Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.41%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.57%
baseline attrition
Rally response
-16.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $677M | 3.6% | -0.6% | 10.5 yr |
| NVDANVIDIA Corporation | $632M | 3.4% | +60.9% | 6.5 yr |
| GOOGAlphabet Inc. | $477M | 2.5% | +84.3% | 6.0 yr |
| AMZNAmazon.com, Inc. | $420M | 2.2% | +9.5% | 8.0 yr |
| AAPLApple Inc. | $416M | 2.2% | +14.7% | 8.3 yr |
| AVGOBroadcom Inc. | $397M | 2.1% | +86.0% | 5.3 yr |
| GOOGLAlphabet Inc. | $250M | 1.3% | — | 6.0 yr |
| PSLVSprott Physical Silver T | $230M | 1.2% | — | 5.8 yr |
| VVisa Inc. | $213M | 1.1% | -13.1% | 10.5 yr |
| CRMSalesforce, Inc. | $191M | 1.0% | -30.2% | 4.0 yr |
| AGFirst Majestic Silver Co | $187M | 1.0% | +221.6% | 4.3 yr |
| CMCSAComcast Corporation | $185M | 1.0% | — | 9.3 yr |
| AAgilent Technologies, In | $182M | 1.0% | -1.8% | 8.0 yr |
| CMECME Group Inc. | $175M | 0.9% | +15.6% | 9.0 yr |
| CEFSprott Physical Gold and | $169M | 0.9% | — | 5.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors8.3%+2.4pp$1.56B
Software - Application6.0%+0.8pp$1.12B
Software - Infrastructure5.8%+2.0pp$1.08B
Internet Content & Information5.4%+1.3pp$1.01B
Specialty Retail3.9%-0.0pp$733M
Asset Management3.8%+0.9pp$720M
Medical - Diagnostics & Research3.6%+1.2pp$674M
Silver2.9%+1.1pp$539M
Telecommunications Services2.8%+0.9pp$524M
Financial - Credit Services2.6%-0.4pp$481M
Country
US87.7%+6.8pp
CA8.9%+1.0pp
Unknown1.1%-0.2pp
CN0.7%+0.3pp
IN0.4%+0.1pp
TW0.4%+0.1pp
UY0.4%-0.0pp
SG0.1%-0.6pp
Top 5: 14.0% · Top 10: 20.8% · Top 25: 33.7%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$403M |
| GOOG Alphabet Inc. | +$320M |
| F-PD Ford Motor Company 6.500% Note | +$273M |
| AMZN Amazon.com, Inc. | +$251M |
| AVGO Broadcom Inc. | +$217M |
| CRM Salesforce, Inc. | +$175M |
| CME CME Group Inc. | +$150M |
| KO The Coca-Cola Company | +$146M |
| V Visa Inc. | +$141M |
| SPGI S&P Global Inc. | +$133M |
Top sells this quarter · 15
| C Citigroup Inc. | −$184M |
| JNJ Johnson & Johnson | −$178M |
| EOG EOG Resources, Inc. | −$131M |
| VICI VICI Properties Inc. | −$121M |
| MRK Merck & Co., Inc. | −$112M |
| FHN First Horizon Corporationexit | −$83M |
| NYT The New York Times Company | −$81M |
| RL Ralph Lauren Corporationexit | −$77M |
| EXPE Expedia Group, Inc. | −$72M |
| UBER Uber Technologies, Inc.exit | −$70M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $18.75B | 481 | +25.03% | +17.59% | +7.43% | +6.59B |
| 2025-12-31 | $12.49B | 407 | +27.43% | +17.72% | +9.71% | +0.14B |
| 2025-09-30 | $11.65B | 410 | +23.65% | +17.52% | +6.13% | -1.67B |
| 2025-06-30 | $11.98B | 433 | +21.29% | +14.94% | +6.35% | +0.62B |
| 2025-03-31 | $10.42B | 416 | +12.60% | +8.30% | +4.29% | +0.26B |
| 2024-12-31 | $10.24B | 382 | +23.55% | +24.89% | -1.34% | -1.48B |
| 2024-09-30 | $11.40B | 395 | +37.72% | +36.04% | +1.68% | -0.14B |
| 2024-06-30 | $10.58B | 386 | +23.70% | +24.49% | -0.79% | +0.03B |
| 2024-03-31 | $10.43B | 397 | +27.88% | +29.62% | -1.74% | -0.48B |
| 2023-12-31 | $10.03B | 421 | +26.57% | +26.18% | +0.39% | -0.25B |
| 2023-09-30 | $8.96B | 438 | +19.82% | +21.57% | -1.75% | +0.07B |
| 2023-06-30 | $9.07B | 462 | +17.23% | +19.42% | -2.20% | +1.59B |
| 2023-03-31 | $7.16B | 371 | -2.29% | -7.82% | +5.53% | -0.11B |
| 2022-12-31 | $6.75B | 411 | +8.55% | +7.56% | +0.99% | -0.17B |
| 2022-09-30 | $6.38B | 487 | -4.11% | -4.93% | +0.82% | -0.33B |
| 2022-06-30 | $7.00B | 523 | -12.84% | -16.11% | +3.28% | -0.22B |