Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.88%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.91%
baseline attrition
Rally response
-8.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ARMKAramark | $429M | 5.3% | +18.8% | 2.0 yr |
| BKNGBooking Holdings Inc. | $395M | 4.9% | -96.3% | 3.5 yr |
| SCHWThe Charles Schwab Corpo | $326M | 4.0% | +21.5% | 6.8 yr |
| FERGFerguson plc | $312M | 3.9% | +47.8% | 2.0 yr |
| AVYAvery Dennison Corporati | $216M | 2.7% | -0.9% | 9.8 yr |
| CARRCarrier Global Corporati | $201M | 2.5% | -9.9% | 3.0 yr |
| BDXBecton, Dickinson and Co | $195M | 2.4% | +14.0% | 1.0 yr |
| — | $191M | 2.4% | — | 5.8 yr |
| WTMWhite Mountains Insuranc | $187M | 2.3% | +14.1% | 8.0 yr |
| CDWCDW Corporation | $175M | 2.2% | -23.2% | 3.5 yr |
| PRIPrimerica, Inc. | $173M | 2.2% | -10.5% | 3.5 yr |
| FCFSFirstCash Holdings, Inc | $171M | 2.1% | +58.0% | 4.5 yr |
| CSLCarlisle Companies Incor | $165M | 2.0% | -0.9% | 10.5 yr |
| VVVValvoline Inc. | $163M | 2.0% | -3.2% | 2.8 yr |
| ZIONZions Bancorporation, Na | $161M | 2.0% | +19.4% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Industrial - Machinery7.3%+2.1pp$588M
Financial - Credit Services6.8%+4.0pp$547M
Industrial - Distribution6.1%-0.2pp$489M
Financial - Capital Markets5.5%+0.8pp$441M
Specialty Business Services5.3%+1.0pp$431M
Travel Services4.9%+0.1pp$395M
Medical - Instruments & Supplies4.4%+3.3pp$353M
Unknown4.0%+1.7pp$322M
Construction4.0%-0.5pp$320M
Insurance - Property & Casualty3.7%+0.1pp$302M
Country
US81.3%+6.7pp
GB4.8%-5.5pp
BM4.1%-0.7pp
Unknown4.0%+1.7pp
IE2.9%+0.5pp
NL1.7%-0.1pp
DE1.2%-0.2pp
FR0.0%+0.0pp
Top 5: 20.8% · Top 10: 32.6% · Top 25: 61.2%
Top buys this quarter · 15
| PNC The PNC Financial Services Gronew | +$132M |
| SUNB Sunbelt Rentals Holdings Incnew | +$125M |
| FCN FTI Consulting, Inc. | +$122M |
| CDW CDW Corporation | +$51M |
| HURN Huron Consulting Group Inc. | +$48M |
| NSIT Insight Enterprises, Inc. | +$37M |
| CVCO Cavco Industries, Inc. | +$35M |
| PGR The Progressive Corporation | +$34M |
| ACGL Arch Capital Group Ltd. | +$33M |
| MWA Mueller Water Products, Inc. | +$27M |
Top sells this quarter · 15
| PLXS Plexus Corp.exit | −$261M |
| SLB SLB N.V.exit | −$217M |
| CSX CSX Corporationexit | −$165M |
| SONY Sony Group Corporationexit | −$116M |
| ARW Arrow Electronics, Inc. | −$80M |
| DCI Donaldson Company, Inc. | −$76M |
| WEIR.L The Weir Group PLC | −$75M |
| DGX Quest Diagnostics Incorporated | −$64M |
| PHG Koninklijke Philips N.V. | −$43M |
| SCHW The Charles Schwab Corporation | −$38M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.06B | 62 | +1.51% | +17.59% | -16.08% | -0.61B |
| 2025-12-31 | $9.09B | 67 | +6.06% | +17.72% | -11.66% | -0.69B |
| 2025-09-30 | $9.88B | 68 | +3.53% | +17.52% | -13.98% | -0.58B |
| 2025-06-30 | $10.41B | 67 | +10.56% | +14.94% | -4.38% | -0.66B |
| 2025-03-31 | $10.35B | 66 | +1.68% | +8.30% | -6.63% | -0.32B |
| 2024-12-31 | $10.72B | 70 | +11.97% | +24.89% | -12.92% | -0.31B |
| 2024-09-30 | $11.41B | 69 | +30.17% | +36.04% | -5.87% | -0.12B |
| 2024-06-30 | $10.75B | 70 | +19.50% | +24.49% | -4.99% | -0.30B |
| 2024-03-31 | $11.23B | 68 | +25.89% | +29.62% | -3.73% | -0.50B |
| 2023-12-31 | $10.69B | 67 | +20.98% | +26.18% | -5.20% | -0.34B |
| 2023-09-30 | $9.82B | 67 | +20.60% | +21.57% | -0.96% | +0.06B |
| 2023-06-30 | $9.90B | 60 | +17.85% | +19.42% | -1.58% | -0.36B |
| 2023-03-31 | $9.89B | 59 | +2.65% | -7.82% | +10.47% | -0.51B |
| 2022-12-31 | $9.87B | 70 | +12.00% | +7.56% | +4.44% | -0.77B |
| 2022-09-30 | $9.50B | 66 | -3.71% | -4.93% | +1.22% | -0.68B |
| 2022-06-30 | $10.57B | 67 | -9.70% | -16.11% | +6.41% | -0.61B |