Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.44%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.68%
baseline attrition
Rally response
-2.72%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $3.15B | 12.4% | +60.9% | 4.0 yr |
| TSMTaiwan Semiconductor Man | $1.98B | 7.8% | +105.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.47B | 5.8% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.40B | 5.5% | +9.5% | 10.5 yr |
| SHOPShopify Inc. | $1.06B | 4.2% | +24.2% | 9.3 yr |
| NFLXNetflix, Inc. | $905M | 3.6% | +3.1% | 10.5 yr |
| SPOTSpotify Technology S.A. | $870M | 3.4% | -11.8% | 1.8 yr |
| ASMLASML Holding N.V. | $845M | 3.3% | +100.9% | 10.5 yr |
| VVisa Inc. | $837M | 3.3% | -13.1% | 10.5 yr |
| MELIMercadoLibre, Inc. | $822M | 3.2% | -11.4% | 10.5 yr |
| NETCloudflare, Inc. | $756M | 3.0% | +83.1% | 5.3 yr |
| METAMeta Platforms, Inc. | $732M | 2.9% | -0.4% | 10.0 yr |
| ICEIntercontinental Exchang | $690M | 2.7% | -7.8% | 9.3 yr |
| CVNACarvana Co. | $666M | 2.6% | +50.4% | 2.0 yr |
| AXONAxon Enterprise, Inc. | $664M | 2.6% | -19.3% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors25.8%+11.9pp$6.58B
Internet Content & Information14.4%+2.6pp$3.67B
Specialty Retail10.9%-4.3pp$2.79B
Software - Infrastructure9.1%-1.2pp$2.31B
Software - Application6.7%-10.1pp$1.70B
Entertainment3.6%-1.1pp$905M
Financial - Credit Services3.3%-1.3pp$837M
Aerospace & Defense3.0%-0.8pp$774M
Financial - Data & Stock Exchanges2.7%+1.1pp$690M
Auto - Dealerships2.6%+2.6pp$666M
Country
US68.2%+1.0pp
TW7.8%+3.2pp
CA4.6%-0.1pp
NL4.3%+3.0pp
LU3.4%-0.3pp
UY3.2%-0.8pp
SG2.5%-0.8pp
BR1.9%+0.1pp
Top 5: 35.6% · Top 10: 52.4% · Top 25: 84.4%
Top buys this quarter · 15
| BE Bloom Energy Corporationnew | +$241M |
| STX Seagate Technology Holdings plnew | +$208M |
| LRCX Lam Research Corporationnew | +$161M |
| SPOT Spotify Technology S.A. | +$157M |
| CRS Carpenter Technology Corporati | +$79M |
| LLY Eli Lilly and Companynew | +$30M |
| PWR Quanta Services, Inc. | +$27M |
| MCK McKesson Corporation | +$23M |
| META Meta Platforms, Inc. | +$732M |
| PLTR Palantir Technologies Inc. | +$3M |
Top sells this quarter · 15
| NOW ServiceNow, Inc. | −$398M |
| MSFT Microsoft Corporation | −$348M |
| NVDA NVIDIA Corporation | −$341M |
| TSM Taiwan Semiconductor Manufactu | −$326M |
| AVGO Broadcom Inc. | −$220M |
| IRTC iRhythm Technologies, Inc.exit | −$201M |
| APP AppLovin Corporation | −$196M |
| ICE Intercontinental Exchange, Inc | −$176M |
| AMZN Amazon.com, Inc. | −$150M |
| NU Nu Holdings Ltd. | −$145M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $25.49B | 67 | +12.45% | +17.59% | -5.14% | -3.41B |
| 2025-12-31 | $32.88B | 66 | +21.19% | +17.72% | +3.47% | -2.08B |
| 2025-09-30 | $36.25B | 64 | +35.36% | +17.52% | +17.85% | -0.24B |
| 2025-06-30 | $34.83B | 66 | +30.02% | +14.94% | +15.08% | -2.39B |
| 2025-03-31 | $29.39B | 75 | -0.29% | +8.30% | -8.60% | -2.62B |
| 2024-12-31 | $33.80B | 71 | +17.23% | +24.89% | -7.65% | -1.69B |
| 2024-09-30 | $32.95B | 67 | +30.26% | +36.04% | -5.77% | -1.30B |
| 2024-06-30 | $34.03B | 66 | +20.54% | +24.49% | -3.96% | -0.68B |
| 2024-03-31 | $35.75B | 76 | +35.12% | +29.62% | +5.49% | -0.90B |
| 2023-12-31 | $32.90B | 74 | +45.51% | +26.18% | +19.34% | -2.26B |
| 2023-09-30 | $29.38B | 75 | +23.16% | +21.57% | +1.59% | -0.61B |
| 2023-06-30 | $32.21B | 66 | +28.67% | +19.42% | +9.25% | -0.83B |
| 2023-03-31 | $30.35B | 66 | -19.85% | -7.82% | -12.03% | -1.40B |
| 2022-12-31 | $26.47B | 67 | +1.29% | +7.56% | -6.27% | -0.52B |
| 2022-09-30 | $26.65B | 67 | -2.71% | -4.93% | +2.22% | -1.46B |
| 2022-06-30 | $28.89B | 69 | -32.20% | -16.11% | -16.09% | -0.60B |