Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.35%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.12%
baseline attrition
Rally response
-3.07%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $160M | 2.7% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $155M | 2.6% | +9.5% | 10.5 yr |
| AAPLApple Inc. | $133M | 2.2% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $102M | 1.7% | -0.6% | 10.5 yr |
| WMTWalmart Inc. | $93M | 1.6% | +42.8% | 10.5 yr |
| METAMeta Platforms, Inc. | $87M | 1.4% | -0.4% | 10.5 yr |
| VZVerizon Communications I | $60M | 1.0% | +16.5% | 10.5 yr |
| VVisa Inc. | $58M | 1.0% | -13.1% | 10.5 yr |
| MAMastercard Incorporated | $56M | 0.9% | -8.5% | 10.5 yr |
| AVGOBroadcom Inc. | $42M | 0.7% | +86.0% | 8.0 yr |
| MRKMerck & Co., Inc. | $42M | 0.7% | +38.9% | 10.5 yr |
| JNJJohnson & Johnson | $41M | 0.7% | +51.5% | 10.5 yr |
| SHOPShopify Inc. | $40M | 0.7% | +24.2% | 6.8 yr |
| CVXChevron Corporation | $40M | 0.7% | +29.2% | 10.5 yr |
| IBMInternational Business M | $38M | 0.6% | -0.1% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management9.3%-0.2pp$561M
Asset Management - Income5.9%-0.2pp$355M
Internet Content & Information4.5%+0.6pp$270M
Drug Manufacturers - General4.1%+0.0pp$246M
Semiconductors4.1%+1.6pp$244M
Aerospace & Defense3.5%+1.1pp$212M
Software - Infrastructure3.3%-0.2pp$197M
Specialty Retail3.2%-0.8pp$193M
Engineering & Construction3.0%+1.3pp$182M
Telecommunications Services2.9%-1.0pp$172M
Country
US91.8%-0.4pp
CA2.0%+0.6pp
Unknown1.6%-0.4pp
IE0.8%-0.4pp
GB0.8%-0.1pp
FR0.5%+0.2pp
BR0.3%+0.1pp
TW0.3%+0.2pp
Top 5: 10.7% · Top 10: 15.8% · Top 25: 24.8%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$10M |
| UNH UnitedHealth Group Incorporate | +$3M |
| PANW Palo Alto Networks, Inc. | +$3M |
| NKE NIKE, Inc. | +$3M |
| KLAC KLA Corporation | +$2M |
| UPS United Parcel Service, Inc. | +$2M |
| QCOM QUALCOMM Incorporated | +$2M |
| MSI Motorola Solutions, Inc. | +$2M |
| NOG Northern Oil and Gas, Inc. | +$2M |
| SM SM Energy Company | +$2M |
Top sells this quarter · 15
| WMT Walmart Inc. | −$90M |
| AAPL Apple Inc. | −$6M |
| AMZN Amazon.com, Inc. | −$5M |
| DK Delek US Holdings, Inc. | −$5M |
| GLW Corning Incorporated | −$27M |
| CSCO Cisco Systems, Inc. | −$4M |
| F-PD Ford Motor Company 6.500% Note | −$4M |
| AVGO Broadcom Inc. | −$4M |
| AM Antero Midstream Corporation | −$4M |
| CVS CVS Health Corporation | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.01B | 1446 | +17.36% | +17.59% | -0.23% | -0.04B |
| 2025-12-31 | $5.95B | 1435 | +13.77% | +17.72% | -3.95% | +0.02B |
| 2025-09-30 | $5.89B | 1442 | +12.80% | +17.52% | -4.71% | -0.04B |
| 2025-06-30 | $5.58B | 1467 | +15.50% | +14.94% | +0.56% | -0.16B |
| 2025-03-31 | $5.32B | 1489 | +7.01% | +8.30% | -1.30% | -0.02B |
| 2024-12-31 | $5.42B | 1467 | +17.04% | +24.89% | -7.84% | -0.01B |
| 2024-09-30 | $5.44B | 1454 | +30.20% | +36.04% | -5.84% | -0.13B |
| 2024-06-30 | $5.13B | 1431 | +15.82% | +24.49% | -8.67% | -0.08B |
| 2024-03-31 | $5.20B | 1391 | +21.38% | +29.62% | -8.24% | -0.07B |
| 2023-12-31 | $4.90B | 1397 | +18.26% | +26.18% | -7.92% | -0.25B |
| 2023-09-30 | $4.63B | 1401 | +16.09% | +21.57% | -5.47% | -0.10B |
| 2023-06-30 | $4.89B | 1413 | +13.00% | +19.42% | -6.42% | -0.26B |
| 2023-03-31 | $4.91B | 1440 | -6.41% | -7.82% | +1.41% | -0.17B |
| 2022-12-31 | $4.85B | 1472 | +9.08% | +7.56% | +1.52% | -0.33B |
| 2022-09-30 | $4.75B | 1451 | -5.84% | -4.93% | -0.92% | -0.21B |
| 2022-06-30 | $5.27B | 1479 | -13.15% | -16.11% | +2.96% | -0.37B |