Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.14%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.19%
baseline attrition
Rally response
-8.57%
trims into rallies
when a holding rises +10%+
Top positions · 24
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CNACNA Financial Corporatio | $11.41B | 96.0% | -2.0% | 10.5 yr |
| BLDRBuilders FirstSource, In | $61M | 0.5% | -34.1% | 0.8 yr |
| TEAMAtlassian Corporation | $51M | 0.4% | -67.8% | 0.5 yr |
| METAMeta Platforms, Inc. | $33M | 0.3% | -0.4% | 6.3 yr |
| AMZNAmazon.com, Inc. | $29M | 0.2% | +9.5% | 0.5 yr |
| — | $25M | 0.2% | — | 0.3 yr |
| — | $24M | 0.2% | — | 1.0 yr |
| GOOGLAlphabet Inc. | $24M | 0.2% | — | 8.5 yr |
| COFCapital One Financial Co | $24M | 0.2% | +3.1% | 4.8 yr |
| NRGNRG Energy, Inc. | $22M | 0.2% | +55.0% | 0.8 yr |
| UBERUber Technologies, Inc. | $22M | 0.2% | -1.3% | 1.0 yr |
| OMCOmnicom Group Inc. | $21M | 0.2% | -5.6% | 4.0 yr |
| SUNBSunbelt Rentals Holdings | $21M | 0.2% | — | 0.3 yr |
| BNBrookfield Corporation | $18M | 0.1% | +16.5% | 1.0 yr |
| INGRIngredion Incorporated | $17M | 0.1% | -15.1% | 5.8 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Property & Casualty96.0%-0.7pp$11.41B
Software - Application0.6%+0.3pp$72M
Construction0.5%$61M
Financial - Credit Services0.5%+0.3pp$59M
Internet Content & Information0.5%+0.2pp$57M
Unknown0.4%$49M
Independent Power Producers0.3%$32M
Specialty Retail0.2%$29M
Advertising Agencies0.2%$21M
Asset Management0.1%-0.1pp$18M
Country
US99.0%-0.8pp
AU0.4%
Unknown0.4%
CA0.1%+0.1pp
Top 5: 97.4% · Top 10: 98.4% · Top 25: 100.0%
Top buys this quarter · 15
| TEAM Atlassian Corporation | +$44M |
| BLDR Builders FirstSource, Inc. | +$38M |
| AMZN Amazon.com, Inc. | +$29M |
| OMC Omnicom Group Inc. | +$21M |
| SUNB Sunbelt Rentals Holdings Incnew | +$21M |
| NRG NRG Energy, Inc. | +$15M |
| META Meta Platforms, Inc. | +$14M |
| COF Capital One Financial Corporat | +$12M |
| UBER Uber Technologies, Inc. | +$12M |
| VST Vistra Corp. | +$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $11.89B | 24 | -1.94% | +17.59% | -19.53% | -0.50B |
| 2025-12-31 | $12.28B | 25 | +7.22% | +17.72% | -10.50% | -0.20B |
| 2025-09-30 | $12.04B | 23 | +3.28% | +17.52% | -14.24% | -0.12B |
| 2025-06-30 | $12.05B | 27 | +9.69% | +14.94% | -5.25% | -0.08B |
| 2025-03-31 | $13.05B | 25 | +20.80% | +8.30% | +12.50% | -0.59B |
| 2024-12-31 | $12.37B | 21 | +23.99% | +24.89% | -0.90% | -0.25B |
| 2024-09-30 | $12.64B | 18 | +34.90% | +36.04% | -1.14% | -0.04B |
| 2024-06-30 | $11.83B | 19 | +29.46% | +24.49% | +4.97% | -0.07B |
| 2024-03-31 | $11.62B | 19 | +26.64% | +29.62% | -2.98% | -0.62B |
| 2023-12-31 | $10.81B | 18 | +7.61% | +26.18% | -18.57% | -0.12B |
| 2023-09-30 | $10.07B | 24 | +14.41% | +21.57% | -7.15% | +0.08B |
| 2023-06-30 | $9.72B | 30 | -7.31% | +19.42% | -26.74% | -0.10B |
| 2023-03-31 | $9.80B | 26 | -13.97% | -7.82% | -6.15% | -0.49B |
| 2022-12-31 | $10.70B | 32 | +15.48% | +7.56% | +7.91% | -0.14B |
| 2022-09-30 | $9.38B | 37 | -16.71% | -4.93% | -11.78% | -0.05B |
| 2022-06-30 | $11.32B | 35 | -7.04% | -16.11% | +9.07% | -0.09B |