Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.74%
trims when stocks drop
when a holding falls −10%+
Middle response
+2.08%
steady accumulation
Rally response
+0.79%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $22.60B | 13.9% | — | 10.3 yr |
| BNDVanguard Total Bond Mark | $9.93B | 6.1% | — | 10.3 yr |
| IJHiShares Core S&P Mid-Cap | $8.70B | 5.4% | — | 10.3 yr |
| SCHFSchwab International Equ | $7.48B | 4.6% | — | 10.0 yr |
| IJRiShares Core S&P Small-C | $5.40B | 3.3% | — | 10.3 yr |
| RSPInvesco S&P 500 Equal We | $5.20B | 3.2% | — | 7.8 yr |
| FBNDFidelity Total Bond ETF | $4.37B | 2.7% | — | 5.0 yr |
| VWOVanguard FTSE Emerging M | $4.33B | 2.7% | — | 10.3 yr |
| VEAVanguard FTSE Developed | $4.11B | 2.5% | — | 10.3 yr |
| SPYState Street SPDR S&P 50 | $3.98B | 2.5% | +17.6% | 10.3 yr |
| TLTiShares 20+ Year Treasur | $3.85B | 2.4% | — | 10.3 yr |
| IEFAiShares Core MSCI EAFE E | $3.29B | 2.0% | — | 10.3 yr |
| VLUEiShares MSCI USA Value F | $3.27B | 2.0% | — | 9.8 yr |
| IQLTiShares MSCI Intl Qualit | $2.62B | 1.6% | — | 7.0 yr |
| VTEBVanguard Tax-Exempt Bond | $1.92B | 1.2% | — | 8.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management75.5%+1.9pp$122.31B
Asset Management - Bonds14.0%-1.8pp$22.64B
Semiconductors1.4%+0.4pp$2.31B
Internet Content & Information0.9%+0.2pp$1.45B
Asset Management - Global0.8%-0.0pp$1.23B
Software - Infrastructure0.8%-0.1pp$1.23B
Asset Management - Income0.7%+0.0pp$1.19B
Consumer Electronics0.6%-0.1pp$934M
Specialty Retail0.5%-0.1pp$831M
Drug Manufacturers - General0.3%-0.0pp$540M
Country
US99.3%-0.2pp
CA0.1%+0.1pp
TW0.1%+0.1pp
Unknown0.1%+0.1pp
IE0.1%-0.0pp
GB0.1%+0.0pp
NL0.0%+0.0pp
LU0.0%+0.0pp
Top 5: 33.4% · Top 10: 46.9% · Top 25: 64.9%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$3.98B |
| AVGO Broadcom Inc. | +$98M |
| MSFT Microsoft Corporation | +$832M |
| VST Vistra Corp. | +$49M |
| AKAM Akamai Technologies, Inc. | +$41M |
| SNPS Synopsys, Inc. | +$38M |
| APP AppLovin Corporation | +$37M |
| CNQ Canadian Natural Resources Lim | +$37M |
| NVDA NVIDIA Corporation | +$1.01B |
| NEM Newmont Corporation | +$33M |
Top sells this quarter · 15
| FBK FB Financial Corporation | −$162M |
| HCC Warrior Met Coal, Inc. | −$92M |
| BCO The Brink's Companyexit | −$46M |
| D Dominion Energy, Inc. | −$43M |
| DOV Dover Corporation | −$42M |
| CRWD CrowdStrike Holdings, Inc. | −$38M |
| LPLA LPL Financial Holdings Inc. | −$36M |
| DKNG DraftKings Inc. | −$36M |
| NOW ServiceNow, Inc. | −$35M |
| KO The Coca-Cola Company | −$29M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $162.09B | 4048 | +19.29% | +17.59% | +1.70% | +9.59B |
| 2025-12-31 | $159.58B | 4142 | +18.74% | +17.72% | +1.02% | +6.51B |
| 2025-09-30 | $149.76B | 3717 | +18.54% | +17.52% | +1.02% | +1.41B |
| 2025-06-30 | $136.98B | 3616 | +15.09% | +14.94% | +0.15% | -0.71B |
| 2025-03-31 | $122.10B | 3612 | +5.37% | +8.30% | -2.93% | +9.50B |
| 2024-12-31 | $118.37B | 3523 | +20.89% | +24.89% | -4.00% | +3.64B |
| 2024-09-30 | $112.45B | 3531 | +33.05% | +36.04% | -2.99% | +5.92B |
| 2024-06-30 | $101.31B | 3404 | +21.68% | +24.49% | -2.82% | +0.90B |
| 2024-03-31 | $97.25B | 3455 | +27.66% | +29.62% | -1.97% | +0.52B |
| 2023-12-31 | $88.64B | 3351 | +26.38% | +26.18% | +0.20% | +2.35B |
| 2023-09-30 | $76.84B | 3142 | +20.70% | +21.57% | -0.87% | +2.52B |
| 2023-06-30 | $77.29B | 3218 | +19.73% | +19.42% | +0.30% | -0.22B |
| 2023-03-31 | $71.56B | 3234 | -6.88% | -7.82% | +0.94% | +0.29B |
| 2022-12-31 | $65.97B | 3204 | -17.79% | -18.17% | +0.39% | +4.60B |
| 2022-09-30 | $57.22B | 2948 | -14.86% | -15.51% | +0.65% | +1.80B |
| 2022-06-30 | $58.10B | 3028 | -10.24% | -10.62% | +0.38% | +5.64B |