Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-27.35%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.36%
baseline attrition
Rally response
+9.87%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $1.25B | 13.9% | +60.9% | 7.3 yr |
| GOOGLAlphabet Inc. | $1.02B | 11.4% | — | 10.5 yr |
| JPMJPMorgan Chase & Co. | $840M | 9.4% | +21.8% | 3.3 yr |
| APHAmphenol Corporation | $539M | 6.0% | +93.6% | 0.8 yr |
| MSMorgan Stanley | $513M | 5.7% | +44.8% | 2.8 yr |
| ASMLASML Holding N.V. | $501M | 5.6% | +100.9% | 0.3 yr |
| AMZNAmazon.com, Inc. | $495M | 5.5% | +9.5% | 10.5 yr |
| GEGE Aerospace | $430M | 4.8% | +42.5% | 1.3 yr |
| TSMTaiwan Semiconductor Man | $290M | 3.2% | +105.6% | 10.5 yr |
| GEVGE Vernova Inc. | $243M | 2.7% | +186.8% | 1.5 yr |
| AVGOBroadcom Inc. | $174M | 1.9% | +86.0% | 1.5 yr |
| AAPLApple Inc. | $146M | 1.6% | +14.7% | 9.8 yr |
| TJXThe TJX Companies, Inc. | $138M | 1.5% | +32.7% | 1.8 yr |
| MSFTMicrosoft Corporation | $137M | 1.5% | -0.6% | 10.5 yr |
| METAMeta Platforms, Inc. | $134M | 1.5% | -0.4% | 9.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors27.1%+22.4pp$2.43B
Internet Content & Information13.2%+0.3pp$1.18B
Banks - Diversified10.5%+6.4pp$944M
Aerospace & Defense8.8%+6.5pp$791M
Hardware, Equipment & Parts7.0%+6.7pp$626M
Financial - Capital Markets6.1%-0.4pp$542M
Specialty Retail5.8%-4.8pp$522M
Renewable Utilities2.7%+2.0pp$243M
Consumer Electronics1.8%-1.4pp$163M
Asset Management1.8%-2.7pp$157M
Country
US86.1%+4.4pp
NL5.6%
TW3.2%+1.5pp
BR1.4%+1.0pp
IE1.1%
PE0.5%+0.4pp
LU0.5%-3.3pp
IL0.4%-0.6pp
Top 5: 46.4% · Top 10: 68.3% · Top 25: 86.3%
Top buys this quarter · 15
| ASML ASML Holding N.V.new | +$501M |
| NVDA NVIDIA Corporation | +$214M |
| HWM Howmet Aerospace Inc. | +$108M |
| TER Teradyne, Inc.new | +$75M |
| GE GE Aerospace | +$68M |
| JPM JPMorgan Chase & Co. | +$840M |
| GEV GE Vernova Inc. | +$36M |
| APH Amphenol Corporation | +$539M |
| BAP Credicorp Ltd. | +$28M |
| AEIS Advanced Energy Industries, Innew | +$23M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$693M |
| META Meta Platforms, Inc. | −$421M |
| APP AppLovin Corporationexit | −$231M |
| AMZN Amazon.com, Inc. | −$147M |
| SHOP Shopify Inc. | −$130M |
| NOW ServiceNow, Inc.exit | −$126M |
| BSX Boston Scientific Corporationexit | −$103M |
| DHR Danaher Corporation | −$101M |
| SPOT Spotify Technology S.A. | −$88M |
| MS Morgan Stanley | −$80M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.95B | 120 | +8.38% | +17.59% | -9.21% | -1.56B |
| 2025-12-31 | $11.35B | 116 | +9.06% | +17.72% | -8.66% | -1.82B |
| 2025-09-30 | $13.56B | 127 | +16.27% | +17.52% | -1.25% | +0.72B |
| 2025-06-30 | $12.18B | 137 | +14.64% | +14.94% | -0.30% | +0.27B |
| 2025-03-31 | $10.41B | 135 | +4.62% | +8.30% | -3.68% | -2.22B |
| 2024-12-31 | $13.57B | 133 | +26.79% | +24.89% | +1.91% | +1.79B |
| 2024-09-30 | $11.38B | 126 | +41.94% | +36.04% | +5.91% | -0.54B |
| 2024-06-30 | $11.47B | 127 | +34.41% | +24.49% | +9.92% | -0.13B |
| 2024-03-31 | $11.11B | 135 | +35.51% | +29.62% | +5.89% | -0.40B |
| 2023-12-31 | $10.19B | 133 | +33.99% | +26.18% | +7.81% | +2.14B |
| 2023-09-30 | $6.95B | 132 | +17.32% | +21.57% | -4.25% | +0.34B |
| 2023-06-30 | $6.72B | 129 | +13.28% | +19.42% | -6.15% | +0.33B |
| 2023-03-31 | $6.07B | 130 | -13.74% | -7.82% | -5.92% | +0.40B |
| 2022-12-31 | $5.08B | 121 | +1.44% | +7.56% | -6.12% | +0.24B |
| 2022-09-30 | $4.77B | 118 | -4.95% | -4.93% | -0.02% | +1.60B |
| 2022-06-30 | $3.33B | 115 | -19.84% | -16.11% | -3.73% | -0.06B |