Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.62%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.42%
baseline attrition
Rally response
-3.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGAlphabet Inc. | $68M | 7.5% | +84.3% | 2.5 yr |
| NVDANVIDIA Corporation | $45M | 5.0% | +60.9% | 2.5 yr |
| MSFTMicrosoft Corporation | $43M | 4.8% | -0.6% | 2.5 yr |
| COSTCostco Wholesale Corpora | $35M | 3.9% | +5.9% | 2.5 yr |
| VVisa Inc. | $34M | 3.8% | -13.1% | 2.5 yr |
| HLIHoulihan Lokey, Inc. | $33M | 3.7% | -9.9% | 2.5 yr |
| TJXThe TJX Companies, Inc. | $33M | 3.7% | +32.7% | 2.5 yr |
| AAPLApple Inc. | $33M | 3.7% | +14.7% | 2.5 yr |
| MLIMueller Industries, Inc. | $31M | 3.4% | +47.2% | 2.5 yr |
| FTITechnipFMC plc | $31M | 3.4% | +119.3% | 1.0 yr |
| RGLDRoyal Gold, Inc. | $30M | 3.3% | +56.8% | 2.5 yr |
| EMEEMCOR Group, Inc. | $29M | 3.3% | +100.2% | 1.8 yr |
| ASMLASML Holding N.V. | $27M | 3.0% | +100.9% | 1.5 yr |
| BRK-BBerkshire Hathaway Inc. | $27M | 3.0% | — | 2.5 yr |
| JPMJPMorgan Chase & Co. | $26M | 2.9% | +21.8% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors10.8%+5.4pp$97M
Internet Content & Information8.2%+0.3pp$74M
Financial - Capital Markets6.3%+2.0pp$57M
Software - Infrastructure6.3%-1.0pp$57M
Software - Application4.9%-3.1pp$44M
Discount Stores3.9%-0.4pp$36M
Financial - Credit Services3.9%-0.8pp$35M
Apparel - Retail3.7%-0.7pp$33M
Consumer Electronics3.7%+0.1pp$33M
Manufacturing - Metal Fabrication3.4%+1.3pp$31M
Country
US85.7%-6.4pp
GB3.5%+3.4pp
NL3.0%+0.7pp
IT2.5%
TW2.4%+2.3pp
CH2.3%+0.3pp
IE0.4%-1.9pp
UY0.1%-0.0pp
Top 5: 25.0% · Top 10: 42.9% · Top 25: 81.5%
Top buys this quarter · 15
| SCHW The Charles Schwab Corporation | +$22M |
| RACE Ferrari N.V.new | +$21M |
| CRM Salesforce, Inc. | +$12M |
| FICO Fair Isaac Corporation | +$8M |
| V Visa Inc. | +$34M |
| MSFT Microsoft Corporation | +$43M |
| MORN Morningstar, Inc. | +$11M |
| GLW Corning Incorporatednew | +$0M |
| COST Costco Wholesale Corporation | +$0M |
| T AT&T Inc.new | +$0M |
Top sells this quarter · 15
| CMI Cummins Inc. | −$23M |
| META Meta Platforms, Inc. | −$19M |
| AJG Arthur J. Gallagher & Co.exit | −$19M |
| MELI MercadoLibre, Inc. | −$14M |
| GOOG Alphabet Inc. | −$11M |
| TSM Taiwan Semiconductor Manufactu | −$9M |
| ASML ASML Holding N.V. | −$7M |
| VEEV Veeva Systems Inc.exit | −$7M |
| INTU Intuit Inc. | −$4M |
| FTI TechnipFMC plc | −$24M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $900M | 137 | +13.78% | +17.59% | -3.81% | -0.01B |
| 2025-12-31 | $927M | 135 | +11.55% | +17.72% | -6.16% | +0.01B |
| 2025-09-30 | $899M | 131 | +12.55% | +17.52% | -4.97% | +0.01B |
| 2025-06-30 | $836M | 134 | +13.28% | +14.94% | -1.66% | +0.01B |
| 2025-03-31 | $761M | 134 | +6.62% | +8.30% | -1.68% | +0.00B |
| 2024-12-31 | $790M | 136 | +18.82% | +24.89% | -6.07% | +0.01B |
| 2024-09-30 | $765M | 147 | +6.94% | +5.75% | +1.18% | -0.01B |
| 2024-06-30 | $722M | 149 | +1.44% | +4.38% | -2.94% | -0.02B |
| 2024-03-31 | $735M | 152 | +6.86% | +10.39% | -3.54% | -0.02B |
| 2023-12-31 | $704M | 148 | — | — | — | — |