Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.21%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.49%
steady accumulation
Rally response
-6.96%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BNBrookfield Corporation | $424M | 2.4% | +16.5% | 3.5 yr |
| AMZNAmazon.com, Inc. | $403M | 2.2% | +9.5% | 10.3 yr |
| MKLMarkel Corporation | $395M | 2.2% | +2.4% | 10.3 yr |
| AAPLApple Inc. | $377M | 2.1% | +14.7% | 10.3 yr |
| MSFTMicrosoft Corporation | $375M | 2.1% | -0.6% | 10.3 yr |
| NVDANVIDIA Corporation | $349M | 2.0% | +60.9% | 9.8 yr |
| BRK-BBerkshire Hathaway Inc. | $347M | 1.9% | — | 10.3 yr |
| GOOGLAlphabet Inc. | $226M | 1.3% | — | 10.3 yr |
| JNJJohnson & Johnson | $218M | 1.2% | +51.5% | 10.3 yr |
| UNHUnitedHealth Group Incor | $215M | 1.2% | -46.9% | 10.3 yr |
| VOOVanguard S&P 500 ETF | $207M | 1.2% | — | 10.0 yr |
| MLMMartin Marietta Material | $200M | 1.1% | +23.8% | 9.5 yr |
| WSOWatsco, Inc. | $198M | 1.1% | -26.4% | 10.3 yr |
| CVXChevron Corporation | $190M | 1.1% | +29.2% | 10.3 yr |
| VIGVanguard Dividend Apprec | $184M | 1.0% | — | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management15.0%+3.1pp$2.68B
Semiconductors5.2%+2.1pp$940M
Insurance - Property & Casualty3.5%-0.6pp$632M
Specialty Retail3.3%-0.9pp$585M
Software - Infrastructure3.2%-0.6pp$579M
Industrial - Machinery3.0%+0.4pp$538M
Internet Content & Information3.0%-0.6pp$537M
Drug Manufacturers - General2.7%-1.3pp$485M
Medical - Devices2.2%-0.9pp$402M
Oil & Gas Integrated2.2%+0.6pp$399M
Country
US88.4%+1.1pp
IE3.9%+0.5pp
CA3.2%-0.3pp
Unknown1.4%+0.1pp
BE0.7%-0.1pp
FR0.6%-0.1pp
GB0.5%+0.0pp
LU0.5%-0.2pp
Top 5: 11.0% · Top 10: 18.6% · Top 25: 33.4%
Top buys this quarter · 15
| CEG Constellation Energy Corporati | +$93M |
| CSCO Cisco Systems, Inc. | +$80M |
| UNP Union Pacific Corporation | +$64M |
| TXN Texas Instruments Incorporated | +$59M |
| WY Weyerhaeuser Company | +$59M |
| HQY HealthEquity, Inc. | +$52M |
| RYN Rayonier Inc. | +$52M |
| EMN Eastman Chemical Company | +$50M |
| AAPL Apple Inc. | +$41M |
| UNH UnitedHealth Group Incorporate | +$215M |
Top sells this quarter · 15
| NVO Novo Nordisk A/S | −$78M |
| FDX FedEx Corporation | −$74M |
| LHX L3Harris Technologies, Inc. | −$66M |
| ADBE Adobe Inc. | −$54M |
| BN Brookfield Corporation | −$54M |
| META Meta Platforms, Inc. | −$53M |
| JNJ Johnson & Johnson | −$52M |
| PWR Quanta Services, Inc. | −$47M |
| CVX Chevron Corporation | −$172M |
| CRC California Resources Corporati | −$32M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $17.92B | 1266 | +8.79% | +17.59% | -8.80% | -0.00B |
| 2025-12-31 | $18.36B | 1223 | +9.78% | +17.72% | -7.94% | -0.11B |
| 2025-09-30 | $18.49B | 1199 | +9.54% | +17.52% | -7.98% | -0.25B |
| 2025-06-30 | $18.00B | 1171 | +13.09% | +14.94% | -1.85% | -0.03B |
| 2025-03-31 | $16.82B | 1136 | +3.05% | +8.30% | -5.26% | +0.11B |
| 2024-12-31 | $16.96B | 1118 | +13.33% | +24.89% | -11.56% | +0.08B |
| 2024-09-30 | $16.94B | 1110 | +26.85% | +36.04% | -9.19% | +0.04B |
| 2024-06-30 | $15.73B | 1080 | +14.07% | +24.49% | -10.42% | +0.13B |
| 2024-03-31 | $15.97B | 1077 | +24.87% | +29.62% | -4.75% | +0.39B |
| 2023-12-31 | $14.38B | 1036 | +19.68% | +26.18% | -6.50% | -0.02B |
| 2023-09-30 | $12.91B | 1025 | +16.16% | +21.57% | -5.41% | +0.05B |
| 2023-06-30 | $13.30B | 1031 | +13.44% | +19.42% | -5.98% | -0.13B |
| 2023-03-31 | $12.56B | 1021 | -8.36% | -7.82% | -0.54% | +0.02B |
| 2022-12-31 | $12.08B | 982 | -15.80% | -18.17% | +2.37% | -0.19B |
| 2022-09-30 | $11.33B | 972 | -13.62% | -15.51% | +1.89% | +0.05B |
| 2022-06-30 | $11.95B | 967 | -7.96% | -10.62% | +2.67% | -0.31B |