Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.04%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.36%
baseline attrition
Rally response
-11.76%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WDAYWorkday, Inc. | $1.38B | 4.3% | -44.4% | 4.0 yr |
| APAAPA Corporation | $1.36B | 4.3% | +112.3% | 5.3 yr |
| FFIVF5, Inc. | $1.32B | 4.2% | +8.7% | 5.5 yr |
| ERICTelefonaktiebolaget LM E | $927M | 2.9% | +46.5% | 10.5 yr |
| CCitigroup Inc. | $797M | 2.5% | +63.9% | 10.5 yr |
| AIGAmerican International G | $770M | 2.4% | -11.5% | 10.5 yr |
| CMCSAComcast Corporation | $769M | 2.4% | — | 10.5 yr |
| GEHCGE HealthCare Technologi | $710M | 2.2% | -11.7% | 3.3 yr |
| DDominion Energy, Inc. | $702M | 2.2% | +15.4% | 2.0 yr |
| CRMSalesforce, Inc. | $690M | 2.2% | -30.2% | 0.8 yr |
| PPGPPG Industries, Inc. | $658M | 2.1% | +0.3% | 1.5 yr |
| ANTMElevance Health Inc. | $642M | 2.0% | — | 10.5 yr |
| GMGeneral Motors Company | $629M | 2.0% | +60.0% | 10.5 yr |
| USBU.S. Bancorp | $588M | 1.8% | +27.1% | 3.5 yr |
| SHELShell plc | $572M | 1.8% | +32.0% | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production7.7%+2.1pp$2.47B
Software - Application7.0%+4.2pp$2.25B
Banks - Diversified6.7%-0.9pp$2.15B
Medical - Healthcare Plans5.7%-1.2pp$1.83B
Banks - Regional5.0%+0.1pp$1.61B
Software - Infrastructure4.9%-1.0pp$1.56B
Industrial - Machinery3.0%+0.8pp$966M
Regulated Electric3.0%-0.9pp$962M
Information Technology Services3.0%+0.9pp$957M
Communication Equipment2.9%+0.0pp$930M
Country
US86.5%+2.0pp
GB4.8%-0.7pp
SE2.9%+0.1pp
IE2.0%-0.9pp
CA1.8%-0.0pp
Unknown1.4%+0.2pp
BM0.3%-0.0pp
DE0.1%
Top 5: 18.2% · Top 10: 29.6% · Top 25: 54.7%
Top buys this quarter · 15
| WDAY Workday, Inc. | +$1.38B |
| GPC Genuine Parts Companynew | +$185M |
| CRM Salesforce, Inc. | +$690M |
| CDW CDW Corporation | +$162M |
| LH Labcorp Holdings Inc. | +$100M |
| ZBH Zimmer Biomet Holdings, Inc. | +$97M |
| UNH UnitedHealth Group Incorporate | +$479M |
| WPP WPP plc | +$76M |
| GEHC GE HealthCare Technologies Inc | +$710M |
| ARE Alexandria Real Estate Equitienew | +$57M |
Top sells this quarter · 15
| NOV NOV Inc. | −$330M |
| CFG Citizens Financial Group, Inc. | −$262M |
| BKR Baker Hughes Company | −$259M |
| FFIV F5, Inc. | −$259M |
| FDX FedEx Corporation | −$230M |
| HCA HCA Healthcare, Inc.exit | −$210M |
| APA APA Corporation | −$867M |
| GM General Motors Company | −$145M |
| CMI Cummins Inc. | −$144M |
| FITB Fifth Third Bancorp | −$115M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $31.89B | 461 | +17.82% | +17.59% | +0.23% | -1.82B |
| 2025-12-31 | $33.08B | 460 | +16.18% | +17.72% | -1.54% | -0.18B |
| 2025-09-30 | $31.92B | 464 | +11.94% | +17.52% | -5.58% | -0.98B |
| 2025-06-30 | $30.59B | 470 | +11.48% | +14.94% | -3.47% | +0.00B |
| 2025-03-31 | $29.65B | 466 | +5.40% | +8.30% | -2.90% | -0.16B |
| 2024-12-31 | $29.67B | 473 | +14.25% | +24.89% | -10.63% | -0.09B |
| 2024-09-30 | $29.64B | 477 | +27.74% | +36.04% | -8.29% | -0.60B |
| 2024-06-30 | $28.23B | 475 | +18.65% | +24.49% | -5.84% | -0.58B |
| 2024-03-31 | $29.54B | 475 | +26.66% | +29.62% | -2.96% | -0.61B |
| 2023-12-31 | $27.67B | 468 | +20.28% | +26.18% | -5.89% | -1.46B |
| 2023-09-30 | $25.95B | 468 | +24.15% | +21.57% | +2.59% | -0.53B |
| 2023-06-30 | $26.62B | 480 | +17.11% | +19.42% | -2.31% | -0.04B |
| 2023-03-31 | $25.60B | 483 | -4.66% | -7.82% | +3.16% | -1.03B |
| 2022-12-31 | $25.75B | 483 | +15.85% | +7.56% | +8.29% | -0.89B |
| 2022-09-30 | $23.00B | 506 | -6.16% | -4.93% | -1.23% | -0.37B |
| 2022-06-30 | $24.90B | 483 | -15.23% | -16.11% | +0.88% | -1.67B |