Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.42%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.53%
baseline attrition
Rally response
-2.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AVGOBroadcom Inc. | $1.26B | 8.3% | +86.0% | 8.0 yr |
| GOOGLAlphabet Inc. | $1.07B | 7.1% | — | 10.5 yr |
| TSMTaiwan Semiconductor Man | $843M | 5.6% | +105.6% | 8.8 yr |
| IBKRInteractive Brokers Grou | $754M | 5.0% | +62.8% | 9.0 yr |
| SPGIS&P Global Inc. | $658M | 4.4% | -15.6% | 10.0 yr |
| ADIAnalog Devices, Inc. | $608M | 4.0% | +60.2% | 10.5 yr |
| CBRECBRE Group, Inc. | $533M | 3.5% | +3.6% | 10.3 yr |
| AMATApplied Materials, Inc. | $520M | 3.5% | +137.6% | 6.3 yr |
| VVisa Inc. | $519M | 3.5% | -13.1% | 10.5 yr |
| ICEIntercontinental Exchang | $463M | 3.1% | -7.8% | 10.5 yr |
| BLKBlackRock, Inc. | $436M | 2.9% | +3.7% | 1.5 yr |
| MSFTMicrosoft Corporation | $412M | 2.7% | -0.6% | 6.3 yr |
| CMECME Group Inc. | $409M | 2.7% | +15.6% | 10.5 yr |
| FERGFerguson plc | $408M | 2.7% | +47.8% | 1.8 yr |
| FASTFastenal Company | $379M | 2.5% | +22.1% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors23.1%+5.9pp$3.48B
Financial - Data & Stock Exchanges11.3%-2.7pp$1.70B
Internet Content & Information9.3%+3.2pp$1.41B
Medical - Diagnostics & Research6.5%-1.1pp$983M
Software - Application5.8%-1.0pp$875M
Industrial - Distribution5.2%+0.7pp$787M
Investment - Banking & Investment Services5.0%+1.5pp$754M
Software - Infrastructure4.0%+0.0pp$600M
Unknown3.8%-1.2pp$570M
Real Estate - Services3.5%-0.4pp$533M
Country
US80.5%-1.7pp
TW5.6%+2.5pp
Unknown3.8%-1.2pp
GB2.7%+0.6pp
IE2.3%-1.0pp
SG1.5%+0.0pp
LU1.4%
CH1.3%+0.4pp
Top 5: 30.4% · Top 10: 48.0% · Top 25: 83.6%
Top buys this quarter · 5
| SPOT Spotify Technology S.A.new | +$213M |
| ORCL Oracle Corporation | +$62M |
| EFX Equifax Inc. | +$323M |
| UBER Uber Technologies, Inc. | +$374M |
| — | +$0M |
Top sells this quarter · 15
| AMAT Applied Materials, Inc. | −$496M |
| AVGO Broadcom Inc. | −$170M |
| TSM Taiwan Semiconductor Manufactu | −$113M |
| IBKR Interactive Brokers Group, Inc | −$102M |
| SPGI S&P Global Inc. | −$89M |
| ADI Analog Devices, Inc. | −$588M |
| CBRE CBRE Group, Inc. | −$72M |
| V Visa Inc. | −$70M |
| ICE Intercontinental Exchange, Inc | −$62M |
| BLK BlackRock, Inc. | −$59M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $15.05B | 38 | +13.65% | +17.59% | -3.94% | -2.33B |
| 2025-12-31 | $18.49B | 37 | +17.45% | +17.72% | -0.26% | +0.39B |
| 2025-09-30 | $18.16B | 38 | +17.56% | +17.52% | +0.04% | -0.37B |
| 2025-06-30 | $17.30B | 38 | +19.01% | +14.94% | +4.07% | -0.19B |
| 2025-03-31 | $15.44B | 37 | +4.30% | +8.30% | -4.00% | -0.63B |
| 2024-12-31 | $16.55B | 36 | +15.03% | +24.89% | -9.85% | +0.23B |
| 2024-09-30 | $16.35B | 38 | +33.10% | +36.04% | -2.94% | +0.13B |
| 2024-06-30 | $14.96B | 39 | +15.30% | +24.49% | -9.20% | -0.83B |
| 2024-03-31 | $15.90B | 37 | +24.92% | +29.62% | -4.70% | -0.13B |
| 2023-12-31 | $14.97B | 37 | +25.05% | +26.18% | -1.13% | -0.59B |
| 2023-09-30 | $13.48B | 39 | +17.66% | +21.57% | -3.91% | +0.04B |
| 2023-06-30 | $14.31B | 38 | +15.36% | +19.42% | -4.06% | +1.10B |
| 2023-03-31 | $12.28B | 37 | -10.41% | -7.82% | -2.59% | -0.38B |
| 2022-12-31 | $11.81B | 39 | +8.60% | +7.56% | +1.04% | -0.18B |
| 2022-09-30 | $11.04B | 39 | -7.87% | -4.93% | -2.94% | +0.00B |
| 2022-06-30 | $11.98B | 39 | -16.48% | -16.11% | -0.37% | +0.28B |