Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.50%
trims when stocks drop
when a holding falls −10%+
Middle response
-22.22%
baseline attrition
Rally response
-10.35%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| UTHRUnited Therapeutics Corp | $1.06B | 1.7% | +92.4% | 10.5 yr |
| PLTRPalantir Technologies In | $1.02B | 1.6% | +73.3% | 5.0 yr |
| AAPLApple Inc. | $781M | 1.2% | +14.7% | 7.8 yr |
| KGCKinross Gold Corporation | $780M | 1.2% | +143.6% | 10.5 yr |
| MUMicron Technology, Inc. | $731M | 1.1% | +289.6% | 7.3 yr |
| VRSNVeriSign, Inc. | $700M | 1.1% | -0.9% | 10.5 yr |
| EXELExelixis, Inc. | $589M | 0.9% | +16.2% | 10.3 yr |
| FNVFranco-Nevada Corporatio | $548M | 0.9% | +58.0% | 10.5 yr |
| SNDKSandisk Corporation | $508M | 0.8% | +1234.5% | 1.0 yr |
| NVDANVIDIA Corporation | $441M | 0.7% | +60.9% | 9.0 yr |
| CVXChevron Corporation | $417M | 0.7% | +29.2% | 7.8 yr |
| RBLXRoblox Corporation | $403M | 0.6% | -3.0% | 5.0 yr |
| CVNACarvana Co. | $378M | 0.6% | +50.4% | 4.8 yr |
| WWayfair Inc. | $374M | 0.6% | +134.8% | 9.3 yr |
| HOODRobinhood Markets, Inc. | $354M | 0.6% | +66.5% | 4.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology8.0%+0.5pp$5.11B
Software - Application4.7%-0.9pp$3.03B
Software - Infrastructure4.7%-1.9pp$2.99B
Semiconductors4.5%+2.1pp$2.88B
Gold3.9%+1.3pp$2.49B
Asset Management3.1%-1.1pp$2.01B
Specialty Retail2.9%+0.6pp$1.88B
Banks - Regional2.3%+0.2pp$1.46B
Internet Content & Information2.1%-1.5pp$1.33B
Unknown2.0%+0.5pp$1.28B
Country
US78.0%-3.2pp
CA5.2%+1.3pp
Unknown2.0%+0.5pp
GB1.9%+0.4pp
BR1.9%+0.7pp
CN1.7%-0.3pp
IE1.6%+0.3pp
IL1.5%-0.2pp
Top 5: 6.8% · Top 10: 11.2% · Top 25: 19.2%
Top buys this quarter · 15
| AAPL Apple Inc. | +$780M |
| NVDA NVIDIA Corporation | +$289M |
| LIN Linde plc | +$249M |
| AVGO Broadcom Inc. | +$245M |
| JPM JPMorgan Chase & Co. | +$201M |
| B Barrick Mining Corporation | +$172M |
| MELI MercadoLibre, Inc. | +$160M |
| MSTR Strategy Inc | +$146M |
| MCD McDonald's Corporation | +$140M |
| ITW Illinois Tool Works Inc. | +$140M |
Top sells this quarter · 15
| NFLX Netflix, Inc. | −$690M |
| COST Costco Wholesale Corporation | −$671M |
| F-PD Ford Motor Company 6.500% Noteexit | −$519M |
| PG The Procter & Gamble Companyexit | −$431M |
| TSLA Tesla, Inc. | −$428M |
| GEV GE Vernova Inc.exit | −$301M |
| MU Micron Technology, Inc. | −$287M |
| PLTR Palantir Technologies Inc. | −$265M |
| SNDK Sandisk Corporation | −$287M |
| MSFT Microsoft Corporation | −$251M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $63.91B | 3203 | +22.02% | +17.59% | +4.43% | -0.49B |
| 2025-12-31 | $64.44B | 3175 | +20.37% | +17.72% | +2.66% | -10.73B |
| 2025-09-30 | $75.65B | 3444 | +26.01% | +17.52% | +8.49% | -6.44B |
| 2025-06-30 | $75.06B | 3512 | +25.10% | +14.94% | +10.16% | +0.95B |
| 2025-03-31 | $65.96B | 3398 | +13.45% | +8.30% | +5.15% | -0.57B |
| 2024-12-31 | $67.49B | 3525 | +22.85% | +24.89% | -2.04% | -1.60B |
| 2024-09-30 | $66.43B | 3475 | +30.83% | +36.04% | -5.20% | +2.44B |
| 2024-06-30 | $58.93B | 3434 | +16.21% | +24.49% | -8.28% | -5.88B |
| 2024-03-31 | $63.60B | 3648 | +19.13% | +29.62% | -10.49% | -5.33B |
| 2023-12-31 | $64.58B | 3674 | +20.48% | +26.18% | -5.70% | -0.35B |
| 2023-09-30 | $58.61B | 3599 | +14.21% | +21.57% | -7.36% | -8.25B |
| 2023-06-30 | $69.32B | 3853 | +3.29% | +19.42% | -16.13% | -9.32B |
| 2023-03-31 | $75.28B | 3913 | -28.35% | -7.82% | -20.53% | -3.57B |
| 2022-12-31 | $73.04B | 4056 | +5.02% | +7.56% | -2.54% | -1.13B |
| 2022-09-30 | $70.63B | 3957 | -12.77% | -4.93% | -7.84% | -2.99B |
| 2022-06-30 | $84.40B | 4150 | -27.54% | -16.11% | -11.43% | +22.75B |