Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.71%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.55%
baseline attrition
Rally response
-2.83%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $485M | 6.4% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $427M | 5.6% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $315M | 4.2% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $233M | 3.1% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $192M | 2.5% | — | 10.5 yr |
| AVGOBroadcom Inc. | $168M | 2.2% | +86.0% | 8.0 yr |
| OBDCBlue Owl Capital Corpora | $166M | 2.2% | -17.8% | 4.8 yr |
| GOOGAlphabet Inc. | $154M | 2.0% | +84.3% | 10.5 yr |
| METAMeta Platforms, Inc. | $143M | 1.9% | -0.4% | 10.5 yr |
| TSLATesla, Inc. | $120M | 1.6% | +43.4% | 7.0 yr |
| BRK-BBerkshire Hathaway Inc. | $101M | 1.3% | — | 10.5 yr |
| JPMJPMorgan Chase & Co. | $91M | 1.2% | +21.8% | 10.5 yr |
| LLYEli Lilly and Company | $83M | 1.1% | +12.2% | 10.5 yr |
| XOMExxon Mobil Corporation | $81M | 1.1% | +47.6% | 10.5 yr |
| JNJJohnson & Johnson | $67M | 0.9% | +51.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.6%+4.5pp$957M
Internet Content & Information6.6%+1.6pp$500M
Software - Infrastructure6.0%-0.4pp$458M
Consumer Electronics5.7%+0.1pp$431M
Financial - Credit Services4.2%-2.8pp$319M
Drug Manufacturers - General4.1%+0.3pp$312M
Specialty Retail3.7%-0.0pp$284M
Banks - Diversified2.6%+0.2pp$194M
Aerospace & Defense2.3%+0.4pp$175M
Software - Application1.9%-0.7pp$148M
Country
US96.9%+0.1pp
IE1.2%-0.0pp
GB0.6%+0.1pp
Unknown0.3%-0.0pp
CH0.2%-0.0pp
SG0.2%+0.1pp
BM0.2%-0.1pp
NL0.1%-0.0pp
Top 5: 21.8% · Top 10: 31.7% · Top 25: 43.5%
Top buys this quarter · 15
| VRT Vertiv Holdings Co | +$4M |
| PANW Palo Alto Networks, Inc. | +$2M |
| AGX Argan, Inc.new | +$2M |
| AHR American Healthcare REIT, Inc.new | +$2M |
| WAT Waters Corporation | +$1M |
| BROS Dutch Bros Inc.new | +$1M |
| FITB Fifth Third Bancorp | +$1M |
| VSEC VSE Corporationnew | +$1M |
| PIPR Piper Sandler Companiesnew | +$1M |
| LAUR Laureate Education, Inc.new | +$1M |
Top sells this quarter · 15
| CIEN Ciena Corporation | −$5M |
| LITE Lumentum Holdings Inc. | −$5M |
| CHKP Check Point Software Technolog | −$3M |
| AAPL Apple Inc. | −$3M |
| PNFP Pinnacle Financial Partners, Iexit | −$3M |
| COHR Coherent, Inc. | −$2M |
| SATS EchoStar Corporation | −$1M |
| JPM JPMorgan Chase & Co. | −$1M |
| XOM Exxon Mobil Corporation | −$58M |
| TGNA TEGNA Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.57B | 1506 | +16.38% | +17.59% | -1.21% | +0.00B |
| 2025-12-31 | $7.86B | 1506 | +14.82% | +17.72% | -2.89% | +0.01B |
| 2025-09-30 | $7.68B | 1505 | +14.42% | +17.52% | -3.10% | +1.59B |
| 2025-06-30 | $5.67B | 1504 | +13.48% | +14.94% | -1.46% | -0.03B |
| 2025-03-31 | $5.18B | 1504 | +4.58% | +8.30% | -3.73% | +0.01B |
| 2024-12-31 | $5.43B | 1505 | +19.23% | +24.89% | -5.65% | -0.00B |
| 2024-09-30 | $5.34B | 1507 | +31.14% | +36.04% | -4.89% | -0.04B |
| 2024-06-30 | $5.05B | 1507 | +19.34% | +24.49% | -5.15% | -0.05B |
| 2024-03-31 | $5.02B | 1507 | +24.44% | +29.62% | -5.18% | -1.11B |
| 2023-12-31 | $5.66B | 1543 | +19.66% | +26.18% | -6.52% | -2.44B |
| 2023-09-30 | $7.23B | 1670 | +16.67% | +21.57% | -4.90% | -0.92B |
| 2023-06-30 | $8.41B | 1688 | +13.58% | +19.42% | -5.85% | -0.13B |
| 2023-03-31 | $8.07B | 1688 | -8.10% | -7.82% | -0.28% | +0.01B |
| 2022-12-31 | $7.74B | 1698 | +9.22% | +7.56% | +1.66% | +0.06B |
| 2022-09-30 | $7.03B | 1694 | -5.67% | -4.93% | -0.74% | +0.80B |
| 2022-06-30 | $6.60B | 1539 | -14.39% | -16.11% | +1.72% | -1.75B |