Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.55%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.86%
baseline attrition
Rally response
-5.63%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JCIJohnson Controls Interna | $7.53B | 4.1% | +65.7% | 9.8 yr |
| SCHWThe Charles Schwab Corpo | $7.05B | 3.9% | +21.5% | 10.5 yr |
| RTXRTX Corporation | $6.84B | 3.8% | +48.1% | 6.0 yr |
| OXYOccidental Petroleum Cor | $4.82B | 2.6% | +34.6% | 10.5 yr |
| MSFTMicrosoft Corporation | $4.43B | 2.4% | -0.6% | 10.5 yr |
| BKNGBooking Holdings Inc. | $4.20B | 2.3% | -96.3% | 8.3 yr |
| CVSCVS Health Corporation | $3.72B | 2.0% | +10.0% | 8.0 yr |
| METMetLife, Inc. | $3.61B | 2.0% | -9.3% | 10.5 yr |
| FDXFedEx Corporation | $3.56B | 2.0% | +49.3% | 10.5 yr |
| GOOGAlphabet Inc. | $3.51B | 1.9% | +84.3% | 10.5 yr |
| SUNBSunbelt Rentals Holdings | $3.46B | 1.9% | — | 0.3 yr |
| REGNRegeneron Pharmaceutical | $3.44B | 1.9% | +22.5% | 4.5 yr |
| GILDGilead Sciences, Inc. | $3.38B | 1.9% | +27.7% | 10.5 yr |
| CMCSAComcast Corporation | $3.25B | 1.8% | — | 10.5 yr |
| GSKGSK plc | $3.24B | 1.8% | +48.1% | 3.8 yr |
Portfolio composition (YoY)
Industry mix
Industrial - Machinery6.3%+1.6pp$11.42B
Medical - Healthcare Plans6.2%-1.1pp$11.34B
Financial - Capital Markets5.5%-0.1pp$10.09B
Drug Manufacturers - General5.2%-2.2pp$9.46B
Internet Content & Information5.2%+1.2pp$9.44B
Telecommunications Services4.6%-1.0pp$8.31B
Biotechnology4.3%+1.5pp$7.82B
Aerospace & Defense4.2%-0.6pp$7.62B
Specialty Retail3.6%+0.0pp$6.58B
Insurance - Brokers3.5%$6.34B
Country
US77.2%-2.5pp
IE7.9%+3.0pp
GB4.1%+1.0pp
CA2.6%+1.1pp
CH1.3%-0.8pp
CN1.2%-0.7pp
BE1.1%-0.3pp
FR0.8%-1.5pp
Top 5: 16.9% · Top 10: 27.1% · Top 25: 52.4%
Top buys this quarter · 15
| SUNB Sunbelt Rentals Holdings Incnew | +$3.46B |
| MSFT Microsoft Corporation | +$1.67B |
| AJG Arthur J. Gallagher & Co. | +$1.40B |
| ROP Roper Technologies, Inc. | +$1.18B |
| CARR Carrier Global Corporation | +$743M |
| BN Brookfield Corporation | +$725M |
| NVO Novo Nordisk A/Snew | +$711M |
| TRU TransUnion | +$439M |
| CPNG Coupang, Inc. | +$430M |
| HPQ HP Inc. | +$136M |
Top sells this quarter · 15
| FDX FedEx Corporation | −$1.99B |
| SNY Sanofi | −$1.30B |
| GE GE Aerospace | −$1.26B |
| NSC Norfolk Southern Corporation | −$966M |
| CVS CVS Health Corporation | −$771M |
| GSK GSK plc | −$544M |
| RTX RTX Corporation | −$405M |
| JCI Johnson Controls International | −$7.23B |
| OXY Occidental Petroleum Corporati | −$3.27B |
| NVS Novartis AG | −$313M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $181.98B | 222 | +11.91% | +17.59% | -5.68% | +2.35B |
| 2025-12-31 | $185.26B | 222 | +19.94% | +17.72% | +2.23% | -6.62B |
| 2025-09-30 | $185.33B | 219 | +13.54% | +17.52% | -3.98% | -1.80B |
| 2025-06-30 | $177.97B | 219 | +16.21% | +14.94% | +1.27% | -8.05B |
| 2025-03-31 | $175.45B | 214 | +9.83% | +8.30% | +1.53% | -3.13B |
| 2024-12-31 | $171.84B | 214 | +14.22% | +24.89% | -10.67% | -1.46B |
| 2024-09-30 | $176.83B | 205 | +27.32% | +36.04% | -8.72% | -2.50B |
| 2024-06-30 | $166.62B | 202 | +18.82% | +24.49% | -5.67% | -6.12B |
| 2024-03-31 | $172.38B | 199 | +24.82% | +29.62% | -4.81% | +2.11B |
| 2023-12-31 | $157.55B | 197 | +17.03% | +26.18% | -9.15% | -4.55B |
| 2023-09-30 | $148.40B | 191 | +20.63% | +21.57% | -0.94% | -2.13B |
| 2023-06-30 | $149.86B | 190 | +11.86% | +19.42% | -7.57% | -4.61B |
| 2023-03-31 | $146.75B | 202 | -6.19% | -7.82% | +1.63% | -1.01B |
| 2022-12-31 | $145.82B | 187 | +12.60% | +7.56% | +5.04% | -2.78B |
| 2022-09-30 | $131.97B | 190 | -6.86% | -4.93% | -1.93% | -2.58B |
| 2022-06-30 | $144.46B | 209 | -11.72% | -16.11% | +4.39% | -0.82B |