Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.64%
trims when stocks drop
when a holding falls −10%+
Middle response
+1.04%
steady accumulation
Rally response
+1.82%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $1.13B | 6.4% | — | 10.5 yr |
| AAPLApple Inc. | $625M | 3.5% | +14.7% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $624M | 3.5% | +17.6% | 7.8 yr |
| MSFTMicrosoft Corporation | $404M | 2.3% | -0.6% | 10.5 yr |
| IJHiShares Core S&P Mid-Cap | $370M | 2.1% | — | 10.5 yr |
| VEAVanguard FTSE Developed | $296M | 1.7% | — | 10.5 yr |
| NVDANVIDIA Corporation | $292M | 1.7% | +60.9% | 6.5 yr |
| AMZNAmazon.com, Inc. | $252M | 1.4% | +9.5% | 10.5 yr |
| IJRiShares Core S&P Small-C | $245M | 1.4% | — | 10.5 yr |
| GOOGLAlphabet Inc. | $236M | 1.3% | — | 4.0 yr |
| QQQInvesco QQQ Trust, Serie | $235M | 1.3% | — | 5.3 yr |
| IEFAiShares Core MSCI EAFE E | $218M | 1.2% | — | 1.5 yr |
| IVEiShares S&P 500 Value ET | $213M | 1.2% | — | 10.5 yr |
| VIGVanguard Dividend Apprec | $210M | 1.2% | — | 9.5 yr |
| VWOVanguard FTSE Emerging M | $204M | 1.2% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management50.8%+1.5pp$8.95B
Asset Management - Bonds5.5%-0.6pp$960M
Semiconductors4.3%+1.0pp$760M
Consumer Electronics3.6%+0.4pp$626M
Internet Content & Information3.0%+0.2pp$532M
Software - Infrastructure2.9%-0.6pp$513M
Drug Manufacturers - General2.7%-0.3pp$472M
Specialty Retail1.6%-0.1pp$280M
Banks - Diversified1.3%+0.0pp$231M
Financial - Credit Services1.2%-0.6pp$210M
Country
US97.4%-0.3pp
IE0.6%-0.2pp
TW0.5%+0.2pp
CH0.3%-0.0pp
CA0.3%+0.1pp
Unknown0.3%+0.1pp
GB0.3%+0.0pp
NL0.1%+0.0pp
Top 5: 17.9% · Top 10: 25.4% · Top 25: 40.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $174M | +0.11B | 60.9% |
| AVGO | $113M | +0.10B | 86.0% |
| GOOG | $112M | +0.09B | 84.3% |
| SPY | $423M | +0.07B | 17.6% |
| AAPL | $417M | +0.06B | 14.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $358M | -0.00B | -0.6% |
Top buys this quarter · 15
| AAPL Apple Inc. | +$75M |
| MSFT Microsoft Corporation | +$404M |
| NVDA NVIDIA Corporation | +$27M |
| SPY State Street SPDR S&P 500 ETF | +$624M |
| SJM The J. M. Smucker Company | +$18M |
| AMZN Amazon.com, Inc. | +$252M |
| WMB The Williams Companies, Inc. | +$13M |
| BSX Boston Scientific Corporation | +$11M |
| UPS United Parcel Service, Inc. | +$9M |
| KMB Kimberly-Clark Corporation | +$7M |
Top sells this quarter · 15
| UNH UnitedHealth Group Incorporate | −$36M |
| JNJ Johnson & Johnson | −$129M |
| ORCL Oracle Corporation | −$10M |
| ABT Abbott Laboratories | −$7M |
| QCOM QUALCOMM Incorporated | −$5M |
| ADBE Adobe Inc. | −$5M |
| CBRE CBRE Group, Inc. | −$5M |
| HD The Home Depot, Inc. | −$4M |
| PCYO Pure Cycle Corporation | −$3M |
| PG The Procter & Gamble Company | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $17.61B | 4784 | +14.33% | +17.59% | -3.26% | +1.11B |
| 2025-12-31 | $17.29B | 4120 | +15.49% | +17.72% | -2.23% | +1.06B |
| 2025-09-30 | $15.97B | 3575 | +18.29% | +17.52% | +0.77% | +0.44B |
| 2025-06-30 | $14.40B | 3750 | +16.26% | +14.94% | +1.32% | -0.03B |
| 2025-03-31 | $13.20B | 3235 | +9.24% | +8.30% | +0.93% | +0.26B |
| 2024-12-31 | $13.42B | 3292 | +22.26% | +24.89% | -2.63% | +2.54B |
| 2024-09-30 | $10.45B | 1064 | +32.88% | +36.04% | -3.15% | -0.32B |
| 2024-06-30 | $10.15B | 1223 | +19.00% | +24.49% | -5.49% | +0.30B |
| 2024-03-31 | $9.59B | 1190 | +26.00% | +29.62% | -3.63% | +1.43B |
| 2023-12-31 | $7.56B | 1090 | +25.05% | +26.18% | -1.13% | -0.01B |
| 2023-09-30 | $6.69B | 1043 | +18.92% | +21.57% | -2.64% | +0.26B |
| 2023-06-30 | $6.77B | 1048 | +16.28% | +19.42% | -3.15% | -0.06B |
| 2023-03-31 | $6.28B | 1035 | -8.03% | -7.82% | -0.21% | -0.05B |
| 2022-12-31 | $5.92B | 1000 | -16.10% | -18.17% | +2.07% | +0.24B |
| 2022-09-30 | $5.28B | 906 | -13.40% | -15.51% | +2.11% | +0.46B |
| 2022-06-30 | $5.19B | 846 | -6.16% | -10.62% | +4.46% | +0.14B |