Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.87%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.64%
baseline attrition
Rally response
-6.28%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-ABerkshire Hathaway Inc. | $11M | 11.3% | — | 0.8 yr |
| AZOAutoZone, Inc. | $7M | 7.0% | -11.4% | 0.8 yr |
| PGRThe Progressive Corporat | $7M | 6.8% | -25.5% | 0.3 yr |
| SCHWThe Charles Schwab Corpo | $6M | 6.2% | +21.5% | 0.8 yr |
| MIDDThe Middleby Corporation | $6M | 6.2% | -12.8% | 0.8 yr |
| AMDAdvanced Micro Devices, | $5M | 4.6% | +98.0% | 0.3 yr |
| UNPUnion Pacific Corporatio | $5M | 4.5% | +5.1% | 0.8 yr |
| NVDANVIDIA Corporation | $4M | 4.3% | +60.9% | 0.3 yr |
| AMATApplied Materials, Inc. | $4M | 3.7% | +137.6% | 0.3 yr |
| CMCSAComcast Corporation | $3M | 3.4% | — | 0.3 yr |
| CHTRCharter Communications, | $3M | 3.4% | -41.4% | 0.3 yr |
| BF-BBrown-Forman Corporation | $3M | 2.9% | -19.5% | 0.8 yr |
| SPHRSphere Entertainment Co. | $3M | 2.8% | +258.8% | 0.3 yr |
| BDXBecton, Dickinson and Co | $3M | 2.6% | +14.0% | 1.0 yr |
| LYVLive Nation Entertainmen | $2M | 1.9% | +16.8% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors15.0%$15M
Insurance - Diversified12.7%$13M
Specialty Retail8.7%+4.3pp$9M
Industrial - Machinery7.4%$8M
Insurance - Property & Casualty6.8%$7M
Telecommunications Services6.8%+5.5pp$7M
Financial - Capital Markets6.2%$6M
Entertainment4.7%$5M
Railroads4.5%$5M
Medical - Instruments & Supplies4.4%-13.3pp$4M
Country
US98.2%+10.3pp
DE1.4%
Unknown0.4%-0.5pp
Top 5: 37.6% · Top 10: 58.2% · Top 25: 87.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AMZN | $3M | +0.00B | 9.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| PGR The Progressive Corporationnew | +$7M |
| AMD Advanced Micro Devices, Inc.new | +$5M |
| NVDA NVIDIA Corporationnew | +$4M |
| AZO AutoZone, Inc. | +$4M |
| AMAT Applied Materials, Inc.new | +$4M |
| CHTR Charter Communications, Inc.new | +$3M |
| SCHW The Charles Schwab Corporation | +$3M |
| MIDD The Middleby Corporation | +$3M |
| SPHR Sphere Entertainment Co.new | +$3M |
| LYV Live Nation Entertainment, Incnew | +$2M |
Top sells this quarter · 15
| DHR Danaher Corporationexit | −$5M |
| RPRX Royalty Pharma plcexit | −$5M |
| AER AerCap Holdings N.V.exit | −$4M |
| CLH Clean Harbors, Inc.exit | −$4M |
| AVTR Avantor, Inc.exit | −$3M |
| BDX Becton, Dickinson and Company | −$3M |
| UNH UnitedHealth Group Incorporateexit | −$3M |
| EPAM EPAM Systems, Inc.exit | −$3M |
| HUM Humana Inc.exit | −$2M |
| ICUI ICU Medical, Inc.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $101M | 38 | -0.63% | +17.59% | -18.22% | +0.01B |
| 2025-12-31 | $94M | 36 | -1.93% | +17.72% | -19.65% | -0.00B |
| 2025-09-30 | $90M | 33 | -12.66% | +17.52% | -30.18% | -0.01B |
| 2025-06-30 | $107M | 40 | +3.11% | +14.94% | -11.83% | -0.06B |
| 2025-03-31 | $158M | 38 | -1.85% | +8.30% | -10.16% | -0.00B |
| 2024-12-31 | $170M | 50 | +15.97% | +24.89% | -8.92% | +0.01B |
| 2024-09-30 | $167M | 53 | +33.02% | +36.04% | -3.02% | -0.00B |
| 2024-06-30 | $149M | 57 | -1.91% | +4.38% | -6.28% | +0.00B |
| 2024-03-31 | $150M | 57 | +10.67% | +10.39% | +0.28% | +0.01B |
| 2023-12-31 | $131M | 55 | +7.21% | +11.64% | -4.43% | -0.04B |
| 2023-09-30 | $162M | 58 | — | — | — | — |