Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.04%
adds when stocks drop
when a holding falls −10%+
Middle response
+7.05%
steady accumulation
Rally response
+5.81%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $768M | 6.0% | — | 7.8 yr |
| IVEiShares S&P 500 Value ET | $464M | 3.6% | — | 7.0 yr |
| IVWiShares S&P 500 Growth E | $436M | 3.4% | — | 7.5 yr |
| EFViShares MSCI EAFE Value | $436M | 3.4% | — | 7.8 yr |
| DYNFiShares U.S. Equity Fact | $434M | 3.4% | — | 1.5 yr |
| IUSBiShares Core Universal U | $414M | 3.2% | — | 5.3 yr |
| IEMGiShares Core MSCI Emergi | $402M | 3.2% | — | 10.0 yr |
| EFGiShares MSCI EAFE Growth | $228M | 1.8% | — | 6.0 yr |
| QUALiShares MSCI USA Quality | $211M | 1.7% | — | 7.3 yr |
| BAIiShares A.I. Innovation | $206M | 1.6% | — | 0.8 yr |
| NVDANVIDIA Corporation | $191M | 1.5% | +60.9% | 7.8 yr |
| THROiShares U.S. Thematic Ro | $179M | 1.4% | — | 0.5 yr |
| MTUMiShares MSCI USA Momentu | $173M | 1.4% | — | 9.0 yr |
| TLHiShares 10-20 Year Treas | $173M | 1.4% | — | 4.8 yr |
| AAPLApple Inc. | $153M | 1.2% | +14.7% | 7.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management66.6%-2.6pp$8.48B
Asset Management - Bonds8.4%-1.8pp$1.06B
Semiconductors3.1%+2.1pp$396M
Software - Infrastructure1.4%+0.9pp$174M
Internet Content & Information1.3%+0.1pp$161M
Consumer Electronics1.2%$159M
Drug Manufacturers - General1.2%+0.3pp$152M
Asset Management - Income1.0%-0.2pp$123M
Banks - Diversified0.9%+0.5pp$115M
Specialty Retail0.9%+0.7pp$111M
Country
US97.5%+0.2pp
GB0.5%-0.0pp
IE0.3%-0.2pp
Unknown0.2%+0.0pp
CA0.2%+0.0pp
CH0.2%-0.0pp
TW0.2%+0.0pp
JP0.1%+0.0pp
Top 5: 19.9% · Top 10: 31.4% · Top 25: 47.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$13M |
| AAPL Apple Inc. | +$12M |
| AZN AstraZeneca PLCnew | +$10M |
| AVGO Broadcom Inc. | +$61M |
| META Meta Platforms, Inc. | +$57M |
| AMZN Amazon.com, Inc. | +$90M |
| ALAB Astera Labs, Inc. Common Stock | +$5M |
| MDT Medtronic plc | +$5M |
| MSFT Microsoft Corporation | +$108M |
| TSLA Tesla, Inc. | +$45M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF exit | −$124M |
| GOOG Alphabet Inc.exit | −$33M |
| PM Philip Morris International Inexit | −$19M |
| GS The Goldman Sachs Group, Inc.exit | −$12M |
| WFC Wells Fargo & Companyexit | −$11M |
| CME CME Group Inc.exit | −$11M |
| ETN Eaton Corporation plcexit | −$8M |
| UBER Uber Technologies, Inc.exit | −$6M |
| CMI Cummins Inc.exit | −$6M |
| SHEL Shell plcexit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $12.74B | 1501 | +15.97% | +17.59% | -1.62% | +1.31B |
| 2025-12-31 | $11.74B | 1481 | +16.42% | +17.72% | -1.30% | -1.20B |
| 2025-09-30 | $12.76B | 1618 | +16.61% | +17.52% | -0.91% | +1.03B |
| 2025-06-30 | $10.82B | 1456 | +14.53% | +14.94% | -0.41% | +2.05B |
| 2025-03-31 | $8.09B | 1148 | +6.68% | +8.30% | -1.62% | -1.36B |
| 2024-12-31 | $9.68B | 1449 | +18.69% | +24.89% | -6.20% | +0.68B |
| 2024-09-30 | $8.86B | 1369 | +30.26% | +36.04% | -5.78% | +0.17B |
| 2024-06-30 | $8.16B | 1346 | +19.43% | +24.49% | -5.06% | +0.36B |
| 2024-03-31 | $7.72B | 1350 | +26.93% | +29.62% | -2.69% | -0.12B |
| 2023-12-31 | $7.21B | 1322 | +23.08% | +26.18% | -3.10% | +0.05B |
| 2023-09-30 | $6.42B | 1252 | +20.20% | +21.57% | -1.37% | +0.28B |
| 2023-06-30 | $6.29B | 716 | +17.26% | +19.42% | -2.17% | +0.08B |
| 2023-03-31 | $5.79B | 690 | -7.43% | -7.82% | +0.39% | -0.12B |
| 2022-12-31 | $5.60B | 1184 | -16.22% | -18.17% | +1.96% | +0.17B |
| 2022-09-30 | $4.99B | 1108 | -14.52% | -15.51% | +0.99% | +0.10B |
| 2022-06-30 | $5.13B | 1109 | -9.74% | -10.62% | +0.88% | +0.33B |