Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.99%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.85%
baseline attrition
Rally response
-4.33%
trims into rallies
when a holding rises +10%+
Top positions · 29
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PMPhilip Morris Internatio | $18M | 13.7% | +7.9% | 3.5 yr |
| BTIBritish American Tobacco | $17M | 13.2% | +47.5% | 3.5 yr |
| VEAVanguard FTSE Developed | $15M | 11.6% | — | 3.5 yr |
| CNQCanadian Natural Resourc | $11M | 8.8% | +66.0% | 3.5 yr |
| BRK-BBerkshire Hathaway Inc. | $10M | 7.9% | — | 3.5 yr |
| BSMBlack Stone Minerals, L. | $9M | 6.8% | +8.9% | 3.5 yr |
| BOXXAlpha Architect 1-3 Mont | $7M | 5.3% | — | 2.8 yr |
| EPDEnterprise Products Part | $5M | 4.1% | +18.7% | 3.5 yr |
| IBKRInteractive Brokers Grou | $5M | 3.7% | +62.8% | 3.5 yr |
| BRK-ABerkshire Hathaway Inc. | $4M | 3.3% | — | 3.5 yr |
| HCCWarrior Met Coal, Inc. | $4M | 2.8% | +96.2% | 2.0 yr |
| VIRTVirtu Financial, Inc. | $4M | 2.8% | +18.2% | 3.5 yr |
| SGOViShares 0-3 Month Treasu | $4M | 2.8% | — | 0.5 yr |
| SPYState Street SPDR S&P 50 | $4M | 2.7% | +17.6% | 3.5 yr |
| — | $3M | 2.3% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Tobacco26.8%+2.4pp$35M
Asset Management19.7%-1.8pp$25M
Oil & Gas Exploration & Production15.6%+3.2pp$20M
Insurance - Diversified11.2%-1.9pp$14M
Oil & Gas Midstream4.8%-0.5pp$6M
Investment - Banking & Investment Services3.7%+1.2pp$5M
Coal2.8%+1.7pp$4M
Financial - Capital Markets2.8%-1.3pp$4M
Asset Management - Bonds2.8%$4M
Unknown2.5%+1.9pp$3M
Country
US71.9%-5.3pp
GB13.2%+2.2pp
CA8.8%+3.6pp
Unknown2.5%+1.9pp
BM2.2%-1.3pp
IL1.5%-0.9pp
Top 5: 55.1% · Top 10: 78.4% · Top 25: 99.3%
Top buys this quarter · 5
| BOXX Alpha Architect 1-3 Month Box | +$0M |
| — | +$0M |
| — new | +$0M |
| CNQ Canadian Natural Resources Lim | +$0M |
| CHKP Check Point Software Technolog | +$2M |
Top sells this quarter · 12
| SGOV iShares 0-3 Month Treasury Bon | −$0M |
| — exit | −$0M |
| — exit | −$0M |
| VAL Valaris Limitedexit | −$3M |
| BTI British American Tobacco p.l.c | −$1M |
| DHT DHT Holdings, Inc. | −$1M |
| INSW International Seaways, Inc. | −$1M |
| SMHI SEACOR Marine Holdings Inc.exit | −$1M |
| BLDR Builders FirstSource, Inc.exit | −$1M |
| GOOG Alphabet Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $129M | 29 | +27.11% | +17.59% | +9.52% | -0.01B |
| 2025-12-31 | $126M | 33 | +22.13% | +17.72% | +4.41% | -0.00B |
| 2025-09-30 | $123M | 34 | +17.65% | +17.52% | +0.13% | -0.00B |
| 2025-06-30 | $120M | 34 | +28.28% | +14.94% | +13.34% | -0.01B |
| 2025-03-31 | $123M | 40 | +23.43% | +8.30% | +15.13% | -0.00B |
| 2024-12-31 | $118M | 42 | +27.15% | +24.89% | +2.26% | -0.03B |
| 2024-09-30 | $147M | 51 | +34.68% | +36.04% | -1.36% | -0.01B |
| 2024-06-30 | $136M | 56 | +23.77% | +24.49% | -0.73% | -0.01B |
| 2024-03-31 | $138M | 53 | +25.53% | +29.62% | -4.09% | +0.00B |
| 2023-12-31 | $125M | 54 | +15.02% | +26.18% | -11.15% | -0.00B |
| 2023-09-30 | $121M | 60 | +3.24% | -3.22% | +6.46% | -0.01B |
| 2023-06-30 | $122M | 60 | +4.39% | +8.68% | -4.29% | -0.01B |
| 2023-03-31 | $127M | 60 | +0.46% | +7.46% | -7.00% | +0.00B |
| 2022-12-31 | $124M | 56 | — | — | — | — |