Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.71%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.12%
baseline attrition
Rally response
-1.67%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VEUVanguard FTSE All-World | $138M | 7.3% | — | 5.3 yr |
| AAPLApple Inc. | $72M | 3.8% | +14.7% | 10.5 yr |
| VWOVanguard FTSE Emerging M | $64M | 3.4% | — | 5.3 yr |
| MSFTMicrosoft Corporation | $58M | 3.1% | -0.6% | 10.5 yr |
| EWJiShares MSCI Japan ETF | $45M | 2.4% | — | 5.3 yr |
| SGOViShares 0-3 Month Treasu | $44M | 2.3% | — | 1.0 yr |
| VNQVanguard Real Estate ETF | $43M | 2.3% | — | 5.3 yr |
| VGKVanguard FTSE Europe ETF | $40M | 2.1% | — | 5.3 yr |
| AMZNAmazon.com, Inc. | $37M | 2.0% | +9.5% | 9.0 yr |
| DJPiPath Bloomberg Commodit | $34M | 1.8% | — | 5.3 yr |
| GOOGAlphabet Inc. | $34M | 1.8% | +84.3% | 10.5 yr |
| NVDANVIDIA Corporation | $33M | 1.7% | +60.9% | 5.5 yr |
| JPMJPMorgan Chase & Co. | $33M | 1.7% | +21.8% | 10.5 yr |
| SRLNState Street Blackstone | $31M | 1.6% | — | 5.3 yr |
| RWXState Street SPDR Dow Jo | $31M | 1.6% | — | 3.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management38.0%+0.9pp$719M
Asset Management - Bonds5.3%+2.4pp$101M
Software - Infrastructure5.1%+0.2pp$96M
Semiconductors4.2%+1.1pp$79M
Internet Content & Information4.1%+0.7pp$78M
Consumer Electronics3.8%-0.0pp$72M
Specialty Retail3.7%+1.4pp$70M
Medical - Diagnostics & Research2.4%+0.1pp$46M
Banks - Diversified1.8%+0.1pp$34M
Gambling, Resorts & Casinos1.7%+0.1pp$32M
Country
US95.3%+0.8pp
NL1.1%+0.2pp
IE0.9%-0.3pp
UY0.9%-0.0pp
CN0.8%-0.1pp
IT0.5%+0.2pp
SG0.5%-0.1pp
GB0.0%-0.1pp
Top 5: 19.9% · Top 10: 30.4% · Top 25: 51.5%
Top buys this quarter · 15
| NOW ServiceNow, Inc.new | +$9M |
| AMZN Amazon.com, Inc. | +$8M |
| MSFT Microsoft Corporation | +$58M |
| NFLX Netflix, Inc.new | +$7M |
| URI United Rentals, Inc.new | +$6M |
| PLNT Planet Fitness, Inc. | +$6M |
| PANW Palo Alto Networks, Inc. | +$5M |
| BSX Boston Scientific Corporationnew | +$5M |
| TMO Thermo Fisher Scientific Inc. | +$4M |
| ESTC Elastic N.V. | +$3M |
Top sells this quarter · 15
| LNG Cheniere Energy, Inc. | −$15M |
| UNP Union Pacific Corporation | −$11M |
| RTX RTX Corporation | −$10M |
| VMC Vulcan Materials Company | −$10M |
| NICE NICE Ltd.exit | −$9M |
| GPN Global Payments Inc.exit | −$7M |
| KEYS Keysight Technologies, Inc. | −$5M |
| BUSE First Busey Corporation | −$4M |
| WDAY Workday, Inc.exit | −$4M |
| LVS Las Vegas Sands Corp. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.89B | 197 | +7.78% | +17.59% | -9.81% | +0.08B |
| 2025-12-31 | $1.94B | 196 | +11.74% | +17.72% | -5.98% | -0.06B |
| 2025-09-30 | $1.97B | 206 | +9.75% | +17.52% | -7.77% | -0.02B |
| 2025-06-30 | $1.88B | 205 | +10.31% | +14.94% | -4.63% | +0.02B |
| 2025-03-31 | $1.73B | 212 | +1.84% | +8.30% | -6.46% | +0.06B |
| 2024-12-31 | $1.73B | 218 | +13.10% | +24.89% | -11.79% | -0.03B |
| 2024-09-30 | $1.76B | 221 | +26.38% | +36.04% | -9.66% | -0.01B |
| 2024-06-30 | $1.67B | 218 | +15.54% | +24.49% | -8.95% | +0.06B |
| 2024-03-31 | $1.62B | 201 | +23.47% | +29.62% | -6.15% | -0.02B |
| 2023-12-31 | $1.53B | 208 | +24.58% | +26.18% | -1.60% | +0.02B |
| 2023-09-30 | $1.35B | 195 | +20.30% | +21.57% | -1.26% | +0.00B |
| 2023-06-30 | $1.39B | 205 | +18.29% | +19.42% | -1.14% | -0.06B |
| 2023-03-31 | $1.36B | 209 | -6.03% | -7.82% | +1.79% | -0.02B |
| 2022-12-31 | $1.27B | 204 | -17.40% | -18.17% | +0.78% | -0.01B |
| 2022-09-30 | $1.20B | 200 | -14.73% | -15.51% | +0.78% | -0.05B |
| 2022-06-30 | $1.31B | 203 | -10.31% | -10.62% | +0.32% | +0.17B |