Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.32%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.98%
baseline attrition
Rally response
-1.07%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-ABerkshire Hathaway Inc. | $10.03B | 27.8% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $1.62B | 4.5% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $1.27B | 3.5% | +14.7% | 10.5 yr |
| GOOGAlphabet Inc. | $1.16B | 3.2% | +84.3% | 10.5 yr |
| ASMLASML Holding N.V. | $996M | 2.8% | +100.9% | 6.3 yr |
| BNBrookfield Corporation | $940M | 2.6% | +16.5% | 3.5 yr |
| AZOAutoZone, Inc. | $884M | 2.5% | -11.4% | 10.5 yr |
| KKRKKR & Co. Inc. | $869M | 2.4% | -19.5% | 7.3 yr |
| BRK-BBerkshire Hathaway Inc. | $864M | 2.4% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $678M | 1.9% | +9.5% | 10.5 yr |
| AVGOBroadcom Inc. | $676M | 1.9% | +86.0% | 7.3 yr |
| ORCLOracle Corporation | $580M | 1.6% | +5.9% | 10.5 yr |
| AMATApplied Materials, Inc. | $515M | 1.4% | +137.6% | 10.5 yr |
| TPLTexas Pacific Land Corpo | $504M | 1.4% | +8.1% | 5.3 yr |
| CRMSalesforce, Inc. | $494M | 1.4% | -30.2% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified30.2%-6.0pp$10.90B
Semiconductors8.2%+3.7pp$2.97B
Asset Management7.7%+0.1pp$2.78B
Software - Infrastructure7.0%+0.1pp$2.54B
Internet Content & Information5.0%+1.2pp$1.82B
Specialty Retail4.9%+0.6pp$1.77B
Consumer Electronics3.5%-0.5pp$1.27B
Financial - Credit Services2.6%+0.1pp$941M
Medical - Diagnostics & Research2.5%-0.2pp$891M
Software - Application1.8%+0.1pp$658M
Country
US90.9%-1.1pp
CA3.3%+0.3pp
NL2.8%+1.4pp
GB1.1%+0.1pp
Unknown0.9%+0.0pp
CH0.4%-0.1pp
IE0.3%-0.3pp
BM0.3%-0.0pp
Top 5: 41.8% · Top 10: 53.6% · Top 25: 73.0%
Top buys this quarter · 15
| AMZN Amazon.com, Inc. | +$234M |
| BSX Boston Scientific Corporation | +$190M |
| SPGI S&P Global Inc. | +$175M |
| INTC Intel Corporation | +$121M |
| NVDA NVIDIA Corporation | +$89M |
| V Visa Inc. | +$75M |
| KKR KKR & Co. Inc. | +$869M |
| SNPS Synopsys, Inc. | +$336M |
| TPL Texas Pacific Land Corporation | +$23M |
| MA Mastercard Incorporated | +$17M |
Top sells this quarter · 15
| TTWO Take-Two Interactive Software, | −$133M |
| AMAT Applied Materials, Inc. | −$485M |
| UNH UnitedHealth Group Incorporate | −$88M |
| CPRT Copart, Inc. | −$59M |
| MDLZ Mondelez International, Inc. | −$51M |
| ASML ASML Holding N.V. | −$848M |
| GOOG Alphabet Inc. | −$40M |
| AAPL Apple Inc. | −$40M |
| VRT Vertiv Holdings Co | −$110M |
| SBUX Starbucks Corporation | −$31M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $36.06B | 752 | +12.09% | +17.59% | -5.50% | +0.34B |
| 2025-12-31 | $38.09B | 728 | +13.13% | +17.72% | -4.59% | +0.05B |
| 2025-09-30 | $37.86B | 713 | +14.55% | +17.52% | -2.97% | -0.36B |
| 2025-06-30 | $35.42B | 697 | +15.03% | +14.94% | +0.09% | -2.37B |
| 2025-03-31 | $34.28B | 677 | +7.60% | +8.30% | -0.70% | +2.01B |
| 2024-12-31 | $34.09B | 679 | +21.96% | +24.89% | -2.92% | -0.21B |
| 2024-09-30 | $33.73B | 681 | +34.90% | +36.04% | -1.14% | -0.07B |
| 2024-06-30 | $31.19B | 668 | +18.77% | +24.49% | -5.72% | -0.64B |
| 2024-03-31 | $30.86B | 1407 | +24.50% | +29.62% | -5.12% | -0.06B |
| 2023-12-31 | $28.82B | 1432 | +23.09% | +26.18% | -3.09% | -1.64B |
| 2023-09-30 | $27.09B | 1484 | +16.19% | +21.57% | -5.38% | +1.03B |
| 2023-06-30 | $27.30B | 1420 | +15.25% | +19.42% | -4.18% | -0.89B |
| 2023-03-31 | $26.07B | 1514 | -7.31% | -7.82% | +0.51% | -2.87B |
| 2022-12-31 | $27.29B | 1674 | -16.65% | -18.17% | +1.53% | +2.21B |
| 2022-09-30 | $23.61B | 1498 | -12.81% | -15.51% | +2.69% | +0.13B |
| 2022-06-30 | $24.81B | 1531 | -7.37% | -10.62% | +3.25% | -1.77B |