Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.37%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.58%
baseline attrition
Rally response
-9.73%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| KWKennedy-Wilson Holdings, | $45M | 28.9% | +30.2% | 10.5 yr |
| BRK-ABerkshire Hathaway Inc. | $36M | 22.9% | — | 9.5 yr |
| WTMWhite Mountains Insuranc | $28M | 17.8% | +14.1% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $26M | 16.6% | — | 9.5 yr |
| GOOGLAlphabet Inc. | $5M | 2.9% | — | 9.5 yr |
| GOOGAlphabet Inc. | $4M | 2.6% | +84.3% | 9.5 yr |
| CDZICadiz Inc. | $3M | 2.0% | +67.6% | 10.5 yr |
| AAPLApple Inc. | $3M | 2.0% | +14.7% | 9.5 yr |
| BAThe Boeing Company | $1M | 0.6% | +16.7% | 5.3 yr |
| CCitigroup Inc. | $1M | 0.4% | +63.9% | 10.5 yr |
| KMBKimberly-Clark Corporati | $1M | 0.4% | -29.2% | 0.5 yr |
| IFFInternational Flavors & | $1M | 0.4% | -4.3% | 2.8 yr |
| METAMeta Platforms, Inc. | $0M | 0.3% | -0.4% | 1.0 yr |
| ADBEAdobe Inc. | $0M | 0.2% | -36.6% | 2.0 yr |
| CRMSalesforce, Inc. | $0M | 0.2% | -30.2% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Diversified39.5%-5.5pp$62M
Real Estate - Services28.9%+5.0pp$45M
Insurance - Property & Casualty17.8%-1.0pp$28M
Internet Content & Information6.0%+2.0pp$9M
Regulated Water2.0%+0.8pp$3M
Consumer Electronics2.0%+0.1pp$3M
Aerospace & Defense0.6%+0.1pp$1M
Software - Application0.6%+0.1pp$1M
Chemicals - Specialty0.5%+0.3pp$1M
Banks - Diversified0.4%+0.1pp$1M
Country
US82.0%+1.0pp
BM17.8%-1.0pp
Unknown0.2%+0.1pp
CH0.1%-0.0pp
CN0.0%-0.0pp
Top 5: 89.1% · Top 10: 96.7% · Top 25: 99.3%
Top buys this quarter · 15
| KMB Kimberly-Clark Corporation | +$0M |
| PANW Palo Alto Networks, Inc.new | +$0M |
| META Meta Platforms, Inc. | +$0M |
| CRM Salesforce, Inc. | +$0M |
| MAX MediaAlpha, Inc. | +$0M |
| BA The Boeing Company | +$0M |
| AAPL Apple Inc. | +$3M |
| NOW ServiceNow, Inc.new | +$0M |
| AMZN Amazon.com, Inc. | +$0M |
| AXP American Express Companynew | +$0M |
Top sells this quarter · 15
| OXY Occidental Petroleum Corporati | −$2M |
| WTM White Mountains Insurance Grou | −$2M |
| DOW Dow Inc. | −$1M |
| KW Kennedy-Wilson Holdings, Inc. | −$41M |
| Q Qnity Electronics, Inc.exit | −$0M |
| COST Costco Wholesale Corporationexit | −$0M |
| UNH UnitedHealth Group Incorporate | −$0M |
| TAYD Taylor Devices, Inc.exit | −$0M |
| DD DuPont de Nemours, Inc. | −$0M |
| IFF International Flavors & Fragra | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $157M | 48 | +26.66% | +17.59% | +9.07% | -0.01B |
| 2025-12-31 | $158M | 50 | +7.77% | +17.72% | -9.95% | -0.02B |
| 2025-09-30 | $147M | 37 | -6.57% | +17.52% | -24.08% | -0.01B |
| 2025-06-30 | $138M | 37 | -13.25% | +14.94% | -28.19% | +0.00B |
| 2025-03-31 | $153M | 34 | +4.67% | +8.30% | -3.63% | +0.01B |
| 2024-12-31 | $152M | 41 | +4.95% | +24.89% | -19.94% | -0.01B |
| 2024-09-30 | $156M | 44 | -4.83% | +36.04% | -40.86% | +0.00B |
| 2024-06-30 | $145M | 49 | -12.32% | +24.49% | -36.81% | -0.01B |
| 2024-03-31 | $148M | 67 | -17.22% | +29.62% | -46.84% | +0.02B |
| 2023-12-31 | $144M | 47 | -4.32% | +26.18% | -30.49% | +0.00B |
| 2023-09-30 | $153M | 50 | +8.21% | +21.57% | -13.36% | +0.00B |
| 2023-06-30 | $157M | 48 | +0.93% | +19.42% | -18.50% | +0.00B |
| 2023-03-31 | $151M | 43 | -21.48% | -7.82% | -13.66% | -0.00B |
| 2022-12-31 | $146M | 41 | +5.12% | +7.56% | -2.44% | +0.00B |
| 2022-09-30 | $138M | 44 | -10.33% | -4.93% | -5.40% | -0.00B |
| 2022-06-30 | $156M | 47 | -21.32% | -16.11% | -5.21% | +0.01B |