Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.05%
trims when stocks drop
when a holding falls −10%+
Middle response
+5.56%
steady accumulation
Rally response
-3.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IEMGiShares Core MSCI Emergi | $184M | 4.0% | — | 8.5 yr |
| AAPLApple Inc. | $111M | 2.4% | +14.7% | 10.5 yr |
| PCARPACCAR Inc | $92M | 2.0% | +21.7% | 10.0 yr |
| IEIiShares 3-7 Year Treasur | $89M | 1.9% | — | 4.3 yr |
| MSFTMicrosoft Corporation | $84M | 1.9% | -0.6% | 10.5 yr |
| NVDANVIDIA Corporation | $78M | 1.7% | +60.9% | 7.5 yr |
| GOOGLAlphabet Inc. | $75M | 1.7% | — | 10.3 yr |
| SHYiShares 1-3 Year Treasur | $68M | 1.5% | — | 10.5 yr |
| VNQVanguard Real Estate ETF | $67M | 1.5% | — | 8.8 yr |
| GOOGAlphabet Inc. | $65M | 1.4% | +84.3% | 10.5 yr |
| AMZNAmazon.com, Inc. | $64M | 1.4% | +9.5% | 8.8 yr |
| SGOViShares 0-3 Month Treasu | $62M | 1.4% | — | 2.0 yr |
| MTBASimplify MBS ETF | $53M | 1.2% | — | 2.3 yr |
| JAAAJanus Henderson AAA CLO | $46M | 1.0% | — | 4.8 yr |
| PAVEGlobal X - U.S. Infrastr | $45M | 1.0% | — | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management34.6%-0.2pp$1.58B
Semiconductors4.5%+1.2pp$204M
Internet Content & Information3.6%+0.5pp$166M
Asset Management - Bonds3.3%+1.4pp$150M
Industrial - Machinery3.2%+0.4pp$147M
Oil & Gas Midstream3.1%-1.0pp$139M
Software - Infrastructure2.9%-1.2pp$132M
Drug Manufacturers - General2.6%+0.4pp$118M
Consumer Electronics2.5%-0.2pp$114M
Oil & Gas Exploration & Production2.4%+0.9pp$110M
Country
US92.4%+0.4pp
CA1.8%-0.5pp
GB1.2%+0.3pp
Unknown0.8%-0.1pp
IE0.6%-0.1pp
CH0.4%+0.1pp
TW0.4%+0.1pp
NL0.4%+0.1pp
Top 5: 12.3% · Top 10: 20.0% · Top 25: 33.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GOOG | $39M | +0.03B | 84.3% |
| NVDA | $37M | +0.02B | 60.9% |
| PCAR | $66M | +0.01B | 21.7% |
| AAPL | $78M | +0.01B | 14.7% |
| DELL | $12M | +0.01B | 83.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $85M | -0.00B | -0.6% |
Top buys this quarter · 15
| INTU Intuit Inc. | +$12M |
| XYL Xylem Inc. | +$8M |
| AZN AstraZeneca PLCnew | +$7M |
| UBER Uber Technologies, Inc. | +$6M |
| HRI Herc Holdings Inc. | +$6M |
| DOV Dover Corporationnew | +$6M |
| FSCO FS Credit Opportunities Corp.new | +$6M |
| ORCL Oracle Corporation | +$5M |
| REGN Regeneron Pharmaceuticals, Inc | +$5M |
| ADSK Autodesk, Inc. | +$5M |
Top sells this quarter · 15
| JD JD.com, Inc. | −$42M |
| GS The Goldman Sachs Group, Inc. | −$41M |
| MSFT Microsoft Corporation | −$13M |
| COF Capital One Financial Corporat | −$12M |
| LINE Lineage, Inc. | −$10M |
| FDX FedEx Corporation | −$9M |
| AESI Atlas Energy Solutions Inc. | −$9M |
| OS OneStream, Inc. Class A Commonexit | −$8M |
| GOOG Alphabet Inc. | −$8M |
| CRI Carter's, Inc. | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.56B | 1492 | +19.05% | +17.59% | +1.46% | +0.16B |
| 2025-12-31 | $4.43B | 1393 | +16.13% | +17.72% | -1.58% | +0.10B |
| 2025-09-30 | $4.16B | 1297 | +14.46% | +17.52% | -3.06% | +0.66B |
| 2025-06-30 | $3.28B | 1121 | +12.58% | +14.94% | -2.36% | +0.10B |
| 2025-03-31 | $2.94B | 1081 | +5.16% | +8.30% | -3.14% | +0.00B |
| 2024-12-31 | $3.03B | 1059 | +19.02% | +24.89% | -5.87% | +0.01B |
| 2024-09-30 | $2.95B | 998 | +28.68% | +36.04% | -7.36% | +0.07B |
| 2024-06-30 | $2.74B | 944 | +19.88% | +24.49% | -4.62% | +0.09B |
| 2024-03-31 | $2.63B | 868 | +26.31% | +29.62% | -3.31% | -0.03B |
| 2023-12-31 | $2.43B | 839 | +22.22% | +26.18% | -3.95% | -0.08B |
| 2023-09-30 | $2.26B | 788 | +18.80% | +21.57% | -2.77% | -0.02B |
| 2023-06-30 | $2.34B | 796 | +15.15% | +19.42% | -4.28% | +0.03B |
| 2023-03-31 | $2.17B | 718 | -7.65% | -7.82% | +0.17% | -0.02B |
| 2022-12-31 | $2.07B | 669 | -16.89% | -18.17% | +1.29% | +0.02B |
| 2022-09-30 | $1.90B | 614 | -14.31% | -15.51% | +1.20% | +0.09B |
| 2022-06-30 | $1.91B | 556 | -9.10% | -10.62% | +1.52% | -0.15B |