Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.95%
baseline attrition
Rally response
-10.38%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AZNAstraZeneca PLC | $1.44B | 17.7% | +36.2% | 0.3 yr |
| CCLCarnival Corporation & p | $960M | 11.8% | +33.1% | 2.8 yr |
| DBDeutsche Bank AG | $723M | 8.9% | +28.4% | 1.3 yr |
| — | $690M | 8.5% | — | 2.8 yr |
| — | $620M | 7.6% | — | 1.8 yr |
| TSMTaiwan Semiconductor Man | $172M | 2.1% | +105.6% | 10.5 yr |
| BABAAlibaba Group Holding Li | $134M | 1.6% | -3.5% | 10.5 yr |
| CARRCarrier Global Corporati | $118M | 1.5% | -9.9% | 3.5 yr |
| MRKMerck & Co., Inc. | $103M | 1.3% | +38.9% | 3.0 yr |
| GOOGAlphabet Inc. | $97M | 1.2% | +84.3% | 5.8 yr |
| CTSHCognizant Technology Sol | $92M | 1.1% | -18.4% | 2.0 yr |
| ALKAlaska Air Group, Inc. | $92M | 1.1% | -25.3% | 2.3 yr |
| — | $86M | 1.1% | — | 1.5 yr |
| BCSBarclays PLC | $86M | 1.1% | +40.5% | 10.5 yr |
| BAPCredicorp Ltd. | $83M | 1.0% | +92.5% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Drug Manufacturers - General20.8%+15.1pp$1.70B
Unknown18.4%-17.1pp$1.50B
Leisure11.8%+0.9pp$960M
Banks - Regional10.1%+7.5pp$823M
Banks - Diversified3.8%-0.5pp$306M
Semiconductors3.4%-0.2pp$277M
Internet Content & Information3.1%-1.4pp$252M
Information Technology Services2.3%-1.2pp$191M
Medical - Devices2.1%-1.0pp$172M
Industrial - Machinery2.1%$169M
Country
US32.0%-3.4pp
GB22.6%+16.0pp
Unknown18.4%-17.1pp
DE9.8%+8.2pp
BM2.9%+0.4pp
CN2.7%-6.0pp
TW2.1%+0.3pp
NL1.3%-0.1pp
Top 5: 54.4% · Top 10: 62.1% · Top 25: 77.0%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$1.46B |
| DB Deutsche Bank AG | +$321M |
| CCL Carnival Corporation & plc | +$960M |
| DTE DTE Energy Companynew | +$47M |
| TXN Texas Instruments Incorporatednew | +$40M |
| TAL TAL Education Group | +$39M |
| ALK Alaska Air Group, Inc. | +$39M |
| JLL Jones Lang LaSalle Incorporate | +$39M |
| RELX RELX Plc | +$37M |
| BAH Booz Allen Hamilton Holding Co | +$36M |
Top sells this quarter · 15
| B Barrick Mining Corporation | −$248M |
| ALL The Allstate Corporation | −$63M |
| GPK Graphic Packaging Holding Compexit | −$45M |
| BIIB Biogen Inc. | −$44M |
| BP BP p.l.c. | −$30M |
| ALLY Ally Financial Inc.exit | −$24M |
| MRK Merck & Co., Inc. | −$23M |
| SHG Shinhan Financial Group Co., L | −$20M |
| ADI Analog Devices, Inc. | −$19M |
| BABA Alibaba Group Holding Limited | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.15B | 107 | +36.38% | +17.59% | +18.79% | +1.27B |
| 2025-12-31 | $7.27B | 108 | +52.09% | +17.72% | +34.38% | -0.86B |
| 2025-09-30 | $7.57B | 105 | +37.63% | +17.52% | +20.11% | +0.36B |
| 2025-06-30 | $6.32B | 99 | +32.88% | +14.94% | +17.94% | +0.69B |
| 2025-03-31 | $4.78B | 90 | +15.25% | +8.30% | +6.94% | +0.15B |
| 2024-12-31 | $4.39B | 107 | +14.13% | +24.89% | -10.76% | +0.44B |
| 2024-09-30 | $4.07B | 97 | +31.17% | +36.04% | -4.87% | +0.03B |
| 2024-06-30 | $3.67B | 90 | +17.40% | +24.49% | -7.09% | -0.24B |
| 2024-03-31 | $3.82B | 89 | +17.39% | +29.62% | -12.24% | -0.28B |
| 2023-12-31 | $3.93B | 89 | +19.77% | +26.18% | -6.41% | -0.30B |
| 2023-09-30 | $3.79B | 89 | +21.42% | +21.57% | -0.15% | +0.04B |
| 2023-06-30 | $3.80B | 81 | +12.80% | +19.42% | -6.62% | -0.46B |
| 2023-03-31 | $4.17B | 81 | -4.84% | -7.82% | +2.98% | +0.50B |
| 2022-12-31 | $3.44B | 83 | +13.17% | +7.56% | +5.61% | -0.59B |
| 2022-09-30 | $3.57B | 81 | -8.38% | -4.93% | -3.45% | +0.14B |
| 2022-06-30 | $3.74B | 79 | -13.86% | -16.11% | +2.25% | +0.14B |