Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.41%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.87%
baseline attrition
Rally response
-6.17%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $768M | 1.7% | — | 9.3 yr |
| TAT&T Inc. | $644M | 1.4% | +5.9% | 10.5 yr |
| CCitigroup Inc. | $638M | 1.4% | +63.9% | 10.5 yr |
| CSCOCisco Systems, Inc. | $624M | 1.3% | +28.1% | 10.5 yr |
| MRKMerck & Co., Inc. | $612M | 1.3% | +38.9% | 10.5 yr |
| VZVerizon Communications I | $609M | 1.3% | +16.5% | 10.5 yr |
| BMYBristol-Myers Squibb Com | $537M | 1.2% | +3.4% | 8.3 yr |
| STTState Street Corporation | $517M | 1.1% | +44.6% | 10.5 yr |
| GMGeneral Motors Company | $509M | 1.1% | +60.0% | 10.5 yr |
| BKThe Bank of New York Mel | $506M | 1.1% | +44.4% | 10.3 yr |
| WFCWells Fargo & Company | $490M | 1.1% | +13.3% | 10.5 yr |
| QCOMQUALCOMM Incorporated | $487M | 1.1% | -14.2% | 10.5 yr |
| PFEPfizer Inc. | $486M | 1.0% | +18.8% | 10.5 yr |
| KRThe Kroger Co. | $480M | 1.0% | +9.1% | 10.5 yr |
| EBAYeBay Inc. | $471M | 1.0% | +36.3% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Drug Manufacturers - General5.4%-0.9pp$2.52B
Banks - Regional4.7%-0.0pp$2.20B
Banks - Diversified4.0%+0.7pp$1.86B
Biotechnology3.9%+0.9pp$1.80B
Semiconductors3.9%+0.7pp$1.79B
Asset Management3.7%-0.4pp$1.71B
Telecommunications Services3.6%-1.0pp$1.68B
Software - Infrastructure2.6%+0.2pp$1.21B
Internet Content & Information2.5%+1.6pp$1.16B
Auto - Parts2.5%+1.0pp$1.15B
Country
US94.1%-1.2pp
BM1.2%+0.5pp
IE1.2%+0.4pp
Unknown0.8%-0.0pp
GB0.4%-0.2pp
SE0.4%+0.3pp
SG0.4%-0.2pp
CN0.4%+0.1pp
Top 5: 7.1% · Top 10: 12.9% · Top 25: 26.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| C | $458M | +0.29B | 63.9% |
| BK | $553M | +0.24B | 44.4% |
| GM | $376M | +0.22B | 60.0% |
| DELL | $263M | +0.22B | 83.4% |
| STT | $430M | +0.19B | 44.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| QCOM | $508M | -0.07B | -14.2% |
Top buys this quarter · 15
| DIS The Walt Disney Company | +$289M |
| CRM Salesforce, Inc. | +$230M |
| ALL The Allstate Corporation | +$149M |
| GEHC GE HealthCare Technologies Incnew | +$129M |
| MO Altria Group, Inc. | +$52M |
| EXPE Expedia Group, Inc. | +$50M |
| CCK Crown Holdings, Inc. | +$45M |
| OTTR Otter Tail Corporation | +$44M |
| QCOM QUALCOMM Incorporated | +$487M |
| NFG National Fuel Gas Company | +$41M |
Top sells this quarter · 15
| JNJ Johnson & Johnson | −$220M |
| JBL Jabil Inc. | −$198M |
| GILD Gilead Sciences, Inc. | −$175M |
| TGNA TEGNA Inc.exit | −$139M |
| AMAT Applied Materials, Inc. | −$128M |
| FLEX Flex Ltd. | −$112M |
| WDC Western Digital Corporation | −$101M |
| BK The Bank of New York Mellon Co | −$80M |
| ACMR ACM Research, Inc. | −$72M |
| MUR Murphy Oil Corporation | −$72M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $46.40B | 871 | +21.98% | +17.59% | +4.39% | -0.72B |
| 2025-12-31 | $45.86B | 869 | +17.01% | +17.72% | -0.71% | -1.27B |
| 2025-09-30 | $45.29B | 883 | +11.24% | +17.52% | -6.28% | -0.92B |
| 2025-06-30 | $42.72B | 808 | +11.46% | +14.94% | -3.48% | -1.22B |
| 2025-03-31 | $41.66B | 830 | +2.67% | +8.30% | -5.63% | -1.04B |
| 2024-12-31 | $43.32B | 824 | +15.76% | +24.89% | -9.13% | -2.84B |
| 2024-09-30 | $46.66B | 816 | +28.39% | +36.04% | -7.65% | -2.81B |
| 2024-06-30 | $45.64B | 855 | +16.32% | +24.49% | -8.17% | -1.31B |
| 2024-03-31 | $48.33B | 858 | +24.49% | +29.62% | -5.13% | -2.60B |
| 2023-12-31 | $45.83B | 867 | +13.85% | +26.18% | -12.33% | -1.35B |
| 2023-09-30 | $42.99B | 859 | +18.45% | +21.57% | -3.12% | -1.54B |
| 2023-06-30 | $45.35B | 890 | +13.40% | +19.42% | -6.02% | -1.00B |
| 2023-03-31 | $44.59B | 879 | -2.30% | -7.82% | +5.52% | -1.50B |
| 2022-12-31 | $45.35B | 865 | +14.17% | +7.56% | +6.61% | -3.51B |
| 2022-09-30 | $42.79B | 919 | -5.99% | -4.93% | -1.06% | -0.68B |
| 2022-06-30 | $46.25B | 884 | -10.42% | -16.11% | +5.69% | -2.55B |