Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.80%
baseline attrition
Rally response
-0.21%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VGITVanguard Intermediate-Te | $1.15B | 12.1% | — | 3.0 yr |
| VTIVanguard Total Stock Mar | $835M | 8.8% | — | 10.5 yr |
| IWViShares Russell 3000 ETF | $692M | 7.3% | — | 10.5 yr |
| VEAVanguard FTSE Developed | $596M | 6.3% | — | 10.5 yr |
| SPYState Street SPDR S&P 50 | $456M | 4.8% | +17.6% | 10.5 yr |
| SCHFSchwab International Equ | $309M | 3.3% | — | 6.3 yr |
| SCHBSchwab U.S. Broad Market | $300M | 3.2% | — | 6.3 yr |
| VOOVanguard S&P 500 ETF | $265M | 2.8% | — | 4.0 yr |
| SPLGSPDR Portfolio S&P 500 E | $238M | 2.5% | — | 1.3 yr |
| VYMVanguard High Dividend Y | $217M | 2.3% | — | 1.3 yr |
| VTVVanguard Value ETF | $199M | 2.1% | — | 9.0 yr |
| VWOVanguard FTSE Emerging M | $195M | 2.1% | — | 10.5 yr |
| SPYGState Street SPDR Portfo | $190M | 2.0% | — | 6.0 yr |
| VTVanguard Total World Sto | $170M | 1.8% | — | 7.3 yr |
| QUALiShares MSCI USA Quality | $153M | 1.6% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management84.8%+1.4pp$8.00B
Semiconductors1.0%+0.5pp$98M
Biotechnology0.8%-0.1pp$79M
Drug Manufacturers - General0.8%+0.5pp$74M
Software - Infrastructure0.8%+0.0pp$72M
Publishing0.7%+0.3pp$67M
Banks - Diversified0.6%+0.2pp$59M
Auto - Parts0.6%-0.1pp$55M
Consumer Electronics0.6%-0.1pp$52M
Oil & Gas Integrated0.5%+0.3pp$48M
Country
US98.0%-0.8pp
GB0.9%+0.7pp
Unknown0.3%+0.2pp
CA0.2%-0.0pp
TW0.2%+0.1pp
JP0.1%+0.1pp
CH0.1%-0.0pp
DE0.1%+0.1pp
Top 5: 39.5% · Top 10: 53.5% · Top 25: 72.8%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| STZ Constellation Brands, Inc.new | +$18M |
| AZN AstraZeneca PLCnew | +$17M |
| RIO Rio Tinto Group | +$16M |
| HIW Highwoods Properties, Inc. | +$8M |
| NYT The New York Times Company | +$7M |
| ENB Enbridge Inc. | +$7M |
| TBN Tamboran Resources Corp | +$5M |
| BKR Baker Hughes Company | +$4M |
| QCOM QUALCOMM Incorporated | +$15M |
| RELX RELX Plc | +$2M |
Top sells this quarter · 15
| HCA HCA Healthcare, Inc. | −$19M |
| RTX RTX Corporation | −$13M |
| META Meta Platforms, Inc. | −$8M |
| D Dominion Energy, Inc. | −$6M |
| AFL Aflac Incorporatedexit | −$6M |
| WMT Walmart Inc. | −$5M |
| MUFG Mitsubishi UFJ Financial Group | −$5M |
| NVO Novo Nordisk A/S | −$5M |
| SMG The Scotts Miracle-Gro Companyexit | −$4M |
| FANG Diamondback Energy, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.44B | 466 | +21.36% | +17.59% | +3.77% | +0.22B |
| 2025-12-31 | $9.44B | 491 | +16.25% | +17.72% | -1.47% | +0.01B |
| 2025-09-30 | $9.18B | 509 | +22.54% | +17.52% | +5.02% | -0.54B |
| 2025-06-30 | $9.02B | 547 | +17.46% | +14.94% | +2.52% | +0.20B |
| 2025-03-31 | $7.86B | 511 | +11.08% | +8.30% | +2.78% | +3.32B |
| 2024-12-31 | $4.85B | 69 | +36.40% | +24.89% | +11.51% | -0.52B |
| 2024-09-30 | $4.96B | 68 | +45.12% | +36.04% | +9.08% | +0.03B |
| 2024-06-30 | $4.77B | 67 | +35.12% | +24.49% | +10.63% | -0.21B |
| 2024-03-31 | $4.70B | 71 | +46.99% | +29.62% | +17.36% | -0.33B |
| 2023-12-31 | $4.38B | 66 | +51.17% | +26.18% | +25.00% | +0.05B |
| 2023-09-30 | $3.75B | 59 | +28.11% | +21.57% | +6.54% | -0.15B |
| 2023-06-30 | $4.06B | 58 | +27.74% | +19.42% | +8.31% | +0.13B |
| 2023-03-31 | $3.40B | 58 | -9.99% | -7.82% | -2.17% | -0.62B |
| 2022-12-31 | $3.40B | 63 | -27.36% | -18.17% | -9.19% | +0.10B |
| 2022-09-30 | $3.39B | 58 | -17.34% | -15.51% | -1.83% | -0.09B |
| 2022-06-30 | $3.62B | 58 | -13.32% | -10.62% | -2.70% | +0.07B |