Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.21%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.43%
baseline attrition
Rally response
-4.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $987M | 5.0% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $868M | 4.4% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $640M | 3.3% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $474M | 2.4% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $390M | 2.0% | — | 10.3 yr |
| RSPInvesco S&P 500 Equal We | $349M | 1.8% | — | 3.0 yr |
| AVGOBroadcom Inc. | $342M | 1.7% | +86.0% | 8.0 yr |
| NEENextEra Energy, Inc. | $337M | 1.7% | +34.9% | 10.5 yr |
| GOOGAlphabet Inc. | $313M | 1.6% | +84.3% | 10.5 yr |
| METAMeta Platforms, Inc. | $291M | 1.5% | -0.4% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $276M | 1.4% | +17.6% | 10.5 yr |
| IEMGiShares Core MSCI Emergi | $259M | 1.3% | — | 9.5 yr |
| TSLATesla, Inc. | $244M | 1.2% | +43.4% | 6.3 yr |
| UNPUnion Pacific Corporatio | $226M | 1.2% | +5.1% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $205M | 1.0% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric9.9%-0.6pp$1.95B
Semiconductors9.9%+3.3pp$1.94B
Asset Management5.7%-2.7pp$1.12B
Internet Content & Information5.3%+1.0pp$1.04B
Software - Infrastructure4.7%-0.4pp$926M
Consumer Electronics4.4%-0.1pp$873M
Specialty Retail3.3%-0.3pp$644M
Drug Manufacturers - General3.2%+0.1pp$635M
Oil & Gas Midstream2.7%-0.0pp$529M
Railroads2.3%+0.0pp$459M
Country
US95.4%+0.2pp
IE1.1%-0.0pp
Unknown1.0%+0.1pp
GB0.5%-0.0pp
SG0.3%-0.0pp
UY0.2%-0.1pp
BR0.2%+0.1pp
CH0.2%-0.1pp
Top 5: 17.1% · Top 10: 25.4% · Top 25: 39.7%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$242M |
| CEG Constellation Energy Corporati | +$30M |
| ASTS AST SpaceMobile, Inc.new | +$24M |
| VRT Vertiv Holdings Conew | +$22M |
| WELL Welltower Inc. | +$18M |
| PLD Prologis, Inc. | +$16M |
| NRG NRG Energy, Inc. | +$15M |
| VST Vistra Corp. | +$14M |
| TLN Talen Energy Corporation | +$14M |
| EQIX Equinix, Inc. | +$13M |
Top sells this quarter · 15
| NEE NextEra Energy, Inc. | −$330M |
| LNG Cheniere Energy, Inc. | −$79M |
| AEP American Electric Power Compan | −$122M |
| SO The Southern Company | −$180M |
| DUK Duke Energy Corporation | −$171M |
| WMB The Williams Companies, Inc. | −$126M |
| WEC WEC Energy Group, Inc. | −$9M |
| AMT American Tower Corporation | −$9M |
| EXC Exelon Corporation | −$85M |
| KMI Kinder Morgan, Inc. | −$90M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $19.62B | 1749 | +17.05% | +17.59% | -0.54% | +0.15B |
| 2025-12-31 | $19.69B | 1704 | +15.53% | +17.72% | -2.19% | -0.46B |
| 2025-09-30 | $19.88B | 1684 | +14.89% | +17.52% | -2.62% | -0.35B |
| 2025-06-30 | $18.81B | 1622 | +15.80% | +14.94% | +0.86% | +0.48B |
| 2025-03-31 | $16.87B | 1600 | +8.89% | +8.30% | +0.59% | +1.24B |
| 2024-12-31 | $16.01B | 1584 | +18.90% | +24.89% | -5.99% | +0.09B |
| 2024-09-30 | $15.80B | 1570 | +32.02% | +36.04% | -4.02% | -0.58B |
| 2024-06-30 | $15.11B | 1538 | +16.01% | +24.49% | -8.48% | +0.20B |
| 2024-03-31 | $14.60B | 1523 | +18.92% | +29.62% | -10.71% | -0.07B |
| 2023-12-31 | $13.76B | 1512 | +16.94% | +26.18% | -9.24% | +0.24B |
| 2023-09-30 | $12.08B | 1614 | +12.48% | +21.57% | -9.09% | -0.06B |
| 2023-06-30 | $12.74B | 1641 | +12.43% | +19.42% | -6.99% | +0.55B |
| 2023-03-31 | $11.65B | 1709 | -7.43% | -7.82% | +0.39% | -0.73B |
| 2022-12-31 | $11.81B | 1792 | -15.74% | -18.17% | +2.44% | +1.12B |
| 2022-09-30 | $9.93B | 1916 | -13.04% | -15.51% | +2.47% | +1.04B |
| 2022-06-30 | $9.34B | 1935 | -8.15% | -10.62% | +2.47% | +0.64B |