Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.02%
trims when stocks drop
when a holding falls −10%+
Middle response
+2.65%
steady accumulation
Rally response
-1.63%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $6.91B | 3.7% | +60.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $5.56B | 3.0% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $5.42B | 2.9% | +14.7% | 10.5 yr |
| AMZNAmazon.com, Inc. | $3.99B | 2.1% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $3.19B | 1.7% | — | 10.5 yr |
| AVGOBroadcom Inc. | $2.70B | 1.4% | +86.0% | 8.0 yr |
| BNBrookfield Corporation | $2.58B | 1.4% | +16.5% | 3.5 yr |
| METAMeta Platforms, Inc. | $2.38B | 1.3% | -0.4% | 10.5 yr |
| TDGTransDigm Group Incorpor | $2.33B | 1.3% | -10.5% | 10.5 yr |
| GOOGAlphabet Inc. | $2.06B | 1.1% | +84.3% | 10.5 yr |
| HLTHilton Worldwide Holding | $2.01B | 1.1% | +33.9% | 9.3 yr |
| EQIXEquinix, Inc. | $1.94B | 1.0% | +23.0% | 7.3 yr |
| USMCPrincipal U.S. Mega-Cap | $1.94B | 1.0% | — | 7.8 yr |
| WELLWelltower Inc. | $1.90B | 1.0% | +31.2% | 10.5 yr |
| HEI-AHEICO Corporation | $1.87B | 1.0% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors8.0%+3.4pp$14.99B
Asset Management6.0%-0.1pp$11.14B
Internet Content & Information4.5%+1.4pp$8.30B
Software - Infrastructure4.3%-0.3pp$8.01B
Specialty Retail3.6%-0.4pp$6.66B
Aerospace & Defense3.5%-0.2pp$6.52B
Consumer Electronics2.9%+0.2pp$5.48B
Software - Application2.8%-0.9pp$5.26B
REIT - Specialty2.7%-0.2pp$4.95B
REIT - Healthcare Facilities2.4%+0.0pp$4.52B
Country
US89.4%-2.2pp
CA3.1%+0.6pp
Unknown1.9%+0.4pp
IE1.2%+0.2pp
BM1.0%-0.2pp
CN0.6%+0.1pp
GB0.5%-0.0pp
CH0.4%-0.0pp
Top 5: 13.5% · Top 10: 19.9% · Top 25: 33.5%
Top buys this quarter · 15
| NICE NICE Ltd. | +$476M |
| HDB HDFC Bank Limited | +$445M |
| SUNB Sunbelt Rentals Holdings Incnew | +$430M |
| LPLA LPL Financial Holdings Inc. | +$211M |
| GOOG Alphabet Inc. | +$206M |
| MCO Moody's Corporation | +$198M |
| META Meta Platforms, Inc. | +$2.38B |
| GE GE Aerospace | +$195M |
| TRNO Terreno Realty Corporation | +$183M |
| NVDA NVIDIA Corporation | +$6.91B |
Top sells this quarter · 15
| HLT Hilton Worldwide Holdings Inc. | −$842M |
| DPZ Domino's Pizza, Inc. | −$575M |
| ROP Roper Technologies, Inc. | −$421M |
| ORLY O'Reilly Automotive, Inc. | −$329M |
| MKL Markel Corporation | −$251M |
| APD Air Products and Chemicals, In | −$245M |
| CPRT Copart, Inc. | −$244M |
| MSCI MSCI Inc. | −$200M |
| ZTS Zoetis Inc. | −$178M |
| TDG TransDigm Group Incorporated | −$177M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $186.29B | 2168 | +9.20% | +17.59% | -8.39% | -1.02B |
| 2025-12-31 | $194.97B | 2173 | +10.03% | +17.72% | -7.69% | -3.29B |
| 2025-09-30 | $197.76B | 2239 | +10.04% | +17.52% | -7.48% | -0.84B |
| 2025-06-30 | $188.68B | 2217 | +13.26% | +14.94% | -1.68% | -2.65B |
| 2025-03-31 | $177.61B | 2164 | +4.87% | +8.30% | -3.43% | +0.71B |
| 2024-12-31 | $182.76B | 2201 | +16.42% | +24.89% | -8.46% | -0.16B |
| 2024-09-30 | $182.44B | 2214 | +31.81% | +36.04% | -4.23% | +0.73B |
| 2024-06-30 | $167.73B | 2353 | +16.49% | +24.49% | -8.00% | -1.33B |
| 2024-03-31 | $169.49B | 2417 | +25.04% | +29.62% | -4.58% | +1.59B |
| 2023-12-31 | $156.25B | 2409 | +22.80% | +26.18% | -3.38% | -1.25B |
| 2023-09-30 | $138.75B | 2424 | +16.06% | +21.57% | -5.51% | -1.18B |
| 2023-06-30 | $146.15B | 2407 | +15.34% | +19.42% | -4.09% | -3.41B |
| 2023-03-31 | $139.69B | 2452 | -8.99% | -7.82% | -1.18% | -0.27B |
| 2022-12-31 | $132.62B | 2426 | -8.64% | -18.17% | +9.53% | -2.15B |
| 2022-09-30 | $125.63B | 2481 | -10.13% | -15.51% | +5.38% | -2.79B |
| 2022-06-30 | $134.96B | 2496 | -5.01% | -10.62% | +5.61% | +1.18B |