Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-18.31%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.77%
baseline attrition
Rally response
-10.87%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $840M | 6.6% | +60.9% | 9.8 yr |
| AAPLApple Inc. | $766M | 6.0% | +14.7% | 10.5 yr |
| GOOGLAlphabet Inc. | $619M | 4.9% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $536M | 4.2% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $371M | 2.9% | +9.5% | 10.3 yr |
| AVGOBroadcom Inc. | $274M | 2.2% | +86.0% | 7.5 yr |
| METAMeta Platforms, Inc. | $228M | 1.8% | -0.4% | 10.5 yr |
| TSLATesla, Inc. | $171M | 1.3% | +43.4% | 6.0 yr |
| LLYEli Lilly and Company | $157M | 1.2% | +12.2% | 8.3 yr |
| JPMJPMorgan Chase & Co. | $146M | 1.2% | +21.8% | 9.8 yr |
| XOMExxon Mobil Corporation | $138M | 1.1% | +47.6% | 8.0 yr |
| JNJJohnson & Johnson | $130M | 1.0% | +51.5% | 9.8 yr |
| NFLXNetflix, Inc. | $129M | 1.0% | +3.1% | 10.0 yr |
| AZNAstraZeneca PLC | $127M | 1.0% | +36.2% | 0.3 yr |
| BRK-BBerkshire Hathaway Inc. | $118M | 0.9% | — | 8.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.3%+3.5pp$1.56B
Internet Content & Information6.9%-0.5pp$872M
Consumer Electronics6.0%-0.1pp$766M
Software - Infrastructure5.8%-1.7pp$740M
Drug Manufacturers - General5.7%+1.3pp$729M
Banks - Diversified4.7%+0.7pp$599M
Specialty Retail3.7%-1.4pp$464M
Oil & Gas Integrated2.6%+1.0pp$331M
Asset Management2.2%-0.5pp$285M
Financial - Credit Services1.9%-1.5pp$242M
Country
US90.8%-4.3pp
CA2.7%+1.1pp
GB1.9%+1.0pp
IE1.6%+1.1pp
FR0.8%
CH0.7%+0.3pp
Unknown0.6%+0.2pp
SG0.3%+0.1pp
Top 5: 24.6% · Top 10: 32.3% · Top 25: 45.6%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$130M |
| COST Costco Wholesale Corporation | +$83M |
| BMO Bank of Montreal | +$70M |
| CHD Church & Dwight Co., Inc. | +$67M |
| PG The Procter & Gamble Company | +$65M |
| WM Waste Management, Inc. | +$57M |
| EQIX Equinix, Inc. | +$54M |
| LIN Linde plc | +$53M |
| MRK Merck & Co., Inc. | +$53M |
| CDNS Cadence Design Systems, Inc. | +$49M |
Top sells this quarter · 15
| STX Seagate Technology Holdings pl | −$190M |
| NVDA NVIDIA Corporation | −$131M |
| CTVA Corteva, Inc. | −$114M |
| BA The Boeing Companyexit | −$104M |
| CRM Salesforce, Inc.exit | −$103M |
| WMT Walmart Inc. | −$102M |
| FCX Freeport-McMoRan Inc. | −$101M |
| MU Micron Technology, Inc. | −$94M |
| ETN Eaton Corporation plc | −$94M |
| MCHP Microchip Technology Incorpora | −$90M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $12.71B | 326 | +24.94% | +17.59% | +7.35% | -1.22B |
| 2025-12-31 | $14.34B | 289 | +23.22% | +17.72% | +5.50% | -0.10B |
| 2025-09-30 | $13.95B | 268 | +21.50% | +17.52% | +3.99% | -0.12B |
| 2025-06-30 | $12.89B | 251 | +18.02% | +14.94% | +3.08% | -1.10B |
| 2025-03-31 | $12.29B | 251 | +6.75% | +8.30% | -1.55% | +0.60B |
| 2024-12-31 | $12.21B | 231 | +24.08% | +24.89% | -0.81% | +0.23B |
| 2024-09-30 | $11.74B | 210 | +36.03% | +36.04% | -0.01% | -0.44B |
| 2024-06-30 | $11.49B | 227 | +25.15% | +24.49% | +0.66% | +0.28B |
| 2024-03-31 | $10.89B | 235 | +34.25% | +29.62% | +4.63% | +0.04B |
| 2023-12-31 | $9.74B | 235 | +29.59% | +26.18% | +3.41% | -0.77B |
| 2023-09-30 | $9.39B | 233 | +24.11% | +21.57% | +2.54% | +0.04B |
| 2023-06-30 | $9.59B | 238 | +21.27% | +19.42% | +1.84% | +0.84B |
| 2023-03-31 | $7.92B | 248 | -7.47% | -7.82% | +0.35% | +0.46B |
| 2022-12-31 | $6.94B | 223 | -17.87% | -18.17% | +0.31% | +0.13B |
| 2022-09-30 | $6.35B | 223 | -14.89% | -15.51% | +0.62% | -0.02B |
| 2022-06-30 | $6.69B | 225 | -10.19% | -10.62% | +0.43% | -0.07B |