Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.57%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.79%
baseline attrition
Rally response
-4.62%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $25M | 5.9% | +105.6% | 0.8 yr |
| GOOGAlphabet Inc. | $22M | 5.2% | +84.3% | 4.0 yr |
| AAPLApple Inc. | $18M | 4.3% | +14.7% | 0.5 yr |
| BJBJ's Wholesale Club Hold | $18M | 4.2% | -13.7% | 4.3 yr |
| ASMLASML Holding N.V. | $17M | 4.1% | +100.9% | 4.3 yr |
| TTTrane Technologies plc | $17M | 4.1% | +24.8% | 3.5 yr |
| MCKMcKesson Corporation | $15M | 3.6% | +29.1% | 0.5 yr |
| TDYTeledyne Technologies In | $15M | 3.5% | +21.6% | 4.3 yr |
| JPMJPMorgan Chase & Co. | $14M | 3.5% | +21.8% | 2.5 yr |
| MSFTMicrosoft Corporation | $14M | 3.3% | -0.6% | 4.3 yr |
| SUSuncor Energy Inc. | $14M | 3.2% | +77.6% | 0.3 yr |
| AMZNAmazon.com, Inc. | $13M | 3.2% | +9.5% | 0.8 yr |
| ICEIntercontinental Exchang | $13M | 3.1% | -7.8% | 4.3 yr |
| MMCMarsh & McLennan Compani | $12M | 2.8% | — | 3.3 yr |
| MAMastercard Incorporated | $11M | 2.7% | -8.5% | 4.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors13.4%+9.9pp$56M
Internet Content & Information7.4%+0.5pp$31M
Financial - Data & Stock Exchanges6.9%-1.4pp$29M
Banks - Diversified5.6%+2.8pp$23M
Specialty Retail5.5%+0.6pp$23M
Oil & Gas Integrated5.5%$23M
Software - Infrastructure4.8%+0.5pp$20M
Consumer Electronics4.3%$18M
Discount Stores4.2%-1.3pp$18M
Construction4.1%+0.7pp$17M
Country
US72.4%-8.1pp
TW5.9%
CA5.5%+1.9pp
NL4.1%+0.6pp
IE4.1%-2.6pp
FR2.2%
Unknown2.1%-0.7pp
CH1.9%
Top 5: 23.7% · Top 10: 41.7% · Top 25: 79.4%
Top buys this quarter · 12
| SU Suncor Energy Inc.new | +$14M |
| MCK McKesson Corporation | +$8M |
| TOTB.DE TotalEnergies SEnew | +$8M |
| TD The Toronto-Dominion Bank | +$8M |
| TXN Texas Instruments Incorporated | +$7M |
| CME CME Group Inc. | +$6M |
| VZ Verizon Communications Inc.new | +$5M |
| DIS The Walt Disney Company | +$5M |
| TDG TransDigm Group Incorporated | +$3M |
| AMZN Amazon.com, Inc. | +$2M |
Top sells this quarter · 15
| FNV Franco-Nevada Corporation | −$22M |
| GOOG Alphabet Inc. | −$12M |
| MSFT Microsoft Corporation | −$12M |
| ASML ASML Holding N.V. | −$11M |
| MA Mastercard Incorporated | −$11M |
| BR Broadridge Financial Solutionsexit | −$11M |
| MCO Moody's Corporation | −$10M |
| AZO AutoZone, Inc. | −$10M |
| EA Electronic Arts Inc.exit | −$10M |
| GIB CGI Inc.exit | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $418M | 48 | +8.45% | +17.59% | -9.15% | -0.13B |
| 2025-12-31 | $565M | 49 | +8.35% | +17.72% | -9.37% | -0.04B |
| 2025-09-30 | $608M | 47 | +5.11% | +17.52% | -12.40% | -0.00B |
| 2025-06-30 | $590M | 43 | +5.69% | +14.94% | -9.25% | +0.02B |
| 2025-03-31 | $536M | 43 | -0.03% | +8.30% | -8.34% | -0.01B |
| 2024-12-31 | $559M | 43 | +9.99% | +24.89% | -14.89% | +0.00B |
| 2024-09-30 | $573M | 42 | +28.69% | +36.04% | -7.35% | +0.01B |
| 2024-06-30 | $541M | 44 | +19.79% | +24.49% | -4.70% | +0.02B |
| 2024-03-31 | $511M | 42 | +23.95% | +29.62% | -5.68% | +0.00B |
| 2023-12-31 | $476M | 39 | +27.17% | +26.18% | +0.99% | -0.00B |
| 2023-09-30 | $422M | 41 | +20.02% | +21.57% | -1.55% | -0.01B |
| 2023-06-30 | $449M | 44 | +16.35% | +19.42% | -3.08% | +0.10B |
| 2023-03-31 | $331M | 34 | -5.77% | -7.82% | +2.05% | +0.00B |
| 2022-12-31 | $301M | 32 | +6.94% | +7.56% | -0.62% | -0.00B |
| 2022-09-30 | $285M | 31 | -5.81% | -4.93% | -0.88% | +0.02B |
| 2022-06-30 | $277M | 25 | -14.96% | -16.11% | +1.15% | +0.03B |