Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.14%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.44%
baseline attrition
Rally response
-2.77%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-ABerkshire Hathaway Inc. | $1.05B | 12.3% | — | 10.5 yr |
| GOOGAlphabet Inc. | $961M | 11.3% | +84.3% | 8.3 yr |
| MAMastercard Incorporated | $777M | 9.1% | -8.5% | 8.3 yr |
| PMPhilip Morris Internatio | $761M | 9.0% | +7.9% | 10.5 yr |
| HEIO.ASHeineken Holding N.V. | $643M | 7.6% | -5.5% | 8.3 yr |
| CFR.SWCompagnie Financière Ri | $594M | 7.0% | -7.6% | 8.3 yr |
| NSRGYNestlé S.A. | $543M | 6.4% | — | 10.5 yr |
| NFLXNetflix, Inc. | $539M | 6.3% | +3.1% | 4.0 yr |
| BRK-BBerkshire Hathaway Inc. | $532M | 6.3% | — | 10.5 yr |
| MLMMartin Marietta Material | $421M | 5.0% | +23.8% | 10.5 yr |
| SUNBSunbelt Rentals Holdings | $394M | 4.6% | — | 0.3 yr |
| UBERUber Technologies, Inc. | $372M | 4.4% | -1.3% | 2.5 yr |
| — | $224M | 2.6% | — | 0.3 yr |
| — | $183M | 2.2% | — | 8.3 yr |
| DASHDoorDash, Inc. | $150M | 1.8% | -17.8% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified18.6%-3.3pp$1.58B
Financial - Credit Services14.1%+3.0pp$1.20B
Internet Content & Information13.1%+2.5pp$1.11B
Tobacco9.1%-0.0pp$772M
Beverages - Alcoholic7.6%+1.0pp$643M
Luxury Goods7.0%-0.3pp$594M
Packaged Foods6.4%-0.6pp$547M
Entertainment6.4%+0.5pp$540M
Unknown5.3%+1.6pp$451M
Construction Materials5.0%+1.1pp$423M
Country
US73.7%+1.6pp
CH13.4%-0.9pp
NL7.6%+1.0pp
Unknown5.3%+1.6pp
Top 5: 49.3% · Top 10: 80.3% · Top 25: 99.1%
Top buys this quarter · 15
| SUNB Sunbelt Rentals Holdings Incnew | +$394M |
| NFLX Netflix, Inc. | +$58M |
| DASH DoorDash, Inc. | +$150M |
| UBER Uber Technologies, Inc. | +$372M |
| UNP Union Pacific Corporation | +$1M |
| XOM Exxon Mobil Corporation | +$0M |
| JNJ Johnson & Johnson | +$0M |
| AAPL Apple Inc. | +$1M |
| ORCL Oracle Corporation | +$1M |
| MCD McDonald's Corporation | +$0M |
Top sells this quarter · 15
| GOOG Alphabet Inc. | −$167M |
| JPM JPMorgan Chase & Co. | −$111M |
| MA Mastercard Incorporated | −$15M |
| PM Philip Morris International In | −$753M |
| CFR.SW Compagnie Financière Richemon | −$8M |
| MLM Martin Marietta Materials, Inc | −$7M |
| HEIO.AS Heineken Holding N.V. | −$6M |
| V Visa Inc. | −$5M |
| MKL Markel Corporation | −$3M |
| AXP American Express Company | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.50B | 86 | +14.15% | +17.59% | -3.45% | -0.06B |
| 2025-12-31 | $9.26B | 87 | +29.25% | +17.72% | +11.53% | -0.61B |
| 2025-09-30 | $9.33B | 85 | +25.26% | +17.52% | +7.74% | -0.71B |
| 2025-06-30 | $9.41B | 85 | +20.56% | +14.94% | +5.61% | -0.36B |
| 2025-03-31 | $8.92B | 86 | +12.32% | +8.30% | +4.02% | -0.33B |
| 2024-12-31 | $8.85B | 68 | +18.54% | +24.89% | -6.35% | -1.15B |
| 2024-09-30 | $9.74B | 77 | +25.56% | +36.04% | -10.47% | +0.02B |
| 2024-06-30 | $9.47B | 77 | +16.21% | +24.49% | -8.28% | -0.48B |
| 2024-03-31 | $9.75B | 81 | +22.82% | +29.62% | -6.80% | -1.08B |
| 2023-12-31 | $9.81B | 82 | +21.12% | +26.18% | -5.06% | -0.15B |
| 2023-09-30 | $9.17B | 82 | +24.50% | +21.57% | +2.93% | -0.44B |
| 2023-06-30 | $10.12B | 83 | +22.73% | +19.42% | +3.31% | -0.27B |
| 2023-03-31 | $9.64B | 84 | +4.56% | -7.82% | +12.38% | -0.22B |
| 2022-12-31 | $9.06B | 83 | +11.69% | +7.56% | +4.13% | -0.17B |
| 2022-09-30 | $8.27B | 83 | -6.35% | -4.93% | -1.42% | -0.11B |
| 2022-06-30 | $8.94B | 85 | -8.12% | -16.11% | +7.99% | -0.61B |