Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.87%
baseline attrition
Rally response
-1.99%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $755M | 4.9% | — | 10.5 yr |
| IJHiShares Core S&P Mid-Cap | $685M | 4.5% | — | 10.5 yr |
| VEAVanguard FTSE Developed | $521M | 3.4% | — | 10.5 yr |
| IJRiShares Core S&P Small-C | $499M | 3.2% | — | 10.5 yr |
| FNDFSchwab Fundamental Inter | $452M | 2.9% | — | 3.5 yr |
| MSFTMicrosoft Corporation | $433M | 2.8% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $415M | 2.7% | +14.7% | 10.5 yr |
| NVDANVIDIA Corporation | $412M | 2.7% | +60.9% | 10.3 yr |
| JPMJPMorgan Chase & Co. | $313M | 2.0% | +21.8% | 10.5 yr |
| VWOVanguard FTSE Emerging M | $312M | 2.0% | — | 10.5 yr |
| IVWiShares S&P 500 Growth E | $305M | 2.0% | — | 10.5 yr |
| VOVanguard Mid-Cap ETF | $303M | 2.0% | — | 10.5 yr |
| XOMExxon Mobil Corporation | $295M | 1.9% | +47.6% | 10.5 yr |
| LLYEli Lilly and Company | $272M | 1.8% | +12.2% | 10.5 yr |
| WMTWalmart Inc. | $269M | 1.7% | +42.8% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management38.2%+4.1pp$5.87B
Drug Manufacturers - General5.4%+0.1pp$826M
Semiconductors5.0%+1.5pp$764M
Software - Infrastructure3.3%-0.6pp$512M
Banks - Diversified3.3%+0.2pp$505M
Oil & Gas Integrated3.0%+0.3pp$466M
Internet Content & Information2.8%+0.7pp$433M
Discount Stores2.8%+0.6pp$426M
Consumer Electronics2.7%+0.0pp$415M
Regulated Electric2.6%-0.0pp$399M
Country
US97.1%-0.0pp
CA0.9%+0.2pp
IE0.8%-0.4pp
GB0.4%+0.2pp
Unknown0.2%+0.2pp
CH0.1%-0.2pp
NL0.1%+0.1pp
TW0.1%+0.1pp
Top 5: 18.9% · Top 10: 31.2% · Top 25: 53.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $260M | +0.16B | 60.9% |
| XOM | $219M | +0.10B | 47.6% |
| WMT | $199M | +0.08B | 42.8% |
| JPM | $290M | +0.06B | 21.8% |
| JNJ | $110M | +0.06B | 51.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $458M | -0.00B | -0.6% |
Top buys this quarter · 15
| RTX RTX Corporation | +$42M |
| BA The Boeing Company | +$31M |
| MS Morgan Stanley | +$29M |
| SLB SLB N.V. | +$25M |
| REGN Regeneron Pharmaceuticals, Inc | +$23M |
| LIN Linde plc | +$13M |
| TXN Texas Instruments Incorporated | +$12M |
| AAPL Apple Inc. | +$415M |
| AMZN Amazon.com, Inc. | +$191M |
| HLT Hilton Worldwide Holdings Inc. | +$6M |
Top sells this quarter · 15
| LLY Eli Lilly and Company | −$40M |
| ETN Eaton Corporation plc | −$39M |
| VZ Verizon Communications Inc. | −$37M |
| TDG TransDigm Group Incorporated | −$30M |
| JPM JPMorgan Chase & Co. | −$22M |
| CRM Salesforce, Inc. | −$19M |
| MDLZ Mondelez International, Inc. | −$18M |
| IRM Iron Mountain Incorporated | −$18M |
| LITE Lumentum Holdings Inc. | −$17M |
| NVDA NVIDIA Corporation | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $15.38B | 851 | +14.37% | +17.59% | -3.22% | -0.11B |
| 2025-12-31 | $15.60B | 828 | +14.61% | +17.72% | -3.11% | -0.03B |
| 2025-09-30 | $15.33B | 827 | +11.47% | +17.52% | -6.05% | -0.12B |
| 2025-06-30 | $14.50B | 838 | +11.99% | +14.94% | -2.95% | +0.30B |
| 2025-03-31 | $13.40B | 804 | +6.13% | +8.30% | -2.17% | -0.13B |
| 2024-12-31 | $13.59B | 808 | +16.19% | +24.89% | -8.70% | -0.17B |
| 2024-09-30 | $13.87B | 823 | +29.35% | +36.04% | -6.69% | -0.21B |
| 2024-06-30 | $13.15B | 816 | +16.67% | +24.49% | -7.83% | -0.08B |
| 2024-03-31 | $13.17B | 825 | +23.57% | +29.62% | -6.05% | -0.05B |
| 2023-12-31 | $12.14B | 807 | +15.88% | +26.18% | -10.30% | -0.13B |
| 2023-09-30 | $11.12B | 789 | +16.32% | +21.57% | -5.25% | -0.06B |
| 2023-06-30 | $11.57B | 808 | +16.28% | +19.42% | -3.14% | -0.28B |
| 2023-03-31 | $11.14B | 827 | -1.58% | -7.82% | +6.23% | +0.03B |
| 2022-12-31 | $10.87B | 821 | -8.11% | -18.17% | +10.07% | -0.11B |
| 2022-09-30 | $9.91B | 812 | -7.89% | -15.51% | +7.61% | -0.23B |
| 2022-06-30 | $10.51B | 847 | -4.07% | -10.62% | +6.55% | -0.64B |