Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.81%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.41%
baseline attrition
Rally response
-9.31%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $8.98B | 4.9% | -0.6% | 9.3 yr |
| AMZNAmazon.com, Inc. | $6.79B | 3.7% | +9.5% | 9.3 yr |
| AVGOBroadcom Inc. | $5.80B | 3.1% | +86.0% | 6.5 yr |
| NVDANVIDIA Corporation | $5.54B | 3.0% | +60.9% | 7.0 yr |
| AAPLApple Inc. | $4.93B | 2.7% | +14.7% | 9.3 yr |
| GOOGLAlphabet Inc. | $4.90B | 2.7% | — | 8.5 yr |
| GOOGAlphabet Inc. | $4.18B | 2.3% | +84.3% | 9.3 yr |
| LRCXLam Research Corporation | $2.82B | 1.5% | +196.1% | 1.3 yr |
| CRMSalesforce, Inc. | $2.36B | 1.3% | -30.2% | 8.5 yr |
| ASMLASML Holding N.V. | $2.17B | 1.2% | +100.9% | 7.3 yr |
| BBarrick Mining Corporati | $1.94B | 1.0% | +114.9% | 1.0 yr |
| MAMastercard Incorporated | $1.83B | 1.0% | -8.5% | 9.3 yr |
| SNDKSandisk Corporation | $1.79B | 1.0% | +1234.5% | 1.0 yr |
| SUSuncor Energy Inc. | $1.72B | 0.9% | +77.6% | 6.3 yr |
| INTUIntuit Inc. | $1.68B | 0.9% | -29.3% | 9.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors10.5%+5.4pp$19.38B
Software - Infrastructure7.6%-0.5pp$14.04B
Software - Application6.2%-1.2pp$11.45B
Internet Content & Information5.2%-1.6pp$9.63B
Specialty Retail4.8%+0.2pp$8.82B
Gold4.0%+1.8pp$7.30B
Hardware, Equipment & Parts3.5%+3.1pp$6.43B
Oil & Gas Integrated3.4%+1.6pp$6.24B
Consumer Electronics2.7%-2.2pp$5.02B
Medical - Devices2.6%+1.7pp$4.81B
Country
US80.6%+0.9pp
CA7.3%-0.2pp
GB2.7%+1.2pp
BR1.6%+0.5pp
NL1.2%+1.0pp
IE1.0%+0.4pp
Unknown0.8%-0.7pp
CH0.8%-0.1pp
Top 5: 17.3% · Top 10: 26.2% · Top 25: 38.5%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$3.51B |
| AVGO Broadcom Inc. | +$3.14B |
| GOOG Alphabet Inc. | +$1.81B |
| AMZN Amazon.com, Inc. | +$1.65B |
| CRM Salesforce, Inc. | +$1.33B |
| PLTR Palantir Technologies Inc. | +$1.12B |
| CNQ Canadian Natural Resources Lim | +$1.11B |
| SU Suncor Energy Inc. | +$946M |
| AZN AstraZeneca PLCnew | +$918M |
| NVDA NVIDIA Corporation | +$895M |
Top sells this quarter · 15
| NFLX Netflix, Inc. | −$1.04B |
| LITE Lumentum Holdings Inc. | −$1.02B |
| MRK Merck & Co., Inc. | −$843M |
| STX Seagate Technology Holdings pl | −$689M |
| ORCL Oracle Corporation | −$628M |
| SHOP Shopify Inc. | −$602M |
| V Visa Inc. | −$589M |
| FCX Freeport-McMoRan Inc. | −$513M |
| BMY Bristol-Myers Squibb Company | −$499M |
| COST Costco Wholesale Corporation | −$490M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $184.72B | 1807 | +22.22% | +17.59% | +4.63% | +16.23B |
| 2025-12-31 | $170.70B | 1804 | +19.77% | +17.72% | +2.05% | +7.83B |
| 2025-09-30 | $158.56B | 1822 | +19.09% | +17.52% | +1.57% | +6.40B |
| 2025-06-30 | $141.49B | 1917 | +17.22% | +14.94% | +2.28% | +3.36B |
| 2025-03-31 | $123.23B | 1782 | +5.01% | +8.30% | -3.29% | +2.41B |
| 2024-12-31 | $124.90B | 1700 | +19.11% | +24.89% | -5.78% | +5.64B |
| 2024-09-30 | $116.77B | 1635 | +30.39% | +36.04% | -5.64% | -3.48B |
| 2024-06-30 | $113.60B | 1477 | +19.62% | +24.49% | -4.87% | +5.02B |
| 2024-03-31 | $108.12B | 1618 | +28.63% | +29.62% | -1.00% | +3.49B |
| 2023-12-31 | $95.37B | 1378 | +24.85% | +26.18% | -1.33% | +2.86B |
| 2023-09-30 | $82.74B | 1225 | +23.06% | +21.57% | +1.50% | +2.86B |
| 2023-06-30 | $82.27B | 1191 | +19.88% | +19.42% | +0.46% | -1.13B |
| 2023-03-31 | $77.23B | 1317 | -3.15% | -7.82% | +4.67% | +1.14B |
| 2022-12-31 | $71.45B | 1301 | -13.25% | -18.17% | +4.92% | -3.25B |
| 2022-09-30 | $67.78B | 1242 | -12.58% | -15.51% | +2.93% | +1.04B |
| 2022-06-30 | $70.55B | 1199 | -7.05% | -10.62% | +3.57% | +0.75B |