Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.95%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.27%
baseline attrition
Rally response
-2.97%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $306M | 3.1% | +60.9% | 5.3 yr |
| GOOGLAlphabet Inc. | $239M | 2.4% | — | 6.5 yr |
| LLYEli Lilly and Company | $231M | 2.3% | +12.2% | 1.0 yr |
| IWNiShares Russell 2000 Val | $210M | 2.1% | — | 8.5 yr |
| LECOLincoln Electric Holding | $199M | 2.0% | +33.0% | 3.0 yr |
| AAPLApple Inc. | $191M | 1.9% | +14.7% | 4.8 yr |
| XOMExxon Mobil Corporation | $181M | 1.8% | +47.6% | 10.3 yr |
| TSMTaiwan Semiconductor Man | $172M | 1.7% | +105.6% | 1.5 yr |
| MPWRMonolithic Power Systems | $152M | 1.5% | +89.6% | 4.8 yr |
| AMZNAmazon.com, Inc. | $150M | 1.5% | +9.5% | 8.8 yr |
| CMICummins Inc. | $144M | 1.5% | +74.8% | 7.0 yr |
| NUENucor Corporation | $144M | 1.4% | +42.2% | 0.8 yr |
| ETNEaton Corporation plc | $130M | 1.3% | +33.2% | 1.8 yr |
| SCHWThe Charles Schwab Corpo | $129M | 1.3% | +21.5% | 1.5 yr |
| JPMJPMorgan Chase & Co. | $123M | 1.2% | +21.8% | 9.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors8.5%+1.6pp$842M
Industrial - Machinery6.0%+3.3pp$602M
Banks - Regional4.8%-1.1pp$477M
Aerospace & Defense4.2%+2.6pp$422M
Regulated Electric3.2%+0.7pp$318M
Asset Management3.1%-1.3pp$313M
Internet Content & Information3.1%-1.0pp$313M
Chemicals - Specialty3.1%+0.7pp$305M
Oil & Gas Equipment & Services2.8%+2.5pp$282M
Oil & Gas Exploration & Production2.8%-1.2pp$274M
Country
US91.7%-3.0pp
Unknown2.2%+0.7pp
TW1.7%+0.0pp
IE1.5%+1.3pp
CA1.4%+0.9pp
GB0.8%-0.0pp
BR0.2%-0.1pp
KY0.2%+0.1pp
Top 5: 11.9% · Top 10: 20.4% · Top 25: 38.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSM | $169M | +0.18B | 105.6% |
| NVDA | $219M | +0.13B | 60.9% |
| MPWR | $148M | +0.13B | 89.6% |
| ESI | $108M | +0.06B | 52.8% |
| JPM | $188M | +0.04B | 21.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| VVV | $71M | -0.00B | -3.2% |
Top buys this quarter · 15
| CMI Cummins Inc. | +$143M |
| SHOP Shopify Inc.new | +$119M |
| ROST Ross Stores, Inc.new | +$113M |
| V Visa Inc.new | +$112M |
| ILMN Illumina, Inc.new | +$106M |
| LECO Lincoln Electric Holdings, Inc | +$84M |
| SXT Sensient Technologies Corporatnew | +$78M |
| XOM Exxon Mobil Corporation | +$73M |
| NFG National Fuel Gas Companynew | +$64M |
| HWM Howmet Aerospace Inc.new | +$54M |
Top sells this quarter · 15
| SCHW The Charles Schwab Corporation | −$112M |
| MSFT Microsoft Corporation | −$181M |
| AVGO Broadcom Inc. | −$168M |
| ZION Zions Bancorporation, National | −$159M |
| MPWR Monolithic Power Systems, Inc. | −$129M |
| ORLY O'Reilly Automotive, Inc.exit | −$121M |
| COHR Coherent, Inc. | −$110M |
| DIS The Walt Disney Companyexit | −$95M |
| AMZN Amazon.com, Inc. | −$89M |
| COF Capital One Financial Corporatexit | −$89M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.95B | 215 | +24.82% | +17.59% | +7.23% | -0.46B |
| 2025-12-31 | $10.23B | 206 | +14.79% | +17.72% | -2.93% | -1.12B |
| 2025-09-30 | $10.99B | 191 | +10.59% | +17.52% | -6.93% | -0.54B |
| 2025-06-30 | $10.67B | 187 | +7.50% | +14.94% | -7.45% | -0.32B |
| 2025-03-31 | $10.00B | 199 | -6.65% | +8.30% | -14.95% | -0.07B |
| 2024-12-31 | $10.76B | 197 | +9.03% | +24.89% | -15.86% | -0.41B |
| 2024-09-30 | $11.23B | 197 | +24.75% | +36.04% | -11.29% | -0.14B |
| 2024-06-30 | $10.83B | 193 | +13.22% | +24.49% | -11.27% | -0.04B |
| 2024-03-31 | $11.39B | 195 | +25.69% | +29.62% | -3.94% | +0.45B |
| 2023-12-31 | $10.01B | 238 | +23.39% | +26.18% | -2.78% | -0.07B |
| 2023-09-30 | $8.85B | 218 | +17.54% | +21.57% | -4.03% | +0.27B |
| 2023-06-30 | $9.01B | 220 | +18.14% | +19.42% | -1.29% | +0.43B |
| 2023-03-31 | $8.10B | 204 | -2.25% | -7.82% | +5.57% | -0.19B |
| 2022-12-31 | $7.72B | 208 | +8.42% | +7.56% | +0.86% | +0.23B |
| 2022-09-30 | $6.90B | 192 | -4.17% | -4.93% | +0.76% | -0.20B |
| 2022-06-30 | $7.41B | 198 | -12.34% | -16.11% | +3.77% | -0.31B |