Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.18%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.02%
baseline attrition
Rally response
+0.86%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-ABerkshire Hathaway Inc. | $341M | 9.9% | — | 3.8 yr |
| METAMeta Platforms, Inc. | $295M | 8.5% | -0.4% | 3.8 yr |
| GOOGAlphabet Inc. | $287M | 8.3% | +84.3% | 3.8 yr |
| WALWestern Alliance Bancorp | $218M | 6.3% | -6.0% | 3.8 yr |
| CBChubb Limited | $161M | 4.7% | +9.3% | 3.8 yr |
| BRK-BBerkshire Hathaway Inc. | $151M | 4.4% | — | 3.8 yr |
| CRBGCorebridge Financial, In | $138M | 4.0% | -21.9% | 2.5 yr |
| JPMJPMorgan Chase & Co. | $138M | 4.0% | +21.8% | 0.3 yr |
| MKLMarkel Corporation | $135M | 3.9% | +2.4% | 3.8 yr |
| AXAxos Financial, Inc. | $124M | 3.6% | +31.9% | 3.8 yr |
| ACNAccenture plc | $107M | 3.1% | -35.6% | 0.8 yr |
| PGRThe Progressive Corporat | $100M | 2.9% | -25.5% | 0.3 yr |
| GPNGlobal Payments Inc. | $100M | 2.9% | -30.4% | 3.8 yr |
| VVisa Inc. | $97M | 2.8% | -13.1% | 3.8 yr |
| FAFFirst American Financial | $90M | 2.6% | -4.9% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional21.7%-6.7pp$752M
Internet Content & Information16.9%-1.6pp$583M
Insurance - Diversified16.1%+5.9pp$555M
Insurance - Property & Casualty11.5%+2.0pp$398M
Financial - Credit Services7.7%-4.3pp$267M
Asset Management6.1%-5.7pp$210M
Banks - Diversified5.8%+4.8pp$202M
Financial - Capital Markets3.9%+2.4pp$135M
Information Technology Services3.1%$107M
Insurance - Specialty2.6%$90M
Country
US88.2%-0.7pp
CH4.7%-1.0pp
IE3.1%
CN2.2%-0.5pp
BM1.8%-0.4pp
Unknown0.0%-0.5pp
GB0.0%
Top 5: 37.7% · Top 10: 57.6% · Top 25: 90.5%
Top buys this quarter · 15
| JPM JPMorgan Chase & Co.new | +$137M |
| PGR The Progressive Corporationnew | +$100M |
| CRBG Corebridge Financial, Inc. | +$55M |
| WAL Western Alliance Bancorporatio | +$41M |
| MKL Markel Corporation | +$39M |
| ACN Accenture plc | +$37M |
| WFC Wells Fargo & Companynew | +$27M |
| AXP American Express Companynew | +$19M |
| GS The Goldman Sachs Group, Inc. | +$19M |
| MKTX MarketAxess Holdings Inc.new | +$18M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.46B | 85 | +11.14% | +17.59% | -6.45% | +0.83B |
| 2025-12-31 | $2.79B | 30 | +14.67% | +17.72% | -3.05% | -0.08B |
| 2025-09-30 | $2.81B | 31 | +18.03% | +17.52% | +0.51% | +0.04B |
| 2025-06-30 | $2.57B | 31 | +23.39% | +14.94% | +8.45% | -0.01B |
| 2025-03-31 | $2.40B | 31 | +14.30% | +8.30% | +6.00% | +0.02B |
| 2024-12-31 | $2.45B | 31 | +27.75% | +24.89% | +2.86% | -0.18B |
| 2024-09-30 | $2.50B | 33 | +42.96% | +36.04% | +6.92% | -0.01B |
| 2024-06-30 | $2.23B | 34 | +34.22% | +24.49% | +9.73% | -0.04B |
| 2024-03-31 | $2.28B | 33 | +39.17% | +29.62% | +9.54% | +0.05B |
| 2023-12-31 | $2.06B | 33 | +20.20% | +26.18% | -5.98% | +0.04B |
| 2023-09-30 | $1.71B | 32 | +6.35% | +21.57% | -15.21% | -0.05B |
| 2023-06-30 | $1.67B | 32 | +3.09% | +8.68% | -5.59% | +0.06B |
| 2023-03-31 | $1.56B | 32 | -6.31% | +7.46% | -13.76% | -0.12B |
| 2022-12-31 | $1.79B | 31 | +4.22% | +7.56% | -3.34% | +0.01B |
| 2022-09-30 | $1.71B | 31 | — | — | — | — |