Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.79%
adds when stocks drop
when a holding falls −10%+
Middle response
-5.38%
baseline attrition
Rally response
-12.14%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CRMSalesforce, Inc. | $2.78B | 3.7% | -30.2% | 6.5 yr |
| ICEIntercontinental Exchang | $2.57B | 3.4% | -7.8% | 5.0 yr |
| KDPKeurig Dr Pepper Inc. | $2.45B | 3.3% | -21.2% | 5.3 yr |
| ABNBAirbnb, Inc. | $2.42B | 3.2% | +5.7% | 1.5 yr |
| GOOGLAlphabet Inc. | $2.41B | 3.2% | — | 10.5 yr |
| COPConocoPhillips | $2.30B | 3.1% | +30.0% | 5.3 yr |
| TRGPTarga Resources Corp. | $2.19B | 2.9% | +28.0% | 1.3 yr |
| IQVIQVIA Holdings Inc. | $2.08B | 2.8% | -3.3% | 3.8 yr |
| SCHWThe Charles Schwab Corpo | $2.05B | 2.7% | +21.5% | 8.8 yr |
| COFCapital One Financial Co | $1.89B | 2.5% | +3.1% | 10.5 yr |
| FCNCAFirst Citizens BancShare | $1.79B | 2.4% | — | 5.3 yr |
| WTWWillis Towers Watson Pub | $1.75B | 2.3% | -13.2% | 9.3 yr |
| PSXPhillips 66 | $1.66B | 2.2% | +53.0% | 2.8 yr |
| AIGAmerican International G | $1.55B | 2.1% | -11.5% | 10.5 yr |
| MRKMerck & Co., Inc. | $1.49B | 2.0% | +38.9% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Financial - Credit Services6.9%+0.7pp$5.14B
Software - Application5.8%+4.1pp$4.35B
Financial - Data & Stock Exchanges4.3%-0.1pp$3.25B
Medical - Diagnostics & Research4.0%+0.7pp$3.02B
Oil & Gas Exploration & Production3.9%-1.6pp$2.90B
Banks - Diversified3.8%-1.5pp$2.85B
Internet Content & Information3.6%-1.2pp$2.67B
Insurance - Brokers3.5%+1.5pp$2.65B
Financial - Capital Markets3.4%-0.3pp$2.57B
Beverages - Non-Alcoholic3.3%+0.8pp$2.45B
Country
US91.5%-1.6pp
GB3.4%-0.4pp
IE3.3%+1.7pp
Unknown1.0%+0.5pp
MX0.3%
KR0.3%
CA0.0%-0.8pp
IT0.0%
Top 5: 16.9% · Top 10: 30.9% · Top 25: 57.7%
Top buys this quarter · 15
| CRM Salesforce, Inc. | +$955M |
| NFLX Netflix, Inc. | +$945M |
| SUNB Sunbelt Rentals Holdings Incnew | +$759M |
| ROP Roper Technologies, Inc.new | +$610M |
| ACN Accenture plcnew | +$569M |
| ADBE Adobe Inc. | +$551M |
| RJF Raymond James Financial, Inc.new | +$494M |
| IT Gartner, Inc. | +$344M |
| SYF Synchrony Financialnew | +$317M |
| SYY Sysco Corporation | +$219M |
Top sells this quarter · 15
| DE Deere & Company | −$1.47B |
| WBD Warner Bros. Discovery, Inc. | −$1.26B |
| PSX Phillips 66 | −$882M |
| COP ConocoPhillips | −$2.25B |
| APA APA Corporationexit | −$494M |
| EOG EOG Resources, Inc. | −$469M |
| MPC Marathon Petroleum Corporation | −$656M |
| GM General Motors Company | −$294M |
| TRGP Targa Resources Corp. | −$1.80B |
| CE Celanese Corporationexit | −$224M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $74.88B | 156 | +11.63% | +17.59% | -5.96% | -1.10B |
| 2025-12-31 | $78.81B | 167 | +17.06% | +17.72% | -0.66% | +12.43B |
| 2025-09-30 | $62.38B | 177 | +12.87% | +17.52% | -4.64% | -1.56B |
| 2025-06-30 | $61.50B | 171 | +17.04% | +14.94% | +2.10% | -0.82B |
| 2025-03-31 | $59.55B | 158 | +5.68% | +8.30% | -2.62% | -1.45B |
| 2024-12-31 | $60.34B | 152 | +14.54% | +24.89% | -10.34% | -2.07B |
| 2024-09-30 | $60.82B | 145 | +27.48% | +36.04% | -8.56% | -2.87B |
| 2024-06-30 | $59.08B | 132 | +16.35% | +24.49% | -8.14% | +0.66B |
| 2024-03-31 | $61.82B | 133 | +35.08% | +29.62% | +5.46% | -1.76B |
| 2023-12-31 | $58.03B | 143 | +33.32% | +26.18% | +7.15% | -0.54B |
| 2023-09-30 | $51.28B | 133 | +28.82% | +21.57% | +7.25% | -0.99B |
| 2023-06-30 | $53.13B | 142 | +24.79% | +19.42% | +5.37% | -3.39B |
| 2023-03-31 | $51.51B | 149 | -5.70% | -7.82% | +2.11% | -1.59B |
| 2022-12-31 | $49.11B | 143 | -14.81% | -18.17% | +3.36% | -16.75B |
| 2022-09-30 | $59.68B | 141 | -4.68% | -4.93% | +0.25% | -0.23B |
| 2022-06-30 | $62.85B | 139 | -17.10% | -16.11% | -0.99% | -0.07B |