Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.23%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.28%
baseline attrition
Rally response
-18.54%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $3.64B | 14.7% | — | 4.0 yr |
| NVDANVIDIA Corporation | $2.44B | 9.9% | +60.9% | 9.5 yr |
| AAPLApple Inc. | $1.04B | 4.2% | +14.7% | 9.3 yr |
| SPLGSPDR Portfolio S&P 500 E | $1.00B | 4.1% | — | 0.5 yr |
| MSFTMicrosoft Corporation | $953M | 3.8% | -0.6% | 10.5 yr |
| METAMeta Platforms, Inc. | $749M | 3.0% | -0.4% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $708M | 2.9% | +21.8% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $659M | 2.7% | +17.6% | 9.0 yr |
| AVGOBroadcom Inc. | $507M | 2.0% | +86.0% | 7.8 yr |
| MUMicron Technology, Inc. | $445M | 1.8% | +289.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $422M | 1.7% | — | 10.5 yr |
| ETEnergy Transfer LP | $413M | 1.7% | +12.1% | 10.0 yr |
| AMZNAmazon.com, Inc. | $387M | 1.6% | +9.5% | 9.0 yr |
| TSLATesla, Inc. | $371M | 1.5% | +43.4% | 9.8 yr |
| EBAYeBay Inc. | $344M | 1.4% | +36.3% | 8.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management26.4%+16.3pp$6.54B
Semiconductors15.8%+0.5pp$3.91B
Software - Infrastructure5.3%-3.0pp$1.32B
Internet Content & Information5.2%-0.5pp$1.28B
Banks - Diversified4.2%+1.7pp$1.05B
Consumer Electronics4.2%-4.1pp$1.04B
Specialty Retail3.3%-0.5pp$821M
Oil & Gas Midstream2.1%-0.6pp$516M
Drug Manufacturers - General2.0%-1.5pp$507M
Aerospace & Defense1.8%+1.1pp$435M
Country
US97.1%-1.3pp
CA1.0%+0.4pp
Unknown0.7%+0.5pp
DK0.3%+0.3pp
BR0.3%+0.2pp
BM0.2%+0.1pp
TW0.1%-0.1pp
CN0.1%-0.0pp
Top 5: 36.7% · Top 10: 49.1% · Top 25: 63.1%
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$1.69B |
| MSFT Microsoft Corporation | +$825M |
| AAPL Apple Inc. | +$718M |
| EBAY eBay Inc. | +$315M |
| JPM JPMorgan Chase & Co. | +$235M |
| HON Honeywell International Inc. | +$146M |
| MU Micron Technology, Inc. | +$108M |
| GOOG Alphabet Inc. | +$80M |
| MS Morgan Stanley | +$71M |
| TSLA Tesla, Inc. | +$371M |
Top sells this quarter · 15
| AVGO Broadcom Inc. | −$302M |
| EQIX Equinix, Inc. | −$218M |
| AMZN Amazon.com, Inc. | −$151M |
| FCX Freeport-McMoRan Inc. | −$150M |
| CSCO Cisco Systems, Inc. | −$132M |
| META Meta Platforms, Inc. | −$131M |
| XOM Exxon Mobil Corporation | −$109M |
| COP ConocoPhillips | −$109M |
| PFE Pfizer Inc. | −$104M |
| LLY Eli Lilly and Company | −$96M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $24.76B | 1048 | +27.41% | +17.59% | +9.82% | +0.15B |
| 2025-12-31 | $25.16B | 1078 | +20.97% | +17.72% | +3.25% | +6.61B |
| 2025-09-30 | $18.33B | 1019 | +24.15% | +17.52% | +6.63% | -3.76B |
| 2025-06-30 | $19.96B | 983 | +17.09% | +14.94% | +2.15% | +0.40B |
| 2025-03-31 | $16.82B | 927 | +4.26% | +8.30% | -4.05% | +3.16B |
| 2024-12-31 | $14.71B | 1008 | +21.61% | +24.89% | -3.28% | -2.32B |
| 2024-09-30 | $16.40B | 929 | +31.74% | +36.04% | -4.29% | -0.16B |
| 2024-06-30 | $15.86B | 961 | +23.90% | +24.49% | -0.60% | -2.72B |
| 2024-03-31 | $17.94B | 970 | +27.51% | +29.62% | -2.11% | +3.67B |
| 2023-12-31 | $13.18B | 996 | +26.05% | +26.18% | -0.13% | -1.02B |
| 2023-09-30 | $12.61B | 934 | +0.44% | +21.57% | -21.13% | +1.18B |
| 2023-06-30 | $11.64B | 966 | +3.43% | +19.42% | -15.99% | +0.30B |
| 2023-03-31 | $10.64B | 928 | -16.12% | -7.82% | -8.30% | -9.72B |
| 2022-12-31 | $19.02B | 1303 | -25.25% | -18.17% | -7.08% | +0.10B |
| 2022-09-30 | $21.10B | 957 | -7.42% | -15.51% | +8.09% | -6.44B |
| 2022-06-30 | $27.23B | 1005 | -0.23% | -10.62% | +10.39% | +2.47B |