Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.90%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.02%
baseline attrition
Rally response
-9.74%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $36M | 4.0% | — | 6.0 yr |
| AAPLApple Inc. | $36M | 4.0% | +14.7% | 6.5 yr |
| BBEUJPMorgan BetaBuilders Eu | $28M | 3.1% | — | 2.3 yr |
| GOOGLAlphabet Inc. | $27M | 3.0% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $26M | 2.9% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $16M | 1.8% | +9.5% | 3.5 yr |
| DFAXDimensional - World ex U | $16M | 1.7% | — | 1.5 yr |
| EMXCiShares MSCI Emerging Ma | $15M | 1.7% | — | 2.3 yr |
| BRK-BBerkshire Hathaway Inc. | $15M | 1.7% | — | 3.3 yr |
| GVIiShares Intermediate Gov | $15M | 1.6% | — | 10.3 yr |
| AGGiShares Core U.S. Aggreg | $14M | 1.6% | — | 6.0 yr |
| IPACiShares Core MSCI Pacifi | $14M | 1.6% | — | 2.0 yr |
| IXUSiShares Core MSCI Total | $12M | 1.3% | — | 7.5 yr |
| IBMInternational Business M | $12M | 1.3% | -0.1% | 8.3 yr |
| JNJJohnson & Johnson | $12M | 1.3% | +51.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management29.5%+5.3pp$265M
Semiconductors5.2%+1.8pp$46M
Drug Manufacturers - General4.4%-0.3pp$39M
Internet Content & Information4.3%-0.1pp$39M
Software - Infrastructure4.1%-1.6pp$37M
Consumer Electronics4.0%-0.2pp$36M
Specialty Retail2.1%-0.3pp$19M
Asset Management - Bonds2.1%+0.5pp$18M
Industrial - Machinery1.9%-0.4pp$17M
Regulated Electric1.8%+0.3pp$17M
Country
US95.6%+2.4pp
IE2.2%-2.1pp
IL0.6%-0.2pp
Unknown0.6%+0.6pp
BE0.4%
GB0.4%-0.3pp
CA0.1%
DK0.1%
Top 5: 17.0% · Top 10: 25.6% · Top 25: 43.6%
Top buys this quarter · 15
| DOW Dow Inc. | +$7M |
| AMGN Amgen Inc. | +$6M |
| TMUS T-Mobile US, Inc.new | +$5M |
| P Everpure, Inc.new | +$5M |
| SPGI S&P Global Inc. | +$4M |
| SLB SLB N.V. | +$4M |
| QCOM QUALCOMM Incorporated | +$4M |
| HSY The Hershey Company | +$4M |
| BUD Anheuser-Busch InBev SA/NVnew | +$4M |
| MSFT Microsoft Corporation | +$26M |
Top sells this quarter · 15
| ASML ASML Holding N.V.exit | −$10M |
| ALB Albemarle Corporationexit | −$8M |
| EOG EOG Resources, Inc.exit | −$7M |
| APH Amphenol Corporationexit | −$6M |
| SYK Stryker Corporationexit | −$6M |
| LNG Cheniere Energy, Inc. | −$5M |
| CB Chubb Limitedexit | −$4M |
| DIS The Walt Disney Company | −$4M |
| TEVA Teva Pharmaceutical Industries | −$4M |
| PPG PPG Industries, Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $900M | 284 | +16.67% | +17.59% | -0.92% | +0.01B |
| 2025-12-31 | $914M | 254 | +16.04% | +17.72% | -1.68% | +0.01B |
| 2025-09-30 | $863M | 254 | +15.04% | +17.52% | -2.48% | +0.01B |
| 2025-06-30 | $800M | 247 | +12.36% | +14.94% | -2.58% | +0.00B |
| 2025-03-31 | $737M | 232 | +6.37% | +8.30% | -1.93% | -0.00B |
| 2024-12-31 | $763M | 235 | +17.91% | +24.89% | -6.98% | -0.03B |
| 2024-09-30 | $766M | 233 | +26.39% | +36.04% | -9.65% | -0.02B |
| 2024-06-30 | $758M | 224 | +17.20% | +24.49% | -7.29% | -0.01B |
| 2024-03-31 | $751M | 247 | +20.31% | +29.62% | -9.32% | -0.08B |
| 2023-12-31 | $770M | 243 | +15.24% | +26.18% | -10.94% | +0.01B |
| 2023-09-30 | $686M | 244 | +11.60% | +21.57% | -9.97% | +0.00B |
| 2023-06-30 | $711M | 233 | +8.80% | +19.42% | -10.62% | -0.02B |
| 2023-03-31 | $695M | 229 | -11.86% | -7.82% | -4.05% | +0.07B |
| 2022-12-31 | $609M | 216 | -18.35% | -18.17% | -0.17% | -0.02B |
| 2022-09-30 | $583M | 215 | -15.46% | -15.51% | +0.05% | -0.00B |
| 2022-06-30 | $625M | 204 | -9.31% | -10.62% | +1.31% | +0.30B |