Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-24.83%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.51%
baseline attrition
Rally response
-17.21%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VODVodafone Group Public Li | $50M | 6.6% | +67.6% | 1.5 yr |
| DEODiageo plc | $38M | 5.0% | -27.1% | 1.5 yr |
| SHELShell plc | $37M | 4.9% | +32.0% | 1.3 yr |
| BPBP p.l.c. | $32M | 4.2% | +47.2% | 1.5 yr |
| NGGNational Grid plc | $30M | 4.0% | +34.6% | 1.5 yr |
| GSKGSK plc | $30M | 4.0% | +48.1% | 0.8 yr |
| ERICTelefonaktiebolaget LM E | $26M | 3.5% | +46.5% | 1.3 yr |
| RIORio Tinto Group | $26M | 3.5% | +63.4% | 1.5 yr |
| HSBCHSBC Holdings plc | $23M | 3.1% | +51.2% | 1.5 yr |
| BTIBritish American Tobacco | $23M | 3.0% | +47.5% | 1.5 yr |
| — | $19M | 2.6% | — | 1.5 yr |
| IHGInterContinental Hotels | $18M | 2.4% | +22.6% | 1.3 yr |
| — | $15M | 2.0% | — | 1.0 yr |
| CXCEMEX, S.A.B. de C.V. | $13M | 1.8% | +106.1% | 0.5 yr |
| HMYHarmony Gold Mining Comp | $11M | 1.5% | +5.3% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Integrated10.0%+5.7pp$75M
Unknown8.4%+1.7pp$64M
Telecommunications Services6.7%+2.7pp$50M
Beverages - Wineries & Distilleries5.0%+1.7pp$38M
Regulated Electric5.0%+1.0pp$37M
Banks - Regional4.5%-0.0pp$34M
Drug Manufacturers - General4.0%+2.9pp$30M
Communication Equipment3.5%-1.7pp$27M
Industrial Materials3.5%+0.3pp$26M
Banks - Diversified3.3%+1.6pp$25M
Country
GB43.6%+17.9pp
US34.4%-10.8pp
Unknown8.4%+1.7pp
SE3.5%-1.3pp
MX2.2%+1.6pp
ZA1.7%-1.0pp
NL1.4%-0.8pp
CN0.9%+0.4pp
Top 5: 24.8% · Top 10: 41.9% · Top 25: 62.1%
Top buys this quarter · 15
| BP BP p.l.c. | +$14M |
| SHEL Shell plc | +$7M |
| LEN Lennar Corporation | +$6M |
| STEL Stellar Bancorp, Inc.new | +$6M |
| TPH Tri Pointe Homes, Inc.new | +$6M |
| NATH Nathan's Famous, Inc.new | +$5M |
| ASML ASML Holding N.V. | +$5M |
| DAWN Day One Biopharmaceuticals, Innew | +$5M |
| SNCY Sun Country Airlines Holdings,new | +$4M |
| PEN Penumbra, Inc.new | +$4M |
Top sells this quarter · 15
| BCS Barclays PLCexit | −$33M |
| BTI British American Tobacco p.l.c | −$31M |
| NVS Novartis AGexit | −$27M |
| HMY Harmony Gold Mining Company Li | −$27M |
| CUK Carnival Corporation & plc | −$24M |
| ERIC Telefonaktiebolaget LM Ericsso | −$23M |
| HLN Haleon plc | −$23M |
| SBSW Sibanye Stillwater Limitedexit | −$22M |
| MT ArcelorMittal S.A. | −$20M |
| SNN Smith & Nephew plc | −$15M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $753M | 364 | +35.07% | +17.59% | +17.47% | -0.37B |
| 2025-12-31 | $1.07B | 313 | +36.10% | +17.72% | +18.38% | -0.03B |
| 2025-09-30 | $1.02B | 200 | +9.51% | +8.12% | +1.39% | +0.06B |
| 2025-06-30 | $876M | 198 | +8.81% | +10.78% | -1.96% | +0.29B |
| 2025-03-31 | $538M | 191 | +5.59% | -4.27% | +9.85% | -0.20B |
| 2024-12-31 | $697M | 192 | — | — | — | — |