Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.92%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.82%
baseline attrition
Rally response
-4.75%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $1.60B | 2.6% | +60.9% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.41B | 2.3% | — | 10.5 yr |
| AAPLApple Inc. | $1.17B | 1.9% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $1.11B | 1.8% | -0.6% | 10.5 yr |
| ABBVAbbVie Inc. | $866M | 1.4% | +7.3% | 10.5 yr |
| AVGOBroadcom Inc. | $740M | 1.2% | +86.0% | 8.0 yr |
| AMZNAmazon.com, Inc. | $738M | 1.2% | +9.5% | 10.5 yr |
| CVXChevron Corporation | $726M | 1.2% | +29.2% | 10.5 yr |
| GEVGE Vernova Inc. | $686M | 1.1% | +186.8% | 2.0 yr |
| VZVerizon Communications I | $683M | 1.1% | +16.5% | 10.5 yr |
| — | $631M | 1.0% | — | 1.8 yr |
| PFEPfizer Inc. | $603M | 1.0% | +18.8% | 10.5 yr |
| PNCThe PNC Financial Servic | $603M | 1.0% | +22.7% | 10.5 yr |
| USBU.S. Bancorp | $599M | 1.0% | +27.1% | 10.5 yr |
| PMPhilip Morris Internatio | $570M | 0.9% | +7.9% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors7.2%+2.5pp$4.43B
Regulated Electric4.9%-1.0pp$2.98B
Drug Manufacturers - General4.8%-3.5pp$2.97B
Software - Infrastructure4.4%-1.8pp$2.69B
Software - Application4.2%-0.7pp$2.55B
Internet Content & Information3.7%+0.6pp$2.27B
Biotechnology3.6%+0.7pp$2.22B
Banks - Regional3.1%-0.2pp$1.88B
Aerospace & Defense3.0%+1.2pp$1.85B
Specialty Retail3.0%-0.6pp$1.81B
Country
US89.0%-0.3pp
Unknown2.5%+1.5pp
CA2.3%+0.4pp
IE1.3%+0.1pp
GB1.1%-0.1pp
FR1.0%+0.0pp
CN0.5%-0.6pp
TW0.4%+0.2pp
Top 5: 10.0% · Top 10: 15.9% · Top 25: 28.8%
Top buys this quarter · 15
| LULU Lululemon Athletica Inc. | +$440M |
| AMT American Tower Corporation | +$374M |
| PAYX Paychex, Inc. | +$320M |
| CME CME Group Inc. | +$294M |
| UNH UnitedHealth Group Incorporate | +$277M |
| IT Gartner, Inc. | +$261M |
| MDT Medtronic plc | +$206M |
| NVDA NVIDIA Corporation | +$202M |
| DOX Amdocs Limited | +$168M |
| KIM Kimco Realty Corporation | +$148M |
Top sells this quarter · 15
| JNJ Johnson & Johnson | −$498M |
| XOM Exxon Mobil Corporation | −$498M |
| AEP American Electric Power Compan | −$303M |
| GILD Gilead Sciences, Inc. | −$255M |
| AMGN Amgen Inc. | −$233M |
| TXN Texas Instruments Incorporated | −$197M |
| ZS Zscaler, Inc. | −$151M |
| GSK GSK plc | −$148M |
| RBLX Roblox Corporation | −$144M |
| DECK Deckers Outdoor Corporation | −$144M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $61.33B | 2043 | +14.16% | +17.59% | -3.43% | +2.75B |
| 2025-12-31 | $59.69B | 2057 | +13.36% | +17.72% | -4.36% | +2.96B |
| 2025-09-30 | $56.53B | 2107 | +13.66% | +17.52% | -3.85% | +0.26B |
| 2025-06-30 | $53.06B | 2046 | +16.67% | +14.94% | +1.73% | +2.45B |
| 2025-03-31 | $46.30B | 2043 | +4.83% | +8.30% | -3.47% | +1.83B |
| 2024-12-31 | $45.63B | 2061 | +16.03% | +24.89% | -8.85% | -0.17B |
| 2024-09-30 | $45.52B | 2047 | +28.40% | +36.04% | -7.64% | -0.40B |
| 2024-06-30 | $42.18B | 2011 | +13.85% | +24.49% | -10.64% | -0.45B |
| 2024-03-31 | $43.42B | 2017 | +20.08% | +29.62% | -9.55% | +0.01B |
| 2023-12-31 | $40.24B | 2023 | +14.21% | +26.18% | -11.96% | -1.49B |
| 2023-09-30 | $37.49B | 2071 | +12.09% | +21.57% | -9.48% | -1.35B |
| 2023-06-30 | $40.23B | 2075 | +7.11% | +19.42% | -12.31% | -0.87B |
| 2023-03-31 | $39.69B | 2095 | -11.65% | -7.82% | -3.83% | +2.65B |
| 2022-12-31 | $36.10B | 2143 | +9.26% | +7.56% | +1.70% | -1.17B |
| 2022-09-30 | $34.11B | 2085 | -7.75% | -4.93% | -2.82% | +0.22B |
| 2022-06-30 | $36.74B | 2093 | -14.58% | -16.11% | +1.53% | -1.04B |