Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.21%
trims when stocks drop
when a holding falls −10%+
Middle response
-12.98%
baseline attrition
Rally response
-21.23%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AVGOBroadcom Inc. | $6.61B | 7.3% | +86.0% | 8.0 yr |
| GOOGLAlphabet Inc. | $5.06B | 5.6% | — | 10.5 yr |
| JPMJPMorgan Chase & Co. | $4.59B | 5.1% | +21.8% | 10.5 yr |
| MUMicron Technology, Inc. | $3.58B | 4.0% | +289.6% | 10.5 yr |
| METAMeta Platforms, Inc. | $3.43B | 3.8% | -0.4% | 10.5 yr |
| GOOGAlphabet Inc. | $3.11B | 3.4% | +84.3% | 10.5 yr |
| MSFTMicrosoft Corporation | $2.01B | 2.2% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $1.77B | 2.0% | +14.7% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $1.42B | 1.6% | +17.6% | 10.5 yr |
| LINLinde plc | $1.09B | 1.2% | +7.9% | 3.3 yr |
| JNJJohnson & Johnson | $980M | 1.1% | +51.5% | 10.5 yr |
| AMZNAmazon.com, Inc. | $974M | 1.1% | +9.5% | 10.5 yr |
| EQIXEquinix, Inc. | $879M | 1.0% | +23.0% | 10.3 yr |
| COSTCostco Wholesale Corpora | $815M | 0.9% | +5.9% | 10.3 yr |
| PDDPDD Holdings Inc. | $644M | 0.7% | -13.7% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors14.3%+2.4pp$12.88B
Internet Content & Information13.0%-4.1pp$11.77B
Banks - Diversified6.0%+5.0pp$5.45B
Asset Management4.6%-9.5pp$4.18B
Software - Infrastructure3.8%+1.2pp$3.40B
Drug Manufacturers - General3.5%+2.0pp$3.20B
Specialty Retail3.0%+1.8pp$2.70B
Hardware, Equipment & Parts2.5%+2.0pp$2.30B
Software - Application2.0%-0.9pp$1.82B
Consumer Electronics2.0%-10.8pp$1.79B
Country
US92.3%-0.2pp
IE1.8%+0.7pp
GB1.7%+1.3pp
Unknown0.7%-0.5pp
NL0.6%+0.1pp
CN0.6%+0.1pp
CA0.4%-0.0pp
IL0.4%-0.6pp
Top 5: 25.8% · Top 10: 36.2% · Top 25: 47.4%
Top buys this quarter · 15
| AVGO Broadcom Inc. | +$3.22B |
| JPM JPMorgan Chase & Co. | +$2.75B |
| META Meta Platforms, Inc. | +$2.17B |
| MU Micron Technology, Inc. | +$2.13B |
| GOOG Alphabet Inc. | +$1.37B |
| SPY State Street SPDR S&P 500 ETF | +$1.06B |
| JNJ Johnson & Johnson | +$546M |
| APH Amphenol Corporation | +$392M |
| BMY Bristol-Myers Squibb Company | +$377M |
| LLY Eli Lilly and Company | +$365M |
Top sells this quarter · 15
| NVDA NVIDIA Corporationexit | −$6.59B |
| AAPL Apple Inc. | −$1.43B |
| CSCO Cisco Systems, Inc.exit | −$787M |
| HON Honeywell International Inc. | −$683M |
| MSFT Microsoft Corporation | −$490M |
| GEV GE Vernova Inc.exit | −$365M |
| TSM Taiwan Semiconductor Manufactuexit | −$295M |
| V Visa Inc. | −$283M |
| WMB The Williams Companies, Inc. | −$222M |
| MDT Medtronic plcexit | −$218M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $90.20B | 2678 | +25.82% | +17.59% | +8.23% | +17.05B |
| 2025-12-31 | $75.44B | 2957 | +16.82% | +17.72% | -0.89% | +47.84B |
| 2025-09-30 | $27.07B | 2784 | +22.08% | +17.52% | +4.56% | +2.00B |
| 2025-06-30 | $22.42B | 2425 | +17.00% | +14.94% | +2.05% | -10.65B |
| 2025-03-31 | $29.05B | 2919 | +4.74% | +8.30% | -3.56% | +8.44B |
| 2024-12-31 | $22.90B | 2590 | +23.75% | +24.89% | -1.14% | -4.78B |
| 2024-09-30 | $25.98B | 2880 | +28.86% | +36.04% | -7.18% | +9.30B |
| 2024-06-30 | $15.57B | 2313 | +15.14% | +24.49% | -9.36% | -4.10B |
| 2024-03-31 | $19.30B | 2460 | +18.81% | +29.62% | -10.81% | +10.20B |
| 2023-12-31 | $8.56B | 2637 | +21.47% | +26.18% | -4.71% | +0.63B |
| 2023-09-30 | $7.15B | 2666 | +19.99% | +21.57% | -1.58% | -0.71B |
| 2023-06-30 | $8.21B | 1820 | +16.79% | +19.42% | -2.63% | +0.61B |
| 2023-03-31 | $7.23B | 2837 | -6.75% | -7.82% | +1.06% | +0.03B |
| 2022-12-31 | $6.62B | 2616 | -18.21% | -18.17% | -0.04% | -0.20B |
| 2022-09-30 | $6.23B | 2674 | -17.10% | -15.51% | -1.59% | -0.50B |
| 2022-06-30 | $7.22B | 2940 | -10.53% | -10.62% | +0.09% | -1.93B |