Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.77%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.97%
baseline attrition
Rally response
-2.25%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $1.72B | 5.6% | +60.9% | 10.3 yr |
| AAPLApple Inc. | $1.58B | 5.1% | +14.7% | 10.3 yr |
| MSFTMicrosoft Corporation | $1.15B | 3.7% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $833M | 2.7% | +9.5% | 10.3 yr |
| GOOGLAlphabet Inc. | $714M | 2.3% | — | 10.5 yr |
| GOOGAlphabet Inc. | $694M | 2.2% | +84.3% | 10.5 yr |
| IVViShares Core S&P 500 ETF | $681M | 2.2% | — | 1.5 yr |
| AVGOBroadcom Inc. | $592M | 1.9% | +86.0% | 8.0 yr |
| METAMeta Platforms, Inc. | $517M | 1.7% | -0.4% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $468M | 1.5% | +21.8% | 10.5 yr |
| TSLATesla, Inc. | $430M | 1.4% | +43.4% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $375M | 1.2% | — | 10.3 yr |
| LLYEli Lilly and Company | $301M | 1.0% | +12.2% | 10.5 yr |
| XOMExxon Mobil Corporation | $295M | 1.0% | +47.6% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $281M | 0.9% | +105.6% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.1%+3.9pp$3.74B
Internet Content & Information6.6%+1.3pp$2.05B
Software - Infrastructure5.6%-0.6pp$1.73B
Consumer Electronics5.2%-0.0pp$1.59B
Drug Manufacturers - General4.3%+0.6pp$1.34B
Asset Management4.1%-1.3pp$1.27B
Banks - Diversified3.7%+0.5pp$1.16B
Specialty Retail3.7%-0.7pp$1.14B
Oil & Gas Integrated2.4%+0.8pp$730M
Financial - Credit Services2.1%-0.4pp$642M
Country
US88.9%+0.1pp
CA2.6%+0.7pp
GB1.5%+0.6pp
IE1.2%-0.2pp
TW0.9%+0.2pp
Unknown0.8%+0.0pp
CH0.7%-0.0pp
BR0.5%-0.1pp
Top 5: 19.4% · Top 10: 28.9% · Top 25: 41.2%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$189M |
| HON Honeywell International Inc. | +$148M |
| JPM JPMorgan Chase & Co. | +$142M |
| GOOG Alphabet Inc. | +$116M |
| ORCL Oracle Corporation | +$45M |
| CNQ Canadian Natural Resources Lim | +$32M |
| BP BP p.l.c.new | +$28M |
| NVO Novo Nordisk A/Snew | +$28M |
| IRM Iron Mountain Incorporated | +$24M |
| VICI VICI Properties Inc. | +$24M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $30.92B | 2301 | +18.37% | +17.59% | +0.78% | -0.10B |
| 2025-12-31 | $32.06B | 2310 | +17.50% | +17.72% | -0.22% | -0.04B |
| 2025-09-30 | $31.51B | 2303 | +18.08% | +17.52% | +0.56% | -0.58B |
| 2025-06-30 | $29.70B | 2312 | +16.12% | +14.94% | +1.17% | -0.92B |
| 2025-03-31 | $27.55B | 2330 | +6.37% | +8.30% | -1.93% | -0.40B |
| 2024-12-31 | $29.11B | 2346 | +19.11% | +24.89% | -5.78% | +5.20B |
| 2024-09-30 | $23.36B | 2172 | +30.59% | +36.04% | -5.45% | -3.87B |
| 2024-06-30 | $25.62B | 1993 | +18.21% | +24.49% | -6.28% | -0.40B |
| 2024-03-31 | $25.55B | 1974 | +24.60% | +29.62% | -5.02% | -1.35B |
| 2023-12-31 | $25.03B | 1965 | +24.06% | +26.18% | -2.12% | -0.11B |
| 2023-09-30 | $22.40B | 1962 | +17.34% | +21.57% | -4.22% | -1.46B |
| 2023-06-30 | $24.80B | 1971 | +16.18% | +19.42% | -3.24% | -0.98B |
| 2023-03-31 | $24.02B | 1986 | -8.29% | -7.82% | -0.47% | -0.65B |
| 2022-12-31 | $23.05B | 1963 | +6.18% | +7.56% | -1.38% | -0.48B |
| 2022-09-30 | $22.17B | 2019 | -4.77% | -4.93% | +0.16% | -0.26B |
| 2022-06-30 | $23.55B | 1997 | -15.27% | -16.11% | +0.84% | -0.46B |