Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.96%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.43%
baseline attrition
Rally response
-2.41%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JAAAJanus Henderson AAA CLO | $2.02B | 22.4% | — | 0.5 yr |
| IVViShares Core S&P 500 ETF | $1.15B | 12.8% | — | 2.3 yr |
| LQDiShares iBoxx $ Investme | $857M | 9.5% | — | 0.5 yr |
| PAAAPGIM AAA CLO ETF | $543M | 6.0% | — | 0.3 yr |
| NEMNewmont Corporation | $191M | 2.1% | +127.1% | 2.3 yr |
| VCLTVanguard Long-Term Corpo | $181M | 2.0% | — | 0.5 yr |
| NVDANVIDIA Corporation | $149M | 1.7% | +60.9% | 2.0 yr |
| QQQInvesco QQQ Trust, Serie | $147M | 1.6% | — | 2.3 yr |
| AAPLApple Inc. | $144M | 1.6% | +14.7% | 2.3 yr |
| MSFTMicrosoft Corporation | $137M | 1.5% | -0.6% | 2.3 yr |
| GOOGLAlphabet Inc. | $132M | 1.5% | — | 2.3 yr |
| BBarrick Mining Corporati | $131M | 1.5% | +114.9% | 1.0 yr |
| IAUiShares Gold Trust | $119M | 1.3% | — | 2.3 yr |
| AMZNAmazon.com, Inc. | $108M | 1.2% | +9.5% | 2.3 yr |
| IGLBiShares 10+ Year Investm | $80M | 0.9% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management51.7%+13.8pp$4.66B
Asset Management - Bonds13.1%+13.0pp$1.18B
Gold3.9%+1.5pp$350M
Semiconductors3.1%-1.7pp$278M
Internet Content & Information2.8%-1.6pp$248M
Drug Manufacturers - General2.1%-1.2pp$190M
Software - Infrastructure2.0%-2.4pp$176M
Unknown1.9%+0.6pp$175M
Consumer Electronics1.6%-2.0pp$144M
Specialty Retail1.4%-1.8pp$127M
Country
US93.9%-1.0pp
CA2.2%+1.7pp
Unknown1.9%+0.6pp
GB0.7%-0.3pp
FR0.3%
IE0.2%-0.7pp
JP0.2%-0.1pp
CH0.1%-0.1pp
Top 5: 52.8% · Top 10: 61.2% · Top 25: 74.4%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.02B | 470 | +24.17% | +17.59% | +6.58% | +1.60B |
| 2025-12-31 | $7.77B | 431 | +24.80% | +17.72% | +7.08% | +2.80B |
| 2025-09-30 | $4.71B | 372 | +20.40% | +17.52% | +2.89% | +0.06B |
| 2025-06-30 | $4.23B | 387 | +15.31% | +14.94% | +0.37% | +0.02B |
| 2025-03-31 | $3.75B | 417 | +5.79% | +8.30% | -2.51% | +0.06B |
| 2024-12-31 | $3.84B | 432 | +1.71% | +2.49% | -0.78% | +0.08B |
| 2024-09-30 | $3.70B | 376 | +5.12% | +5.75% | -0.63% | +0.12B |
| 2024-06-30 | $3.40B | 451 | +3.02% | +4.38% | -1.35% | +0.14B |
| 2024-03-31 | $3.16B | 445 | — | — | — | — |