Alpine Saxon Woods Core Momentum Strategy
Overview
The Core Momentum Strategy is an equity portfolio that concentrates on stocks with both price momentum and improving fundamentals. We conduct bottom-up research to identify companies with sustained economic moats and resilient business models, as well as emerging leaders with disruptive technologies and accelerating growth. We also invest in turnaround candidates with a clear path to regain dominance in their respective markets after a major setback.
Investment Objectives
The Strategy seeks to achieve long-term capital appreciation by investing in a diversified portfolio of liquid U.S. equities exhibiting strong and persistent price momentum. The Strategy primarily targets large-capitalization and select mid-capitalization equities, typically emphasizing a growth-oriented investment style while retaining the flexibility to adapt across style factors as momentum shifts.
Portfolio Construction
Our portfolio strategy emphasizes diversification, disciplined risk management, and liquidity. We invest in stocks with sufficient liquidity to ensure ease of trading and efficient execution. The portfolio typically consists of 30 to 50 holdings, with a normal position size ranging from 3% to 5% of total assets. To prevent excessive exposure, we limit individual security concentration to no more than 10%.
Sector exposure is also managed prudently, typically capped at 35% or 1.5 times the benchmark weight, whichever is greater. The portfolio is typically fully invested, reflecting our conviction in selected holdings and our goal of maintaining market exposure.
To monitor and control portfolio risk, we regularly review quantitative risk management statistics. This allows us to identify where risk is concentrated and in what form it exists, enabling proactive adjustments and maintaining alignment with our risk and return objectives.
Quick Facts
As of
June 30, 2026
Fund
SMA Inception Date
1/1/2019
Benchmark 1
iShares MSCI USA Momentum Factor ETF (MTUM)
Benchmark 2
iShares Russell 1000 Growth ETF (IWF)
Strategy AUM
$25.28M
Investment Minimum
Negotiable
Fees
Negotiable
Meet the Team
Brian Hennessey, CFA
- 27 years industry experience
- BA: Williams College
- MBA: M.I.T.
Mark T. Spellman
- 32 years industry experience
- BS: Boston College
- MBA: UMass Amherst
Sarah Hunt, CFA, CFP®
- 26 years industry experience
- BA: Wesleyan University
- MBA: Fordham University
Ronak Jain, CFA
- 17 years industry experience
- BBA: Macaulay Honor College at Baruch College
Characteristics
As of
June 30, 2026
Strategy
Benchmark 1
Number of Holdings
40
126
Avg Weighted Market Cap ($B)
936.8
644.24
P/E 1-Year Forward
33.72
37.71
Est Sales Growth (2yr)
22.88
43.41
Enterprise Value/EBITDA
85.21
50.94
ROC (trailing 12 mo)
22.65
23.44
Active Share
73.00
–
Annual Turnover
147.55
–
Please see the Glossary for descriptions of these terms.
Sector Analysis
As of
June 30, 2026
Strategy
Benchmark 1
Technology
30.9
%
53.2
%
Industrials
17.6
%
15.4
%
Healthcare
13.3
%
3.6
%
Consumer Discretionary
8.1
%
2.4
%
Communications
6.6
%
4.4
%
Financials
6.6
%
4.6
%
Consumer Staples
6.0
%
3.6
%
Materials
3.8
%
1.9
%
Energy
3.7
%
9.1
%
Utilities
1.9
%
0.6
%
Real Estate
1.5
%
1.2
%
Top 10 Holdings
As of
June 30, 2026
Fund
MICROSOFT CORP
5.7
%
MARVELL TECHNOLOGIES
5.2
%
BROADCOM INC
3.9
%
APPLE INC
3.9
%
META PLATFORMS-A
3.8
%
ELI LILLY & CO
3.4
%
UBER TECHNOLOGIES
3.1
%
CUMMINS INC
2.9
%
ALPHABET INC-C
2.9
%
CISCO SYSTEMS
2.8
%
TOTAL
37.6
%
Risk/Returns Metrics
As of
June 30, 2026
Strategy
Benchmark 1
Alpha
0.54
–
Beta
0.58
1.00
Sharpe Ratio
0.51
0.71
Standard Deviation
13.68
19.83
Up/Down Capture
58/63
–
Risk/Return Metrics based on rolling 5-year period measured quarterly. Past performance is no guarantee of future results. Investing involves risks, including the possible loss of
principal.
Please see the Glossary for descriptions of these terms.
Average Annual Total Return
As of
June 30, 2026
As of
August 31, 2026
YTD
1 Year
3 Year
5 Year
Since Inception
Gross
10.38
%
13.59
%
17.77
%
10.75
%
17.09
%
Net (Composite)
9.84
%
12.52
%
16.72
%
9.81
%
16.12
%
Benchmark 1
37.23
%
43.66
%
34.51
%
15.91
%
19.16
%
YTD
1 Year
3 Year
5 Year
Since Inception
Gross
13.39
%
16.08
%
17.82
%
10.69
%
17.09
%
Net (Composite)
12.56
%
14.96
%
16.73
%
9.71
%
16.11
%
Benchmark 1
20.23
%
24.11
%
27.85
%
11.77
%
16.67
%
Past performance is no guarantee of future results. Investing involves risks, including the possible loss of the principal amount invested. The use of Alpine Saxon Woods does not eliminate risks associated with investing. Consider the investment objectives, risks, charges, and expenses carefully before investing. The information presented has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Opinions, estimates and projections constitute the judgment of Alpine Saxon Woods and are subject to change without notice. This material is presented for informational purposes only and is not an offer, recommendation or solicitation regarding any financial product or service or as a determination that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any investment strategy based on the investor’s objectives, financial situation and particular needs. The investments or investment strategies discussed may not be suitable for every investor. There is no assurance that any investment strategy will be successful. Some investment products may be available only to certain “qualified investors” — that is, investors who meet certain income and/or investable assets thresholds.
Performance is presented both gross and net of composite fees. The highest fee applicable for a separate account managed directly by Alpine Saxon Woods is 1.0% annually. (Strategies accessed through third-party wrap programs will pay fees as high as 3%.) Gross-of-fee returns reflect the impact of transaction costs but not the deduction of advisory fees. Net-of-fee (Net) returns reflect the deduction of all transaction costs and advisory fees to accounts in the composite. Actual fees and account minimums may vary. Indices, including index ETFs, are provided solely for illustrative purposes. Indices are not available for direct investment, and do not reflect the deduction of fees and trading costs, which would reduce returns. ETFs are similarly provided to illustrate particular industries or industry groups and are not recommendations for investment. ETF fees and expenses are lower (typically 0.10%-0.35%) than is typical for a managed account, which can exceed 1%.
The positions provided represent holdings as of the date shown and are subject to change without notice. Reported positions do not include all securities that were purchased, sold or held in client accounts over time. It should not be assumed that the holdings described are or will be profitable or that securities purchased in the future will be profitable or will equal the performance of the securities in this list. References to specific securities do not represent a recommendation to purchase or sell any particular security outside a managed account.
The Quarter's Top Contributors
As of
June 30, 2026
Marvell Technology (MRVL) was the portfolio’s leading contributor for the quarter, as the designer of custom AI accelerators (XPUs) and high-speed interconnect silicon emerged as one of the primary beneficiaries of hyperscalers’ push to design their own custom AI chips. CrowdStrike (CRWD) rebounded sharply as enterprises continued consolidating security spending onto its cloud-native Falcon platform; we added to the position during the quarter. Alphabet (GOOG) recovered as concerns about Gemini’s competitive position and AI-driven cannibalization of Search advertising proved overstated, while Google Cloud continued to post accelerating growth. Cisco Systems (CSCO) benefited from surging demand for high-speed networking and optical equipment as hyperscalers race to build out AI data center fabric. Finally, Steel Dynamics (STLD) rallied on record shipments and expanding metal margins that drove a sharp beat-and-raise in its Q2 guidance, reinforced by new aluminum-segment growth and active share buybacks; we exited the position following the run, in line with our broader shift toward higher-conviction AI-infrastructure and quality-compounder names. Taken together, these results reflect a theme we have been emphasizing: as AI infrastructure spending broadened beyond the mega-cap hyperscalers and into the semiconductor, networking, and cybersecurity businesses that enable it, the portfolio’s positioning in this group began to pay off.
The Quarter's Top Detractors
As of
June 30, 2026
Oracle (ORCL) was the largest detractor for the quarter, as investors grew concerned about the scale of debt-financed capital expenditure the company has committed to its cloud infrastructure buildout, alongside questions about the credit quality of some of its largest AI infrastructure customer contracts; we exited a small tactical position. Netflix (NFLX) gave back prior gains as investors rotated capital away from richly valued streaming names and into the AI infrastructure complex; we exited the position, as we believe the durability of Netflix’s moat may be faltering amid changing consumer viewing habits. Agnico Eagle Mines (AEM) declined as gold prices pulled back from their highs alongside the broader de-escalation of Middle East hostilities; we continue to hold a core gold-related position as a portfolio diversifier but trimmed it modestly during the quarter. Microsoft (MSFT) was pressured by skepticism over the payback period on its AI infrastructure and Copilot spending; we view this as a fundamental disconnect and used the volatility to opportunistically add to our core position. L3Harris Technologies (LHX) gave back gains from its strong prior run. The pullback was primarily driven by a broader defense sector sell-off following geopolitical de-escalation and investor concerns over potential margin compression on fixed-price defense contracts.
The information contained on this website is the property of Alpine Saxon Woods LLC (“ASW”) and is being provided for information purposes only. This website and the information contained herein is not an offer to sell or the solicitation of an offer to buy any securities or instruments, or a recommendation, representation of suitability or endorsement of any security or investment. Since ASW cannot anticipate all the requisites of each individual viewer, there is no consideration given for the specific investment needs, objectives or risk tolerance of any viewer. ASW’s services are primarily provided through separately managed accounts. Some ASW investment products may be available only to certain “qualified investors”—that is, investors who meet certain income and/or investable assets thresholds – and are offered only pursuant to confidential offering documents. Before making any investment decision, individuals should consult their own advisors, including legal and tax advisors.