Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-21.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-14.04%
baseline attrition
Rally response
-23.77%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DLTRDollar Tree, Inc. | $537M | 5.5% | +45.9% | 9.3 yr |
| TECKTeck Resources Limited | $377M | 3.8% | +43.3% | 4.3 yr |
| NVDANVIDIA Corporation | $373M | 3.8% | +60.9% | 10.3 yr |
| CTSHCognizant Technology Sol | $358M | 3.6% | -18.4% | 9.0 yr |
| AMDAdvanced Micro Devices, | $242M | 2.5% | +98.0% | 10.0 yr |
| MSFTMicrosoft Corporation | $222M | 2.3% | -0.6% | 10.3 yr |
| TSLATesla, Inc. | $211M | 2.1% | +43.4% | 10.3 yr |
| WBDWarner Bros. Discovery, | $208M | 2.1% | +155.9% | 3.8 yr |
| AAPLApple Inc. | $152M | 1.5% | +14.7% | 10.3 yr |
| SEASSeaWorld Entertainment, | $146M | 1.5% | — | 8.5 yr |
| AMZNAmazon.com, Inc. | $125M | 1.3% | +9.5% | 10.3 yr |
| RIOTRiot Platforms, Inc. | $122M | 1.2% | +73.6% | 3.3 yr |
| EAElectronic Arts Inc. | $108M | 1.1% | +41.7% | 8.5 yr |
| TSMTaiwan Semiconductor Man | $95M | 1.0% | +105.6% | 9.8 yr |
| UNHUnitedHealth Group Incor | $94M | 1.0% | -46.9% | 10.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors11.6%-1.4pp$1.14B
Discount Stores6.4%+4.0pp$632M
Software - Infrastructure5.8%+0.5pp$575M
Information Technology Services4.3%+1.6pp$420M
Industrial Materials3.8%+3.8pp$378M
Software - Application3.6%+1.1pp$352M
Financial - Capital Markets3.6%+2.8pp$352M
Entertainment3.0%+2.0pp$298M
Specialty Retail2.6%+1.2pp$258M
Internet Content & Information2.5%-1.2pp$246M
Country
US87.2%-5.0pp
CA5.7%+4.1pp
Unknown1.3%+1.1pp
IL1.3%+1.2pp
TW1.0%-0.3pp
IE0.9%+0.2pp
SG0.4%+0.3pp
CN0.4%-0.1pp
Top 5: 19.2% · Top 10: 28.7% · Top 25: 42.2%
Top buys this quarter · 15
| TECK Teck Resources Limited | +$377M |
| CTSH Cognizant Technology Solutions | +$275M |
| WBD Warner Bros. Discovery, Inc. | +$132M |
| AAPL Apple Inc. | +$125M |
| DLTR Dollar Tree, Inc. | +$119M |
| EA Electronic Arts Inc. | +$103M |
| MSFT Microsoft Corporation | +$89M |
| AMD Advanced Micro Devices, Inc. | +$78M |
| ZTS Zoetis Inc. | +$71M |
| BILL Bill.com Holdings, Inc. | +$64M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$699M |
| META Meta Platforms, Inc. | −$250M |
| TSLA Tesla, Inc. | −$239M |
| PEP PepsiCo, Inc. | −$201M |
| MU Micron Technology, Inc. | −$185M |
| LUV Southwest Airlines Co. | −$145M |
| FFIV F5, Inc. | −$143M |
| TSM Taiwan Semiconductor Manufactu | −$113M |
| HON Honeywell International Inc. | −$110M |
| MA Mastercard Incorporated | −$105M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.84B | 1004 | +32.63% | +17.59% | +15.04% | -2.99B |
| 2025-12-31 | $13.20B | 1045 | +22.03% | +17.72% | +4.31% | -5.44B |
| 2025-09-30 | $18.39B | 1011 | +28.45% | +17.52% | +10.93% | +3.63B |
| 2025-06-30 | $12.87B | 967 | +11.90% | +14.94% | -3.04% | -2.49B |
| 2025-03-31 | $13.08B | 911 | -9.49% | +8.30% | -17.79% | -1.78B |
| 2024-12-31 | $16.63B | 1351 | +2.99% | +24.89% | -21.89% | +4.36B |
| 2024-09-30 | $11.50B | 766 | +10.77% | +36.04% | -25.26% | -2.96B |
| 2024-06-30 | $14.47B | 1006 | +2.34% | +24.49% | -22.15% | +3.83B |
| 2024-03-31 | $11.21B | 876 | +13.97% | +29.62% | -15.65% | +0.98B |
| 2023-12-31 | $10.05B | 1035 | +27.12% | +26.18% | +0.94% | +0.66B |
| 2023-09-30 | $8.19B | 692 | +15.42% | +21.57% | -6.14% | -0.86B |
| 2023-06-30 | $9.81B | 742 | +30.40% | +19.42% | +10.98% | +0.62B |
| 2023-03-31 | $8.68B | 764 | +0.34% | -7.82% | +8.16% | -2.47B |
| 2022-12-31 | $9.83B | 991 | +4.19% | +7.56% | -3.37% | -0.79B |
| 2022-09-30 | $10.19B | 1151 | +4.26% | -4.93% | +9.19% | -1.50B |
| 2022-06-30 | $11.21B | 1318 | -18.59% | -16.11% | -2.48% | +0.57B |