Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-57.27%
trims when stocks drop
when a holding falls −10%+
Middle response
-20.73%
baseline attrition
Rally response
-15.37%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $75M | 12.1% | +105.6% | 1.5 yr |
| CARRCarrier Global Corporati | $47M | 7.6% | -9.9% | 0.5 yr |
| DOVDover Corporation | $44M | 7.1% | +20.0% | 1.0 yr |
| CRH.LCRH plc | $41M | 6.7% | — | 1.5 yr |
| CMICummins Inc. | $41M | 6.6% | +74.8% | 0.8 yr |
| APDAir Products and Chemica | $41M | 6.6% | +0.5% | 1.0 yr |
| FCXFreeport-McMoRan Inc. | $36M | 5.8% | +57.4% | 1.3 yr |
| RRXRegal Rexnord Corporatio | $22M | 3.6% | +65.7% | 0.5 yr |
| HUBBHubbell Incorporated | $21M | 3.5% | +50.1% | 0.3 yr |
| ADIAnalog Devices, Inc. | $21M | 3.4% | +60.2% | 1.3 yr |
| NVDANVIDIA Corporation | $20M | 3.2% | +60.9% | 1.0 yr |
| AVGOBroadcom Inc. | $20M | 3.2% | +86.0% | 1.0 yr |
| PKGPackaging Corporation of | $19M | 3.1% | +9.8% | 1.0 yr |
| AMZNAmazon.com, Inc. | $18M | 2.8% | +9.5% | 0.5 yr |
| LMTLockheed Martin Corporat | $17M | 2.7% | +39.0% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Industrial - Machinery28.5%+3.9pp$176M
Semiconductors23.9%+13.0pp$148M
Chemicals - Specialty7.6%-6.2pp$47M
Construction Materials6.7%+2.6pp$41M
Copper5.8%-1.6pp$36M
Electrical Equipment & Parts3.5%$21M
Agricultural Inputs3.3%-11.2pp$20M
Packaging & Containers3.1%$19M
Industrial - Distribution3.0%$19M
Specialty Retail2.8%$18M
Country
US72.4%+3.6pp
TW12.1%+7.7pp
IE8.3%-15.2pp
GB2.1%
NL2.0%
LU1.5%
CA0.9%
CH0.7%
Top 5: 40.1% · Top 10: 62.8% · Top 25: 93.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| JCI | $43M | +0.03B | 65.7% |
| CTVA | $32M | +0.01B | 34.3% |
| TSM | $10M | +0.01B | 105.6% |
| FCX | $16M | +0.01B | 57.4% |
| ADI | $15M | +0.01B | 60.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CARR Carrier Global Corporation | +$43M |
| APD Air Products and Chemicals, In | +$28M |
| TSM Taiwan Semiconductor Manufactu | +$25M |
| CMI Cummins Inc. | +$24M |
| HUBB Hubbell Incorporatednew | +$21M |
| AVGO Broadcom Inc. | +$17M |
| LMT Lockheed Martin Corporationnew | +$17M |
| DOV Dover Corporation | +$13M |
| ASML ASML Holding N.V.new | +$13M |
| ROK Rockwell Automation, Inc.new | +$12M |
Top sells this quarter · 15
| JCI Johnson Controls International | −$46M |
| LIN Linde plc | −$37M |
| CAT Caterpillar Inc. | −$26M |
| CTVA Corteva, Inc. | −$26M |
| FCX Freeport-McMoRan Inc. | −$21M |
| PKG Packaging Corporation of Ameri | −$20M |
| TKR The Timken Company | −$11M |
| MSFT Microsoft Corporationexit | −$11M |
| OTIS Otis Worldwide Corporationexit | −$10M |
| GM General Motors Companyexit | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $618M | 36 | +44.14% | +17.59% | +26.55% | +0.14B |
| 2025-12-31 | $423M | 31 | +24.13% | +17.72% | +6.41% | -0.04B |
| 2025-09-30 | $439M | 30 | +6.94% | +8.12% | -1.18% | -0.19B |
| 2025-06-30 | $585M | 30 | +13.75% | +10.78% | +2.97% | +0.33B |
| 2025-03-31 | $220M | 15 | -3.28% | -4.27% | +0.99% | -0.18B |
| 2024-12-31 | $416M | 23 | — | — | — | — |