Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.64%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.54%
baseline attrition
Rally response
-11.11%
trims into rallies
when a holding rises +10%+
Top positions · 27
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $933M | 15.4% | — | 7.5 yr |
| LENLennar Corporation | $923M | 15.2% | -23.0% | 10.5 yr |
| TOLToll Brothers, Inc. | $770M | 12.7% | +30.1% | 10.3 yr |
| PHMPulteGroup, Inc. | $647M | 10.6% | +15.3% | 9.5 yr |
| DHID.R. Horton, Inc. | $476M | 7.8% | +9.2% | 10.5 yr |
| OSKOshkosh Corporation | $373M | 6.1% | +59.0% | 3.8 yr |
| ARWArrow Electronics, Inc. | $272M | 4.5% | +38.1% | 3.3 yr |
| AVTAvnet, Inc. | $242M | 4.0% | +31.5% | 3.8 yr |
| BAXBaxter International Inc | $240M | 4.0% | -50.2% | 0.8 yr |
| SLBSLB N.V. | $240M | 3.9% | +26.7% | 0.5 yr |
| ICLRICON Public Limited Comp | $222M | 3.6% | -36.8% | 1.0 yr |
| LEALear Corporation | $206M | 3.4% | +41.3% | 6.0 yr |
| AVTRAvantor, Inc. | $177M | 2.9% | -51.6% | 0.8 yr |
| NOVNOV Inc. | $108M | 1.8% | +28.4% | 2.8 yr |
| VBILVanguard 0-3 Month Treas | $91M | 1.5% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Residential Construction48.6%+3.3pp$2.95B
Unknown15.4%-2.4pp$933M
Technology Distributors8.5%+2.3pp$513M
Medical - Instruments & Supplies6.9%$418M
Industrial - Machinery6.1%+2.3pp$373M
Oil & Gas Equipment & Services5.9%+4.9pp$358M
Medical - Diagnostics & Research3.7%+3.6pp$223M
Auto - Parts3.4%+0.8pp$206M
Asset Management1.5%$91M
Construction Materials0.0%-0.0pp$2M
Country
US80.9%-1.1pp
Unknown15.4%-2.4pp
IE3.7%+3.6pp
BM0.0%-0.1pp
NL0.0%-0.0pp
Top 5: 61.7% · Top 10: 84.2% · Top 25: 100.0%
Top buys this quarter · 12
| VBIL Vanguard 0-3 Month Treasury Bi | +$0M |
| ICLR ICON Public Limited Company | +$220M |
| BAX Baxter International Inc. | +$61M |
| LEN Lennar Corporation | +$923M |
| AVTR Avantor, Inc. | +$177M |
| TMHC Taylor Morrison Home Corporati | +$13M |
| DNOW Dnow Inc.new | +$10M |
| TOL Toll Brothers, Inc. | +$6M |
| OSK Oshkosh Corporation | +$1M |
| SLB SLB N.V. | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.07B | 27 | +14.66% | +17.59% | -2.93% | -0.08B |
| 2025-12-31 | $6.17B | 30 | +5.97% | +17.72% | -11.75% | +0.18B |
| 2025-09-30 | $6.58B | 27 | -1.57% | +17.52% | -19.09% | -1.25B |
| 2025-06-30 | $6.72B | 25 | -0.19% | +14.94% | -15.13% | -0.10B |
| 2025-03-31 | $6.29B | 26 | -12.33% | +8.30% | -20.64% | +0.06B |
| 2024-12-31 | $6.76B | 24 | +9.12% | +24.89% | -15.76% | -0.45B |
| 2024-09-30 | $8.53B | 24 | +58.75% | +36.04% | +22.71% | -0.45B |
| 2024-06-30 | $7.61B | 25 | +28.32% | +24.49% | +3.83% | -2.73B |
| 2024-03-31 | $10.86B | 27 | +51.44% | +29.62% | +21.82% | +0.10B |
| 2023-12-31 | $9.38B | 27 | +41.56% | +26.18% | +15.38% | -0.11B |
| 2023-09-30 | $7.71B | 29 | +36.86% | +21.57% | +15.29% | +0.53B |
| 2023-06-30 | $7.53B | 29 | +36.48% | +19.42% | +17.06% | +0.29B |
| 2023-03-31 | $6.44B | 32 | +8.67% | -7.82% | +16.49% | +0.40B |
| 2022-12-31 | $5.63B | 32 | +18.99% | +7.56% | +11.43% | -0.02B |
| 2022-09-30 | $4.75B | 31 | -4.87% | -4.93% | +0.06% | +0.35B |
| 2022-06-30 | $4.63B | 27 | -10.48% | -16.11% | +5.63% | +1.26B |