Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.24%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.66%
baseline attrition
Rally response
-3.58%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $1.83B | 8.3% | +105.6% | 7.0 yr |
| GOOGLAlphabet Inc. | $1.45B | 6.6% | — | 10.3 yr |
| METAMeta Platforms, Inc. | $1.23B | 5.6% | -0.4% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.21B | 5.5% | +9.5% | 10.0 yr |
| KLACKLA Corporation | $855M | 3.9% | +118.2% | 8.8 yr |
| LRCXLam Research Corporation | $833M | 3.8% | +196.1% | 1.5 yr |
| TERTeradyne, Inc. | $827M | 3.7% | +260.2% | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $765M | 3.5% | — | 2.8 yr |
| ADIAnalog Devices, Inc. | $658M | 3.0% | +60.2% | 10.5 yr |
| VRTVertiv Holdings Co | $627M | 2.8% | +247.5% | 0.8 yr |
| SNPSSynopsys, Inc. | $622M | 2.8% | -7.5% | 10.5 yr |
| APHAmphenol Corporation | $583M | 2.6% | +93.6% | 2.0 yr |
| EXPEExpedia Group, Inc. | $572M | 2.6% | +38.5% | 5.3 yr |
| CDNSCadence Design Systems, | $451M | 2.0% | +9.3% | 10.5 yr |
| TJXThe TJX Companies, Inc. | $447M | 2.0% | +32.7% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors24.3%+6.7pp$5.37B
Internet Content & Information13.0%-1.3pp$2.86B
Specialty Retail7.2%-5.0pp$1.58B
Software - Infrastructure6.3%-1.3pp$1.40B
Asset Management5.5%+1.8pp$1.21B
Construction Materials4.8%+0.8pp$1.06B
Aerospace & Defense4.5%+1.4pp$999M
Software - Application4.4%-2.0pp$965M
Financial - Credit Services3.8%-1.8pp$833M
Apparel - Retail3.3%-0.2pp$727M
Country
US86.2%-0.1pp
TW8.3%+2.2pp
UY1.5%-1.1pp
IE1.1%+0.5pp
NL1.1%+0.8pp
CN1.1%-1.9pp
Unknown0.7%+0.3pp
AU0.1%
Top 5: 29.8% · Top 10: 46.6% · Top 25: 76.5%
Top buys this quarter · 15
| ASML ASML Holding N.V. | +$230M |
| SNPS Synopsys, Inc. | +$224M |
| TWLO Twilio Inc. | +$200M |
| SOLS Solstice Advanced Materials In | +$194M |
| VRT Vertiv Holdings Co | +$125M |
| APH Amphenol Corporation | +$110M |
| TER Teradyne, Inc. | +$106M |
| TTMI TTM Technologies, Inc.new | +$102M |
| VST Vistra Corp. | +$90M |
| META Meta Platforms, Inc. | +$1.23B |
Top sells this quarter · 15
| LRCX Lam Research Corporation | −$538M |
| MSFT Microsoft Corporation | −$287M |
| KLAC KLA Corporation | −$191M |
| DELL Dell Technologies Inc.exit | −$174M |
| BABA Alibaba Group Holding Limited | −$141M |
| MELI MercadoLibre, Inc. | −$104M |
| CMI Cummins Inc.exit | −$102M |
| SPY State Street SPDR S&P 500 ETF exit | −$86M |
| MDGL Madrigal Pharmaceuticals, Inc. | −$84M |
| AMT American Tower Corporationexit | −$74M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $22.08B | 75 | +36.38% | +17.59% | +18.79% | -0.77B |
| 2025-12-31 | $22.87B | 83 | +31.65% | +17.72% | +13.93% | +0.12B |
| 2025-09-30 | $22.05B | 80 | +28.15% | +17.52% | +10.64% | -0.61B |
| 2025-06-30 | $20.52B | 79 | +22.05% | +14.94% | +7.11% | +0.32B |
| 2025-03-31 | $16.86B | 80 | +5.44% | +8.30% | -2.86% | +0.25B |
| 2024-12-31 | $17.23B | 73 | +22.94% | +24.89% | -1.94% | -1.06B |
| 2024-09-30 | $18.21B | 74 | +43.08% | +36.04% | +7.05% | -2.27B |
| 2024-06-30 | $19.47B | 76 | +33.61% | +24.49% | +9.12% | +0.71B |
| 2024-03-31 | $18.12B | 72 | +40.62% | +29.62% | +11.00% | +1.05B |
| 2023-12-31 | $15.19B | 71 | +42.52% | +26.18% | +16.34% | -3.20B |
| 2023-09-30 | $15.73B | 77 | +25.65% | +21.57% | +4.08% | -0.61B |
| 2023-06-30 | $16.63B | 87 | +21.40% | +19.42% | +1.98% | -0.30B |
| 2023-03-31 | $15.54B | 93 | -10.38% | -7.82% | -2.56% | +0.31B |
| 2022-12-31 | $13.37B | 94 | +3.04% | +7.56% | -4.53% | -1.47B |
| 2022-09-30 | $14.40B | 97 | -5.09% | -4.93% | -0.16% | -1.34B |
| 2022-06-30 | $16.59B | 105 | -19.59% | -16.11% | -3.48% | -1.26B |