Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.34%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.03%
baseline attrition
Rally response
-5.01%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $949M | 6.1% | — | 1.3 yr |
| NVDANVIDIA Corporation | $834M | 5.4% | +60.9% | 6.3 yr |
| AAPLApple Inc. | $724M | 4.7% | +14.7% | 9.3 yr |
| AMZNAmazon.com, Inc. | $588M | 3.8% | +9.5% | 7.3 yr |
| — | $571M | 3.7% | — | 0.3 yr |
| MSFTMicrosoft Corporation | $511M | 3.3% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $502M | 3.2% | — | 9.5 yr |
| KOThe Coca-Cola Company | $257M | 1.7% | +9.3% | 6.5 yr |
| BACBank of America Corporat | $242M | 1.6% | +19.4% | 2.8 yr |
| LLYEli Lilly and Company | $231M | 1.5% | +12.2% | 4.0 yr |
| PLDPrologis, Inc. | $229M | 1.5% | +22.3% | 6.5 yr |
| AVGOBroadcom Inc. | $227M | 1.5% | +86.0% | 2.5 yr |
| JPMJPMorgan Chase & Co. | $227M | 1.5% | +21.8% | 10.3 yr |
| CVXChevron Corporation | $212M | 1.4% | +29.2% | 4.8 yr |
| TMOThermo Fisher Scientific | $210M | 1.3% | -0.9% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management10.3%+2.7pp$1.60B
Semiconductors8.5%+2.0pp$1.33B
Banks - Diversified7.3%+0.6pp$1.13B
Software - Infrastructure5.9%-1.6pp$915M
Drug Manufacturers - General5.6%+3.4pp$867M
Internet Content & Information5.0%-0.1pp$774M
Unknown5.0%+4.7pp$771M
Consumer Electronics4.7%+0.0pp$729M
Specialty Retail4.2%-0.7pp$651M
Regulated Electric2.6%+0.3pp$403M
Country
US79.8%-2.5pp
CA7.4%-0.6pp
Unknown5.0%+4.7pp
IE2.7%-1.5pp
GB2.0%+0.6pp
BR0.8%+0.8pp
IN0.5%+0.1pp
IL0.5%+0.4pp
Top 5: 23.6% · Top 10: 34.8% · Top 25: 53.0%
Top buys this quarter · 15
| KO The Coca-Cola Company | +$243M |
| AZN AstraZeneca PLCnew | +$163M |
| MRK Merck & Co., Inc. | +$159M |
| LNG Cheniere Energy, Inc. | +$158M |
| GILD Gilead Sciences, Inc. | +$152M |
| LYV Live Nation Entertainment, Inc | +$135M |
| AAPL Apple Inc. | +$133M |
| VALE Vale S.A. | +$128M |
| SNOW Snowflake Inc. | +$103M |
| IR Ingersoll Rand Inc. | +$85M |
Top sells this quarter · 15
| BBU Brookfield Business Partners Lexit | −$361M |
| BBUC Brookfield Business Corporatioexit | −$190M |
| WCN Waste Connections, Inc. | −$179M |
| AVGO Broadcom Inc. | −$144M |
| CL Colgate-Palmolive Company | −$139M |
| NKE NIKE, Inc. | −$130M |
| FTS Fortis Inc. | −$119M |
| CM Canadian Imperial Bank of Comm | −$118M |
| ENB Enbridge Inc. | −$101M |
| NTR Nutrien Ltd. | −$91M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $15.55B | 1093 | +16.22% | +17.59% | -1.37% | +2.20B |
| 2025-12-31 | $14.03B | 1029 | +17.54% | +17.72% | -0.18% | -0.30B |
| 2025-09-30 | $13.96B | 1135 | +15.91% | +17.52% | -1.61% | +0.30B |
| 2025-06-30 | $12.73B | 863 | +16.18% | +14.94% | +1.24% | +0.06B |
| 2025-03-31 | $11.42B | 1024 | +7.88% | +8.30% | -0.43% | +0.43B |
| 2024-12-31 | $11.42B | 952 | +19.13% | +24.89% | -5.76% | +0.44B |
| 2024-09-30 | $10.85B | 888 | +32.72% | +36.04% | -3.32% | -0.29B |
| 2024-06-30 | $10.36B | 1023 | +16.72% | +24.49% | -7.78% | +1.39B |
| 2024-03-31 | $8.70B | 442 | +19.03% | +29.62% | -10.60% | +0.33B |
| 2023-12-31 | $7.88B | 285 | +17.75% | +26.18% | -8.43% | +0.46B |
| 2023-09-30 | $6.58B | 230 | +13.33% | +21.57% | -8.24% | +0.57B |
| 2023-06-30 | $6.36B | 229 | +13.25% | +19.42% | -6.17% | -0.38B |
| 2023-03-31 | $6.42B | 289 | -7.11% | -7.82% | +0.71% | -0.08B |
| 2022-12-31 | $6.18B | 358 | -15.72% | -18.17% | +2.45% | -0.27B |
| 2022-09-30 | $5.94B | 421 | -13.73% | -15.51% | +1.78% | -0.56B |
| 2022-06-30 | $6.88B | 447 | -8.21% | -10.62% | +2.41% | +0.21B |