Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.86%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.49%
baseline attrition
Rally response
-3.41%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $18.38B | 6.0% | +60.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $15.38B | 5.0% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $12.15B | 3.9% | +9.5% | 10.5 yr |
| GOOGAlphabet Inc. | $12.07B | 3.9% | +84.3% | 10.5 yr |
| AAPLApple Inc. | $11.60B | 3.8% | +14.7% | 10.5 yr |
| AVGOBroadcom Inc. | $8.61B | 2.8% | +86.0% | 8.0 yr |
| METAMeta Platforms, Inc. | $8.37B | 2.7% | -0.4% | 10.5 yr |
| VVisa Inc. | $6.37B | 2.1% | -13.1% | 10.5 yr |
| LLYEli Lilly and Company | $4.76B | 1.5% | +12.2% | 10.5 yr |
| IVViShares Core S&P 500 ETF | $3.65B | 1.2% | — | 10.5 yr |
| NFLXNetflix, Inc. | $3.45B | 1.1% | +3.1% | 10.5 yr |
| GOOGLAlphabet Inc. | $3.29B | 1.1% | — | 10.5 yr |
| TSMTaiwan Semiconductor Man | $2.58B | 0.8% | +105.6% | 10.5 yr |
| COSTCostco Wholesale Corpora | $2.39B | 0.8% | +5.9% | 10.5 yr |
| PGRThe Progressive Corporat | $2.31B | 0.8% | -25.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.9%+3.0pp$39.60B
Internet Content & Information8.2%+2.2pp$25.28B
Asset Management8.0%+1.6pp$24.63B
Software - Infrastructure6.3%-0.2pp$19.39B
Specialty Retail4.6%-0.5pp$14.16B
Consumer Electronics3.8%+1.6pp$11.82B
Drug Manufacturers - General3.7%-0.2pp$11.49B
Software - Application3.0%-0.5pp$9.38B
Financial - Credit Services2.9%-0.7pp$8.83B
Medical - Devices2.7%+0.9pp$8.29B
Country
US93.4%+0.1pp
IE1.1%-0.2pp
GB0.9%+0.3pp
CA0.9%-0.3pp
Unknown0.9%+0.2pp
TW0.8%+0.3pp
NL0.6%+0.2pp
CH0.3%-0.3pp
Top 5: 22.6% · Top 10: 32.9% · Top 25: 44.2%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$1.04B |
| GE GE Aerospace | +$1.04B |
| AAPL Apple Inc. | +$506M |
| XOM Exxon Mobil Corporation | +$465M |
| ITT ITT Inc. | +$340M |
| VRSK Verisk Analytics, Inc. | +$325M |
| MRK Merck & Co., Inc. | +$321M |
| CDNS Cadence Design Systems, Inc. | +$291M |
| USB U.S. Bancorp | +$278M |
| DXCM DexCom, Inc. | +$270M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$1.59B |
| OTIS Otis Worldwide Corporation | −$876M |
| INTU Intuit Inc. | −$642M |
| NOW ServiceNow, Inc. | −$610M |
| TSM Taiwan Semiconductor Manufactu | −$586M |
| ABT Abbott Laboratories | −$478M |
| NVDA NVIDIA Corporation | −$451M |
| 0HQN.L Cboe Global Markets, Inc. | −$423M |
| CMG Chipotle Mexican Grill, Inc. | −$357M |
| CPRT Copart, Inc. | −$330M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $307.70B | 3211 | +14.47% | +17.59% | -3.12% | +10.64B |
| 2025-12-31 | $315.66B | 3226 | +14.59% | +17.72% | -3.13% | -7.64B |
| 2025-09-30 | $317.40B | 3233 | +14.21% | +17.52% | -3.31% | -8.79B |
| 2025-06-30 | $306.42B | 3221 | +12.28% | +14.94% | -2.66% | -3.42B |
| 2025-03-31 | $276.19B | 3190 | +1.15% | +8.30% | -7.16% | -1.21B |
| 2024-12-31 | $294.47B | 3212 | +16.84% | +24.89% | -8.05% | -7.58B |
| 2024-09-30 | $297.52B | 3219 | +29.18% | +36.04% | -6.86% | -1.54B |
| 2024-06-30 | $285.77B | 3213 | +19.45% | +24.49% | -5.04% | +0.26B |
| 2024-03-31 | $282.50B | 3129 | +26.94% | +29.62% | -2.68% | -0.17B |
| 2023-12-31 | $259.77B | 3171 | +24.58% | +26.18% | -1.60% | -3.50B |
| 2023-09-30 | $234.55B | 3167 | +18.90% | +21.57% | -2.67% | -2.47B |
| 2023-06-30 | $244.93B | 3153 | +17.36% | +19.42% | -2.07% | -4.79B |
| 2023-03-31 | $232.52B | 3163 | -7.72% | -7.82% | +0.10% | -3.36B |
| 2022-12-31 | $220.88B | 3248 | -17.58% | -18.17% | +0.60% | -0.10B |
| 2022-09-30 | $206.27B | 3244 | -14.55% | -15.51% | +0.96% | -2.60B |
| 2022-06-30 | $218.68B | 3238 | -10.02% | -10.62% | +0.60% | +0.30B |