Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.43%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.74%
baseline attrition
Rally response
-22.59%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $488M | 8.9% | +105.6% | 8.0 yr |
| ESLTElbit Systems Ltd. | $380M | 7.0% | +122.6% | 7.5 yr |
| TEVATeva Pharmaceutical Indu | $335M | 6.1% | +96.0% | 4.0 yr |
| — | $312M | 5.7% | — | 3.3 yr |
| AMZNAmazon.com, Inc. | $245M | 4.5% | +9.5% | 6.8 yr |
| GOOGLAlphabet Inc. | $206M | 3.8% | — | 7.8 yr |
| ORCLOracle Corporation | $195M | 3.6% | +5.9% | 3.8 yr |
| UBERUber Technologies, Inc. | $179M | 3.3% | -1.3% | 4.0 yr |
| EXEExpand Energy Corporatio | $162M | 3.0% | +1.7% | 2.5 yr |
| ICEIntercontinental Exchang | $158M | 2.9% | -7.8% | 3.3 yr |
| AAPLApple Inc. | $150M | 2.7% | +14.7% | 7.0 yr |
| BABAAlibaba Group Holding Li | $137M | 2.5% | -3.5% | 5.8 yr |
| AVGOBroadcom Inc. | $134M | 2.5% | +86.0% | 2.8 yr |
| PANWPalo Alto Networks, Inc. | $122M | 2.2% | -6.0% | 6.0 yr |
| CRH.LCRH plc | $119M | 2.2% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors19.8%+17.3pp$1.08B
Software - Application8.3%+2.6pp$456M
Software - Infrastructure7.2%-21.8pp$391M
Specialty Retail7.0%-6.3pp$384M
Aerospace & Defense7.0%+0.1pp$382M
Unknown6.9%+6.7pp$375M
Drug Manufacturers - Specialty & Generic6.2%+3.9pp$337M
Internet Content & Information3.9%-8.6pp$211M
Oil & Gas Exploration & Production3.0%+3.0pp$164M
Financial - Data & Stock Exchanges2.9%-0.0pp$158M
Country
US55.2%-30.0pp
IL18.1%+10.6pp
TW8.9%+6.8pp
Unknown6.9%+6.7pp
GB4.0%+1.9pp
CN2.5%
IE2.3%+2.2pp
CL0.9%
Top 5: 32.2% · Top 10: 48.7% · Top 25: 79.2%
Top buys this quarter · 15
| PANW Palo Alto Networks, Inc. | +$121M |
| NVDA NVIDIA Corporation | +$110M |
| RIO Rio Tinto Groupnew | +$107M |
| AVGO Broadcom Inc. | +$95M |
| ALB Albemarle Corporation | +$95M |
| AAPL Apple Inc. | +$94M |
| TEVA Teva Pharmaceutical Industries | +$89M |
| QCOM QUALCOMM Incorporated | +$67M |
| TSEM Tower Semiconductor Ltd. | +$55M |
| APP AppLovin Corporation | +$50M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$258M |
| AMZN Amazon.com, Inc. | −$241M |
| EBAY eBay Inc. | −$189M |
| CSCO Cisco Systems, Inc. | −$175M |
| ENTG Entegris, Inc. | −$152M |
| ADBE Adobe Inc. | −$141M |
| NTR Nutrien Ltd. | −$138M |
| DDOG Datadog, Inc. | −$117M |
| HON Honeywell International Inc.exit | −$104M |
| ZM Zoom Communications, Inc. | −$91M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.46B | 381 | +33.62% | +17.59% | +16.03% | -0.83B |
| 2025-12-31 | $6.54B | 368 | +35.58% | +17.72% | +17.86% | +0.40B |
| 2025-09-30 | $6.04B | 341 | +40.01% | +17.52% | +22.49% | +2.60B |
| 2025-06-30 | $3.13B | 297 | +29.03% | +14.94% | +14.09% | -1.99B |
| 2025-03-31 | $4.12B | 294 | +6.48% | +8.30% | -1.83% | +1.25B |
| 2024-12-31 | $2.94B | 347 | +24.38% | +24.89% | -0.50% | +1.20B |
| 2024-09-30 | $1.66B | 289 | +33.60% | +36.04% | -2.44% | -1.28B |
| 2024-06-30 | $2.91B | 285 | +28.44% | +24.49% | +3.95% | +0.31B |
| 2024-03-31 | $2.53B | 283 | +34.12% | +29.62% | +4.50% | +0.47B |
| 2023-12-31 | $1.81B | 236 | +19.75% | +26.18% | -6.42% | -2.35B |
| 2023-09-30 | $3.68B | 269 | +21.74% | +21.57% | +0.18% | -1.85B |
| 2023-06-30 | $5.69B | 296 | +17.64% | +19.42% | -1.78% | +0.80B |
| 2023-03-31 | $4.56B | 346 | -14.36% | -7.82% | -6.55% | +2.02B |
| 2022-12-31 | $2.50B | 390 | -10.88% | -18.17% | +7.30% | -2.17B |
| 2022-09-30 | $4.07B | 440 | -18.00% | -15.51% | -2.49% | -2.20B |
| 2022-06-30 | $6.67B | 435 | -12.25% | -10.62% | -1.63% | -1.69B |