Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.61%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.89%
baseline attrition
Rally response
+1.15%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $846M | 22.0% | — | 10.5 yr |
| IJHiShares Core S&P Mid-Cap | $364M | 9.5% | — | 10.5 yr |
| IJRiShares Core S&P Small-C | $278M | 7.2% | — | 10.5 yr |
| IDEViShares Core MSCI Intern | $258M | 6.7% | — | 6.0 yr |
| BNDVanguard Total Bond Mark | $202M | 5.3% | — | 10.5 yr |
| SCHPSchwab U.S. TIPS ETF | $163M | 4.2% | — | 10.5 yr |
| IEMGiShares Core MSCI Emergi | $161M | 4.2% | — | 10.5 yr |
| SPYState Street SPDR S&P 50 | $138M | 3.6% | +17.6% | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $134M | 3.5% | — | 10.5 yr |
| AVUVAvantis U.S. Small Cap V | $116M | 3.0% | — | 2.5 yr |
| VTIPVanguard Short-Term Infl | $105M | 2.7% | — | 10.3 yr |
| AVLVAvantis U.S. Large Cap V | $104M | 2.7% | — | 2.5 yr |
| DUHPDimensional - US High Pr | $97M | 2.5% | — | 2.5 yr |
| EFViShares MSCI EAFE Value | $96M | 2.5% | — | 10.5 yr |
| GOVTiShares U.S. Treasury Bo | $85M | 2.2% | — | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management86.9%-2.6pp$3.34B
Asset Management - Bonds7.2%+1.4pp$275M
Asset Management - Leveraged3.2%+0.0pp$125M
Semiconductors0.3%+0.3pp$11M
Consumer Electronics0.3%+0.0pp$10M
Software - Infrastructure0.2%+0.0pp$8M
Internet Content & Information0.2%+0.1pp$7M
Specialty Retail0.2%+0.1pp$6M
Financial - Credit Services0.1%+0.1pp$5M
Insurance - Diversified0.1%-0.0pp$5M
Country
US99.8%-0.2pp
TW0.1%
BR0.0%
CA0.0%
IE0.0%-0.0pp
NL0.0%
LU0.0%
Unknown0.0%
Top 5: 50.7% · Top 10: 69.3% · Top 25: 88.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $124M | +0.02B | 17.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$3M |
| NVDA NVIDIA Corporation | +$3M |
| AMZN Amazon.com, Inc. | +$2M |
| TSM Taiwan Semiconductor Manufactunew | +$2M |
| MA Mastercard Incorporated | +$2M |
| LRCX Lam Research Corporationnew | +$2M |
| META Meta Platforms, Inc. | +$1M |
| AAPL Apple Inc. | +$1M |
| UPS United Parcel Service, Inc.new | +$1M |
| V Visa Inc. | +$1M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$3M |
| ICE Intercontinental Exchange, Inc | −$0M |
| GLW Corning Incorporated | −$0M |
| MTB M&T Bank Corporationexit | −$0M |
| BNL Broadstone Net Lease, Inc. | −$3M |
| AVGO Broadcom Inc. | −$0M |
| GOOG Alphabet Inc. | −$0M |
| SBUX Starbucks Corporation | −$0M |
| ORCL Oracle Corporation | −$0M |
| COST Costco Wholesale Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.84B | 241 | +15.92% | +17.59% | -1.67% | +0.23B |
| 2025-12-31 | $3.79B | 201 | +16.48% | +17.72% | -1.24% | +0.02B |
| 2025-09-30 | $3.69B | 200 | +16.18% | +17.52% | -1.34% | -0.07B |
| 2025-06-30 | $3.47B | 191 | +13.94% | +14.94% | -1.00% | -0.02B |
| 2025-03-31 | $3.18B | 189 | +8.03% | +8.30% | -0.28% | +0.13B |
| 2024-12-31 | $3.18B | 189 | +23.38% | +24.89% | -1.50% | -0.12B |
| 2024-09-30 | $3.23B | 186 | +34.75% | +36.04% | -1.29% | -0.00B |
| 2024-06-30 | $3.05B | 185 | +22.97% | +24.49% | -1.53% | -0.12B |
| 2024-03-31 | $3.04B | 183 | +27.21% | +29.62% | -2.41% | -0.08B |
| 2023-12-31 | $2.85B | 174 | +23.89% | +26.18% | -2.29% | -0.03B |
| 2023-09-30 | $2.58B | 168 | +18.59% | +21.57% | -2.97% | -0.11B |
| 2023-06-30 | $2.78B | 162 | +17.00% | +19.42% | -2.43% | -0.14B |
| 2023-03-31 | $2.71B | 157 | -8.15% | -7.82% | -0.33% | -0.04B |
| 2022-12-31 | $2.58B | 161 | -17.83% | -18.17% | +0.34% | +0.02B |
| 2022-09-30 | $2.40B | 145 | -14.36% | -15.51% | +1.15% | -0.06B |
| 2022-06-30 | $2.58B | 139 | -9.85% | -10.62% | +0.77% | +0.09B |