Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.18%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.54%
baseline attrition
Rally response
-1.11%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ROSTRoss Stores, Inc. | $295M | 6.6% | +71.2% | 10.5 yr |
| APHAmphenol Corporation | $196M | 4.4% | +93.6% | 5.0 yr |
| VMCVulcan Materials Company | $179M | 4.0% | +17.5% | 6.5 yr |
| SYKStryker Corporation | $171M | 3.8% | -11.1% | 10.5 yr |
| FASTFastenal Company | $170M | 3.8% | +22.1% | 7.3 yr |
| MKLMarkel Corporation | $166M | 3.7% | +2.4% | 10.5 yr |
| KEYSKeysight Technologies, I | $152M | 3.4% | +88.5% | 2.3 yr |
| IEXIDEX Corporation | $151M | 3.4% | +6.4% | 4.3 yr |
| ADIAnalog Devices, Inc. | $151M | 3.4% | +60.2% | 6.3 yr |
| TTTrane Technologies plc | $147M | 3.3% | +24.8% | 5.8 yr |
| BROBrown & Brown, Inc. | $145M | 3.2% | -47.2% | 10.5 yr |
| BNBrookfield Corporation | $139M | 3.1% | +16.5% | 3.0 yr |
| AJGArthur J. Gallagher & Co | $123M | 2.7% | -36.6% | 10.5 yr |
| PGRThe Progressive Corporat | $109M | 2.4% | -25.5% | 5.0 yr |
| AZOAutoZone, Inc. | $108M | 2.4% | -11.4% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Hardware, Equipment & Parts8.1%+3.0pp$362M
Industrial - Machinery8.0%+0.4pp$358M
Semiconductors6.7%+2.3pp$301M
Apparel - Retail6.6%+2.2pp$295M
Insurance - Brokers6.3%-2.3pp$283M
Information Technology Services6.3%-3.2pp$283M
Insurance - Property & Casualty6.1%-0.8pp$275M
Medical - Devices5.4%-0.2pp$243M
Construction Materials5.1%+1.0pp$231M
Industrial - Distribution4.9%+0.2pp$219M
Country
US86.9%-2.1pp
CA4.9%+0.5pp
IE4.9%+0.3pp
Unknown3.0%+1.7pp
BS0.4%+0.0pp
Top 5: 22.5% · Top 10: 39.6% · Top 25: 73.5%
Top buys this quarter · 15
| SPGI S&P Global Inc.new | +$47M |
| AJG Arthur J. Gallagher & Co. | +$46M |
| RYAN Ryan Specialty Holdings, Inc. | +$24M |
| LSTR Landstar System, Inc. | +$13M |
| GIL Gildan Activewear Inc.new | +$11M |
| WSO Watsco, Inc. | +$7M |
| CBZ CBIZ, Inc. | +$18M |
| BR Broadridge Financial Solutions | +$57M |
| VRSK Verisk Analytics, Inc. | +$39M |
| BRO Brown & Brown, Inc. | +$145M |
Top sells this quarter · 15
| PNFP Pinnacle Financial Partners, Iexit | −$73M |
| EOG EOG Resources, Inc. | −$55M |
| ROST Ross Stores, Inc. | −$276M |
| CDW CDW Corporation | −$31M |
| KEYS Keysight Technologies, Inc. | −$129M |
| PAYX Paychex, Inc. | −$19M |
| ROP Roper Technologies, Inc.exit | −$18M |
| TT Trane Technologies plc | −$18M |
| BN Brookfield Corporation | −$16M |
| BROS Dutch Bros Inc.exit | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.48B | 92 | -0.36% | +17.59% | -17.95% | -0.12B |
| 2025-12-31 | $4.80B | 92 | +3.16% | +17.72% | -14.55% | -0.07B |
| 2025-09-30 | $4.99B | 91 | +4.07% | +17.52% | -13.44% | -0.05B |
| 2025-06-30 | $5.01B | 90 | +12.27% | +14.94% | -2.67% | +0.02B |
| 2025-03-31 | $4.72B | 91 | +2.05% | +8.30% | -6.25% | -0.00B |
| 2024-12-31 | $4.76B | 94 | +13.59% | +24.89% | -11.30% | -0.13B |
| 2024-09-30 | $4.96B | 97 | +28.84% | +36.04% | -7.20% | +0.01B |
| 2024-06-30 | $4.57B | 96 | +17.51% | +24.49% | -6.98% | +0.01B |
| 2024-03-31 | $4.73B | 97 | +30.88% | +29.62% | +1.26% | -0.02B |
| 2023-12-31 | $4.31B | 95 | +22.39% | +26.18% | -3.79% | +0.00B |
| 2023-09-30 | $3.85B | 100 | +20.32% | +21.57% | -1.24% | -0.12B |
| 2023-06-30 | $4.01B | 106 | +20.80% | +19.42% | +1.38% | -0.09B |
| 2023-03-31 | $3.83B | 106 | -1.37% | -7.82% | +6.44% | -0.01B |
| 2022-12-31 | $3.72B | 111 | -8.92% | -18.17% | +9.25% | -0.11B |
| 2022-09-30 | $3.48B | 108 | -8.00% | -15.51% | +7.51% | -0.04B |
| 2022-06-30 | $3.54B | 110 | -6.88% | -10.62% | +3.74% | -0.03B |