Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.61%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.42%
baseline attrition
Rally response
-1.12%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MKLMarkel Corporation | $21M | 9.1% | +2.4% | 7.5 yr |
| BRK-BBerkshire Hathaway Inc. | $19M | 8.4% | — | 7.5 yr |
| PHINPHINIA Inc. | $17M | 7.5% | +64.6% | 2.8 yr |
| CICigna Corporation | $17M | 7.2% | -17.2% | 7.5 yr |
| VNTVontier Corporation | $15M | 6.6% | +8.2% | 5.5 yr |
| PHParker-Hannifin Corporat | $14M | 6.0% | +48.6% | 7.5 yr |
| DGDollar General Corporati | $14M | 6.0% | +37.3% | 1.5 yr |
| AAPLApple Inc. | $11M | 4.6% | +14.7% | 7.5 yr |
| LHLabcorp Holdings Inc. | $10M | 4.5% | +15.9% | 2.0 yr |
| FDSFactSet Research Systems | $8M | 3.3% | -51.6% | 0.3 yr |
| HEIO.ASHeineken Holding N.V. | $7M | 3.2% | -5.5% | 3.3 yr |
| HSICHenry Schein, Inc. | $7M | 3.1% | +7.6% | 2.3 yr |
| KMXCarMax, Inc. | $7M | 3.1% | -46.6% | 7.5 yr |
| ROPRoper Technologies, Inc. | $6M | 2.8% | -39.7% | 0.5 yr |
| WTKWYWolters Kluwer N.V. | $6M | 2.5% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Property & Casualty9.3%-1.9pp$22M
Insurance - Diversified8.4%-4.6pp$19M
Auto - Parts7.5%+1.7pp$17M
Medical - Healthcare Plans7.2%-2.9pp$17M
Hardware, Equipment & Parts6.6%-0.9pp$15M
Discount Stores6.4%+1.2pp$15M
Industrial - Machinery6.2%-1.1pp$14M
Medical - Diagnostics & Research6.0%-1.7pp$14M
Consumer Electronics4.6%-0.8pp$11M
Telecommunications Services3.8%-3.0pp$9M
Country
US93.5%-1.6pp
NL5.7%+0.8pp
CA0.5%
GB0.2%
Top 5: 38.8% · Top 10: 63.1% · Top 25: 93.0%
Top buys this quarter · 13
| FDS FactSet Research Systems Inc.new | +$8M |
| ROP Roper Technologies, Inc. | +$6M |
| KMX CarMax, Inc. | +$1M |
| CI Cigna Corporation | +$1M |
| CHTR Charter Communications, Inc. | +$0M |
| VNT Vontier Corporation | +$15M |
| BF-B Brown-Forman Corporation | +$0M |
| ABNB Airbnb, Inc. | +$5M |
| MRK Merck & Co., Inc. | +$0M |
| KO The Coca-Cola Company | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $232M | 55 | +5.59% | +17.59% | -12.00% | +0.01B |
| 2025-12-31 | $230M | 55 | +8.83% | +17.72% | -8.89% | +0.00B |
| 2025-09-30 | $220M | 56 | +4.99% | +17.52% | -12.53% | +0.03B |
| 2025-06-30 | $194M | 19 | +14.81% | +14.94% | -0.13% | +0.01B |
| 2025-03-31 | $177M | 16 | +4.07% | +8.30% | -4.24% | +0.01B |
| 2024-12-31 | $167M | 16 | +15.44% | +24.89% | -9.45% | -0.01B |
| 2024-09-30 | $173M | 16 | +23.96% | +36.04% | -12.08% | -0.01B |
| 2024-06-30 | $166M | 17 | +12.44% | +24.49% | -12.06% | -0.00B |
| 2024-03-31 | $176M | 19 | +29.87% | +29.62% | +0.24% | -0.00B |
| 2023-12-31 | $163M | 19 | +23.60% | +26.18% | -2.58% | -0.00B |
| 2023-09-30 | $154M | 19 | +27.56% | +21.57% | +6.00% | +0.01B |
| 2023-06-30 | $151M | 16 | +17.22% | +19.42% | -2.20% | -0.00B |
| 2023-03-31 | $137M | 16 | -8.22% | -7.82% | -0.41% | -0.01B |
| 2022-12-31 | $135M | 16 | +11.13% | +7.56% | +3.57% | -0.01B |
| 2022-09-30 | $134M | 18 | -10.49% | -4.93% | -5.56% | +0.00B |
| 2022-06-30 | $148M | 18 | -12.76% | -16.11% | +3.35% | -0.00B |