Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.53%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.70%
baseline attrition
Rally response
-8.64%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $1.05B | 7.3% | -0.6% | 8.8 yr |
| GOOGAlphabet Inc. | $845M | 5.8% | +84.3% | 10.5 yr |
| LLYEli Lilly and Company | $841M | 5.8% | +12.2% | 2.8 yr |
| AVGOBroadcom Inc. | $835M | 5.8% | +86.0% | 0.8 yr |
| AMZNAmazon.com, Inc. | $812M | 5.6% | +9.5% | 5.3 yr |
| MAMastercard Incorporated | $770M | 5.3% | -8.5% | 10.5 yr |
| NOWServiceNow, Inc. | $760M | 5.3% | -34.3% | 6.5 yr |
| SHOPShopify Inc. | $748M | 5.2% | +24.2% | 5.0 yr |
| VVisa Inc. | $739M | 5.1% | -13.1% | 10.5 yr |
| ORCLOracle Corporation | $739M | 5.1% | +5.9% | 7.8 yr |
| NVDANVIDIA Corporation | $716M | 5.0% | +60.9% | 1.5 yr |
| CSGPCoStar Group, Inc. | $507M | 3.5% | -49.1% | 1.5 yr |
| MSCIMSCI Inc. | $501M | 3.5% | -3.4% | 5.5 yr |
| ZTSZoetis Inc. | $499M | 3.5% | -27.2% | 8.5 yr |
| SBUXStarbucks Corporation | $453M | 3.1% | -6.1% | 8.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure14.3%+1.8pp$2.07B
Semiconductors13.0%+12.8pp$1.87B
Software - Application12.2%-3.8pp$1.76B
Financial - Credit Services10.5%-1.7pp$1.51B
Drug Manufacturers - General9.3%+0.2pp$1.35B
Internet Content & Information8.2%+4.1pp$1.18B
Specialty Retail6.1%-5.0pp$877M
Real Estate - Services3.5%+1.8pp$507M
Financial - Data & Stock Exchanges3.5%+0.1pp$501M
Restaurants3.2%+1.5pp$456M
Country
US88.0%+2.4pp
CA5.2%+0.6pp
IE4.9%-2.5pp
UY0.5%+0.0pp
TW0.4%
LU0.4%+0.0pp
NL0.1%+0.0pp
BR0.1%+0.0pp
Top 5: 30.3% · Top 10: 56.3% · Top 25: 94.3%
Top buys this quarter · 15
| CSGP CoStar Group, Inc. | +$310M |
| META Meta Platforms, Inc. | +$272M |
| LRCX Lam Research Corporationnew | +$225M |
| NOW ServiceNow, Inc. | +$760M |
| ROL Rollins, Inc.new | +$116M |
| SPOT Spotify Technology S.A. | +$17M |
| DOCN DigitalOcean Holdings, Inc.new | +$8M |
| FSLY Fastly, Inc.new | +$7M |
| ASML ASML Holding N.V. | +$6M |
| YOU Clear Secure, Inc. | +$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $14.46B | 221 | -5.64% | +17.59% | -23.23% | -5.28B |
| 2025-12-31 | $23.42B | 231 | +5.17% | +17.72% | -12.55% | -7.11B |
| 2025-09-30 | $30.80B | 232 | +9.83% | +17.52% | -7.69% | -3.23B |
| 2025-06-30 | $32.59B | 239 | +8.34% | +14.94% | -6.61% | -1.84B |
| 2025-03-31 | $31.84B | 116 | -0.40% | +8.30% | -8.70% | -2.93B |
| 2024-12-31 | $37.01B | 123 | +14.92% | +24.89% | -9.97% | -3.09B |
| 2024-09-30 | $38.74B | 117 | +26.19% | +36.04% | -9.85% | -2.32B |
| 2024-06-30 | $39.85B | 109 | +19.41% | +24.49% | -5.08% | -3.19B |
| 2024-03-31 | $43.29B | 103 | +30.85% | +29.62% | +1.22% | -0.90B |
| 2023-12-31 | $40.77B | 93 | +37.56% | +26.18% | +11.39% | -2.42B |
| 2023-09-30 | $38.00B | 98 | +21.66% | +21.57% | +0.09% | -1.29B |
| 2023-06-30 | $40.31B | 99 | +17.79% | +19.42% | -1.63% | -1.01B |
| 2023-03-31 | $37.93B | 94 | -15.10% | -7.82% | -7.28% | -1.08B |
| 2022-12-31 | $34.23B | 92 | +0.52% | +7.56% | -7.04% | -1.66B |
| 2022-09-30 | $35.70B | 84 | -5.61% | -4.93% | -0.68% | -0.05B |
| 2022-06-30 | $37.88B | 83 | -21.49% | -16.11% | -5.38% | -2.34B |