Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.65%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.06%
baseline attrition
Rally response
-15.80%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $279M | 2.5% | +14.7% | 8.5 yr |
| MSFTMicrosoft Corporation | $254M | 2.3% | -0.6% | 5.5 yr |
| TSLATesla, Inc. | $247M | 2.2% | +43.4% | 4.3 yr |
| CVXChevron Corporation | $220M | 2.0% | +29.2% | 4.8 yr |
| AMZNAmazon.com, Inc. | $182M | 1.6% | +9.5% | 6.3 yr |
| TSMTaiwan Semiconductor Man | $179M | 1.6% | +105.6% | 6.0 yr |
| LLYEli Lilly and Company | $174M | 1.6% | +12.2% | 4.0 yr |
| MUMicron Technology, Inc. | $142M | 1.3% | +289.6% | 5.0 yr |
| GEGE Aerospace | $138M | 1.2% | +42.5% | 4.5 yr |
| BRK-BBerkshire Hathaway Inc. | $128M | 1.1% | — | 5.0 yr |
| CCitigroup Inc. | $126M | 1.1% | +63.9% | 7.3 yr |
| SNDKSandisk Corporation | $121M | 1.1% | +1234.5% | 1.0 yr |
| BKNGBooking Holdings Inc. | $112M | 1.0% | -96.3% | 2.3 yr |
| BSXBoston Scientific Corpor | $105M | 0.9% | -37.8% | 3.5 yr |
| MOAltria Group, Inc. | $100M | 0.9% | +15.8% | 9.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors7.6%+1.6pp$848M
Software - Application5.2%-2.7pp$576M
Software - Infrastructure4.6%+0.5pp$519M
Asset Management3.8%-2.5pp$421M
Aerospace & Defense3.4%+0.1pp$379M
Biotechnology3.3%+0.3pp$371M
Oil & Gas Integrated3.1%+1.6pp$349M
Hardware, Equipment & Parts3.0%+0.8pp$330M
Medical - Devices2.7%+1.7pp$304M
Banks - Diversified2.7%-3.1pp$298M
Country
US86.1%-3.2pp
CA3.1%+1.6pp
TW1.8%+1.3pp
GB1.8%+0.2pp
IE1.4%+0.6pp
NL1.0%+0.8pp
Unknown0.8%-0.3pp
IL0.5%-0.2pp
Top 5: 10.6% · Top 10: 17.4% · Top 25: 29.9%
Top buys this quarter · 15
| LLY Eli Lilly and Company | +$148M |
| MSFT Microsoft Corporation | +$145M |
| AMZN Amazon.com, Inc. | +$92M |
| SNDK Sandisk Corporation | +$71M |
| NEM Newmont Corporation | +$70M |
| HOOD Robinhood Markets, Inc. | +$65M |
| UBER Uber Technologies, Inc. | +$65M |
| AAPL Apple Inc. | +$63M |
| C Citigroup Inc. | +$61M |
| MRVL Marvell Technology, Inc. | +$58M |
Top sells this quarter · 15
| NVDA NVIDIA Corporationexit | −$253M |
| NFLX Netflix, Inc.exit | −$87M |
| ARM Arm Holdings plc American Depoexit | −$69M |
| DE Deere & Company | −$69M |
| BAC Bank of America Corporation | −$68M |
| CEG Constellation Energy Corporati | −$63M |
| PM Philip Morris International In | −$63M |
| GEV GE Vernova Inc. | −$63M |
| TSM Taiwan Semiconductor Manufactu | −$60M |
| DASH DoorDash, Inc. | −$57M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $11.17B | 831 | +25.53% | +17.59% | +7.93% | +0.51B |
| 2025-12-31 | $10.58B | 833 | +21.83% | +17.72% | +4.11% | +0.20B |
| 2025-09-30 | $10.02B | 791 | +22.35% | +17.52% | +4.83% | +0.01B |
| 2025-06-30 | $9.06B | 834 | +15.66% | +14.94% | +0.72% | +0.52B |
| 2025-03-31 | $7.84B | 743 | +6.96% | +8.30% | -1.34% | -2.04B |
| 2024-12-31 | $10.11B | 744 | +19.34% | +24.89% | -5.55% | +0.75B |
| 2024-09-30 | $8.99B | 670 | +30.54% | +36.04% | -5.50% | -0.19B |
| 2024-06-30 | $8.80B | 619 | +20.24% | +24.49% | -4.25% | +0.55B |
| 2024-03-31 | $8.19B | 643 | +28.43% | +29.62% | -1.20% | -0.37B |
| 2023-12-31 | $7.85B | 681 | +26.96% | +26.18% | +0.78% | -0.62B |
| 2023-09-30 | $7.43B | 621 | +17.64% | +21.57% | -3.93% | +1.30B |
| 2023-06-30 | $6.38B | 586 | +16.38% | +19.42% | -3.04% | +0.89B |
| 2023-03-31 | $5.10B | 540 | -10.04% | -7.82% | -2.23% | +0.22B |
| 2022-12-31 | $4.53B | 517 | -11.10% | -18.17% | +7.07% | +0.28B |
| 2022-09-30 | $4.03B | 545 | -4.90% | -4.93% | +0.03% | +0.48B |
| 2022-06-30 | $3.73B | 603 | -16.83% | -16.11% | -0.72% | +0.61B |