Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-21.91%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.13%
baseline attrition
Rally response
-6.32%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CNICanadian National Railwa | $353M | 4.8% | +8.2% | 3.0 yr |
| TSMTaiwan Semiconductor Man | $292M | 4.0% | +105.6% | 2.8 yr |
| QSRRestaurant Brands Intern | $248M | 3.4% | +15.1% | 3.3 yr |
| GOOGLAlphabet Inc. | $246M | 3.4% | — | 2.8 yr |
| SLBSLB N.V. | $220M | 3.0% | +26.7% | 1.3 yr |
| VVisa Inc. | $206M | 2.8% | -13.1% | 1.8 yr |
| EQTEQT Corporation | $190M | 2.6% | +20.5% | 2.3 yr |
| MSFTMicrosoft Corporation | $190M | 2.6% | -0.6% | 2.8 yr |
| OTISOtis Worldwide Corporati | $189M | 2.6% | -23.9% | 2.8 yr |
| JNJJohnson & Johnson | $175M | 2.4% | +51.5% | 3.3 yr |
| ROSTRoss Stores, Inc. | $172M | 2.3% | +71.2% | 3.3 yr |
| MCOMoody's Corporation | $171M | 2.3% | -5.6% | 2.8 yr |
| CNQCanadian Natural Resourc | $167M | 2.3% | +66.0% | 3.3 yr |
| PMPhilip Morris Internatio | $164M | 2.2% | +7.9% | 3.3 yr |
| — | $160M | 2.2% | — | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production7.9%+1.7pp$582M
Oil & Gas Equipment & Services7.5%+6.6pp$549M
Financial - Data & Stock Exchanges7.0%-1.6pp$516M
Semiconductors6.9%+0.4pp$506M
Financial - Credit Services6.0%-3.1pp$438M
Unknown5.2%+2.8pp$380M
Railroads4.8%+1.0pp$353M
Industrial - Machinery4.4%+0.1pp$319M
Apparel - Retail3.9%+0.5pp$287M
Medical - Healthcare Plans3.8%-4.7pp$277M
Country
US67.1%-3.0pp
CA19.7%+0.7pp
Unknown5.2%+2.8pp
TW4.0%-0.4pp
GB2.2%+0.7pp
IE1.1%+0.1pp
CH0.6%-0.7pp
IN0.1%-0.3pp
Top 5: 18.5% · Top 10: 31.5% · Top 25: 62.3%
Top buys this quarter · 15
| SLB SLB N.V. | +$159M |
| HAL Halliburton Companynew | +$159M |
| EXE Expand Energy Corporation | +$111M |
| CTVA Corteva, Inc.new | +$108M |
| DE Deere & Companynew | +$101M |
| NTR Nutrien Ltd. | +$97M |
| V Visa Inc. | +$89M |
| TMO Thermo Fisher Scientific Inc. | +$79M |
| SUNB Sunbelt Rentals Holdings Incnew | +$73M |
| MDT Medtronic plc | +$64M |
Top sells this quarter · 15
| WFC Wells Fargo & Company | −$114M |
| TSM Taiwan Semiconductor Manufactu | −$113M |
| ROP Roper Technologies, Inc. | −$112M |
| CNQ Canadian Natural Resources Lim | −$105M |
| ADI Analog Devices, Inc. | −$92M |
| AXP American Express Company | −$91M |
| TECK Teck Resources Limited | −$85M |
| ICE Intercontinental Exchange, Inc | −$77M |
| AEM Agnico Eagle Mines Limited | −$72M |
| WTW Willis Towers Watson Public Li | −$72M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.34B | 111 | +19.35% | +17.59% | +1.75% | -0.20B |
| 2025-12-31 | $7.36B | 103 | +16.25% | +17.72% | -1.46% | +0.09B |
| 2025-09-30 | $7.00B | 104 | +13.90% | +17.52% | -3.62% | -0.40B |
| 2025-06-30 | $7.02B | 105 | +18.28% | +14.94% | +3.34% | +0.37B |
| 2025-03-31 | $6.24B | 100 | +11.03% | +8.30% | +2.73% | +0.13B |
| 2024-12-31 | $6.14B | 97 | +24.87% | +24.89% | -0.02% | +1.90B |
| 2024-09-30 | $4.16B | 88 | +35.04% | +36.04% | -1.00% | -1.75B |
| 2024-06-30 | $5.40B | 91 | +20.01% | +24.49% | -4.48% | -2.62B |
| 2024-03-31 | $8.02B | 173 | +22.94% | +29.62% | -6.68% | +2.30B |
| 2023-12-31 | $5.10B | 140 | +10.09% | +11.64% | -1.55% | +1.16B |
| 2023-09-30 | $3.58B | 81 | -2.72% | -3.22% | +0.50% | -1.07B |
| 2023-06-30 | $4.78B | 103 | +2.45% | +8.68% | -6.23% | -2.55B |
| 2023-03-31 | $7.15B | 197 | — | — | — | — |