Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.87%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.53%
baseline attrition
Rally response
-8.94%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WTMWhite Mountains Insuranc | $21M | 4.7% | +14.1% | 10.5 yr |
| CBSHCommerce Bancshares, Inc | $17M | 3.8% | -19.4% | 10.5 yr |
| HXLHexcel Corporation | $17M | 3.8% | +49.4% | 6.3 yr |
| SONSonoco Products Company | $17M | 3.8% | +19.9% | 10.5 yr |
| CASSCass Information Systems | $16M | 3.6% | +4.8% | 2.5 yr |
| IEXIDEX Corporation | $15M | 3.5% | +6.4% | 10.5 yr |
| MGEEMGE Energy, Inc. | $15M | 3.3% | -15.0% | 4.0 yr |
| ARWArrow Electronics, Inc. | $14M | 3.3% | +38.1% | 9.5 yr |
| RPMRPM International Inc. | $14M | 3.3% | -12.4% | 6.3 yr |
| STESTERIS plc | $14M | 3.2% | -1.5% | 7.3 yr |
| DVNDevon Energy Corporation | $14M | 3.2% | +38.1% | 10.5 yr |
| TTCThe Toro Company | $14M | 3.2% | +30.4% | 2.3 yr |
| MSAMSA Safety Incorporated | $14M | 3.2% | +13.2% | 5.8 yr |
| MTBM&T Bank Corporation | $13M | 3.1% | +19.1% | 10.5 yr |
| GNTXGentex Corporation | $13M | 3.0% | -4.8% | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail7.8%-0.5pp$34M
Banks - Regional6.9%+0.9pp$30M
Insurance - Property & Casualty6.7%-1.3pp$29M
Medical - Devices6.2%-1.1pp$27M
Industrial - Machinery5.8%-0.3pp$25M
Medical - Instruments & Supplies5.4%+0.4pp$24M
Technology Distributors4.6%+1.1pp$20M
Chemicals - Specialty4.4%+0.4pp$19M
Hardware, Equipment & Parts4.2%+1.7pp$18M
Aerospace & Defense3.8%+0.6pp$17M
Country
US92.1%-0.2pp
BM4.7%+0.3pp
IE3.2%-0.0pp
Top 5: 19.6% · Top 10: 36.2% · Top 25: 79.2%
Top buys this quarter · 7
| TEX Terex Corporationnew | +$6M |
| NSIT Insight Enterprises, Inc. | +$5M |
| FUL H.B. Fuller Companynew | +$5M |
| MAX MediaAlpha, Inc.new | +$5M |
| MKC McCormick & Company, Incorporanew | +$4M |
| STE STERIS plc | +$3M |
| TFX Teleflex Incorporated | +$3M |
Top sells this quarter · 15
| DVA DaVita Inc.exit | −$14M |
| TRMB Trimble Inc. | −$8M |
| HXL Hexcel Corporation | −$6M |
| ARW Arrow Electronics, Inc. | −$6M |
| WAB Westinghouse Air Brake Technol | −$5M |
| TTC The Toro Company | −$4M |
| CHRW C.H. Robinson Worldwide, Inc. | −$4M |
| CASY Casey's General Stores, Inc. | −$4M |
| KEYS Keysight Technologies, Inc. | −$11M |
| WTM White Mountains Insurance Grou | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $439M | 38 | +8.02% | +17.59% | -9.57% | -0.05B |
| 2025-12-31 | $462M | 42 | -0.22% | +17.72% | -17.94% | -0.03B |
| 2025-09-30 | $500M | 44 | -1.94% | +17.52% | -19.45% | -0.01B |
| 2025-06-30 | $491M | 43 | +3.93% | +14.94% | -11.02% | +0.01B |
| 2025-03-31 | $486M | 42 | -1.67% | +8.30% | -9.98% | -0.01B |
| 2024-12-31 | $507M | 41 | +7.77% | +24.89% | -17.12% | -0.01B |
| 2024-09-30 | $541M | 42 | +21.71% | +36.04% | -14.33% | +0.00B |
| 2024-06-30 | $489M | 42 | +4.31% | +24.49% | -20.18% | -0.00B |
| 2024-03-31 | $517M | 43 | +14.27% | +29.62% | -15.35% | -0.01B |
| 2023-12-31 | $488M | 41 | +9.10% | +26.18% | -17.08% | -0.00B |
| 2023-09-30 | $454M | 39 | +9.57% | +21.57% | -12.00% | -0.01B |
| 2023-06-30 | $489M | 39 | +14.07% | +19.42% | -5.36% | -0.00B |
| 2023-03-31 | $475M | 38 | -1.27% | -7.82% | +6.55% | -0.00B |
| 2022-12-31 | $466M | 37 | +8.71% | +7.56% | +1.15% | -0.01B |
| 2022-09-30 | $438M | 38 | -1.66% | -4.93% | +3.27% | +0.02B |
| 2022-06-30 | $424M | 38 | -10.24% | -16.11% | +5.88% | +0.00B |