Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.86%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.28%
baseline attrition
Rally response
-0.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $3.35B | 6.0% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $3.07B | 5.5% | +14.7% | 10.3 yr |
| MSFTMicrosoft Corporation | $2.38B | 4.3% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.65B | 3.0% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.60B | 2.9% | +9.5% | 10.3 yr |
| METAMeta Platforms, Inc. | $1.15B | 2.1% | -0.4% | 10.5 yr |
| AVGOBroadcom Inc. | $1.10B | 2.0% | +86.0% | 8.0 yr |
| GOOGAlphabet Inc. | $1.05B | 1.9% | +84.3% | 10.5 yr |
| TSLATesla, Inc. | $860M | 1.5% | +43.4% | 10.5 yr |
| XOMExxon Mobil Corporation | $691M | 1.2% | +47.6% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $666M | 1.2% | +21.8% | 10.5 yr |
| JNJJohnson & Johnson | $630M | 1.1% | +51.5% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $604M | 1.1% | — | 10.3 yr |
| LLYEli Lilly and Company | $582M | 1.0% | +12.2% | 10.5 yr |
| NFLXNetflix, Inc. | $513M | 0.9% | +3.1% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.5%+4.0pp$6.95B
Internet Content & Information7.1%+1.8pp$3.98B
Software - Infrastructure6.2%-1.3pp$3.46B
Consumer Electronics5.5%-0.3pp$3.07B
Drug Manufacturers - General5.2%+0.8pp$2.92B
Specialty Retail3.6%-0.4pp$2.03B
Banks - Diversified3.3%+0.4pp$1.83B
Software - Application2.3%-0.8pp$1.29B
Financial - Credit Services2.2%-0.8pp$1.22B
Oil & Gas Integrated2.0%+0.9pp$1.12B
Country
US92.6%-0.8pp
CA2.7%+0.4pp
IE1.9%-0.2pp
GB0.6%+0.5pp
TW0.6%+0.2pp
CH0.5%+0.0pp
FR0.3%
IL0.2%-0.0pp
Top 5: 21.6% · Top 10: 30.3% · Top 25: 43.0%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$300M |
| MSFT Microsoft Corporation | +$2.38B |
| MA Mastercard Incorporated | +$69M |
| NVDA NVIDIA Corporation | +$3.35B |
| POOL Pool Corporation | +$38M |
| NFLX Netflix, Inc. | +$36M |
| AMZN Amazon.com, Inc. | +$1.60B |
| CVX Chevron Corporation | +$24M |
| PANW Palo Alto Networks, Inc. | +$22M |
| AAPL Apple Inc. | +$3.07B |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$99M |
| EA Electronic Arts Inc. | −$98M |
| AMAT Applied Materials, Inc. | −$396M |
| TSM Taiwan Semiconductor Manufactu | −$47M |
| MU Micron Technology, Inc. | −$280M |
| PEP PepsiCo, Inc. | −$37M |
| FSLY Fastly, Inc. | −$19M |
| PYPL PayPal Holdings, Inc. | −$26M |
| TER Teradyne, Inc. | −$42M |
| JNJ Johnson & Johnson | −$549M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $55.79B | 1835 | +15.98% | +17.59% | -1.61% | +0.51B |
| 2025-12-31 | $57.45B | 1865 | +15.71% | +17.72% | -2.01% | -13.79B |
| 2025-09-30 | $69.86B | 1910 | +14.76% | +17.52% | -2.75% | +2.09B |
| 2025-06-30 | $63.08B | 1938 | +14.19% | +14.94% | -0.76% | +0.64B |
| 2025-03-31 | $56.75B | 1990 | +4.84% | +8.30% | -3.46% | +1.10B |
| 2024-12-31 | $57.97B | 2016 | +16.44% | +24.89% | -8.44% | -0.05B |
| 2024-09-30 | $57.37B | 2063 | +29.38% | +36.04% | -6.66% | +0.60B |
| 2024-06-30 | $53.11B | 2088 | +16.03% | +24.49% | -8.46% | +3.01B |
| 2024-03-31 | $49.60B | 2132 | +22.36% | +29.62% | -7.26% | +1.08B |
| 2023-12-31 | $45.50B | 2155 | +21.97% | +26.18% | -4.20% | -1.20B |
| 2023-09-30 | $41.56B | 2221 | +16.94% | +21.57% | -4.63% | +1.15B |
| 2023-06-30 | $42.15B | 2251 | +15.22% | +19.42% | -4.20% | -0.72B |
| 2023-03-31 | $40.24B | 2310 | -7.02% | -7.82% | +0.80% | -0.14B |
| 2022-12-31 | $38.00B | 2339 | -16.56% | -18.17% | +1.62% | +0.11B |
| 2022-09-30 | $35.16B | 2382 | -13.98% | -15.51% | +1.53% | -0.61B |
| 2022-06-30 | $37.88B | 2418 | -8.41% | -10.62% | +2.21% | -3.39B |