Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.25%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.06%
baseline attrition
Rally response
-17.45%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| QQQInvesco QQQ Trust, Serie | $38M | 6.1% | — | 7.5 yr |
| AAPLApple Inc. | $34M | 5.4% | +14.7% | 9.8 yr |
| NVDANVIDIA Corporation | $32M | 5.0% | +60.9% | 7.8 yr |
| EPDEnterprise Products Part | $30M | 4.8% | +18.7% | 9.8 yr |
| CSWCCapital Southwest Corpor | $25M | 3.9% | +11.4% | 7.0 yr |
| MSIFMSC Income Fund, Inc. | $22M | 3.5% | -20.2% | 0.8 yr |
| SPYState Street SPDR S&P 50 | $17M | 2.7% | +17.6% | 9.5 yr |
| XOMExxon Mobil Corporation | $16M | 2.5% | +47.6% | 9.5 yr |
| BXBlackstone Inc. | $15M | 2.4% | -14.9% | 6.3 yr |
| MAINMain Street Capital Corp | $13M | 2.0% | +0.1% | 9.5 yr |
| MSFTMicrosoft Corporation | $10M | 1.7% | -0.6% | 9.8 yr |
| AVGOBroadcom Inc. | $10M | 1.6% | +86.0% | 5.0 yr |
| LRCXLam Research Corporation | $9M | 1.4% | +196.1% | 1.0 yr |
| RSPInvesco S&P 500 Equal We | $9M | 1.4% | — | 2.5 yr |
| PMPhilip Morris Internatio | $8M | 1.3% | +7.9% | 9.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management28.4%-14.3pp$179M
Semiconductors10.2%+3.5pp$64M
Oil & Gas Midstream6.0%+0.5pp$38M
Consumer Electronics5.4%+1.7pp$34M
Software - Infrastructure3.3%+0.6pp$21M
Oil & Gas Integrated3.3%+2.4pp$21M
Drug Manufacturers - General3.2%+0.5pp$20M
Software - Application3.2%+0.4pp$20M
Unknown2.9%+0.7pp$18M
Tobacco2.2%+1.6pp$14M
Country
US92.7%-2.3pp
Unknown2.9%+0.7pp
CA1.8%+0.6pp
GB1.2%+0.9pp
NL0.3%-0.2pp
IE0.3%+0.1pp
AU0.3%+0.2pp
CN0.2%+0.1pp
Top 5: 25.2% · Top 10: 38.3% · Top 25: 56.0%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$16M |
| MSIF MSC Income Fund, Inc. | +$8M |
| XOM Exxon Mobil Corporation | +$8M |
| MSFT Microsoft Corporation | +$6M |
| AVGO Broadcom Inc. | +$6M |
| PM Philip Morris International In | +$6M |
| AAPL Apple Inc. | +$5M |
| GS The Goldman Sachs Group, Inc. | +$4M |
| EPD Enterprise Products Partners L | +$4M |
| MO Altria Group, Inc. | +$3M |
Top sells this quarter · 15
| BX Blackstone Inc. | −$46M |
| CSWC Capital Southwest Corporation | −$6M |
| TGT Target Corporation | −$4M |
| UBER Uber Technologies, Inc. | −$2M |
| SLB SLB N.V.exit | −$2M |
| RSVR Reservoir Media, Inc. | −$2M |
| BABA Alibaba Group Holding Limited | −$2M |
| HPK HighPeak Energy, Inc. | −$2M |
| FIX Comfort Systems USA, Inc. | −$1M |
| PR Permian Resources Corporation | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $630M | 296 | +18.42% | +17.59% | +0.83% | +0.57B |
| 2025-12-31 | $65M | 35 | +14.08% | +17.72% | -3.64% | -0.69B |
| 2025-09-30 | $756M | 307 | +19.96% | +17.52% | +2.44% | +0.28B |
| 2025-06-30 | $419M | 162 | +14.41% | +14.94% | -0.53% | -0.28B |
| 2025-03-31 | $647M | 288 | +5.39% | +8.30% | -2.91% | +0.02B |
| 2024-12-31 | $670M | 291 | +29.44% | +24.89% | +4.56% | +0.03B |
| 2024-09-30 | $603M | 286 | +37.66% | +36.04% | +1.62% | -0.05B |
| 2024-06-30 | $609M | 289 | +28.63% | +24.49% | +4.13% | +0.10B |
| 2024-03-31 | $516M | 270 | +39.33% | +29.62% | +9.71% | +0.28B |
| 2023-12-31 | $203M | 162 | +31.82% | +26.18% | +5.65% | -0.34B |
| 2023-09-30 | $487M | 256 | +21.21% | +21.57% | -0.35% | +0.03B |
| 2023-06-30 | $452M | 253 | +12.46% | +19.42% | -6.97% | +0.14B |
| 2023-03-31 | $286M | 142 | -14.95% | -7.82% | -7.13% | -0.00B |
| 2022-12-31 | $264M | 208 | -25.31% | -18.17% | -7.14% | -0.16B |
| 2022-09-30 | $408M | 292 | -19.64% | -15.51% | -4.13% | -0.02B |
| 2022-06-30 | $457M | 288 | -13.57% | -10.62% | -2.95% | +0.04B |