Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-24.64%
trims when stocks drop
when a holding falls −10%+
Middle response
-23.00%
baseline attrition
Rally response
-11.64%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $17.17B | 18.5% | — | 3.0 yr |
| SPLGSPDR Portfolio S&P 500 E | $3.80B | 4.1% | — | 0.8 yr |
| NVDANVIDIA Corporation | $2.38B | 2.6% | +60.9% | 9.0 yr |
| AAPLApple Inc. | $2.13B | 2.3% | +14.7% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.84B | 2.0% | +9.5% | 10.5 yr |
| MSFTMicrosoft Corporation | $1.25B | 1.3% | -0.6% | 10.3 yr |
| GOOGLAlphabet Inc. | $910M | 1.0% | — | 10.5 yr |
| CVXChevron Corporation | $864M | 0.9% | +29.2% | 6.3 yr |
| TSLATesla, Inc. | $776M | 0.8% | +43.4% | 6.3 yr |
| AMDAdvanced Micro Devices, | $771M | 0.8% | +98.0% | 8.5 yr |
| HLTHilton Worldwide Holding | $767M | 0.8% | +33.9% | 6.8 yr |
| AVGOBroadcom Inc. | $762M | 0.8% | +86.0% | 8.0 yr |
| TSMTaiwan Semiconductor Man | $757M | 0.8% | +105.6% | 6.8 yr |
| MSMorgan Stanley | $691M | 0.7% | +44.8% | 8.5 yr |
| JNJJohnson & Johnson | $581M | 0.6% | +51.5% | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management24.5%+4.3pp$22.68B
Semiconductors8.6%+5.0pp$7.98B
Specialty Retail4.4%-1.6pp$4.07B
Software - Infrastructure3.6%-1.6pp$3.35B
Biotechnology3.1%+1.2pp$2.89B
Drug Manufacturers - General3.0%+1.3pp$2.75B
Internet Content & Information2.9%-1.8pp$2.68B
Software - Application2.7%-2.2pp$2.52B
Consumer Electronics2.3%-1.2pp$2.14B
Financial - Capital Markets2.3%+1.4pp$2.12B
Country
US89.7%+0.8pp
Unknown1.6%-0.5pp
GB1.2%+0.3pp
CA1.1%+0.3pp
TW0.9%+0.8pp
UY0.7%+0.1pp
CN0.6%-0.5pp
IE0.6%-0.4pp
Top 5: 29.5% · Top 10: 34.4% · Top 25: 43.6%
Top buys this quarter · 15
| CVX Chevron Corporation | +$598M |
| AAPL Apple Inc. | +$438M |
| MS Morgan Stanley | +$405M |
| ABNB Airbnb, Inc. | +$356M |
| TMUS T-Mobile US, Inc. | +$345M |
| MAR Marriott International, Inc. | +$323M |
| ADI Analog Devices, Inc. | +$298M |
| ACN Accenture plc | +$292M |
| SLB SLB N.V. | +$246M |
| CASY Casey's General Stores, Inc. | +$244M |
Top sells this quarter · 15
| WMT Walmart Inc. | −$842M |
| VRT Vertiv Holdings Co | −$659M |
| AMZN Amazon.com, Inc. | −$654M |
| LLY Eli Lilly and Company | −$581M |
| BMY Bristol-Myers Squibb Company | −$429M |
| PDD PDD Holdings Inc. | −$428M |
| CRCL Circle Internet Group | −$399M |
| KO The Coca-Cola Company | −$384M |
| REGN Regeneron Pharmaceuticals, Inc | −$369M |
| SPOT Spotify Technology S.A. | −$355M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $92.71B | 2655 | +16.65% | +17.59% | -0.94% | -6.95B |
| 2025-12-31 | $103.03B | 2493 | +14.92% | +17.72% | -2.80% | +12.03B |
| 2025-09-30 | $90.33B | 2424 | +17.20% | +17.52% | -0.32% | +1.20B |
| 2025-06-30 | $83.44B | 2455 | +16.47% | +14.94% | +1.53% | +0.28B |
| 2025-03-31 | $74.20B | 2402 | +4.83% | +8.30% | -3.48% | -0.94B |
| 2024-12-31 | $78.86B | 2298 | +18.00% | +24.89% | -6.88% | +0.46B |
| 2024-09-30 | $76.31B | 2212 | +28.83% | +36.04% | -7.21% | +1.96B |
| 2024-06-30 | $70.04B | 2218 | +13.64% | +24.49% | -10.85% | +9.70B |
| 2024-03-31 | $59.82B | 2049 | +20.43% | +29.62% | -9.20% | +4.16B |
| 2023-12-31 | $51.89B | 1750 | +19.28% | +26.18% | -6.90% | +0.13B |
| 2023-09-30 | $46.14B | 1759 | +11.32% | +21.57% | -10.25% | +3.24B |
| 2023-06-30 | $45.82B | 1910 | +17.26% | +19.42% | -2.16% | +2.96B |
| 2023-03-31 | $40.09B | 2038 | -8.41% | -7.82% | -0.59% | -0.63B |
| 2022-12-31 | $38.33B | 2230 | -17.77% | -18.17% | +0.40% | -2.92B |
| 2022-09-30 | $39.40B | 2454 | -12.26% | -15.51% | +3.25% | -3.47B |
| 2022-06-30 | $43.46B | 2598 | -10.80% | -10.62% | -0.18% | +3.55B |