Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.40%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.47%
baseline attrition
Rally response
-7.83%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ACAArcosa, Inc. | $133M | 1.3% | +37.9% | 7.5 yr |
| KWRQuaker Chemical Corporat | $102M | 1.0% | +2.1% | 10.5 yr |
| JBTMJBT Marel Corporation | $101M | 1.0% | +4.9% | 10.5 yr |
| ESEESCO Technologies Inc. | $96M | 1.0% | +77.1% | 6.3 yr |
| MKSIMKS Inc. | $93M | 0.9% | +188.8% | 10.5 yr |
| AGOAssured Guaranty Ltd. | $80M | 0.8% | -6.0% | 10.5 yr |
| ESABESAB Corporation | $79M | 0.8% | -16.8% | 4.0 yr |
| SEICSEI Investments Company | $78M | 0.8% | +2.3% | 10.5 yr |
| IGICInternational General In | $78M | 0.8% | +0.8% | 5.0 yr |
| UFPIUFP Industries, Inc. | $76M | 0.8% | -12.7% | 6.0 yr |
| LCIILCI Industries | $75M | 0.7% | +46.9% | 9.3 yr |
| IPARInter Parfums, Inc. | $75M | 0.7% | -17.7% | 10.5 yr |
| EXPOExponent, Inc. | $75M | 0.7% | -18.2% | 10.3 yr |
| LFUSLittelfuse, Inc. | $74M | 0.7% | +74.5% | 10.5 yr |
| CRUSCirrus Logic, Inc. | $73M | 0.7% | +45.1% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors7.1%+0.9pp$716M
Banks - Regional5.7%-0.4pp$574M
Hardware, Equipment & Parts5.5%-0.0pp$557M
Industrial - Machinery3.8%+0.5pp$382M
Chemicals - Specialty3.2%+0.2pp$326M
Asset Management3.2%-0.6pp$320M
Engineering & Construction3.1%+1.0pp$310M
Unknown2.8%+0.5pp$287M
Biotechnology2.8%+0.7pp$284M
Auto - Parts2.3%+0.1pp$237M
Country
US87.9%-0.2pp
CA3.1%+0.1pp
Unknown2.8%+0.5pp
BM2.0%-0.7pp
GB1.1%+0.5pp
IL1.0%+0.1pp
JO0.8%+0.0pp
SG0.4%-0.1pp
Top 5: 5.2% · Top 10: 9.1% · Top 25: 19.3%
Top buys this quarter · 15
| EXPO Exponent, Inc. | +$32M |
| ANDG Andersen | +$17M |
| MMS Maximus, Inc. | +$17M |
| TRNS Transcat, Inc. | +$16M |
| DOCN DigitalOcean Holdings, Inc. | +$16M |
| RLI RLI Corp. | +$16M |
| JBTM JBT Marel Corporation | +$16M |
| BBSI Barrett Business Services, Inc | +$15M |
| HRB H&R Block, Inc. | +$15M |
| TDS Telephone and Data Systems, In | +$14M |
Top sells this quarter · 15
| FORM FormFactor, Inc. | −$68M |
| MKSI MKS Inc. | −$49M |
| AAOI Applied Optoelectronics, Inc. | −$47M |
| SII Sprott Inc. | −$31M |
| TGNA TEGNA Inc.exit | −$29M |
| ICHR Ichor Holdings, Ltd. | −$27M |
| IBP Installed Building Products, I | −$25M |
| CRUS Cirrus Logic, Inc. | −$24M |
| KLIC Kulicke and Soffa Industries, | −$23M |
| UCTT Ultra Clean Holdings, Inc. | −$28M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $10.09B | 773 | +26.71% | +17.59% | +9.12% | -0.19B |
| 2025-12-31 | $9.82B | 759 | +8.81% | +17.72% | -8.91% | -0.38B |
| 2025-09-30 | $9.98B | 760 | +7.05% | +17.52% | -10.47% | -0.62B |
| 2025-06-30 | $9.70B | 780 | +4.16% | +14.94% | -10.78% | -0.27B |
| 2025-03-31 | $9.20B | 793 | -6.40% | +8.30% | -14.70% | -0.48B |
| 2024-12-31 | $10.76B | 827 | +9.58% | +24.89% | -15.30% | -0.26B |
| 2024-09-30 | $10.97B | 860 | +23.31% | +36.04% | -12.73% | -0.36B |
| 2024-06-30 | $10.66B | 865 | +11.47% | +24.49% | -13.02% | -0.23B |
| 2024-03-31 | $11.18B | 870 | +20.70% | +29.62% | -8.92% | -0.21B |
| 2023-12-31 | $10.81B | 858 | +22.38% | +26.18% | -3.80% | -0.27B |
| 2023-09-30 | $9.80B | 905 | +18.49% | +21.57% | -3.08% | -0.07B |
| 2023-06-30 | $10.28B | 907 | +15.50% | +19.42% | -3.92% | -0.24B |
| 2023-03-31 | $9.97B | 907 | -7.90% | -7.82% | -0.08% | -0.24B |
| 2022-12-31 | $9.56B | 909 | +9.53% | +7.56% | +1.96% | -0.10B |
| 2022-09-30 | $8.82B | 922 | -6.41% | -4.93% | -1.48% | -0.25B |
| 2022-06-30 | $9.69B | 930 | -15.88% | -16.11% | +0.23% | -0.19B |