Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.21%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.29%
baseline attrition
Rally response
-5.88%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $5.46B | 2.5% | +60.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $3.68B | 1.7% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $3.63B | 1.7% | +14.7% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.96B | 0.9% | +9.5% | 10.5 yr |
| AVGOBroadcom Inc. | $1.87B | 0.9% | +86.0% | 8.0 yr |
| BMYBristol-Myers Squibb Com | $1.80B | 0.8% | +3.4% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.62B | 0.7% | — | 10.5 yr |
| EIXEdison International | $1.51B | 0.7% | +30.5% | 10.3 yr |
| PCGPG&E Corporation | $1.50B | 0.7% | +2.9% | 8.5 yr |
| GOOGAlphabet Inc. | $1.50B | 0.7% | +84.3% | 10.5 yr |
| FIXComfort Systems USA, Inc | $1.49B | 0.7% | +329.0% | 10.5 yr |
| MUMicron Technology, Inc. | $1.47B | 0.7% | +289.6% | 10.5 yr |
| BKNGBooking Holdings Inc. | $1.32B | 0.6% | -96.3% | 8.3 yr |
| GEVGE Vernova Inc. | $1.27B | 0.6% | +186.8% | 2.0 yr |
| CBChubb Limited | $1.25B | 0.6% | +9.3% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors6.2%+2.0pp$13.46B
Software - Infrastructure4.4%-1.0pp$9.51B
Asset Management4.2%+1.1pp$9.20B
Software - Application4.2%-1.1pp$9.15B
Aerospace & Defense2.7%-0.0pp$5.84B
Drug Manufacturers - General2.7%-0.7pp$5.79B
Biotechnology2.6%+0.3pp$5.61B
Banks - Regional2.6%-0.1pp$5.59B
Regulated Electric2.4%+0.3pp$5.27B
Internet Content & Information2.3%-0.7pp$4.92B
Country
US91.6%-1.9pp
CA1.6%+1.5pp
GB1.3%+0.6pp
IE1.1%-0.5pp
Unknown1.1%+0.6pp
BM1.0%-0.0pp
CH0.8%+0.0pp
SG0.2%+0.1pp
Top 5: 7.6% · Top 10: 11.2% · Top 25: 19.3%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$1.40B |
| NVDA NVIDIA Corporation | +$1.03B |
| COST Costco Wholesale Corporation | +$696M |
| AAPL Apple Inc. | +$531M |
| AVGO Broadcom Inc. | +$525M |
| SPGI S&P Global Inc. | +$470M |
| ADBE Adobe Inc. | +$462M |
| SF Stifel Financial Corp. | +$412M |
| OXY Occidental Petroleum Corporati | +$395M |
| DOW Dow Inc. | +$382M |
Top sells this quarter · 15
| PNFP Pinnacle Financial Partners, Iexit | −$459M |
| WMT Walmart Inc. | −$352M |
| MRK Merck & Co., Inc. | −$315M |
| ZM Zoom Communications, Inc. | −$308M |
| SNDK Sandisk Corporation | −$269M |
| UTHR United Therapeutics Corporatio | −$270M |
| TEAM Atlassian Corporation | −$246M |
| EXAS Exact Sciences Corporationexit | −$232M |
| LYFT Lyft, Inc. | −$215M |
| GILD Gilead Sciences, Inc. | −$213M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $218.19B | 3728 | +17.75% | +17.59% | +0.16% | +30.93B |
| 2025-12-31 | $190.50B | 3550 | +16.34% | +17.72% | -1.38% | +31.06B |
| 2025-09-30 | $155.89B | 3445 | +15.13% | +17.52% | -2.38% | +26.38B |
| 2025-06-30 | $120.83B | 3283 | +15.03% | +14.94% | +0.09% | +14.82B |
| 2025-03-31 | $97.01B | 3141 | +4.82% | +8.30% | -3.48% | +21.67B |
| 2024-12-31 | $77.57B | 2853 | +18.09% | +24.89% | -6.79% | +4.32B |
| 2024-09-30 | $72.37B | 2742 | +29.84% | +36.04% | -6.20% | +2.56B |
| 2024-06-30 | $65.20B | 2587 | +18.35% | +24.49% | -6.14% | +6.73B |
| 2024-03-31 | $58.72B | 2398 | +26.05% | +29.62% | -3.57% | +0.60B |
| 2023-12-31 | $53.11B | 2317 | +20.97% | +26.18% | -5.21% | -0.75B |
| 2023-09-30 | $48.40B | 2304 | +19.63% | +21.57% | -1.94% | +2.52B |
| 2023-06-30 | $47.01B | 2173 | +16.01% | +19.42% | -3.42% | -1.25B |
| 2023-03-31 | $45.50B | 2148 | -4.83% | -7.82% | +2.99% | -0.53B |
| 2022-12-31 | $43.83B | 2186 | +10.05% | +7.56% | +2.49% | -1.24B |
| 2022-09-30 | $40.96B | 2166 | -5.35% | -4.93% | -0.42% | -0.83B |
| 2022-06-30 | $44.16B | 2165 | -12.99% | -16.11% | +3.12% | -1.61B |