Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-21.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.47%
baseline attrition
Rally response
-12.51%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $8.48B | 6.7% | — | 10.3 yr |
| NVDANVIDIA Corporation | $1.85B | 1.4% | +60.9% | 10.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $1.65B | 1.3% | — | 3.3 yr |
| NSCNorfolk Southern Corpora | $1.32B | 1.0% | +23.6% | 10.5 yr |
| WBDWarner Bros. Discovery, | $1.21B | 0.9% | +155.9% | 3.8 yr |
| AAPLApple Inc. | $1.18B | 0.9% | +14.7% | 10.5 yr |
| METAMeta Platforms, Inc. | $1.15B | 0.9% | -0.4% | 10.5 yr |
| MSFTMicrosoft Corporation | $1.04B | 0.8% | -0.6% | 10.5 yr |
| EAElectronic Arts Inc. | $872M | 0.7% | +41.7% | 10.3 yr |
| TSMTaiwan Semiconductor Man | $755M | 0.6% | +105.6% | 9.0 yr |
| FCXFreeport-McMoRan Inc. | $745M | 0.6% | +57.4% | 9.8 yr |
| IBITiShares Bitcoin Trust ET | $741M | 0.6% | — | 2.3 yr |
| SNDKSandisk Corporation | $726M | 0.6% | +1234.5% | 1.3 yr |
| BACBank of America Corporat | $696M | 0.5% | +19.4% | 10.5 yr |
| AVGOBroadcom Inc. | $666M | 0.5% | +86.0% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management14.8%+4.2pp$18.86B
Semiconductors6.1%+2.1pp$7.83B
Biotechnology3.4%+1.1pp$4.27B
Software - Application3.0%-0.9pp$3.81B
Software - Infrastructure2.5%-0.3pp$3.13B
Banks - Regional2.4%-1.2pp$3.04B
Regulated Electric2.3%+0.2pp$2.94B
Industrial - Machinery2.3%+0.6pp$2.92B
Medical - Devices2.2%-0.4pp$2.85B
Internet Content & Information2.1%-0.2pp$2.72B
Country
US87.4%+1.1pp
CA2.9%+0.1pp
GB2.0%+0.2pp
Unknown1.9%-0.2pp
IE1.0%-0.3pp
TW0.6%+0.4pp
IL0.5%-0.0pp
CN0.4%-0.7pp
Top 5: 11.4% · Top 10: 15.3% · Top 25: 22.7%
Top buys this quarter · 15
| BAC Bank of America Corporation | +$577M |
| META Meta Platforms, Inc. | +$512M |
| WBD Warner Bros. Discovery, Inc. | +$503M |
| CBRE CBRE Group, Inc. | +$454M |
| TSLA Tesla, Inc. | +$452M |
| CTRA Coterra Energy Inc. | +$378M |
| HBAN Huntington Bancshares Incorpor | +$369M |
| AEP American Electric Power Compan | +$363M |
| BMY Bristol-Myers Squibb Company | +$348M |
| TSM Taiwan Semiconductor Manufactu | +$322M |
Top sells this quarter · 15
| WMT Walmart Inc. | −$4.95B |
| SPY State Street SPDR S&P 500 ETF | −$1.97B |
| NVDA NVIDIA Corporation | −$811M |
| AVGO Broadcom Inc. | −$710M |
| MRK Merck & Co., Inc. | −$581M |
| BSX Boston Scientific Corporation | −$435M |
| VRT Vertiv Holdings Co | −$410M |
| LIN Linde plc | −$399M |
| EXAS Exact Sciences Corporationexit | −$358M |
| DHR Danaher Corporation | −$353M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $127.40B | 3725 | +24.14% | +17.59% | +6.55% | -6.32B |
| 2025-12-31 | $134.04B | 3937 | +18.84% | +17.72% | +1.12% | +7.97B |
| 2025-09-30 | $121.49B | 3857 | +16.32% | +17.52% | -1.20% | +3.71B |
| 2025-06-30 | $107.72B | 3804 | +14.83% | +14.94% | -0.12% | -1.33B |
| 2025-03-31 | $99.43B | 3779 | +3.31% | +8.30% | -5.00% | -7.25B |
| 2024-12-31 | $111.70B | 3898 | +13.53% | +24.89% | -11.36% | -0.99B |
| 2024-09-30 | $110.96B | 3905 | +22.65% | +36.04% | -13.38% | -15.49B |
| 2024-06-30 | $117.14B | 3774 | +8.72% | +24.49% | -15.77% | +4.81B |
| 2024-03-31 | $113.85B | 3953 | +16.55% | +29.62% | -13.07% | +6.03B |
| 2023-12-31 | $102.74B | 3916 | +14.90% | +26.18% | -11.28% | -0.72B |
| 2023-09-30 | $94.29B | 4013 | +11.37% | +21.57% | -10.20% | +5.32B |
| 2023-06-30 | $92.98B | 4085 | +4.63% | +19.42% | -14.79% | +3.02B |
| 2023-03-31 | $85.05B | 4376 | -20.29% | -7.82% | -12.48% | -7.12B |
| 2022-12-31 | $89.09B | 4652 | -26.52% | -18.17% | -8.34% | +4.28B |
| 2022-09-30 | $79.75B | 4996 | -23.26% | -15.51% | -7.75% | +11.62B |
| 2022-06-30 | $75.78B | 4956 | -14.15% | -10.62% | -3.53% | +11.54B |