Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.81%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.31%
steady accumulation
Rally response
+1.15%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $877M | 4.4% | — | 8.0 yr |
| MSFTMicrosoft Corporation | $693M | 3.5% | -0.6% | 10.5 yr |
| JNJJohnson & Johnson | $665M | 3.4% | +51.5% | 10.5 yr |
| LLYEli Lilly and Company | $613M | 3.1% | +12.2% | 10.5 yr |
| — | $596M | 3.0% | — | 8.0 yr |
| — | $568M | 2.9% | — | 8.0 yr |
| WMBThe Williams Companies, | $499M | 2.5% | +25.8% | 9.3 yr |
| — | $488M | 2.5% | — | 8.0 yr |
| PGThe Procter & Gamble Com | $478M | 2.4% | -12.9% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $458M | 2.3% | +105.6% | 10.5 yr |
| CVXChevron Corporation | $439M | 2.2% | +29.2% | 10.5 yr |
| — | $433M | 2.2% | — | 3.3 yr |
| HDThe Home Depot, Inc. | $379M | 1.9% | -8.0% | 10.5 yr |
| — | $335M | 1.7% | — | 8.0 yr |
| HIGThe Hartford Financial S | $331M | 1.7% | +11.1% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown39.9%+3.5pp$7.90B
Drug Manufacturers - General6.8%+0.9pp$1.35B
Semiconductors4.3%+0.6pp$854M
Software - Infrastructure3.5%+0.4pp$695M
Aerospace & Defense2.9%+0.8pp$573M
Insurance - Property & Casualty2.9%+0.2pp$572M
Oil & Gas Midstream2.8%-1.1pp$561M
Household & Personal Products2.7%-1.4pp$528M
Restaurants2.5%+0.4pp$486M
Oil & Gas Integrated2.2%+0.3pp$442M
Country
US57.2%-5.8pp
Unknown39.9%+3.5pp
TW2.3%+1.9pp
CA0.4%+0.2pp
GB0.2%+0.2pp
CH0.0%-0.0pp
Top 5: 17.4% · Top 10: 29.9% · Top 25: 52.4%
Top buys this quarter · 15
| DRI Darden Restaurants, Inc. | +$134M |
| FAST Fastenal Company | +$58M |
| CMI Cummins Inc. | +$53M |
| PM Philip Morris International In | +$52M |
| AHR American Healthcare REIT, Inc. | +$50M |
| BTI British American Tobacco p.l.c | +$38M |
| PNC The PNC Financial Services Gro | +$34M |
| GD General Dynamics Corporation | +$25M |
| TSM Taiwan Semiconductor Manufactu | +$24M |
| FFBC First Financial Bancorp. | +$14M |
Top sells this quarter · 15
| LLY Eli Lilly and Company | −$112M |
| PAYX Paychex, Inc. | −$111M |
| MCD McDonald's Corporation | −$95M |
| PG The Procter & Gamble Company | −$94M |
| LMT Lockheed Martin Corporation | −$80M |
| MDLZ Mondelez International, Inc. | −$67M |
| GLW Corning Incorporated | −$97M |
| AVT Avnet, Inc. | −$26M |
| TXN Texas Instruments Incorporated | −$24M |
| PSX Phillips 66 | −$74M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $19.83B | 327 | +10.75% | +17.59% | -6.84% | -0.56B |
| 2025-12-31 | $19.75B | 327 | +8.73% | +17.72% | -8.99% | -0.44B |
| 2025-09-30 | $20.14B | 326 | +4.30% | +17.52% | -13.21% | -0.55B |
| 2025-06-30 | $19.76B | 332 | +8.12% | +14.94% | -6.82% | -0.29B |
| 2025-03-31 | $19.62B | 337 | +6.77% | +8.30% | -1.53% | +0.46B |
| 2024-12-31 | $18.91B | 336 | +12.66% | +24.89% | -12.23% | +0.23B |
| 2024-09-30 | $19.42B | 342 | +27.76% | +36.04% | -8.27% | -0.00B |
| 2024-06-30 | $17.90B | 333 | +13.69% | +24.49% | -10.80% | -0.23B |
| 2024-03-31 | $17.96B | 338 | +17.11% | +29.62% | -12.51% | +0.18B |
| 2023-12-31 | $16.63B | 326 | +10.53% | +26.18% | -15.65% | -0.46B |
| 2023-09-30 | $15.66B | 326 | +15.16% | +21.57% | -6.41% | -0.21B |
| 2023-06-30 | $16.43B | 344 | +13.80% | +19.42% | -5.63% | -2.88B |
| 2023-03-31 | $18.57B | 338 | -0.85% | -7.82% | +6.97% | +2.41B |
| 2022-12-31 | $16.02B | 339 | +13.69% | +7.56% | +6.13% | -1.14B |
| 2022-09-30 | $15.09B | 319 | -4.57% | -4.93% | +0.35% | +0.60B |
| 2022-06-30 | $15.19B | 324 | -9.42% | -16.11% | +6.69% | +2.88B |