Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.93%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.79%
steady accumulation
Rally response
-2.42%
trims into rallies
when a holding rises +10%+
Top positions · 17
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AZOAutoZone, Inc. | $557M | 11.2% | -11.4% | 9.0 yr |
| UNHUnitedHealth Group Incor | $512M | 10.2% | -46.9% | 1.0 yr |
| PGRThe Progressive Corporat | $487M | 9.7% | -25.5% | 5.0 yr |
| ROSTRoss Stores, Inc. | $394M | 7.9% | +71.2% | 10.5 yr |
| VVisa Inc. | $379M | 7.6% | -13.1% | 10.5 yr |
| ORLYO'Reilly Automotive, Inc | $324M | 6.5% | -3.4% | 8.8 yr |
| MAMastercard Incorporated | $300M | 6.0% | -8.5% | 10.5 yr |
| ACGLArch Capital Group Ltd. | $293M | 5.9% | -0.2% | 10.5 yr |
| EXPDExpeditors International | $280M | 5.6% | +20.6% | 10.5 yr |
| DPZDomino's Pizza, Inc. | $271M | 5.4% | -20.6% | 4.3 yr |
| CMICummins Inc. | $241M | 4.8% | +74.8% | 10.5 yr |
| MCOMoody's Corporation | $235M | 4.7% | -5.6% | 10.5 yr |
| TJXThe TJX Companies, Inc. | $174M | 3.5% | +32.7% | 6.3 yr |
| NVRNVR, Inc. | $168M | 3.4% | -9.0% | 10.5 yr |
| DISThe Walt Disney Company | $158M | 3.2% | -1.3% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail17.7%-5.3pp$882M
Financial - Credit Services13.6%-0.2pp$679M
Apparel - Retail11.4%-2.4pp$568M
Medical - Healthcare Plans10.2%$512M
Insurance - Property & Casualty9.7%+4.0pp$487M
Insurance - Diversified5.9%+0.5pp$293M
Integrated Freight & Logistics5.6%+0.8pp$280M
Restaurants5.4%-1.7pp$271M
Industrial - Machinery4.8%-2.3pp$241M
Financial - Data & Stock Exchanges4.7%-0.5pp$235M
Country
US94.1%-0.5pp
BM5.9%+0.5pp
Top 5: 46.6% · Top 10: 76.0% · Top 25: 100.0%
Top buys this quarter · 3
| V Visa Inc. | +$68M |
| UNH UnitedHealth Group Incorporate | +$512M |
| ACGL Arch Capital Group Ltd. | +$16M |
Top sells this quarter · 14
| ROST Ross Stores, Inc. | −$194M |
| CMI Cummins Inc. | −$169M |
| STRA Strategic Education, Inc. | −$57M |
| ORLY O'Reilly Automotive, Inc. | −$36M |
| AZO AutoZone, Inc. | −$33M |
| FAST Fastenal Company | −$150M |
| EXPD Expeditors International of Wa | −$14M |
| PGR The Progressive Corporation | −$14M |
| MA Mastercard Incorporated | −$13M |
| TJX The TJX Companies, Inc. | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.99B | 17 | +2.85% | +17.59% | -14.74% | -0.50B |
| 2025-12-31 | $5.70B | 17 | +8.77% | +17.72% | -8.95% | -0.06B |
| 2025-09-30 | $5.78B | 17 | +8.93% | +17.52% | -8.59% | +0.46B |
| 2025-06-30 | $4.89B | 19 | +6.83% | +14.94% | -8.11% | +0.34B |
| 2025-03-31 | $4.62B | 18 | +7.31% | +8.30% | -0.99% | -0.08B |
| 2024-12-31 | $4.61B | 18 | +20.39% | +24.89% | -4.49% | -0.09B |
| 2024-09-30 | $4.71B | 19 | +33.27% | +36.04% | -2.77% | -0.11B |
| 2024-06-30 | $4.52B | 19 | +26.58% | +24.49% | +2.09% | -0.31B |
| 2024-03-31 | $4.88B | 19 | +33.02% | +29.62% | +3.39% | -0.75B |
| 2023-12-31 | $4.93B | 21 | +19.88% | +26.18% | -6.30% | +0.46B |
| 2023-09-30 | $4.04B | 22 | +32.43% | +21.57% | +10.86% | +0.15B |
| 2023-06-30 | $3.85B | 21 | +28.74% | +19.42% | +9.31% | +0.30B |
| 2023-03-31 | $3.40B | 20 | +15.02% | -7.82% | +22.83% | +0.06B |
| 2022-12-31 | $3.25B | 19 | +22.12% | +7.56% | +14.56% | +0.01B |
| 2022-09-30 | $2.66B | 19 | -1.62% | -4.93% | +3.31% | +0.05B |
| 2022-06-30 | $2.65B | 19 | -6.97% | -16.11% | +9.14% | +0.27B |