Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.87%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.01%
baseline attrition
Rally response
-11.15%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GSKGSK plc | $275M | 4.8% | +71.6% | 3.5 yr |
| LYGLloyds Banking Group plc | $261M | 4.5% | +88.8% | 10.3 yr |
| SANBanco Santander, S.A. | $252M | 4.4% | +155.2% | 10.3 yr |
| SONYSony Group Corporation | $251M | 4.4% | -2.0% | 5.8 yr |
| SNYSanofi | $243M | 4.2% | +3.1% | 10.3 yr |
| PBRPetróleo Brasileiro S.A | $230M | 4.0% | +71.9% | 3.5 yr |
| BTIBritish American Tobacco | $217M | 3.8% | +71.2% | 1.8 yr |
| BPBP p.l.c. | $216M | 3.7% | +70.6% | 10.3 yr |
| PHGKoninklijke Philips N.V. | $214M | 3.7% | +12.2% | 3.5 yr |
| MRKMerck & Co., Inc. | $190M | 3.3% | +26.4% | 6.0 yr |
| GOOGLAlphabet Inc. | $169M | 2.9% | — | 5.5 yr |
| SCHWThe Charles Schwab Corpo | $161M | 2.8% | +29.0% | 2.5 yr |
| VALEVale S.A. | $159M | 2.7% | +101.9% | 4.5 yr |
| TMOThermo Fisher Scientific | $157M | 2.7% | -5.1% | 1.3 yr |
| MSFTMicrosoft Corporation | $154M | 2.7% | -11.3% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Drug Manufacturers - General12.3%+2.7pp$710M
Oil & Gas Integrated12.2%+4.4pp$706M
Banks - Diversified8.5%+0.8pp$490M
Banks - Regional5.5%+0.4pp$320M
Internet Content & Information4.7%-2.4pp$273M
Software - Application4.4%+4.0pp$255M
Consumer Electronics4.4%+0.7pp$251M
Tobacco3.8%+0.7pp$217M
Information Technology Services3.7%+1.4pp$214M
Medical - Devices3.7%+0.4pp$214M
Country
US48.1%+4.6pp
GB20.3%+3.6pp
BR6.7%+2.3pp
JP6.1%+0.3pp
ES4.4%+0.7pp
FR4.2%+1.1pp
NL3.7%+0.4pp
IN2.1%+0.9pp
Top 5: 22.2% · Top 10: 40.7% · Top 25: 75.4%
Top buys this quarter · 15
| SONY Sony Group Corporation | +$68M |
| WDAY Workday, Inc. | +$68M |
| MSFT Microsoft Corporation | +$50M |
| SNY Sanofi | +$26M |
| HDB HDFC Bank Limited | +$24M |
| YMM Full Truck Alliance Co. Ltd. | +$15M |
| UNH UnitedHealth Group Incorporate | +$94M |
| TMO Thermo Fisher Scientific Inc. | +$157M |
| B Barrick Mining Corporation | +$10M |
| CRM Salesforce, Inc. | +$113M |
Top sells this quarter · 15
| YUMC Yum China Holdings, Inc.exit | −$383M |
| Q Qnity Electronics, Inc. | −$80M |
| TSM Taiwan Semiconductor Manufactu | −$73M |
| BAP Credicorp Ltd. | −$52M |
| PG The Procter & Gamble Company | −$51M |
| GSK GSK plc | −$45M |
| PBR Petróleo Brasileiro S.A. - Pe | −$150M |
| LH Labcorp Holdings Inc. | −$30M |
| SAN Banco Santander, S.A. | −$26M |
| VALE Vale S.A. | −$149M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.78B | 102 | +31.38% | +1.62% | +29.76% | -0.37B |
| 2025-12-31 | $6.06B | 101 | +21.47% | +8.91% | +12.55% | -0.27B |
| 2025-09-30 | $5.99B | 96 | +26.15% | +12.19% | +13.96% | -0.67B |
| 2025-03-31 | $5.85B | 97 | +11.09% | +8.30% | +2.78% | -0.66B |
| 2024-12-31 | $6.05B | 100 | +10.31% | +24.89% | -14.58% | -0.14B |
| 2024-09-30 | $6.61B | 99 | +31.11% | +36.04% | -4.93% | -0.52B |
| 2024-06-30 | $6.50B | 94 | +17.52% | +24.49% | -6.97% | -0.81B |
| 2024-03-31 | $7.28B | 98 | +26.74% | +29.62% | -2.88% | +0.52B |
| 2023-12-31 | $6.33B | 98 | +26.66% | +26.18% | +0.49% | +0.92B |
| 2023-09-30 | $4.86B | 91 | +25.62% | +21.57% | +4.05% | -0.09B |
| 2023-06-30 | $5.02B | 95 | +16.32% | +19.42% | -3.10% | +0.12B |
| 2023-03-31 | $4.53B | 90 | -1.09% | -7.82% | +6.73% | -0.29B |
| 2022-12-31 | $4.52B | 91 | +10.51% | +7.56% | +2.95% | +0.02B |
| 2022-09-30 | $4.07B | 82 | -8.89% | -4.93% | -3.96% | +0.13B |
| 2022-06-30 | $4.33B | 78 | -7.94% | -16.11% | +8.17% | +0.09B |
| 2022-03-31 | $4.61B | 122 | — | — | — | -0.45B |