Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.13%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.75%
baseline attrition
Rally response
-7.79%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $217M | 4.2% | — | 3.8 yr |
| — | $187M | 3.6% | — | 3.5 yr |
| AMZNAmazon.com, Inc. | $166M | 3.2% | +9.5% | 10.3 yr |
| HEI-AHEICO Corporation | $164M | 3.1% | — | 10.0 yr |
| VMCVulcan Materials Company | $148M | 2.8% | +17.5% | 7.8 yr |
| — | $143M | 2.7% | — | 3.5 yr |
| TDGTransDigm Group Incorpor | $142M | 2.7% | -10.5% | 10.3 yr |
| — | $140M | 2.7% | — | 3.3 yr |
| ECLEcolab Inc. | $138M | 2.6% | +6.0% | 10.3 yr |
| MCOMoody's Corporation | $129M | 2.5% | -5.6% | 10.3 yr |
| — | $127M | 2.4% | — | 3.5 yr |
| FASTFastenal Company | $124M | 2.4% | +22.1% | 10.3 yr |
| MSFTMicrosoft Corporation | $109M | 2.1% | -0.6% | 10.3 yr |
| — | $107M | 2.0% | — | 3.5 yr |
| MPWRMonolithic Power Systems | $97M | 1.9% | +89.6% | 3.8 yr |
Portfolio composition (YoY)
Industry mix
Unknown48.7%-0.0pp$2.54B
Aerospace & Defense6.2%-0.4pp$321M
Software - Application4.8%-1.2pp$251M
Specialty Retail3.5%+0.4pp$181M
Chemicals - Specialty3.3%-0.4pp$173M
Semiconductors3.3%+1.1pp$171M
Medical - Diagnostics & Research3.0%-0.9pp$154M
Construction Materials2.8%-0.0pp$148M
Financial - Data & Stock Exchanges2.8%-0.2pp$146M
Industrial - Distribution2.6%+0.2pp$135M
Country
US50.8%+0.8pp
Unknown48.7%-0.0pp
CA0.4%-0.1pp
AU0.2%-0.7pp
CH0.0%+0.0pp
FR0.0%-0.0pp
TW0.0%
GB0.0%+0.0pp
Top 5: 16.9% · Top 10: 30.1% · Top 25: 56.5%
Top buys this quarter · 15
| APH Amphenol Corporation | +$23M |
| MSI Motorola Solutions, Inc. | +$16M |
| VSEC VSE Corporationnew | +$14M |
| PDFS PDF Solutions, Inc.new | +$12M |
| SYK Stryker Corporation | +$10M |
| RMBS Rambus Inc.new | +$9M |
| BMI Badger Meter, Inc. | +$4M |
| LB LandBridge Company LLC | +$4M |
| WING Wingstop Inc.new | +$4M |
| FSS Federal Signal Corporation | +$1M |
Top sells this quarter · 15
| VMC Vulcan Materials Company | −$54M |
| ECL Ecolab Inc. | −$51M |
| WST West Pharmaceutical Services, | −$50M |
| MPWR Monolithic Power Systems, Inc. | −$42M |
| TMO Thermo Fisher Scientific Inc. | −$42M |
| INTU Intuit Inc. | −$36M |
| TDG TransDigm Group Incorporated | −$31M |
| ODFL Old Dominion Freight Line, Inc | −$28M |
| MASI Masimo Corporationexit | −$25M |
| MCO Moody's Corporation | −$25M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.22B | 262 | -3.21% | +17.59% | -20.80% | -1.10B |
| 2025-12-31 | $6.95B | 263 | +1.32% | +17.72% | -16.40% | -0.56B |
| 2025-09-30 | $7.74B | 272 | +2.49% | +17.52% | -15.03% | -0.31B |
| 2025-06-30 | $7.88B | 251 | +7.01% | +14.94% | -7.93% | -0.16B |
| 2025-03-31 | $7.49B | 260 | -4.97% | +8.30% | -13.27% | -0.04B |
| 2024-12-31 | $7.90B | 248 | +10.95% | +24.89% | -13.94% | -0.17B |
| 2024-09-30 | $8.22B | 261 | +27.67% | +36.04% | -8.37% | -0.03B |
| 2024-06-30 | $7.74B | 244 | +12.18% | +24.49% | -12.31% | -0.07B |
| 2024-03-31 | $8.19B | 265 | +25.65% | +29.62% | -3.97% | -0.20B |
| 2023-12-31 | $7.55B | 250 | +20.59% | +26.18% | -5.59% | -0.16B |
| 2023-09-30 | $6.83B | 255 | +14.12% | +21.57% | -7.45% | -0.09B |
| 2023-06-30 | $7.39B | 256 | +14.78% | +19.42% | -4.64% | -0.18B |
| 2023-03-31 | $7.09B | 238 | -11.28% | -7.82% | -3.46% | -0.05B |
| 2022-12-31 | $6.69B | 239 | -20.76% | -18.17% | -2.59% | -0.23B |
| 2022-09-30 | $6.47B | 243 | -17.64% | -15.51% | -2.14% | -0.21B |
| 2022-06-30 | $7.09B | 233 | +1.31% | -10.62% | +11.93% | -0.07B |