Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.09%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.82%
baseline attrition
Rally response
-4.51%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $69M | 20.0% | +14.7% | 10.3 yr |
| AMZNAmazon.com, Inc. | $19M | 5.4% | +9.5% | 10.0 yr |
| GOOGAlphabet Inc. | $16M | 4.6% | +84.3% | 10.3 yr |
| MSFTMicrosoft Corporation | $11M | 3.3% | -0.6% | 10.0 yr |
| CCitigroup Inc. | $10M | 2.7% | +63.9% | 10.3 yr |
| AMLPAlerian MLP ETF | $9M | 2.7% | — | 5.3 yr |
| TSMTaiwan Semiconductor Man | $9M | 2.7% | +105.6% | 2.3 yr |
| LINLinde plc | $9M | 2.7% | +7.9% | 3.3 yr |
| NEENextEra Energy, Inc. | $9M | 2.7% | +34.9% | 6.5 yr |
| COFCapital One Financial Co | $9M | 2.6% | +3.1% | 1.5 yr |
| WPMWheaton Precious Metals | $9M | 2.6% | +70.0% | 0.8 yr |
| FCXFreeport-McMoRan Inc. | $9M | 2.6% | +57.4% | 10.3 yr |
| INCYIncyte Corporation | $9M | 2.5% | +55.4% | 10.0 yr |
| EQTEQT Corporation | $7M | 2.0% | +20.5% | 1.3 yr |
| BXSLBlackstone Secured Lendi | $6M | 1.8% | — | 4.0 yr |
Portfolio composition (YoY)
Industry mix
Consumer Electronics20.0%+1.7pp$69M
Asset Management9.2%-1.9pp$32M
Financial - Credit Services7.1%+0.3pp$25M
Banks - Diversified5.9%+0.5pp$20M
Specialty Retail5.4%-0.5pp$19M
Software - Infrastructure5.1%-0.3pp$18M
Internet Content & Information4.8%+0.9pp$17M
Semiconductors4.5%+1.7pp$16M
Unknown4.2%+2.2pp$15M
Biotechnology3.2%-0.0pp$11M
Country
US84.9%-1.3pp
Unknown4.2%+2.2pp
CA3.8%+2.1pp
TW2.7%+0.4pp
GB2.7%+0.0pp
FR0.6%-2.1pp
CH0.5%-1.6pp
GR0.5%
Top 5: 36.0% · Top 10: 49.4% · Top 25: 76.2%
Top buys this quarter · 15
| CEG Constellation Energy Corporatinew | +$5M |
| WCC WESCO International, Inc.new | +$2M |
| WLFC Willis Lease Finance Corporatinew | +$2M |
| BXMT Blackstone Mortgage Trust, Inc | +$2M |
| COF Capital One Financial Corporat | +$9M |
| AMD Advanced Micro Devices, Inc. | +$1M |
| DAC Danaos Corporation | +$1M |
| SOLS Solstice Advanced Materials Innew | +$0M |
| BKU BankUnited, Inc.new | +$0M |
| LITE Lumentum Holdings Inc.new | +$0M |
Top sells this quarter · 15
| UBER Uber Technologies, Inc.exit | −$9M |
| DELL Dell Technologies Inc. | −$6M |
| RY Royal Bank of Canada | −$4M |
| FCX Freeport-McMoRan Inc. | −$3M |
| CRM Salesforce, Inc. | −$3M |
| ZS Zscaler, Inc. | −$2M |
| CBRE CBRE Group, Inc. | −$2M |
| GBDC Golub Capital BDC, Inc. | −$2M |
| GSBD Goldman Sachs BDC, Inc. | −$1M |
| SLM SLM Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $347M | 103 | +17.10% | +17.59% | -0.50% | -0.03B |
| 2025-12-31 | $402M | 98 | +16.84% | +17.72% | -0.88% | -0.01B |
| 2025-09-30 | $397M | 102 | +10.95% | +17.52% | -6.57% | +0.00B |
| 2025-06-30 | $359M | 77 | +4.31% | +14.94% | -10.63% | -0.01B |
| 2025-03-31 | $335M | 77 | +2.64% | +8.30% | -5.67% | -0.02B |
| 2024-12-31 | $378M | 76 | +14.61% | +24.89% | -10.27% | +0.00B |
| 2024-09-30 | $381M | 74 | +34.07% | +36.04% | -1.97% | -0.00B |
| 2024-06-30 | $374M | 71 | +20.62% | +24.49% | -3.87% | +0.01B |
| 2024-03-31 | $343M | 72 | +18.82% | +29.62% | -10.80% | +0.00B |
| 2023-12-31 | $323M | 70 | +26.93% | +26.18% | +0.75% | -0.01B |
| 2023-09-30 | $288M | 78 | +7.68% | +7.45% | +0.23% | +0.00B |
| 2023-06-30 | $310M | 79 | -11.53% | -6.86% | -4.68% | +0.01B |
| 2023-03-31 | $281M | 80 | +12.27% | +7.46% | +4.81% | +0.00B |
| 2022-09-30 | $249M | 83 | -1.94% | -4.93% | +2.99% | -0.01B |
| 2022-06-30 | $260M | 89 | -23.84% | -16.11% | -7.73% | -0.01B |
| 2022-03-31 | $353M | 98 | — | — | — | -0.04B |