Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.15%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.24%
steady accumulation
Rally response
-3.57%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MRKMerck & Co., Inc. | $952M | 3.1% | +38.9% | 10.5 yr |
| CVXChevron Corporation | $875M | 2.9% | +29.2% | 8.5 yr |
| GEHCGE HealthCare Technologi | $846M | 2.8% | -11.7% | 0.5 yr |
| CCLCarnival Corporation & p | $767M | 2.5% | +33.1% | 6.0 yr |
| ETREntergy Corporation | $751M | 2.5% | +35.0% | 10.5 yr |
| PRPermian Resources Corpor | $737M | 2.4% | +60.4% | 2.8 yr |
| PNWPinnacle West Capital Co | $705M | 2.3% | +10.0% | 9.0 yr |
| XOMExxon Mobil Corporation | $688M | 2.3% | +47.6% | 5.8 yr |
| MCHPMicrochip Technology Inc | $682M | 2.2% | +37.5% | 10.5 yr |
| HPEHewlett Packard Enterpri | $675M | 2.2% | +57.2% | 2.5 yr |
| ENTGEntegris, Inc. | $642M | 2.1% | +34.6% | 2.8 yr |
| APDAir Products and Chemica | $637M | 2.1% | +0.5% | 10.5 yr |
| FCXFreeport-McMoRan Inc. | $578M | 1.9% | +57.4% | 0.5 yr |
| KDPKeurig Dr Pepper Inc. | $576M | 1.9% | -21.2% | 2.5 yr |
| BACBank of America Corporat | $547M | 1.8% | +19.4% | 8.5 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric7.9%+1.0pp$2.41B
Semiconductors7.0%+2.3pp$2.14B
Oil & Gas Integrated5.1%+3.0pp$1.56B
Chemicals - Specialty4.3%-0.2pp$1.30B
Industrial - Machinery4.2%+0.6pp$1.28B
Drug Manufacturers - General4.1%+0.0pp$1.24B
Banks - Diversified3.8%-0.0pp$1.15B
REIT - Industrial3.2%-0.4pp$988M
Medical - Healthcare Information Services2.8%+2.8pp$846M
Leisure2.5%-0.4pp$767M
Country
US89.7%+4.5pp
IE3.1%-1.7pp
Unknown2.3%+0.8pp
CA1.1%-0.2pp
BM1.1%-0.1pp
FR0.9%-0.5pp
GB0.7%-0.9pp
CN0.5%-0.0pp
Top 5: 13.8% · Top 10: 25.2% · Top 25: 51.0%
Top buys this quarter · 15
| GEHC GE HealthCare Technologies Inc | +$383M |
| FCX Freeport-McMoRan Inc. | +$363M |
| PGR The Progressive Corporationnew | +$264M |
| HPE Hewlett Packard Enterprise Com | +$245M |
| PB Prosperity Bancshares, Inc. | +$244M |
| UBER Uber Technologies, Inc.new | +$148M |
| JEF Jefferies Financial Group Inc. | +$131M |
| SFM Sprouts Farmers Market, Inc.new | +$129M |
| DLR Digital Realty Trust, Inc.new | +$125M |
| SCHW The Charles Schwab Corporationnew | +$101M |
Top sells this quarter · 15
| AIG American International Group, exit | −$563M |
| SN SharkNinja, Inc. | −$326M |
| WAL Western Alliance Bancorporatio | −$290M |
| JCI Johnson Controls International | −$221M |
| DD DuPont de Nemours, Inc. | −$212M |
| SLM SLM Corporation | −$199M |
| LFUS Littelfuse, Inc. | −$192M |
| CTSH Cognizant Technology Solutionsexit | −$166M |
| ENTG Entegris, Inc. | −$574M |
| ECG Everus Construction Group, Inc | −$157M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $30.45B | 376 | +19.84% | +17.59% | +2.25% | -0.65B |
| 2025-12-31 | $30.03B | 367 | +11.97% | +17.72% | -5.74% | -2.35B |
| 2025-09-30 | $31.40B | 349 | +8.03% | +17.52% | -9.49% | -0.12B |
| 2025-06-30 | $29.68B | 313 | +12.40% | +14.94% | -2.54% | +0.57B |
| 2025-03-31 | $27.55B | 318 | +5.24% | +8.30% | -3.06% | -0.86B |
| 2024-12-31 | $29.35B | 325 | +19.71% | +24.89% | -5.17% | -1.09B |
| 2024-09-30 | $30.60B | 326 | +34.21% | +36.04% | -1.82% | -1.78B |
| 2024-06-30 | $29.30B | 300 | +18.75% | +24.49% | -5.74% | -0.09B |
| 2024-03-31 | $29.71B | 290 | +27.30% | +29.62% | -2.32% | -1.58B |
| 2023-12-31 | $28.42B | 287 | +13.43% | +26.18% | -12.74% | -0.75B |
| 2023-09-30 | $26.16B | 289 | +16.59% | +21.57% | -4.97% | -0.09B |
| 2023-06-30 | $26.85B | 282 | +13.22% | +19.42% | -6.21% | -0.54B |
| 2023-03-31 | $25.84B | 288 | -4.87% | -7.82% | +2.94% | -0.29B |
| 2022-12-31 | $26.63B | 284 | +14.63% | +7.56% | +7.07% | -1.34B |
| 2022-09-30 | $24.40B | 295 | -5.05% | -4.93% | -0.12% | -0.76B |
| 2022-06-30 | $26.50B | 297 | -10.92% | -16.11% | +5.19% | -0.79B |