Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.65%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.52%
baseline attrition
Rally response
-5.02%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $2.09B | 3.4% | +14.7% | 11.3 yr |
| MSFTMicrosoft Corporation | $1.96B | 3.2% | -0.6% | 11.3 yr |
| NVDANVIDIA Corporation | $1.80B | 3.0% | +60.9% | 10.8 yr |
| AMZNAmazon.com, Inc. | $1.61B | 2.6% | +9.5% | 11.3 yr |
| AMTAmerican Tower Corporati | $1.26B | 2.1% | -17.9% | 11.3 yr |
| EXCExelon Corporation | $1.21B | 2.0% | +10.2% | 11.3 yr |
| CCICrown Castle Inc. | $1.09B | 1.8% | -18.3% | 10.0 yr |
| GOOGLAlphabet Inc. | $1.01B | 1.7% | — | 10.5 yr |
| TSMTaiwan Semiconductor Man | $997M | 1.6% | +105.6% | 11.3 yr |
| GOOGAlphabet Inc. | $987M | 1.6% | +84.3% | 10.5 yr |
| CNICanadian National Railwa | $934M | 1.5% | +8.2% | 11.3 yr |
| AVGOBroadcom Inc. | $842M | 1.4% | +86.0% | 8.0 yr |
| — | $830M | 1.4% | — | 2.0 yr |
| EDConsolidated Edison, Inc | $801M | 1.3% | +5.8% | 11.3 yr |
| CSXCSX Corporation | $753M | 1.2% | +41.6% | 11.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.4%+3.8pp$7.53B
Software - Infrastructure4.6%-1.5pp$2.79B
Internet Content & Information4.1%+0.9pp$2.46B
Regulated Electric4.0%+0.9pp$2.43B
REIT - Specialty3.9%+3.8pp$2.39B
Drug Manufacturers - General3.5%+0.6pp$2.14B
Consumer Electronics3.5%-1.0pp$2.10B
Unknown3.3%+2.0pp$2.02B
Specialty Retail3.2%-2.2pp$1.95B
Software - Application3.0%-0.1pp$1.83B
Country
US75.0%-5.5pp
Unknown3.3%+2.0pp
CA3.3%+3.1pp
IE3.1%-2.3pp
GB2.2%+0.9pp
TW2.2%+0.7pp
BR1.7%+0.7pp
IN1.2%+0.1pp
Top 5: 14.4% · Top 10: 23.1% · Top 25: 39.2%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$437M |
| NVDA NVIDIA Corporation | +$335M |
| AAPL Apple Inc. | +$220M |
| AMT American Tower Corporation | +$214M |
| GOOG Alphabet Inc. | +$162M |
| PANW Palo Alto Networks, Inc. | +$151M |
| CCI Crown Castle Inc. | +$149M |
| MSFT Microsoft Corporation | +$1.96B |
| MCO Moody's Corporation | +$122M |
| ED Consolidated Edison, Inc. | +$102M |
Top sells this quarter · 15
| GS The Goldman Sachs Group, Inc. | −$148M |
| ASX ASE Technology Holding Co., Lt | −$141M |
| MRK Merck & Co., Inc. | −$139M |
| MU Micron Technology, Inc. | −$137M |
| ESLT Elbit Systems Ltd.exit | −$110M |
| SQM Sociedad QuÃmica y Minera de | −$110M |
| BAX Baxter International Inc.exit | −$104M |
| MDLZ Mondelez International, Inc. | −$102M |
| TSM Taiwan Semiconductor Manufactu | −$988M |
| CSX CSX Corporation | −$749M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $60.69B | 1660 | +15.40% | +17.59% | -2.20% | +3.37B |
| 2025-12-31 | $58.88B | 1645 | +15.54% | +17.72% | -2.18% | -17.76B |
| 2025-09-30 | $74.10B | 1601 | +10.38% | +17.52% | -7.14% | +4.12B |
| 2025-06-30 | $65.97B | 2061 | +10.49% | +14.94% | -4.45% | +1.06B |
| 2025-03-31 | $60.08B | 2068 | +2.08% | +8.30% | -6.22% | -1.96B |
| 2024-12-31 | $63.65B | 2074 | +12.04% | +24.89% | -12.84% | -5.59B |
| 2024-09-30 | $70.07B | 2071 | +26.00% | +36.04% | -10.04% | -9.05B |
| 2024-06-30 | $74.52B | 2024 | +12.59% | +24.49% | -11.90% | -2.00B |
| 2024-03-31 | $76.65B | 1860 | +19.59% | +29.62% | -10.03% | -2.24B |
| 2023-12-31 | $73.73B | 2057 | +18.49% | +26.18% | -7.68% | -1.53B |
| 2023-09-30 | $67.74B | 2044 | +16.07% | +21.57% | -5.50% | -2.77B |
| 2023-06-30 | $74.33B | 2063 | +16.23% | +19.42% | -3.20% | +2.00B |
| 2023-03-31 | $68.21B | 2047 | -5.02% | -7.82% | +2.80% | -0.80B |
| 2022-12-31 | $65.10B | 2141 | -14.54% | -18.17% | +3.64% | -1.12B |
| 2022-09-30 | $60.84B | 2071 | -12.78% | -15.51% | +2.72% | -2.56B |
| 2022-06-30 | $66.74B | 2146 | -7.67% | -10.62% | +2.95% | +0.08B |