Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.83%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.00%
baseline attrition
Rally response
-3.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $85M | 6.0% | +14.7% | 10.5 yr |
| GSLCGoldman Sachs ActiveBeta | $53M | 3.7% | — | 9.3 yr |
| SCHXSchwab U.S. Large-Cap ET | $47M | 3.3% | — | 9.3 yr |
| MSFTMicrosoft Corporation | $44M | 3.1% | -0.6% | 10.5 yr |
| GOOGAlphabet Inc. | $39M | 2.7% | +84.3% | 10.5 yr |
| AMZNAmazon.com, Inc. | $37M | 2.6% | +9.5% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $37M | 2.6% | +21.8% | 10.5 yr |
| AVGOBroadcom Inc. | $37M | 2.6% | +86.0% | 8.0 yr |
| GEVGE Vernova Inc. | $37M | 2.6% | +186.8% | 1.8 yr |
| MUMicron Technology, Inc. | $35M | 2.4% | +289.6% | 2.5 yr |
| XLEState Street Energy Sele | $32M | 2.2% | — | 9.8 yr |
| MSMorgan Stanley | $25M | 1.7% | +44.8% | 9.5 yr |
| VVisa Inc. | $24M | 1.7% | -13.1% | 10.5 yr |
| JPSTJPMorgan Ultra-Short Inc | $23M | 1.6% | — | 8.3 yr |
| SCHFSchwab International Equ | $21M | 1.5% | — | 8.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management26.7%+1.2pp$383M
Semiconductors7.0%+2.5pp$100M
Consumer Electronics6.0%-0.1pp$85M
Internet Content & Information5.5%+1.6pp$79M
Software - Infrastructure3.6%-0.6pp$52M
Asset Management - Income3.1%-0.4pp$44M
Banks - Diversified2.8%-0.1pp$40M
Financial - Capital Markets2.8%+0.6pp$40M
Drug Manufacturers - General2.7%-0.1pp$39M
Specialty Retail2.6%-0.1pp$38M
Country
US97.3%+0.2pp
CA0.9%-0.5pp
IE0.7%-0.0pp
LU0.5%
FR0.3%-0.1pp
JP0.2%-0.0pp
CH0.0%-0.0pp
GB0.0%+0.0pp
Top 5: 18.8% · Top 10: 31.5% · Top 25: 52.3%
Top buys this quarter · 15
| GFS GLOBALFOUNDRIES Inc.new | +$12M |
| SPGI S&P Global Inc. | +$9M |
| SOLV Solventum Corporation | +$3M |
| NFLX Netflix, Inc. | +$2M |
| NOW ServiceNow, Inc. | +$7M |
| LLY Eli Lilly and Company | +$18M |
| MSFT Microsoft Corporation | +$44M |
| QXO QXO, Inc. | +$1M |
| APD Air Products and Chemicals, In | +$0M |
| WELL Welltower Inc. | +$0M |
Top sells this quarter · 15
| AJG Arthur J. Gallagher & Co.exit | −$11M |
| HD The Home Depot, Inc. | −$9M |
| INTU Intuit Inc. | −$7M |
| ROP Roper Technologies, Inc. | −$6M |
| MU Micron Technology, Inc. | −$34M |
| LMT Lockheed Martin Corporation | −$3M |
| NOC Northrop Grumman Corporation | −$2M |
| ZTS Zoetis Inc.exit | −$2M |
| AAPL Apple Inc. | −$1M |
| GEV GE Vernova Inc. | −$28M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.43B | 262 | +13.85% | +17.59% | -3.74% | +0.01B |
| 2025-12-31 | $1.52B | 263 | +16.47% | +17.72% | -1.25% | -0.01B |
| 2025-09-30 | $1.49B | 256 | +16.69% | +17.52% | -0.82% | -0.03B |
| 2025-06-30 | $1.41B | 251 | +15.30% | +14.94% | +0.36% | -0.02B |
| 2025-03-31 | $1.29B | 243 | +7.05% | +8.30% | -1.25% | -0.00B |
| 2024-12-31 | $1.35B | 253 | +19.27% | +24.89% | -5.62% | -0.04B |
| 2024-09-30 | $1.36B | 255 | +30.27% | +36.04% | -5.77% | -0.02B |
| 2024-06-30 | $1.30B | 259 | +18.38% | +24.49% | -6.11% | -0.02B |
| 2024-03-31 | $1.29B | 273 | +24.22% | +29.62% | -5.41% | -0.03B |
| 2023-12-31 | $1.24B | 285 | +24.19% | +26.18% | -1.99% | -0.02B |
| 2023-09-30 | $1.13B | 289 | +17.94% | +21.57% | -3.63% | -0.02B |
| 2023-06-30 | $1.18B | 287 | +17.07% | +19.42% | -2.35% | -0.03B |
| 2023-03-31 | $1.12B | 295 | -6.04% | -7.82% | +1.78% | -0.00B |
| 2022-12-31 | $1.06B | 295 | -15.93% | -18.17% | +2.24% | -0.01B |
| 2022-09-30 | $1000M | 292 | -12.41% | -15.51% | +3.10% | -0.01B |
| 2022-06-30 | $1.06B | 293 | -7.91% | -10.62% | +2.71% | +0.00B |