Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.24%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.76%
baseline attrition
Rally response
-1.56%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $24M | 17.4% | — | 2.5 yr |
| SGOViShares 0-3 Month Treasu | $15M | 10.6% | — | 2.3 yr |
| GOOGLAlphabet Inc. | $5M | 3.5% | — | 2.5 yr |
| RSPInvesco S&P 500 Equal We | $5M | 3.4% | — | 2.5 yr |
| TSLXSixth Street Specialty L | $5M | 3.4% | -10.0% | 2.5 yr |
| SYFIAlliance Bernstein - AB | $4M | 2.9% | — | 2.0 yr |
| COSTCostco Wholesale Corpora | $4M | 2.6% | +5.9% | 2.5 yr |
| BRK-ABerkshire Hathaway Inc. | $4M | 2.6% | — | 2.5 yr |
| CASHPathward Financial, Inc. | $3M | 2.5% | +22.6% | 2.5 yr |
| SPSMState Street SPDR Portfo | $3M | 2.1% | — | 2.5 yr |
| BINCiShares Flexible Income | $3M | 2.1% | — | 2.3 yr |
| JOEThe St. Joe Company | $3M | 2.0% | +35.3% | 2.5 yr |
| PFFiShares Preferred and In | $3M | 1.9% | — | 2.5 yr |
| RTXRTX Corporation | $3M | 1.8% | +48.1% | 2.5 yr |
| WMTWalmart Inc. | $2M | 1.8% | +42.8% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management28.5%-1.5pp$40M
Insurance - Diversified20.2%-3.4pp$28M
Asset Management - Bonds15.4%+0.3pp$21M
Internet Content & Information4.7%+1.9pp$6M
Discount Stores4.4%+0.6pp$6M
Aerospace & Defense3.7%+1.6pp$5M
Drug Manufacturers - General2.9%+0.3pp$4M
Financial - Credit Services2.7%-0.2pp$4M
Banks - Regional2.5%+0.5pp$3M
Financial - Capital Markets2.2%+0.3pp$3M
Country
US98.9%-0.1pp
KR0.4%+0.0pp
CH0.3%+0.0pp
Unknown0.2%-0.1pp
CA0.2%
Top 5: 38.1% · Top 10: 50.9% · Top 25: 75.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| RTX | $2M | +0.00B | 48.1% |
| WMT | $2M | +0.00B | 42.8% |
| JNJ | $1M | +0.00B | 51.5% |
| JOE | $2M | +0.00B | 35.3% |
| GOOG | $1M | +0.00B | 84.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSLX | $5M | -0.00B | -10.0% |
Top buys this quarter · 15
| SKYH Sky Harbour Group Corporationnew | +$1M |
| TSLX Sixth Street Specialty Lending | +$1M |
| PLTR Palantir Technologies Inc.new | +$0M |
| CPNG Coupang, Inc. | +$0M |
| CNQ Canadian Natural Resources Lim | +$0M |
| CASH Pathward Financial, Inc. | +$0M |
| SPY State Street SPDR S&P 500 ETF | +$0M |
| HQI HireQuest, Inc. | +$0M |
| NVDA NVIDIA Corporation | +$1M |
| RPV Invesco S&P 500 Pure Value ETF | +$0M |
Top sells this quarter · 15
| TOST Toast, Inc.exit | −$0M |
| SSD Simpson Manufacturing Co., Inc | −$0M |
| BRO Brown & Brown, Inc. | −$0M |
| FICO Fair Isaac Corporationexit | −$0M |
| LQDA Liquidia Corporation | −$0M |
| KO The Coca-Cola Company | −$1M |
| AMZN Amazon.com, Inc. | −$0M |
| NNI Nelnet, Inc. | −$0M |
| JOE The St. Joe Company | −$3M |
| MGM MGM Resorts International | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $138M | 75 | +15.19% | +17.59% | -2.41% | +0.00B |
| 2025-12-31 | $139M | 72 | +18.73% | +17.72% | +1.01% | -0.01B |
| 2025-09-30 | $143M | 80 | +17.18% | +17.52% | -0.34% | -0.00B |
| 2025-06-30 | $140M | 73 | +20.95% | +14.94% | +6.01% | -0.01B |
| 2025-03-31 | $139M | 78 | +15.85% | +8.30% | +7.55% | +0.00B |
| 2024-12-31 | $134M | 76 | +20.69% | +24.89% | -4.20% | +0.01B |
| 2024-09-30 | $118M | 72 | +8.01% | +5.75% | +2.25% | -0.00B |
| 2024-06-30 | $110M | 68 | +3.24% | +4.38% | -1.13% | +0.01B |
| 2024-03-31 | $100M | 68 | +5.97% | +10.39% | -4.42% | +0.01B |
| 2023-12-31 | $87M | 59 | — | — | — | — |