Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.94%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.53%
baseline attrition
Rally response
-2.66%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BLKBlackRock, Inc. | $5.13B | 17.2% | +3.7% | 1.5 yr |
| VVisa Inc. | $2.02B | 6.8% | -13.1% | 9.5 yr |
| MAMastercard Incorporated | $1.61B | 5.4% | -8.5% | 9.5 yr |
| NVDANVIDIA Corporation | $1.55B | 5.2% | +60.9% | 4.3 yr |
| GOOGLAlphabet Inc. | $1.35B | 4.6% | — | 2.8 yr |
| AVGOBroadcom Inc. | $1.10B | 3.7% | +86.0% | 3.3 yr |
| MSFTMicrosoft Corporation | $987M | 3.3% | -0.6% | 3.8 yr |
| AMZNAmazon.com, Inc. | $934M | 3.1% | +9.5% | 9.5 yr |
| IBNICICI Bank Limited | $756M | 2.5% | -17.3% | 10.0 yr |
| SPGIS&P Global Inc. | $594M | 2.0% | -15.6% | 4.3 yr |
| TMOThermo Fisher Scientific | $588M | 2.0% | -0.9% | 10.5 yr |
| DASHDoorDash, Inc. | $520M | 1.7% | -17.8% | 5.5 yr |
| PDDPDD Holdings Inc. | $503M | 1.7% | -13.7% | 4.5 yr |
| GEVGE Vernova Inc. | $470M | 1.6% | +186.8% | 2.0 yr |
| INTAIntapp, Inc. | $441M | 1.5% | -56.0% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management21.9%-1.4pp$6.51B
Financial - Credit Services12.2%-2.2pp$3.62B
Semiconductors10.4%+4.3pp$3.08B
Specialty Retail7.0%-2.5pp$2.10B
Internet Content & Information6.9%+1.8pp$2.04B
Software - Application4.6%-1.5pp$1.38B
Software - Infrastructure3.8%-0.1pp$1.13B
Banks - Regional3.6%-2.2pp$1.07B
Financial - Data & Stock Exchanges2.8%+0.3pp$824M
Medical - Diagnostics & Research2.5%-0.3pp$737M
Country
US84.7%+1.8pp
IN3.8%-2.0pp
CN2.5%-4.0pp
SG1.9%+0.4pp
CA1.9%+1.2pp
IE1.7%+0.7pp
GB1.0%+0.6pp
IT1.0%+0.9pp
Top 5: 39.2% · Top 10: 53.9% · Top 25: 73.6%
Top buys this quarter · 15
| AVGO Broadcom Inc. | +$323M |
| BLK BlackRock, Inc. | +$5.13B |
| MA Mastercard Incorporated | +$224M |
| KKR KKR & Co. Inc. | +$203M |
| APO Apollo Global Management, Inc. | +$180M |
| DASH DoorDash, Inc. | +$520M |
| SE Sea Limited | +$164M |
| LRCX Lam Research Corporationnew | +$162M |
| CDNS Cadence Design Systems, Inc. | +$159M |
| TMO Thermo Fisher Scientific Inc. | +$150M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc. | −$173M |
| META Meta Platforms, Inc. | −$71M |
| YUMC Yum China Holdings, Inc. | −$65M |
| ESTC Elastic N.V.exit | −$65M |
| DT Dynatrace, Inc.exit | −$62M |
| WIX Wix.com Ltd. | −$58M |
| ZTO ZTO Express (Cayman) Inc. | −$52M |
| CRS Carpenter Technology Corporati | −$49M |
| MU Micron Technology, Inc. | −$48M |
| TWLO Twilio Inc.exit | −$39M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $29.72B | 132 | +3.02% | +17.59% | -14.57% | +2.76B |
| 2025-12-31 | $31.01B | 129 | +13.50% | +17.72% | -4.21% | +3.05B |
| 2025-09-30 | $28.68B | 117 | +25.78% | +17.52% | +8.27% | +0.99B |
| 2025-06-30 | $25.79B | 120 | +36.57% | +14.94% | +21.63% | -2.18B |
| 2025-03-31 | $24.72B | 121 | +17.67% | +8.30% | +9.36% | +0.55B |
| 2024-12-31 | $25.23B | 129 | +25.87% | +24.89% | +0.98% | -1.45B |
| 2024-09-30 | $24.69B | 121 | +23.65% | +36.04% | -12.39% | -0.42B |
| 2024-06-30 | $21.54B | 91 | -0.23% | +24.49% | -24.72% | +3.93B |
| 2024-03-31 | $18.06B | 101 | +1.55% | +29.62% | -28.07% | -0.25B |
| 2023-12-31 | $17.87B | 101 | +7.93% | +26.18% | -18.24% | +0.03B |
| 2023-09-30 | $16.80B | 82 | +4.50% | +21.57% | -17.07% | +0.56B |
| 2023-06-30 | $17.27B | 75 | +7.90% | +19.42% | -11.52% | +0.55B |
| 2023-03-31 | $16.85B | 70 | -16.08% | -7.82% | -8.26% | -1.78B |
| 2022-12-31 | $17.11B | 72 | +2.76% | +7.56% | -4.80% | -0.12B |
| 2022-09-30 | $16.76B | 82 | -2.84% | -4.93% | +2.09% | -1.06B |
| 2022-06-30 | $18.34B | 97 | -22.82% | -16.11% | -6.71% | +0.05B |