Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.77%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.34%
baseline attrition
Rally response
-28.54%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LIILennox International Inc | $39M | 3.3% | -16.4% | 1.3 yr |
| ALLEAllegion plc | $39M | 3.2% | +12.9% | 1.5 yr |
| UNPUnion Pacific Corporatio | $39M | 3.2% | +5.1% | 1.0 yr |
| IEXIDEX Corporation | $39M | 3.2% | +6.4% | 1.0 yr |
| FOXFox Corporation | $34M | 2.8% | +1.8% | 1.5 yr |
| POOLPool Corporation | $33M | 2.7% | -35.2% | 1.3 yr |
| AWKAmerican Water Works Com | $30M | 2.5% | -5.4% | 1.5 yr |
| DSGXThe Descartes Systems Gr | $28M | 2.4% | -29.0% | 1.5 yr |
| VLTOVeralto Corporation | $28M | 2.3% | -9.0% | 1.5 yr |
| HDThe Home Depot, Inc. | $28M | 2.3% | -8.0% | 0.8 yr |
| ADSKAutodesk, Inc. | $27M | 2.3% | -8.6% | 1.3 yr |
| HEI-AHEICO Corporation | $27M | 2.2% | — | 1.5 yr |
| MKTXMarketAxess Holdings Inc | $26M | 2.2% | -22.5% | 1.5 yr |
| AMZNAmazon.com, Inc. | $26M | 2.2% | +9.5% | 1.5 yr |
| FERGFerguson plc | $23M | 2.0% | +47.8% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Application12.4%-4.0pp$147M
Industrial - Machinery6.0%+1.6pp$72M
Construction5.2%+1.9pp$61M
Industrial - Distribution4.7%+4.5pp$56M
Medical - Diagnostics & Research3.8%-5.5pp$45M
Financial - Data & Stock Exchanges3.7%-1.3pp$44M
Medical - Devices3.6%+1.0pp$43M
Medical - Instruments & Supplies3.3%-2.1pp$39M
Security & Protection Services3.2%+2.2pp$39M
Railroads3.2%+1.7pp$39M
Country
US84.8%-8.0pp
IE6.8%+4.6pp
CA2.4%+1.5pp
GB2.3%-0.1pp
Unknown1.8%+0.9pp
CH1.0%
BM0.8%+0.0pp
SG0.2%
Top 5: 15.8% · Top 10: 28.1% · Top 25: 55.7%
Top buys this quarter · 15
| MKTX MarketAxess Holdings Inc. | +$25M |
| IEX IDEX Corporation | +$21M |
| LII Lennox International Inc. | +$21M |
| HD The Home Depot, Inc. | +$21M |
| HSY The Hershey Companynew | +$19M |
| VLTO Veralto Corporation | +$17M |
| TMO Thermo Fisher Scientific Inc. | +$14M |
| DSGX The Descartes Systems Group In | +$14M |
| ADSK Autodesk, Inc. | +$13M |
| EW Edwards Lifesciences Corporati | +$12M |
Top sells this quarter · 15
| SPGI S&P Global Inc. | −$26M |
| EQIX Equinix, Inc.exit | −$23M |
| KMB Kimberly-Clark Corporationexit | −$22M |
| OTIS Otis Worldwide Corporation | −$21M |
| SYK Stryker Corporation | −$20M |
| ECL Ecolab Inc. | −$18M |
| CLX The Clorox Companyexit | −$18M |
| CHD Church & Dwight Co., Inc. | −$17M |
| LIN Linde plcexit | −$13M |
| VRT Vertiv Holdings Co | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.19B | 101 | -9.36% | +17.59% | -26.95% | +0.05B |
| 2025-12-31 | $1.23B | 100 | -3.55% | +17.72% | -21.27% | +0.06B |
| 2025-09-30 | $1.19B | 96 | -1.51% | +8.12% | -9.64% | +0.13B |
| 2025-06-30 | $1.08B | 98 | +1.39% | +10.78% | -9.38% | +0.10B |
| 2025-03-31 | $971M | 104 | -1.89% | -4.27% | +2.38% | +0.20B |
| 2024-12-31 | $790M | 113 | — | — | — | — |