Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.23%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.06%
baseline attrition
Rally response
-2.11%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $2.95B | 6.7% | +105.6% | 10.5 yr |
| SESea Limited | $2.64B | 6.0% | -36.5% | 2.0 yr |
| ASMLASML Holding N.V. | $1.91B | 4.4% | +100.9% | 7.5 yr |
| APPAppLovin Corporation | $1.86B | 4.2% | +50.2% | 2.3 yr |
| PMPhilip Morris Internatio | $1.78B | 4.1% | +7.9% | 1.5 yr |
| WDCWestern Digital Corporat | $1.65B | 3.8% | +571.9% | 0.8 yr |
| LINLinde plc | $1.62B | 3.7% | +7.9% | 3.3 yr |
| STXSeagate Technology Holdi | $1.58B | 3.6% | +366.3% | 0.8 yr |
| IBNICICI Bank Limited | $1.32B | 3.0% | -17.3% | 5.0 yr |
| — | $1.25B | 2.8% | — | 3.0 yr |
| AMZNAmazon.com, Inc. | $1.24B | 2.8% | +9.5% | 10.5 yr |
| ACGLArch Capital Group Ltd. | $1.21B | 2.8% | -0.2% | 3.3 yr |
| TEVATeva Pharmaceutical Indu | $1.16B | 2.6% | +96.0% | 1.8 yr |
| SPOTSpotify Technology S.A. | $1.15B | 2.6% | -11.8% | 2.0 yr |
| GLWCorning Incorporated | $1.04B | 2.4% | +201.5% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors13.1%+4.3pp$5.75B
Specialty Retail9.1%-7.9pp$4.00B
Computer Hardware7.4%+6.2pp$3.23B
Software - Application6.5%-4.5pp$2.83B
Tobacco4.4%+4.4pp$1.92B
Chemicals - Specialty3.8%-0.4pp$1.66B
Medical - Distribution3.7%+1.9pp$1.63B
Banks - Regional3.7%-0.8pp$1.61B
Unknown3.0%-1.0pp$1.31B
Banks - Diversified2.9%+0.3pp$1.29B
Country
US45.3%+8.2pp
SG9.6%+1.1pp
TW6.7%+2.6pp
GB6.6%+2.6pp
NL4.4%+1.7pp
CA4.1%+0.4pp
IE3.7%-4.0pp
IN3.0%-1.3pp
Top 5: 25.4% · Top 10: 42.4% · Top 25: 74.3%
Top buys this quarter · 15
| MDT Medtronic plc | +$972M |
| TEVA Teva Pharmaceutical Industries | +$808M |
| SE Sea Limited | +$2.64B |
| CHRW C.H. Robinson Worldwide, Inc. | +$594M |
| ILMN Illumina, Inc. | +$228M |
| NVS Novartis AGnew | +$224M |
| BKD Brookdale Senior Living Inc.new | +$175M |
| BTI British American Tobacco p.l.c | +$135M |
| LYG Lloyds Banking Group plcnew | +$130M |
| APP AppLovin Corporation | +$1.86B |
Top sells this quarter · 15
| CPNG Coupang, Inc. | −$874M |
| MELI MercadoLibre, Inc. | −$843M |
| GEV GE Vernova Inc.exit | −$522M |
| ASML ASML Holding N.V. | −$485M |
| WCN Waste Connections, Inc. | −$392M |
| STX Seagate Technology Holdings pl | −$1.44B |
| MNDY monday.com Ltd.exit | −$260M |
| HOOD Robinhood Markets, Inc. | −$170M |
| TSM Taiwan Semiconductor Manufactu | −$2.94B |
| RACE Ferrari N.V.exit | −$144M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $43.79B | 260 | +15.76% | +17.59% | -1.83% | -2.68B |
| 2025-12-31 | $48.55B | 239 | +20.01% | +17.72% | +2.29% | +2.05B |
| 2025-09-30 | $48.04B | 226 | +28.86% | +17.52% | +11.35% | +0.29B |
| 2025-06-30 | $43.78B | 217 | +25.52% | +14.94% | +10.58% | -0.75B |
| 2025-03-31 | $38.88B | 276 | +10.15% | +8.30% | +1.85% | -3.31B |
| 2024-12-31 | $42.51B | 287 | +21.75% | +24.89% | -3.14% | -3.33B |
| 2024-09-30 | $44.11B | 287 | +30.03% | +36.04% | -6.01% | -0.82B |
| 2024-06-30 | $42.29B | 265 | +19.21% | +24.49% | -5.28% | +0.02B |
| 2024-03-31 | $42.05B | 245 | +25.60% | +29.62% | -4.02% | +2.40B |
| 2023-12-31 | $36.15B | 247 | +23.60% | +26.18% | -2.58% | -1.65B |
| 2023-09-30 | $34.05B | 205 | +17.84% | +21.57% | -3.73% | +1.46B |
| 2023-06-30 | $33.46B | 215 | +15.78% | +19.42% | -3.64% | +0.34B |
| 2023-03-31 | $31.28B | 209 | -9.47% | -7.82% | -1.65% | -1.07B |
| 2022-12-31 | $29.97B | 208 | +5.83% | +7.56% | -1.73% | +0.49B |
| 2022-09-30 | $27.85B | 190 | -4.31% | -4.93% | +0.62% | +1.18B |
| 2022-06-30 | $27.87B | 200 | -17.19% | -16.11% | -1.08% | -1.78B |