Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-19.88%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.72%
baseline attrition
Rally response
-23.66%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PEPPepsiCo, Inc. | $247M | 6.1% | +7.7% | 0.8 yr |
| ONONOn Holding AG | $224M | 5.5% | -22.5% | 0.8 yr |
| PGThe Procter & Gamble Com | $204M | 5.0% | -12.9% | 1.0 yr |
| HLTHilton Worldwide Holding | $189M | 4.7% | +33.9% | 0.5 yr |
| MCDMcDonald's Corporation | $187M | 4.6% | +1.8% | 0.5 yr |
| MNSTMonster Beverage Corpora | $172M | 4.2% | +23.8% | 0.8 yr |
| BSXBoston Scientific Corpor | $140M | 3.5% | -37.8% | 0.5 yr |
| AAgilent Technologies, In | $138M | 3.4% | -1.8% | 1.5 yr |
| RACEFerrari N.V. | $136M | 3.3% | -20.3% | 1.0 yr |
| CMGChipotle Mexican Grill, | $128M | 3.2% | -36.2% | 0.3 yr |
| ARMKAramark | $125M | 3.1% | +18.8% | 0.5 yr |
| WHWyndham Hotels & Resorts | $113M | 2.8% | -8.4% | 1.0 yr |
| KHCThe Kraft Heinz Company | $96M | 2.4% | -21.4% | 1.0 yr |
| STZConstellation Brands, In | $95M | 2.3% | -16.1% | 1.3 yr |
| FRPTFreshpet, Inc. | $94M | 2.3% | -29.1% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Beverages - Non-Alcoholic10.3%-4.4pp$419M
Restaurants8.4%+8.3pp$339M
Medical - Diagnostics & Research8.3%+8.0pp$338M
Travel Lodging7.4%$302M
Medical - Devices7.4%+7.3pp$299M
Packaged Foods6.3%-7.8pp$255M
Household & Personal Products6.2%+2.0pp$250M
Apparel - Retail5.5%+3.0pp$224M
Auto - Manufacturers3.3%-0.3pp$136M
Specialty Business Services3.1%$125M
Country
US82.9%+0.9pp
CH7.9%+5.4pp
IT3.3%-0.0pp
IE2.2%
GB1.7%+1.6pp
CA0.9%-2.2pp
LU0.7%
DE0.3%-0.4pp
Top 5: 25.9% · Top 10: 43.5% · Top 25: 74.9%
Top buys this quarter · 15
| ONON On Holding AG | +$189M |
| PEP PepsiCo, Inc. | +$161M |
| CMG Chipotle Mexican Grill, Inc.new | +$128M |
| HLT Hilton Worldwide Holdings Inc. | +$92M |
| KHC The Kraft Heinz Company | +$78M |
| ARMK Aramark | +$74M |
| WH Wyndham Hotels & Resorts, Inc. | +$66M |
| MCD McDonald's Corporation | +$64M |
| WWD Woodward, Inc.new | +$60M |
| URI United Rentals, Inc.new | +$55M |
Top sells this quarter · 15
| KO The Coca-Cola Companyexit | −$213M |
| CL Colgate-Palmolive Companyexit | −$178M |
| MKC McCormick & Company, Incorporaexit | −$161M |
| GIS General Mills, Inc. | −$109M |
| CHD Church & Dwight Co., Inc.exit | −$104M |
| ELF e.l.f. Beauty, Inc.exit | −$76M |
| GE GE Aerospaceexit | −$73M |
| DHR Danaher Corporationexit | −$69M |
| DPZ Domino's Pizza, Inc.exit | −$59M |
| CCI Crown Castle Inc. | −$57M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.06B | 77 | -9.70% | +17.59% | -27.29% | +0.77B |
| 2025-12-31 | $3.54B | 62 | -5.38% | +17.72% | -23.10% | +0.47B |
| 2025-09-30 | $3.13B | 134 | -11.78% | +17.52% | -29.29% | +0.19B |
| 2025-06-30 | $2.97B | 155 | -2.87% | +14.94% | -17.82% | +0.52B |
| 2025-03-31 | $2.45B | 189 | -2.27% | +8.30% | -10.57% | +0.96B |
| 2024-12-31 | $1.53B | 30 | +6.01% | +24.89% | -18.88% | +0.17B |
| 2024-09-30 | $1.48B | 25 | +8.98% | +5.75% | +3.23% | +0.44B |
| 2024-06-30 | $954M | 19 | +0.78% | +4.38% | -3.60% | -0.07B |
| 2024-03-31 | $1.02B | 19 | +5.49% | +10.39% | -4.90% | +0.26B |
| 2023-12-31 | $716M | 16 | — | — | — | — |