Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.56%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.57%
baseline attrition
Rally response
+0.26%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IEFAiShares Core MSCI EAFE E | $77M | 10.0% | — | 10.5 yr |
| MBBiShares MBS ETF | $76M | 9.7% | — | 3.8 yr |
| SPYVState Street SPDR Portfo | $49M | 6.3% | — | 8.5 yr |
| JEPIJPMorgan Equity Premium | $46M | 6.0% | — | 5.3 yr |
| SPYGState Street SPDR Portfo | $42M | 5.4% | — | 8.5 yr |
| JAAAJanus Henderson AAA CLO | $38M | 4.9% | — | 4.8 yr |
| IVViShares Core S&P 500 ETF | $34M | 4.4% | — | 10.5 yr |
| SPIBState Street SPDR Portfo | $31M | 4.0% | — | 10.3 yr |
| IEMGiShares Core MSCI Emergi | $28M | 3.6% | — | 10.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $27M | 3.5% | — | 6.3 yr |
| JSIJanus Henderson Securiti | $26M | 3.3% | — | 2.3 yr |
| VGLTVanguard Long-Term Treas | $22M | 2.9% | — | 6.0 yr |
| IJHiShares Core S&P Mid-Cap | $20M | 2.6% | — | 10.5 yr |
| VOOVanguard S&P 500 ETF | $19M | 2.5% | — | 5.8 yr |
| GLDMSPDR Gold MiniShares Tru | $15M | 2.0% | — | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management81.5%-0.1pp$633M
Asset Management - Income9.8%+0.3pp$76M
Asset Management - Bonds6.1%-0.4pp$47M
Asset Management - Global1.3%+0.9pp$10M
Banks - Regional0.2%+0.1pp$2M
Oil & Gas Integrated0.2%+0.0pp$1M
Chemicals - Specialty0.1%-0.0pp$1M
Consumer Electronics0.1%-0.1pp$1M
Semiconductors0.1%+0.0pp$1M
Unknown0.1%+0.0pp$1M
Country
US99.8%-0.0pp
GB0.1%-0.0pp
Unknown0.1%+0.0pp
Top 5: 37.3% · Top 10: 57.7% · Top 25: 85.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| TCBX Third Coast Bancshares, Inc.new | +$1M |
| NCDL Nuveen Churchill Direct Lendinnew | +$0M |
| PSBD Palmer Square Capital BDC Inc.new | +$0M |
| SPY State Street SPDR S&P 500 ETF | +$1M |
| — new | +$0M |
| AVEM Avantis Emerging Markets Equit | +$0M |
| AVUV Avantis U.S. Small Cap Value E | +$0M |
| BKGI BNY Mellon Global Infrastructu | +$0M |
| BBBS BondBloxx BBB Rated 1-5 Year Cnew | +$0M |
| KNG FT Vest S&P 500 Dividend Aristnew | +$0M |
Top sells this quarter · 15
| MTB M&T Bank Corporation | −$0M |
| IBM International Business Machineexit | −$0M |
| XOM Exxon Mobil Corporation | −$0M |
| NVDA NVIDIA Corporation | −$0M |
| T AT&T Inc. | −$0M |
| AVDV Avantis International Small Ca | −$0M |
| CLIP Global X - 1-3 Month T-Bill ET | −$0M |
| JUST Goldman Sachs JUST U.S. Large | −$0M |
| BSCR Invesco BulletShares 2027 Corp | −$0M |
| IAU iShares Gold Trust | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $777M | 111 | +18.18% | +17.59% | +0.58% | +0.05B |
| 2025-12-31 | $717M | 105 | +11.99% | +17.72% | -5.73% | -0.00B |
| 2025-09-30 | $720M | 108 | +17.33% | +17.52% | -0.19% | +0.00B |
| 2025-06-30 | $674M | 107 | +19.89% | +14.94% | +4.95% | -0.04B |
| 2025-03-31 | $653M | 115 | +12.27% | +8.30% | +3.97% | -0.11B |
| 2024-12-31 | $785M | 128 | +26.35% | +24.89% | +1.46% | -0.16B |
| 2024-09-30 | $904M | 143 | +36.30% | +36.04% | +0.27% | -0.02B |
| 2024-06-30 | $843M | 155 | +20.29% | +24.49% | -4.20% | +0.01B |
| 2024-03-31 | $817M | 135 | +24.56% | +29.62% | -5.06% | +0.04B |
| 2023-12-31 | $717M | 131 | +17.49% | +26.18% | -8.69% | -0.01B |
| 2023-09-30 | $647M | 126 | +11.22% | +21.57% | -10.35% | -0.09B |
| 2023-06-30 | $762M | 130 | +11.04% | +19.42% | -8.38% | -0.03B |
| 2023-03-31 | $751M | 139 | -7.66% | -7.82% | +0.16% | -0.01B |
| 2022-12-31 | $737M | 144 | -14.18% | -18.17% | +3.99% | -0.00B |
| 2022-09-30 | $693M | 129 | -10.73% | -15.51% | +4.78% | -0.01B |
| 2022-06-30 | $737M | 126 | -6.50% | -10.62% | +4.12% | -0.00B |