Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.66%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.17%
baseline attrition
Rally response
-13.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| UNPUnion Pacific Corporatio | $255M | 11.0% | +5.1% | 3.5 yr |
| MSFTMicrosoft Corporation | $225M | 9.7% | -0.6% | 3.5 yr |
| XPOXPO Logistics, Inc. | $147M | 6.4% | +80.8% | 3.5 yr |
| RSPInvesco S&P 500 Equal We | $142M | 6.1% | — | 2.3 yr |
| LLYEli Lilly and Company | $126M | 5.5% | +12.2% | 1.8 yr |
| NVDANVIDIA Corporation | $109M | 4.7% | +60.9% | 3.0 yr |
| QXOQXO, Inc. | $93M | 4.0% | +43.4% | 1.8 yr |
| METAMeta Platforms, Inc. | $86M | 3.7% | -0.4% | 2.8 yr |
| AMZNAmazon.com, Inc. | $60M | 2.6% | +9.5% | 3.5 yr |
| NFLXNetflix, Inc. | $59M | 2.6% | +3.1% | 1.8 yr |
| SCHWThe Charles Schwab Corpo | $37M | 1.6% | +21.5% | 3.5 yr |
| SPYState Street SPDR S&P 50 | $36M | 1.6% | +17.6% | 2.5 yr |
| HYMBState Street SPDR Nuveen | $34M | 1.5% | — | 2.3 yr |
| BLDRBuilders FirstSource, In | $32M | 1.4% | -34.1% | 1.3 yr |
| COFCapital One Financial Co | $32M | 1.4% | +3.1% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management20.0%+1.1pp$462M
Railroads11.0%+3.6pp$255M
Software - Infrastructure9.7%-2.1pp$226M
Integrated Freight & Logistics6.4%-0.5pp$147M
Internet Content & Information5.9%-1.0pp$137M
Semiconductors5.6%+2.6pp$130M
Drug Manufacturers - General5.5%+5.5pp$128M
Industrial - Distribution4.0%+1.4pp$93M
Specialty Retail2.6%-0.1pp$60M
Entertainment2.6%+2.0pp$60M
Country
US98.7%-0.2pp
GB0.8%
SG0.3%-0.4pp
Unknown0.2%
IE0.1%-0.3pp
Top 5: 38.7% · Top 10: 56.3% · Top 25: 75.3%
Top buys this quarter · 15
| NFLX Netflix, Inc. | +$58M |
| BLDR Builders FirstSource, Inc. | +$28M |
| MSFT Microsoft Corporation | +$225M |
| COF Capital One Financial Corporat | +$14M |
| AMZN Amazon.com, Inc. | +$8M |
| GOOG Alphabet Inc. | +$7M |
| MS Morgan Stanley | +$7M |
| MCD McDonald's Corporation | +$4M |
| CINF Cincinnati Financial Corporatinew | +$4M |
| BA The Boeing Company | +$3M |
Top sells this quarter · 15
| XPO XPO Logistics, Inc. | −$231M |
| QXO QXO, Inc. | −$117M |
| PANW Palo Alto Networks, Inc.exit | −$31M |
| UNP Union Pacific Corporation | −$18M |
| AON Aon plcexit | −$10M |
| BSX Boston Scientific Corporation | −$9M |
| ORLY O'Reilly Automotive, Inc. | −$9M |
| WMS Advanced Drainage Systems, Inc | −$7M |
| COST Costco Wholesale Corporation | −$6M |
| JPM JPMorgan Chase & Co. | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.32B | 139 | +20.08% | +17.59% | +2.49% | -0.32B |
| 2025-12-31 | $2.64B | 145 | +13.64% | +17.72% | -4.08% | +0.00B |
| 2025-09-30 | $2.60B | 148 | +14.67% | +17.52% | -2.85% | -1.00B |
| 2025-06-30 | $3.50B | 148 | +8.97% | +14.94% | -5.97% | -0.42B |
| 2025-03-31 | $3.40B | 148 | -6.86% | +8.30% | -15.17% | -0.31B |
| 2024-12-31 | $3.93B | 174 | +9.43% | +24.89% | -15.45% | -0.35B |
| 2024-09-30 | $4.18B | 155 | +23.61% | +36.04% | -12.42% | +0.51B |
| 2024-06-30 | $3.75B | 98 | +25.61% | +24.49% | +1.12% | +0.22B |
| 2024-03-31 | $3.58B | 101 | +45.46% | +29.62% | +15.84% | +0.22B |
| 2023-12-31 | $3.03B | 93 | +39.91% | +26.18% | +13.73% | -0.22B |
| 2023-09-30 | $2.81B | 104 | -0.65% | -3.22% | +2.57% | -0.05B |
| 2023-06-30 | $2.88B | 111 | +14.10% | +8.68% | +5.42% | +0.02B |
| 2023-03-31 | $2.50B | 114 | +6.83% | +7.46% | -0.63% | -0.12B |
| 2022-12-31 | $2.46B | 121 | — | — | — | — |