Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.10%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.10%
baseline attrition
Rally response
-4.23%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $556M | 37.2% | — | 0.3 yr |
| MSFTMicrosoft Corporation | $66M | 4.4% | -0.6% | 10.3 yr |
| GOOGLAlphabet Inc. | $44M | 2.9% | — | 10.3 yr |
| AMATApplied Materials, Inc. | $39M | 2.6% | +137.6% | 5.8 yr |
| IVViShares Core S&P 500 ETF | $38M | 2.6% | — | 10.3 yr |
| COHRCoherent, Inc. | $38M | 2.5% | +266.8% | 3.8 yr |
| TSMTaiwan Semiconductor Man | $31M | 2.0% | +105.6% | 2.0 yr |
| BLLBall Corporation | $30M | 2.0% | — | 10.0 yr |
| AMZNAmazon.com, Inc. | $30M | 2.0% | +9.5% | 10.3 yr |
| ALSNAllison Transmission Hol | $25M | 1.6% | +23.8% | 5.0 yr |
| VVisa Inc. | $23M | 1.6% | -13.1% | 9.5 yr |
| BRK-BBerkshire Hathaway Inc. | $23M | 1.5% | — | 10.3 yr |
| UNPUnion Pacific Corporatio | $22M | 1.5% | +5.1% | 9.5 yr |
| LINLinde plc | $22M | 1.5% | +7.9% | 3.3 yr |
| MRKMerck & Co., Inc. | $21M | 1.4% | +38.9% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown37.2%$556M
Asset Management8.8%+1.0pp$131M
Semiconductors6.6%+3.3pp$99M
Software - Infrastructure4.5%-3.3pp$67M
Chemicals - Specialty3.5%-3.6pp$53M
Hardware, Equipment & Parts3.4%+0.1pp$52M
Internet Content & Information3.4%-1.7pp$51M
Drug Manufacturers - General2.5%-2.5pp$37M
Software - Application2.2%-4.4pp$33M
Financial - Credit Services2.0%-1.5pp$30M
Country
US58.7%-38.3pp
Unknown37.2%
TW2.0%+2.0pp
GB1.5%-1.4pp
IE0.4%+0.4pp
NL0.0%+0.0pp
CA0.0%
CH0.0%+0.0pp
Top 5: 49.7% · Top 10: 59.9% · Top 25: 78.4%
Top buys this quarter · 15
| WM Waste Management, Inc. | +$15M |
| NVDA NVIDIA Corporation | +$3M |
| DHR Danaher Corporation | +$18M |
| GEV GE Vernova Inc.new | +$1M |
| GE GE Aerospacenew | +$0M |
| NFLX Netflix, Inc. | +$0M |
| WPM Wheaton Precious Metals Corp.new | +$0M |
| SHEL Shell plcnew | +$0M |
| ALL The Allstate Corporation | +$0M |
| BAC Bank of America Corporation | +$0M |
Top sells this quarter · 15
| LNG Cheniere Energy, Inc. | −$36M |
| COHR Coherent, Inc. | −$36M |
| PCAR PACCAR Inc | −$34M |
| JNJ Johnson & Johnson | −$31M |
| AMAT Applied Materials, Inc. | −$24M |
| TSM Taiwan Semiconductor Manufactu | −$20M |
| FAST Fastenal Company | −$19M |
| PWR Quanta Services, Inc. | −$18M |
| LIN Linde plc | −$18M |
| MSFT Microsoft Corporation | −$18M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.50B | 139 | +13.44% | +17.59% | -4.15% | -0.02B |
| 2025-12-31 | $1.52B | 163 | +8.34% | +17.72% | -9.38% | +0.03B |
| 2025-09-30 | $1.44B | 164 | +3.92% | +17.52% | -13.60% | -0.04B |
| 2025-06-30 | $1.44B | 153 | +6.79% | +14.94% | -8.15% | +0.01B |
| 2025-03-31 | $1.33B | 143 | -1.18% | +8.30% | -9.48% | +0.01B |
| 2024-12-31 | $1.39B | 142 | +12.41% | +24.89% | -12.47% | -0.05B |
| 2024-09-30 | $1.46B | 146 | +30.14% | +36.04% | -5.90% | -0.01B |
| 2024-06-30 | $1.38B | 144 | +17.03% | +24.49% | -7.47% | +0.00B |
| 2024-03-31 | $1.39B | 146 | +28.44% | +29.62% | -1.18% | -0.01B |
| 2023-12-31 | $1.29B | 136 | +28.76% | +26.18% | +2.58% | -0.02B |
| 2023-09-30 | $1.14B | 128 | +20.23% | +21.57% | -1.34% | +0.01B |
| 2023-06-30 | $1.19B | 130 | +19.13% | +19.42% | -0.29% | -0.00B |
| 2023-03-31 | $1.09B | 133 | -5.82% | -7.82% | +2.00% | -0.01B |
| 2022-12-31 | $1.01B | 136 | -17.34% | -18.17% | +0.83% | -0.01B |
| 2022-09-30 | $962M | 130 | -14.03% | -15.51% | +1.48% | -0.02B |
| 2022-06-30 | $1.04B | 134 | -8.34% | -10.62% | +2.28% | -0.02B |