Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.51%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.24%
baseline attrition
Rally response
-13.04%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $1.10B | 4.7% | +60.9% | 6.5 yr |
| — | $1.10B | 4.7% | — | 8.0 yr |
| FIXComfort Systems USA, Inc | $856M | 3.6% | +329.0% | 2.5 yr |
| AAPLApple Inc. | $795M | 3.4% | +14.7% | 10.5 yr |
| — | $698M | 3.0% | — | 2.0 yr |
| MSFTMicrosoft Corporation | $611M | 2.6% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $583M | 2.5% | — | 10.5 yr |
| HWMHowmet Aerospace Inc. | $528M | 2.2% | +78.1% | 1.3 yr |
| VRTVertiv Holdings Co | $482M | 2.0% | +247.5% | 2.8 yr |
| AMZNAmazon.com, Inc. | $475M | 2.0% | +9.5% | 10.5 yr |
| AXONAxon Enterprise, Inc. | $452M | 1.9% | -19.3% | 3.5 yr |
| AVGOBroadcom Inc. | $383M | 1.6% | +86.0% | 7.8 yr |
| LLYEli Lilly and Company | $335M | 1.4% | +12.2% | 5.0 yr |
| TPRTapestry, Inc. | $310M | 1.3% | +103.3% | 5.3 yr |
| METAMeta Platforms, Inc. | $301M | 1.3% | -0.4% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors10.0%+2.3pp$2.35B
Unknown9.0%+2.5pp$2.12B
Engineering & Construction6.7%+5.0pp$1.57B
Aerospace & Defense6.5%+1.0pp$1.53B
Software - Infrastructure6.1%-2.8pp$1.44B
Biotechnology4.8%+0.8pp$1.13B
Internet Content & Information4.1%-1.4pp$966M
Software - Application4.0%-3.5pp$933M
Consumer Electronics3.9%-0.0pp$929M
Electrical Equipment & Parts3.4%+2.2pp$803M
Country
US86.7%+0.7pp
Unknown9.0%+2.5pp
CA1.0%+0.0pp
TW0.7%+0.2pp
KY0.6%+0.3pp
FR0.6%+0.6pp
GB0.6%+0.2pp
CH0.4%+0.1pp
Top 5: 19.3% · Top 10: 30.6% · Top 25: 46.6%
Top buys this quarter · 15
| LNG Cheniere Energy, Inc.new | +$130M |
| AIG American International Group, | +$108M |
| AXON Axon Enterprise, Inc. | +$452M |
| WWD Woodward, Inc. | +$95M |
| LTH Life Time Group Holdings, Inc.new | +$86M |
| LLY Eli Lilly and Company | +$80M |
| CELH Celsius Holdings, Inc. | +$79M |
| LPLA LPL Financial Holdings Inc. | +$77M |
| PLXS Plexus Corp. | +$77M |
| PLTR Palantir Technologies Inc. | +$76M |
Top sells this quarter · 15
| LOW Lowe's Companies, Inc. | −$533M |
| MASI Masimo Corporation | −$210M |
| BAC Bank of America Corporation | −$134M |
| RVMD Revolution Medicines, Inc. | −$125M |
| SLAB Silicon Laboratories Inc.exit | −$114M |
| IBP Installed Building Products, I | −$37M |
| HQY HealthEquity, Inc. | −$104M |
| MU Micron Technology, Inc. | −$99M |
| BURL Burlington Stores, Inc.exit | −$98M |
| MTZ MasTec, Inc. | −$24M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $23.59B | 249 | +25.90% | +17.59% | +8.31% | -0.09B |
| 2025-12-31 | $23.93B | 240 | +15.24% | +17.72% | -2.47% | -0.25B |
| 2025-09-30 | $23.76B | 234 | +18.64% | +17.52% | +1.13% | -1.48B |
| 2025-06-30 | $23.71B | 238 | +18.94% | +14.94% | +4.00% | -0.29B |
| 2025-03-31 | $20.44B | 243 | -1.94% | +8.30% | -10.25% | -0.27B |
| 2024-12-31 | $22.86B | 237 | +19.51% | +24.89% | -5.37% | -0.31B |
| 2024-09-30 | $22.11B | 245 | +29.50% | +36.04% | -6.54% | +0.39B |
| 2024-06-30 | $20.35B | 247 | +15.01% | +24.49% | -9.48% | +1.92B |
| 2024-03-31 | $19.05B | 243 | +28.87% | +29.62% | -0.76% | +0.15B |
| 2023-12-31 | $17.12B | 238 | +29.82% | +26.18% | +3.64% | +0.49B |
| 2023-09-30 | $14.64B | 233 | +19.75% | +21.57% | -1.82% | -0.23B |
| 2023-06-30 | $15.69B | 226 | +23.82% | +19.42% | +4.40% | +0.39B |
| 2023-03-31 | $14.11B | 221 | -7.90% | -7.82% | -0.08% | -0.30B |
| 2022-12-31 | $12.95B | 225 | -19.11% | -18.17% | -0.94% | -0.24B |
| 2022-09-30 | $12.59B | 230 | +54.39% | -15.51% | +69.90% | +0.14B |
| 2022-06-30 | $12.70B | 235 | -19.35% | -16.11% | -3.24% | +0.12B |