Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.82%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.19%
baseline attrition
Rally response
-0.77%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $139M | 11.6% | — | 9.8 yr |
| VTVVanguard Value ETF | $70M | 5.9% | — | 10.5 yr |
| VUGVanguard Growth ETF | $61M | 5.1% | — | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $58M | 4.9% | — | 6.0 yr |
| VONVVanguard Russell 1000 Va | $35M | 2.9% | — | 6.0 yr |
| AAPLApple Inc. | $33M | 2.7% | +14.7% | 10.5 yr |
| IVEiShares S&P 500 Value ET | $32M | 2.6% | — | 10.5 yr |
| VOEVanguard Mid-Cap Value E | $32M | 2.6% | — | 10.3 yr |
| IWFiShares Russell 1000 Gro | $31M | 2.6% | — | 6.5 yr |
| VONGVanguard Russell 1000 Gr | $24M | 2.0% | — | 6.3 yr |
| SPYState Street SPDR S&P 50 | $23M | 2.0% | +17.6% | 6.0 yr |
| VOVanguard Mid-Cap ETF | $23M | 1.9% | — | 9.0 yr |
| GOOGLAlphabet Inc. | $20M | 1.7% | — | 6.0 yr |
| SMHVanEck Semiconductor ETF | $20M | 1.6% | — | 0.5 yr |
| IEMGiShares Core MSCI Emergi | $19M | 1.6% | — | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management68.3%+4.5pp$817M
Asset Management - Bonds5.1%-0.0pp$60M
Asset Management - Income4.0%-0.4pp$48M
Internet Content & Information3.5%+0.2pp$41M
Consumer Electronics2.7%-0.2pp$33M
Financial - Credit Services2.0%-0.6pp$24M
Software - Infrastructure1.9%-0.1pp$23M
Specialty Retail1.5%-0.4pp$17M
REIT - Mortgage1.3%-0.0pp$16M
Financial - Capital Markets1.1%+0.2pp$13M
Country
US99.2%+0.4pp
IE0.6%+0.2pp
Unknown0.2%-0.2pp
CA0.0%+0.0pp
FR0.0%
Top 5: 30.4% · Top 10: 43.0% · Top 25: 65.4%
Top buys this quarter · 15
| NFLX Netflix, Inc. | +$1M |
| SCHW The Charles Schwab Corporation | +$1M |
| CBRE CBRE Group, Inc. | +$1M |
| GBDC Golub Capital BDC, Inc. | +$1M |
| MSFT Microsoft Corporation | +$19M |
| EIX Edison Internationalnew | +$0M |
| META Meta Platforms, Inc. | +$17M |
| LAFA LaFayette Acquisition Corp. Ornew | +$0M |
| JPM JPMorgan Chase & Co. | +$5M |
| AZO AutoZone, Inc. | +$0M |
Top sells this quarter · 15
| UNP Union Pacific Corporationexit | −$3M |
| SNA Snap-on Incorporatedexit | −$3M |
| SHW The Sherwin-Williams Companyexit | −$2M |
| TSCO Tractor Supply Companyexit | −$2M |
| ADBE Adobe Inc.exit | −$2M |
| HCA HCA Healthcare, Inc. | −$2M |
| PH Parker-Hannifin Corporation | −$1M |
| WMT Walmart Inc. | −$1M |
| LOW Lowe's Companies, Inc. | −$1M |
| HD The Home Depot, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.20B | 174 | +6.21% | +17.59% | -11.38% | +0.05B |
| 2025-12-31 | $1.24B | 183 | +9.51% | +17.72% | -8.21% | +0.01B |
| 2025-09-30 | $1.22B | 186 | +11.46% | +17.52% | -6.06% | -0.00B |
| 2025-06-30 | $1.15B | 187 | +12.77% | +14.94% | -2.17% | -0.00B |
| 2025-03-31 | $1.07B | 190 | +6.89% | +8.30% | -1.42% | -0.01B |
| 2024-12-31 | $1.13B | 190 | +21.79% | +24.89% | -3.09% | -0.01B |
| 2024-09-30 | $1.11B | 190 | +34.83% | +36.04% | -1.21% | -0.01B |
| 2024-06-30 | $1.05B | 190 | +19.88% | +24.49% | -4.61% | +0.00B |
| 2024-03-31 | $1.02B | 185 | +27.76% | +29.62% | -1.86% | +0.01B |
| 2023-12-31 | $933M | 195 | +26.22% | +26.18% | +0.04% | +0.01B |
| 2023-09-30 | $816M | 178 | +16.89% | +21.57% | -4.67% | +0.02B |
| 2023-06-30 | $834M | 188 | +18.05% | +19.42% | -1.37% | -0.03B |
| 2023-03-31 | $797M | 200 | -8.57% | -7.82% | -0.75% | -0.06B |
| 2022-12-31 | $801M | 243 | -18.87% | -18.17% | -0.70% | -0.01B |
| 2022-09-30 | $768M | 471 | -14.34% | -15.51% | +1.17% | +0.03B |
| 2022-06-30 | $769M | 450 | -10.39% | -10.62% | +0.23% | +0.02B |