Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.87%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.31%
baseline attrition
Rally response
-4.52%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TPLTexas Pacific Land Corpo | $195M | 6.9% | +8.1% | 5.3 yr |
| NVDANVIDIA Corporation | $96M | 3.4% | +60.9% | 3.8 yr |
| TXNTexas Instruments Incorp | $95M | 3.4% | +11.4% | 10.5 yr |
| HEI-AHEICO Corporation | $94M | 3.3% | — | 10.5 yr |
| MAMastercard Incorporated | $92M | 3.3% | -8.5% | 10.5 yr |
| SPGIS&P Global Inc. | $76M | 2.7% | -15.6% | 7.5 yr |
| ROPRoper Technologies, Inc. | $75M | 2.7% | -39.7% | 10.3 yr |
| APGAPi Group Corporation | $75M | 2.7% | +70.0% | 5.3 yr |
| MCOMoody's Corporation | $67M | 2.4% | -5.6% | 10.5 yr |
| LOWLowe's Companies, Inc. | $63M | 2.3% | +3.4% | 10.5 yr |
| ORLYO'Reilly Automotive, Inc | $61M | 2.2% | -3.4% | 8.8 yr |
| VRSNVeriSign, Inc. | $61M | 2.2% | -0.9% | 2.0 yr |
| ACNAccenture plc | $60M | 2.1% | -35.6% | 10.5 yr |
| CVXChevron Corporation | $52M | 1.9% | +29.2% | 6.3 yr |
| BRBroadridge Financial Sol | $51M | 1.8% | -31.8% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors15.0%+6.1pp$421M
Oil & Gas Exploration & Production10.5%-0.1pp$295M
Aerospace & Defense6.2%+0.7pp$176M
Financial - Data & Stock Exchanges5.6%+0.4pp$159M
Information Technology Services4.1%-2.1pp$115M
Financial - Credit Services3.7%-1.4pp$103M
Specialty Retail3.6%-1.4pp$100M
Software - Infrastructure3.3%+2.8pp$93M
Industrial - Distribution3.1%+0.2pp$88M
Software - Application3.1%-2.8pp$86M
Country
US85.0%-1.3pp
CA3.4%+1.0pp
IE2.8%-0.4pp
TW1.7%-0.0pp
IL1.6%+1.6pp
GB1.5%-0.1pp
HK1.2%+0.9pp
CH1.1%-1.3pp
Top 5: 20.3% · Top 10: 32.9% · Top 25: 59.0%
Top buys this quarter · 15
| VRSN VeriSign, Inc. | +$51M |
| POOL Pool Corporation | +$25M |
| INTC Intel Corporation | +$23M |
| RMBS Rambus Inc. | +$21M |
| DPZ Domino's Pizza, Inc.new | +$20M |
| MCO Moody's Corporation | +$15M |
| ACN Accenture plc | +$60M |
| BR Broadridge Financial Solutions | +$51M |
| SIMO Silicon Motion Technology Corp | +$9M |
| ESAB ESAB Corporation | +$9M |
Top sells this quarter · 15
| WSO Watsco, Inc. | −$52M |
| APG APi Group Corporation | −$41M |
| SLAB Silicon Laboratories Inc.exit | −$40M |
| TPL Texas Pacific Land Corporation | −$136M |
| MA Mastercard Incorporated | −$22M |
| SBAC SBA Communications Corporation | −$21M |
| BL BlackLine, Inc. | −$19M |
| CHE Chemed Corporation | −$18M |
| TSCO Tractor Supply Companyexit | −$18M |
| CDW CDW Corporationexit | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.81B | 128 | +5.88% | +17.59% | -11.71% | -0.10B |
| 2025-12-31 | $2.86B | 132 | +5.12% | +17.72% | -12.60% | -0.08B |
| 2025-09-30 | $2.98B | 129 | +5.48% | +17.52% | -12.03% | -0.09B |
| 2025-06-30 | $3.03B | 123 | +13.70% | +14.94% | -1.24% | +0.00B |
| 2025-03-31 | $2.91B | 125 | +5.66% | +8.30% | -2.64% | +0.11B |
| 2024-12-31 | $2.77B | 127 | +11.67% | +24.89% | -13.21% | -0.01B |
| 2024-09-30 | $2.81B | 130 | +26.49% | +36.04% | -9.55% | -0.13B |
| 2024-06-30 | $2.70B | 133 | +12.71% | +24.49% | -11.78% | +0.04B |
| 2024-03-31 | $2.74B | 139 | +24.43% | +29.62% | -5.19% | +0.01B |
| 2023-12-31 | $2.56B | 137 | +21.81% | +26.18% | -4.37% | -0.06B |
| 2023-09-30 | $2.34B | 137 | +22.47% | +21.57% | +0.91% | +0.04B |
| 2023-06-30 | $2.37B | 136 | +18.99% | +19.42% | -0.44% | -0.07B |
| 2023-03-31 | $2.28B | 138 | -4.60% | -7.82% | +3.22% | -0.02B |
| 2022-12-31 | $2.20B | 136 | +12.80% | +7.56% | +5.24% | +0.01B |
| 2022-09-30 | $1.94B | 131 | -5.65% | -4.93% | -0.72% | +0.01B |
| 2022-06-30 | $2.05B | 130 | -14.21% | -16.11% | +1.90% | +0.02B |