Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.90%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.15%
baseline attrition
Rally response
-12.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GILGildan Activewear Inc. | $352M | 4.0% | +28.0% | 10.5 yr |
| RNRRenaissanceRe Holdings L | $250M | 2.8% | +24.6% | 9.8 yr |
| — | $240M | 2.7% | — | 3.0 yr |
| WTMWhite Mountains Insuranc | $230M | 2.6% | +14.1% | 1.5 yr |
| CCICrown Castle Inc. | $224M | 2.5% | -18.3% | 2.5 yr |
| FNFFidelity National Financ | $223M | 2.5% | -26.0% | 10.5 yr |
| ACGLArch Capital Group Ltd. | $215M | 2.4% | -0.2% | 6.5 yr |
| SUNBSunbelt Rentals Holdings | $182M | 2.1% | — | 0.3 yr |
| BDXBecton, Dickinson and Co | $181M | 2.0% | +14.0% | 10.5 yr |
| LHLabcorp Holdings Inc. | $180M | 2.0% | +15.9% | 2.0 yr |
| OMCOmnicom Group Inc. | $172M | 1.9% | -5.6% | 10.5 yr |
| COPConocoPhillips | $163M | 1.8% | +30.0% | 3.0 yr |
| ARMKAramark | $154M | 1.7% | +18.8% | 0.5 yr |
| CRLCharles River Laboratori | $150M | 1.7% | +14.6% | 1.8 yr |
| OXYOccidental Petroleum Cor | $145M | 1.6% | +34.6% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Property & Casualty5.3%+1.6pp$471M
Unknown4.7%+0.7pp$418M
Medical - Diagnostics & Research4.6%+2.1pp$410M
Oil & Gas Exploration & Production4.6%+0.4pp$405M
Apparel - Manufacturers4.0%-0.2pp$352M
Banks - Regional4.0%+0.5pp$350M
Insurance - Specialty3.8%-0.8pp$339M
Medical - Instruments & Supplies3.6%-0.7pp$317M
Chemicals - Specialty3.1%+1.5pp$271M
Entertainment3.0%+0.1pp$262M
Country
US74.4%+1.2pp
BM9.2%+3.9pp
CA5.6%-1.2pp
Unknown4.7%+0.7pp
IE3.5%-3.9pp
CH1.3%-0.4pp
NL0.5%+0.4pp
GG0.3%+0.0pp
Top 5: 14.7% · Top 10: 25.8% · Top 25: 50.2%
Top buys this quarter · 15
| SUNB Sunbelt Rentals Holdings Incnew | +$183M |
| AJG Arthur J. Gallagher & Co.new | +$135M |
| LAD Lithia Motors, Inc.new | +$87M |
| WAT Waters Corporationnew | +$80M |
| ADP Automatic Data Processing, Incnew | +$62M |
| CRL Charles River Laboratories Int | +$45M |
| PGR The Progressive Corporation | +$45M |
| IFF International Flavors & Fragranew | +$38M |
| MIDD The Middleby Corporation | +$30M |
| ALLE Allegion plc | +$28M |
Top sells this quarter · 15
| XPO XPO Logistics, Inc.exit | −$182M |
| MKSI MKS Inc. | −$174M |
| AYI Acuity Brands, Inc. | −$136M |
| ATO Atmos Energy Corporation | −$118M |
| JNJ Johnson & Johnson | −$80M |
| RNR RenaissanceRe Holdings Ltd. | −$75M |
| CB Chubb Limited | −$70M |
| COP ConocoPhillips | −$161M |
| OXY Occidental Petroleum Corporati | −$129M |
| HAS Hasbro, Inc. | −$58M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.84B | 103 | +10.65% | +17.59% | -6.94% | -0.85B |
| 2025-12-31 | $9.59B | 104 | +9.23% | +17.72% | -8.49% | -0.20B |
| 2025-09-30 | $9.68B | 99 | +3.04% | +17.52% | -14.48% | -0.81B |
| 2025-06-30 | $9.99B | 100 | +9.04% | +14.94% | -5.90% | -0.32B |
| 2025-03-31 | $9.99B | 102 | -0.73% | +8.30% | -9.04% | -0.35B |
| 2024-12-31 | $10.38B | 99 | +7.41% | +24.89% | -17.48% | -0.12B |
| 2024-09-30 | $11.01B | 95 | +27.37% | +36.04% | -8.66% | -0.54B |
| 2024-06-30 | $10.39B | 96 | +11.45% | +24.49% | -13.04% | +0.23B |
| 2024-03-31 | $10.82B | 99 | +26.47% | +29.62% | -3.15% | -1.42B |
| 2023-12-31 | $11.35B | 103 | +19.61% | +26.18% | -6.57% | -0.26B |
| 2023-09-30 | $10.26B | 106 | +21.58% | +21.57% | +0.02% | -0.17B |
| 2023-06-30 | $10.73B | 107 | +15.17% | +19.42% | -4.25% | -0.21B |
| 2023-03-31 | $10.27B | 105 | -3.74% | -7.82% | +4.08% | -0.16B |
| 2022-12-31 | $10.21B | 102 | +14.96% | +7.56% | +7.39% | -0.49B |
| 2022-09-30 | $9.31B | 102 | -7.86% | -4.93% | -2.93% | -0.26B |
| 2022-06-30 | $10.39B | 100 | -10.94% | -16.11% | +5.17% | +0.24B |