Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.17%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.76%
baseline attrition
Rally response
-1.80%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $7.63B | 6.3% | +60.9% | 10.0 yr |
| GOOGLAlphabet Inc. | $6.53B | 5.4% | — | 10.3 yr |
| MSFTMicrosoft Corporation | $5.72B | 4.7% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $5.06B | 4.2% | +14.7% | 10.5 yr |
| AVGOBroadcom Inc. | $3.39B | 2.8% | +86.0% | 8.0 yr |
| AMZNAmazon.com, Inc. | $2.97B | 2.4% | +9.5% | 10.5 yr |
| METAMeta Platforms, Inc. | $2.95B | 2.4% | -0.4% | 10.5 yr |
| VVisa Inc. | $2.09B | 1.7% | -13.1% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $2.02B | 1.7% | +105.6% | 10.0 yr |
| JPMJPMorgan Chase & Co. | $1.86B | 1.5% | +21.8% | 10.5 yr |
| MSMorgan Stanley | $1.69B | 1.4% | +44.8% | 10.5 yr |
| ANETArista Networks, Inc. | $1.13B | 0.9% | +58.5% | 1.3 yr |
| MELIMercadoLibre, Inc. | $1.13B | 0.9% | -11.4% | 8.0 yr |
| NEENextEra Energy, Inc. | $1.12B | 0.9% | +34.9% | 10.5 yr |
| LLYEli Lilly and Company | $1.08B | 0.9% | +12.2% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors13.8%+5.2pp$16.78B
Internet Content & Information9.7%+0.8pp$11.76B
Software - Infrastructure5.7%-0.7pp$6.95B
Specialty Retail4.9%+0.2pp$6.00B
Consumer Electronics4.2%+0.5pp$5.06B
Drug Manufacturers - General3.5%-0.3pp$4.23B
Asset Management3.4%+0.3pp$4.15B
Financial - Credit Services3.2%-0.8pp$3.90B
Industrial - Machinery3.1%+0.5pp$3.78B
Banks - Diversified2.7%+0.3pp$3.27B
Country
US85.8%+1.1pp
CN1.9%-0.2pp
TW1.7%+0.5pp
IE1.7%+0.7pp
Unknown1.7%-0.8pp
UY0.9%+0.0pp
CA0.9%-0.1pp
IN0.9%-0.6pp
Top 5: 23.3% · Top 10: 33.0% · Top 25: 45.2%
Top buys this quarter · 15
| AAPL Apple Inc. | +$900M |
| NVDA NVIDIA Corporation | +$7.63B |
| MELI MercadoLibre, Inc. | +$342M |
| JNJ Johnson & Johnson | +$341M |
| KGC Kinross Gold Corporation | +$321M |
| LITE Lumentum Holdings Inc. | +$304M |
| ARM Arm Holdings plc American Depo | +$292M |
| COP ConocoPhillips | +$231M |
| ROKU Roku, Inc. | +$218M |
| BKR Baker Hughes Company | +$205M |
Top sells this quarter · 15
| NFLX Netflix, Inc. | −$839M |
| LLY Eli Lilly and Company | −$716M |
| TSM Taiwan Semiconductor Manufactu | −$435M |
| TPR Tapestry, Inc. | −$321M |
| EMR Emerson Electric Co. | −$223M |
| ABBV AbbVie Inc. | −$215M |
| INTU Intuit Inc. | −$209M |
| HPE Hewlett Packard Enterprise Com | −$200M |
| HTHT H World Group Limited | −$182M |
| MSFT Microsoft Corporation | −$163M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $121.82B | 1161 | +13.43% | +17.59% | -4.16% | -1.85B |
| 2025-12-31 | $131.80B | 1125 | +15.89% | +17.72% | -1.83% | +2.82B |
| 2025-09-30 | $127.70B | 1159 | +16.22% | +17.52% | -1.30% | +1.70B |
| 2025-06-30 | $118.26B | 1137 | +15.49% | +14.94% | +0.55% | +7.03B |
| 2025-03-31 | $99.01B | 1170 | +3.45% | +8.30% | -4.85% | -0.98B |
| 2024-12-31 | $104.31B | 1177 | +16.05% | +24.89% | -8.84% | +5.77B |
| 2024-09-30 | $97.29B | 1151 | +26.43% | +36.04% | -9.60% | +1.63B |
| 2024-06-30 | $90.34B | 1144 | +10.61% | +24.49% | -13.88% | +5.18B |
| 2024-03-31 | $84.63B | 1140 | +15.97% | +29.62% | -13.65% | +2.14B |
| 2023-12-31 | $76.71B | 1127 | +16.25% | +26.18% | -9.92% | +2.99B |
| 2023-09-30 | $66.81B | 1138 | +12.13% | +21.57% | -9.43% | +2.67B |
| 2023-06-30 | $69.24B | 1161 | +19.86% | +19.42% | +0.44% | -1.10B |
| 2023-03-31 | $66.67B | 1182 | -1.86% | -7.82% | +5.96% | -0.58B |
| 2022-12-31 | $62.38B | 1198 | -3.55% | -18.17% | +14.63% | -1.31B |
| 2022-09-30 | $59.84B | 1193 | -4.36% | -15.51% | +11.14% | -4.41B |
| 2022-06-30 | $64.89B | 1221 | -2.86% | -10.62% | +7.76% | +0.11B |