Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.80%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.77%
baseline attrition
Rally response
-1.31%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPTIState Street SPDR Portfo | $141M | 15.6% | — | 1.5 yr |
| SCHXSchwab U.S. Large-Cap ET | $112M | 12.4% | — | 10.5 yr |
| SPTSState Street SPDR Portfo | $90M | 10.0% | — | 1.5 yr |
| VOOVanguard S&P 500 ETF | $71M | 7.8% | — | 10.5 yr |
| IJHiShares Core S&P Mid-Cap | $40M | 4.4% | — | 10.5 yr |
| SPYState Street SPDR S&P 50 | $35M | 3.8% | +17.6% | 10.5 yr |
| IVViShares Core S&P 500 ETF | $26M | 2.8% | — | 10.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $22M | 2.4% | — | 3.8 yr |
| SPMDState Street SPDR Portfo | $20M | 2.2% | — | 2.8 yr |
| AAPLApple Inc. | $18M | 2.0% | +14.7% | 10.5 yr |
| DFAIDimensional - Internatio | $17M | 1.9% | — | 5.0 yr |
| SPSMState Street SPDR Portfo | $16M | 1.7% | — | 4.3 yr |
| IEMGiShares Core MSCI Emergi | $14M | 1.6% | — | 5.3 yr |
| VYMVanguard High Dividend Y | $12M | 1.3% | — | 8.8 yr |
| BHRBBurke & Herbert Financia | $12M | 1.3% | +15.1% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management69.1%-0.7pp$623M
Asset Management - Leveraged10.2%+1.7pp$92M
Banks - Regional2.3%+1.4pp$21M
Consumer Electronics2.0%+0.3pp$18M
Internet Content & Information1.6%+0.3pp$14M
Specialty Retail1.2%-0.4pp$11M
Drug Manufacturers - General1.1%-0.1pp$10M
Semiconductors1.0%+0.3pp$9M
Software - Infrastructure1.0%-0.2pp$9M
Banks - Diversified0.7%-0.1pp$6M
Country
US99.5%+0.2pp
BM0.1%-0.0pp
IE0.1%-0.1pp
CA0.1%+0.0pp
CH0.1%-0.0pp
GB0.0%-0.0pp
Unknown0.0%-0.0pp
IL0.0%+0.0pp
Top 5: 50.3% · Top 10: 63.6% · Top 25: 80.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $31M | +0.01B | 17.6% |
| AAPL | $13M | +0.00B | 14.7% |
| NVDA | $2M | +0.00B | 60.9% |
| JMSB | $6M | +0.00B | 25.2% |
| AMZN | $12M | +0.00B | 9.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $7M | -0.00B | -0.6% |
Top buys this quarter · 15
| BHRB Burke & Herbert Financial Servnew | +$11M |
| AAPL Apple Inc. | +$3M |
| HON Honeywell International Inc. | +$0M |
| ROP Roper Technologies, Inc. | +$0M |
| MSFT Microsoft Corporation | +$6M |
| AMZN Amazon.com, Inc. | +$11M |
| AMGN Amgen Inc. | +$0M |
| SBUX Starbucks Corporation | +$0M |
| AVGO Broadcom Inc. | +$2M |
| LLY Eli Lilly and Company | +$4M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$0M |
| MAR Marriott International, Inc. | −$0M |
| CB Chubb Limited | −$0M |
| JNJ Johnson & Johnson | −$1M |
| ISRG Intuitive Surgical, Inc. | −$0M |
| VZ Verizon Communications Inc. | −$0M |
| CDNS Cadence Design Systems, Inc. | −$0M |
| LH Labcorp Holdings Inc. | −$0M |
| PLTR Palantir Technologies Inc. | −$0M |
| MELI MercadoLibre, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $902M | 592 | +14.22% | +17.59% | -3.37% | +0.05B |
| 2025-12-31 | $891M | 569 | +14.34% | +17.72% | -3.38% | -0.00B |
| 2025-09-30 | $874M | 557 | +13.40% | +17.52% | -4.12% | +0.00B |
| 2025-06-30 | $812M | 570 | +13.14% | +14.94% | -1.80% | -0.01B |
| 2025-03-31 | $761M | 577 | +6.45% | +8.30% | -1.85% | +0.13B |
| 2024-12-31 | $660M | 572 | +18.93% | +24.89% | -5.96% | +0.03B |
| 2024-09-30 | $622M | 586 | +31.92% | +36.04% | -4.11% | -0.05B |
| 2024-06-30 | $624M | 606 | +17.88% | +24.49% | -6.61% | -0.05B |
| 2024-03-31 | $662M | 609 | +24.66% | +29.62% | -4.97% | +0.08B |
| 2023-12-31 | $542M | 675 | +20.17% | +26.18% | -6.01% | -0.01B |
| 2023-09-30 | $489M | 557 | +15.86% | +21.57% | -5.71% | -0.01B |
| 2023-06-30 | $519M | 551 | +16.85% | +19.42% | -2.57% | -0.02B |
| 2023-03-31 | $495M | 535 | -6.71% | -7.82% | +1.10% | -0.01B |
| 2022-12-31 | $491M | 564 | -14.09% | -18.17% | +4.09% | -0.04B |
| 2022-09-30 | $495M | 508 | -11.77% | -15.51% | +3.74% | +0.01B |
| 2022-06-30 | $506M | 506 | -8.14% | -10.62% | +2.48% | +0.00B |