Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.41%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.08%
baseline attrition
Rally response
-5.18%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $3.85B | 6.0% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $3.31B | 5.1% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $2.43B | 3.8% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.91B | 3.0% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.50B | 2.3% | — | 10.5 yr |
| AVGOBroadcom Inc. | $1.27B | 2.0% | +86.0% | 8.0 yr |
| METAMeta Platforms, Inc. | $1.18B | 1.8% | -0.4% | 10.5 yr |
| GOOGAlphabet Inc. | $1.18B | 1.8% | +84.3% | 10.5 yr |
| TSLATesla, Inc. | $898M | 1.4% | +43.4% | 5.8 yr |
| LLYEli Lilly and Company | $880M | 1.4% | +12.2% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $804M | 1.2% | — | 10.5 yr |
| COPConocoPhillips | $795M | 1.2% | +30.0% | 7.8 yr |
| JPMJPMorgan Chase & Co. | $710M | 1.1% | +21.8% | 10.5 yr |
| JNJJohnson & Johnson | $602M | 0.9% | +51.5% | 10.5 yr |
| RVMDRevolution Medicines, In | $533M | 0.8% | +175.0% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors11.7%+3.4pp$7.58B
Internet Content & Information6.2%+1.0pp$3.99B
Biotechnology6.1%+1.9pp$3.93B
Software - Infrastructure5.4%-0.8pp$3.50B
Consumer Electronics5.1%-0.5pp$3.31B
Drug Manufacturers - General4.0%+0.5pp$2.58B
Specialty Retail3.6%+0.1pp$2.31B
Oil & Gas Exploration & Production3.3%-1.8pp$2.14B
Unknown2.7%+0.2pp$1.73B
Banks - Diversified2.2%-0.2pp$1.44B
Country
US91.8%-1.4pp
Unknown2.7%+0.2pp
GB2.0%+0.7pp
IE1.3%+0.1pp
CA0.6%+0.2pp
CH0.4%+0.1pp
NL0.3%+0.0pp
BM0.2%-0.0pp
Top 5: 20.1% · Top 10: 28.5% · Top 25: 40.1%
Top buys this quarter · 15
| RVMD Revolution Medicines, Inc. | +$318M |
| CTRA Coterra Energy Inc. | +$250M |
| BSX Boston Scientific Corporation | +$160M |
| CVX Chevron Corporation | +$149M |
| CSX CSX Corporation | +$134M |
| LLY Eli Lilly and Company | +$880M |
| SWK Stanley Black & Decker, Inc. | +$109M |
| PANW Palo Alto Networks, Inc. | +$95M |
| APH Amphenol Corporation | +$87M |
| SO The Southern Company | +$86M |
Top sells this quarter · 15
| RPRX Royalty Pharma plc | −$204M |
| DVN Devon Energy Corporation | −$182M |
| DOV Dover Corporation | −$174M |
| ARGX argenx SE | −$151M |
| BA The Boeing Company | −$146M |
| COP ConocoPhillips | −$659M |
| HUBB Hubbell Incorporated | −$134M |
| D Dominion Energy, Inc.exit | −$132M |
| WM Waste Management, Inc. | −$129M |
| AON Aon plc | −$124M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $64.61B | 952 | +23.53% | +17.59% | +5.94% | -0.27B |
| 2025-12-31 | $65.97B | 899 | +19.07% | +17.72% | +1.35% | +0.62B |
| 2025-09-30 | $62.94B | 869 | +17.20% | +17.52% | -0.32% | -1.33B |
| 2025-06-30 | $59.05B | 841 | +14.52% | +14.94% | -0.42% | -0.62B |
| 2025-03-31 | $53.69B | 832 | +4.27% | +8.30% | -4.04% | -0.41B |
| 2024-12-31 | $57.07B | 864 | +19.70% | +24.89% | -5.19% | -0.73B |
| 2024-09-30 | $56.55B | 845 | +30.51% | +36.04% | -5.53% | -0.78B |
| 2024-06-30 | $53.90B | 837 | +19.12% | +24.49% | -5.37% | +0.35B |
| 2024-03-31 | $52.93B | 857 | +27.22% | +29.62% | -2.40% | +0.42B |
| 2023-12-31 | $48.25B | 837 | +24.15% | +26.18% | -2.03% | -0.84B |
| 2023-09-30 | $44.05B | 855 | +19.16% | +21.57% | -2.40% | -0.56B |
| 2023-06-30 | $45.95B | 858 | +18.21% | +19.42% | -1.21% | -2.20B |
| 2023-03-31 | $44.56B | 910 | -8.79% | -7.82% | -0.98% | +0.25B |
| 2022-12-31 | $41.71B | 970 | +6.95% | +7.56% | -0.61% | -1.29B |
| 2022-09-30 | $40.20B | 1042 | -3.70% | -4.93% | +1.23% | -1.69B |
| 2022-06-30 | $43.50B | 1071 | -16.62% | -16.11% | -0.51% | -0.31B |