Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.39%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.70%
baseline attrition
Rally response
-8.95%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $360M | 4.0% | — | 3.0 yr |
| OSWOneSpaWorld Holdings Lim | $354M | 4.0% | +37.9% | 6.3 yr |
| JLLJones Lang LaSalle Incor | $312M | 3.5% | +22.8% | 10.5 yr |
| AMGAffiliated Managers Grou | $294M | 3.3% | +64.7% | 7.8 yr |
| SPHRSphere Entertainment Co. | $289M | 3.2% | +258.8% | 6.0 yr |
| NVSTEnvista Holdings Corp | $276M | 3.1% | +47.0% | 6.3 yr |
| NCLHNorwegian Cruise Line Ho | $274M | 3.1% | -1.4% | 6.3 yr |
| PBHPrestige Consumer Health | $253M | 2.8% | -31.1% | 4.0 yr |
| GNRCGenerac Holdings Inc. | $253M | 2.8% | +54.2% | 5.8 yr |
| CRLCharles River Laboratori | $249M | 2.8% | +14.6% | 10.5 yr |
| LAZLazard Ltd | $248M | 2.8% | +2.3% | 2.3 yr |
| FAFFirst American Financial | $231M | 2.6% | -4.9% | 10.5 yr |
| MSGSMadison Square Garden Sp | $231M | 2.6% | +65.1% | 10.5 yr |
| CVSACovista Inc. | $223M | 2.5% | +14.5% | 9.0 yr |
| — | $221M | 2.5% | — | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Entertainment8.5%+0.8pp$758M
Asset Management6.6%-1.0pp$587M
Unknown6.5%+0.6pp$581M
Leisure6.2%+0.9pp$551M
Industrial - Machinery5.2%+1.0pp$462M
Security & Protection Services4.8%-1.2pp$429M
Medical - Equipment & Services3.9%+1.5pp$350M
Real Estate - Services3.9%+0.4pp$347M
Medical - Diagnostics & Research3.8%+0.9pp$344M
Travel Services3.7%+0.9pp$334M
Country
US82.6%-0.7pp
Unknown6.5%+0.6pp
BS4.0%+1.9pp
BM2.8%-0.1pp
GB2.5%-0.5pp
CA1.4%+1.0pp
TW0.1%+0.0pp
KR0.1%-0.0pp
Top 5: 18.0% · Top 10: 32.6% · Top 25: 67.4%
Top buys this quarter · 15
| ZBRA Zebra Technologies Corporation | +$63M |
| SMG The Scotts Miracle-Gro Companynew | +$59M |
| JLL Jones Lang LaSalle Incorporate | +$40M |
| OSW OneSpaWorld Holdings Limited | +$33M |
| RLI RLI Corp. | +$28M |
| FITB Fifth Third Bancorpnew | +$26M |
| SJM The J. M. Smucker Company | +$24M |
| AQN Algonquin Power & Utilities Co | +$23M |
| LAZ Lazard Ltd | +$248M |
| FDS FactSet Research Systems Inc. | +$22M |
Top sells this quarter · 15
| RCL Royal Caribbean Cruises Ltd. | −$126M |
| SPHR Sphere Entertainment Co. | −$83M |
| CHKP Check Point Software Technologexit | −$66M |
| JHG Janus Henderson Group plcexit | −$60M |
| KMT Kennametal Inc. | −$55M |
| MSFT Microsoft Corporation | −$41M |
| WBS Webster Financial Corporationexit | −$40M |
| AXTA Axalta Coating Systems Ltd. | −$39M |
| NTAP NetApp, Inc.exit | −$33M |
| AMG Affiliated Managers Group, Inc | −$33M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.93B | 106 | +22.34% | +17.59% | +4.75% | -0.25B |
| 2025-12-31 | $9.26B | 108 | +16.42% | +17.72% | -1.30% | -0.30B |
| 2025-09-30 | $9.35B | 107 | +14.61% | +17.52% | -2.90% | -0.57B |
| 2025-06-30 | $8.82B | 104 | +14.80% | +14.94% | -0.14% | -0.30B |
| 2025-03-31 | $8.51B | 106 | +2.11% | +8.30% | -6.19% | -0.34B |
| 2024-12-31 | $9.37B | 110 | +14.74% | +24.89% | -10.15% | -0.49B |
| 2024-09-30 | $9.79B | 110 | +28.79% | +36.04% | -7.25% | -0.61B |
| 2024-06-30 | $9.24B | 115 | +7.40% | +24.49% | -17.09% | -0.46B |
| 2024-03-31 | $10.17B | 115 | +18.56% | +29.62% | -11.07% | -0.49B |
| 2023-12-31 | $10.04B | 114 | +19.07% | +26.18% | -7.10% | -0.64B |
| 2023-09-30 | $9.45B | 115 | +19.31% | +21.57% | -2.26% | -0.47B |
| 2023-06-30 | $10.56B | 116 | +17.35% | +19.42% | -2.08% | -0.40B |
| 2023-03-31 | $10.41B | 114 | -3.50% | -7.82% | +4.32% | -0.09B |
| 2022-12-31 | $9.85B | 116 | +13.22% | +7.56% | +5.66% | -0.46B |
| 2022-09-30 | $9.11B | 114 | -7.65% | -4.93% | -2.73% | -0.14B |
| 2022-06-30 | $10.02B | 112 | -13.40% | -16.11% | +2.71% | +0.26B |