Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.08%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.15%
baseline attrition
Rally response
-1.78%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $3.34B | 4.7% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $2.75B | 3.9% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $2.14B | 3.0% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.88B | 2.7% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.73B | 2.4% | — | 10.3 yr |
| AVGOBroadcom Inc. | $1.22B | 1.7% | +86.0% | 7.8 yr |
| GOOGAlphabet Inc. | $1.14B | 1.6% | +84.3% | 10.3 yr |
| METAMeta Platforms, Inc. | $1.14B | 1.6% | -0.4% | 10.5 yr |
| SCZiShares MSCI EAFE Small- | $996M | 1.4% | — | 10.3 yr |
| TSMTaiwan Semiconductor Man | $787M | 1.1% | +105.6% | 10.5 yr |
| VVisa Inc. | $750M | 1.1% | -13.1% | 10.5 yr |
| XOMExxon Mobil Corporation | $746M | 1.1% | +47.6% | 10.5 yr |
| LLYEli Lilly and Company | $718M | 1.0% | +12.2% | 10.5 yr |
| TSLATesla, Inc. | $661M | 0.9% | +43.4% | 5.5 yr |
| JPMJPMorgan Chase & Co. | $626M | 0.9% | +21.8% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors11.8%+4.5pp$8.32B
Asset Management10.1%-0.7pp$7.16B
Internet Content & Information5.8%+1.2pp$4.07B
Software - Infrastructure4.4%-0.6pp$3.12B
Consumer Electronics4.1%+0.4pp$2.86B
Drug Manufacturers - General4.0%+0.6pp$2.85B
Banks - Diversified3.5%+0.3pp$2.47B
Specialty Retail3.2%-0.6pp$2.28B
Aerospace & Defense2.6%+0.5pp$1.83B
Oil & Gas Integrated2.5%+0.5pp$1.73B
Country
US87.5%-0.6pp
GB3.0%+0.7pp
IE1.7%-0.2pp
TW1.2%+0.4pp
CH1.1%+0.3pp
Unknown1.0%-0.1pp
CA1.0%+0.2pp
NL0.7%+0.1pp
Top 5: 16.8% · Top 10: 24.3% · Top 25: 35.3%
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$290M |
| AZN AstraZeneca PLCnew | +$259M |
| NVS Novartis AG | +$214M |
| AAPL Apple Inc. | +$203M |
| LIN Linde plc | +$153M |
| BBVA Banco Bilbao Vizcaya Argentari | +$99M |
| SCHW The Charles Schwab Corporation | +$86M |
| ROST Ross Stores, Inc. | +$86M |
| HON Honeywell International Inc. | +$84M |
| INTC Intel Corporation | +$78M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $70.60B | 1673 | +16.06% | +17.59% | -1.53% | +3.18B |
| 2025-12-31 | $69.82B | 1581 | +15.72% | +17.72% | -1.99% | +0.55B |
| 2025-09-30 | $67.79B | 1614 | +14.32% | +17.52% | -3.19% | +1.25B |
| 2025-06-30 | $62.44B | 1589 | +13.35% | +14.94% | -1.59% | +2.74B |
| 2025-03-31 | $54.08B | 1593 | +3.08% | +8.30% | -5.22% | +2.62B |
| 2024-12-31 | $53.46B | 1602 | +16.63% | +24.89% | -8.25% | +1.72B |
| 2024-09-30 | $51.25B | 1560 | +29.18% | +36.04% | -6.86% | +2.72B |
| 2024-06-30 | $45.94B | 1569 | +18.28% | +24.49% | -6.21% | +2.29B |
| 2024-03-31 | $43.48B | 1519 | +26.17% | +29.62% | -3.46% | +2.18B |
| 2023-12-31 | $37.91B | 1513 | +22.79% | +26.18% | -3.38% | +1.41B |
| 2023-09-30 | $32.64B | 1478 | +20.04% | +21.57% | -1.53% | +1.33B |
| 2023-06-30 | $32.37B | 1464 | +18.44% | +19.42% | -0.99% | +1.26B |
| 2023-03-31 | $29.05B | 1453 | -5.16% | -7.82% | +2.65% | +1.02B |
| 2022-12-31 | $26.44B | 1440 | -14.67% | -18.17% | +3.50% | +0.62B |
| 2022-09-30 | $23.62B | 1437 | -13.30% | -15.51% | +2.21% | +1.96B |
| 2022-06-30 | $22.70B | 1448 | -8.64% | -10.62% | +1.98% | +0.22B |