Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.82%
baseline attrition
Rally response
+2.75%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ITOTiShares Core S&P Total U | $257M | 25.5% | — | 6.3 yr |
| VXUSVanguard Total Internati | $109M | 10.8% | — | 6.3 yr |
| IWViShares Russell 3000 ETF | $90M | 8.9% | — | 10.5 yr |
| PLTRPalantir Technologies In | $42M | 4.2% | +73.3% | 5.8 yr |
| VEUVanguard FTSE All-World | $37M | 3.6% | — | 6.3 yr |
| EMXCiShares MSCI Emerging Ma | $36M | 3.6% | — | 3.3 yr |
| VTIVanguard Total Stock Mar | $33M | 3.2% | — | 5.5 yr |
| ACWIiShares MSCI ACWI ETF | $30M | 3.0% | — | 2.8 yr |
| AAPLApple Inc. | $23M | 2.3% | +14.7% | 10.5 yr |
| — | $22M | 2.2% | — | 10.5 yr |
| SPYState Street SPDR S&P 50 | $21M | 2.1% | +17.6% | 10.5 yr |
| BTTBlackrock Municipal 2030 | $19M | 1.9% | — | 6.3 yr |
| BBJPJPMorgan BetaBuilders Ja | $18M | 1.8% | — | 3.8 yr |
| NETCloudflare, Inc. | $16M | 1.6% | +83.1% | 6.0 yr |
| EAGLEagle Capital Select Equ | $15M | 1.5% | — | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management74.4%-0.1pp$749M
Software - Infrastructure6.5%+1.0pp$65M
Unknown4.8%-0.6pp$49M
Consumer Electronics2.3%-0.3pp$23M
Oil & Gas Integrated1.6%+0.1pp$16M
Banks - Regional1.1%+0.7pp$11M
Internet Content & Information1.0%+0.1pp$10M
Beverages - Non-Alcoholic0.9%-0.1pp$9M
Banks - Diversified0.9%-0.2pp$9M
Engineering & Construction0.8%+0.1pp$8M
Country
US92.1%+0.3pp
Unknown4.8%-0.6pp
GB2.1%+0.4pp
CH0.4%+0.0pp
NL0.3%+0.1pp
DK0.2%-0.2pp
FR0.1%-0.0pp
DE0.1%
Top 5: 53.1% · Top 10: 67.4% · Top 25: 84.8%
Top buys this quarter · 15
| SAP SAP SEnew | +$1M |
| AZN AstraZeneca PLCnew | +$1M |
| ASTS AST SpaceMobile, Inc.new | +$0M |
| IONQ IonQ, Inc. | +$1M |
| UNH UnitedHealth Group Incorporate | +$1M |
| PFE Pfizer Inc. | +$0M |
| SGOL abrdn Physical Gold Shares ETFnew | +$0M |
| BTT Blackrock Municipal 2030 Targe | +$0M |
| LPRE Long Pond Real Estate Select E | +$0M |
| FLIN Franklin FTSE India ETFnew | +$0M |
Top sells this quarter · 15
| JPM JPMorgan Chase & Co. | −$2M |
| PWR Quanta Services, Inc. | −$7M |
| UNP Union Pacific Corporation | −$1M |
| HBAN Huntington Bancshares Incorpor | −$1M |
| AAPL Apple Inc. | −$0M |
| MSFT Microsoft Corporation | −$0M |
| AMZN Amazon.com, Inc. | −$0M |
| MAIN Main Street Capital Corporatioexit | −$0M |
| SPY State Street SPDR S&P 500 ETF | −$0M |
| HTB HomeTrust Bancshares, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.01B | 135 | +28.85% | +17.59% | +11.25% | +0.03B |
| 2025-12-31 | $1.02B | 133 | +31.31% | +17.72% | +13.59% | +0.04B |
| 2025-09-30 | $981M | 129 | +40.90% | +17.52% | +23.38% | -0.06B |
| 2025-06-30 | $921M | 129 | +35.29% | +14.94% | +20.35% | -0.08B |
| 2025-03-31 | $848M | 134 | +18.18% | +8.30% | +9.87% | -0.01B |
| 2024-12-31 | $871M | 129 | +29.56% | +24.89% | +4.68% | -0.07B |
| 2024-09-30 | $878M | 138 | +33.63% | +36.04% | -2.41% | -0.01B |
| 2024-06-30 | $814M | 136 | +18.28% | +24.49% | -6.22% | +0.02B |
| 2024-03-31 | $774M | 140 | +25.07% | +29.62% | -4.55% | -0.05B |
| 2023-12-31 | $761M | 133 | +26.76% | +26.18% | +0.58% | -0.02B |
| 2023-09-30 | $706M | 132 | +17.55% | +21.57% | -4.02% | -0.00B |
| 2023-06-30 | $735M | 131 | +17.19% | +19.42% | -2.23% | -0.03B |
| 2023-03-31 | $704M | 128 | -14.30% | -7.82% | -6.48% | +0.00B |
| 2022-12-31 | $639M | 106 | -25.20% | -18.17% | -7.03% | +0.02B |
| 2022-09-30 | $607M | 109 | -18.87% | -15.51% | -3.37% | -0.02B |
| 2022-06-30 | $649M | 123 | -15.00% | -10.62% | -4.38% | -0.01B |