Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.67%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.70%
baseline attrition
Rally response
-7.56%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MCKMcKesson Corporation | $85M | 2.4% | +29.1% | 8.5 yr |
| 0HQN.LCboe Global Markets, Inc | $82M | 2.3% | +26.3% | 4.5 yr |
| ADIAnalog Devices, Inc. | $77M | 2.2% | +60.2% | 10.5 yr |
| WRBW. R. Berkley Corporatio | $75M | 2.1% | -4.4% | 6.3 yr |
| MTBM&T Bank Corporation | $72M | 2.0% | +19.1% | 8.8 yr |
| FERGFerguson plc | $71M | 2.0% | +47.8% | 1.8 yr |
| FANGDiamondback Energy, Inc. | $70M | 2.0% | +27.1% | 5.3 yr |
| PNCThe PNC Financial Servic | $69M | 2.0% | +22.7% | 7.5 yr |
| CRH.LCRH plc | $68M | 1.9% | — | 2.3 yr |
| CASYCasey's General Stores, | $67M | 1.9% | +68.4% | 9.5 yr |
| APDAir Products and Chemica | $63M | 1.8% | +0.5% | 4.3 yr |
| MKLMarkel Corporation | $62M | 1.8% | +2.4% | 9.5 yr |
| IDAIDACORP, Inc. | $59M | 1.7% | +26.5% | 5.3 yr |
| LNTAlliant Energy Corporati | $55M | 1.6% | +15.1% | 5.3 yr |
| GMEDGlobus Medical, Inc. | $55M | 1.6% | +17.7% | 4.0 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric5.3%+0.1pp$185M
Asset Management4.9%+0.8pp$172M
Insurance - Property & Casualty4.8%-1.3pp$167M
Semiconductors4.7%+2.6pp$166M
Banks - Regional4.3%+0.3pp$151M
Chemicals - Specialty3.9%+3.3pp$137M
REIT - Specialty3.2%-0.1pp$111M
Industrial - Distribution3.0%+0.5pp$105M
Financial - Data & Stock Exchanges2.9%+0.0pp$102M
Medical - Devices2.9%-0.5pp$101M
Country
US84.7%-2.5pp
GB5.1%+0.8pp
IE4.2%+0.1pp
CH2.2%+1.1pp
Unknown1.3%-0.0pp
BM1.3%-0.1pp
CA1.2%+0.6pp
FR0.0%
Top 5: 11.1% · Top 10: 20.9% · Top 25: 43.8%
Top buys this quarter · 15
| SUNB Sunbelt Rentals Holdings Incnew | +$30M |
| BLDR Builders FirstSource, Inc.new | +$29M |
| PAYC Paycom Software, Inc.new | +$22M |
| AZN AstraZeneca PLCnew | +$11M |
| TECK Teck Resources Limited | +$8M |
| CCI Crown Castle Inc. | +$8M |
| APD Air Products and Chemicals, In | +$6M |
| LOW Lowe's Companies, Inc. | +$6M |
| AMT American Tower Corporation | +$6M |
| KDP Keurig Dr Pepper Inc. | +$5M |
Top sells this quarter · 15
| BWXT BWX Technologies, Inc. | −$35M |
| AJG Arthur J. Gallagher & Co. | −$31M |
| HAL Halliburton Company | −$30M |
| MCK McKesson Corporation | −$11M |
| PGR The Progressive Corporation | −$9M |
| ADI Analog Devices, Inc. | −$73M |
| DEO Diageo plcexit | −$6M |
| JNJ Johnson & Johnson | −$6M |
| GS The Goldman Sachs Group, Inc. | −$5M |
| UNH UnitedHealth Group Incorporateexit | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.51B | 250 | +14.38% | +17.59% | -3.22% | -0.05B |
| 2025-12-31 | $3.45B | 250 | +12.52% | +17.72% | -5.20% | -0.08B |
| 2025-09-30 | $3.45B | 241 | +7.36% | +17.52% | -10.16% | -0.08B |
| 2025-06-30 | $3.40B | 239 | +12.51% | +14.94% | -2.43% | -0.08B |
| 2025-03-31 | $3.35B | 240 | +6.26% | +8.30% | -2.04% | -0.22B |
| 2024-12-31 | $3.50B | 241 | +12.96% | +24.89% | -11.93% | -0.16B |
| 2024-09-30 | $3.76B | 243 | +28.41% | +36.04% | -7.63% | -0.11B |
| 2024-06-30 | $3.55B | 238 | +14.59% | +24.49% | -9.90% | -0.20B |
| 2024-03-31 | $3.81B | 237 | +19.88% | +29.62% | -9.74% | -0.28B |
| 2023-12-31 | $3.79B | 237 | +12.72% | +26.18% | -13.46% | -0.18B |
| 2023-09-30 | $3.57B | 262 | +12.31% | +21.57% | -9.26% | -0.17B |
| 2023-06-30 | $3.85B | 266 | +10.26% | +19.42% | -9.16% | -0.04B |
| 2023-03-31 | $3.78B | 264 | -10.00% | -7.82% | -2.18% | -0.18B |
| 2022-12-31 | $3.89B | 263 | +10.47% | +7.56% | +2.91% | -0.12B |
| 2022-09-30 | $3.63B | 263 | -4.58% | -4.93% | +0.35% | -0.13B |
| 2022-06-30 | $3.94B | 269 | -16.03% | -16.11% | +0.08% | +0.01B |