | +22.76% | +17.72% | +5.04% | +0.12B |
| 2025-09-30 | $751M | 36 | +4.43% | +17.52% | -13.09% | -0.13B |
| 2025-06-30 | $869M | 497 | +8.23% | +14.94% | -6.71% | -0.09B |
| 2025-03-31 | $868M | 523 | -1.20% | +8.30% | -9.50% | +0.03B |
| 2024-12-31 | $844M | 58 | +6.96% | +24.89% | -17.93% | -0.27B |
| 2024-09-30 | $1.18B | 534 | +21.70% | +36.04% | -14.33% | -3.92B |
| 2024-06-30 | $4.84B | 671 | +19.99% | +24.49% | -4.50% | +3.27B |
| 2024-03-31 | $1.56B | 268 | +26.49% | +29.62% | -3.13% | -0.17B |
| 2023-12-31 | $1.62B | 91 | +21.49% | +26.18% | -4.69% | +0.02B |
| 2023-09-30 | $1.49B | 102 | +37.52% | +21.57% | +15.95% | -0.33B |
| 2023-06-30 | $1.76B | 102 | +26.32% | +19.42% | +6.90% | -0.08B |
| 2023-03-31 | $1.73B | 83 | -10.68% | -7.82% | -2.87% | -1.95B |
| 2022-12-31 | $3.57B | 78 | +21.57% | +7.56% | +14.01% | -0.89B |
| 2022-09-30 | $3.67B | 79 | -4.73% | -4.93% | +0.20% | -0.27B |
| 2022-06-30 | $4.14B | 79 | -24.98% | -16.11% | -8.87% | +0.54B |