Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.83%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.77%
steady accumulation
Rally response
-0.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $1.22B | 3.0% | +14.7% | 8.8 yr |
| IVViShares Core S&P 500 ETF | $923M | 2.3% | — | 10.3 yr |
| MSFTMicrosoft Corporation | $829M | 2.1% | -0.6% | 10.3 yr |
| NVDANVIDIA Corporation | $781M | 1.9% | +60.9% | 10.5 yr |
| XLKState Street Technology | $628M | 1.6% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $573M | 1.4% | +9.5% | 8.5 yr |
| AVGOBroadcom Inc. | $549M | 1.4% | +86.0% | 8.0 yr |
| JPMJPMorgan Chase & Co. | $523M | 1.3% | +21.8% | 10.5 yr |
| GOOGLAlphabet Inc. | $512M | 1.3% | — | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $491M | 1.2% | — | 6.3 yr |
| XLFState Street Financial S | $457M | 1.1% | — | 10.5 yr |
| XLCState Street Communicati | $411M | 1.0% | — | 7.8 yr |
| IUSBiShares Core Universal U | $356M | 0.9% | — | 5.3 yr |
| XLVState Street Health Care | $346M | 0.9% | — | 10.3 yr |
| JNJJohnson & Johnson | $334M | 0.8% | +51.5% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management41.6%-0.2pp$16.81B
Semiconductors5.4%+1.8pp$2.17B
Asset Management - Bonds4.9%-0.4pp$1.96B
Drug Manufacturers - General3.6%+0.5pp$1.47B
Consumer Electronics3.0%+0.1pp$1.22B
Software - Infrastructure2.8%-0.2pp$1.13B
Internet Content & Information2.1%+0.5pp$857M
Banks - Diversified2.0%+0.3pp$794M
Specialty Retail1.9%+0.0pp$750M
Asset Management - Income1.8%+0.2pp$731M
Country
US95.2%-0.3pp
IE1.0%-0.2pp
GB0.7%-0.0pp
CA0.5%+0.0pp
Unknown0.5%+0.2pp
CH0.4%-0.0pp
TW0.4%+0.2pp
NL0.3%-0.0pp
Top 5: 10.8% · Top 10: 17.4% · Top 25: 29.1%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$829M |
| NEE NextEra Energy, Inc. | +$39M |
| AVGO Broadcom Inc. | +$549M |
| AZN AstraZeneca PLCnew | +$32M |
| CAT Caterpillar Inc. | +$30M |
| IBM International Business Machine | +$167M |
| DD DuPont de Nemours, Inc. | +$27M |
| ABBV AbbVie Inc. | +$27M |
| HD The Home Depot, Inc. | +$25M |
| DAL Delta Air Lines, Inc. | +$24M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF exit | −$444M |
| GOOG Alphabet Inc.exit | −$378M |
| ETN Eaton Corporation plcexit | −$160M |
| PEP PepsiCo, Inc.exit | −$141M |
| GS The Goldman Sachs Group, Inc.exit | −$99M |
| DUK Duke Energy Corporationexit | −$90M |
| PM Philip Morris International Inexit | −$88M |
| UBER Uber Technologies, Inc.exit | −$79M |
| WMB The Williams Companies, Inc.exit | −$72M |
| SHW The Sherwin-Williams Companyexit | −$47M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $40.39B | 2736 | +17.64% | +17.59% | +0.05% | -2.44B |
| 2025-12-31 | $43.59B | 2906 | +16.30% | +17.72% | -1.42% | +0.43B |
| 2025-09-30 | $42.19B | 2849 | +14.55% | +17.52% | -2.97% | +1.08B |
| 2025-06-30 | $38.26B | 2695 | +13.89% | +14.94% | -1.05% | -0.16B |
| 2025-03-31 | $35.28B | 2661 | +5.66% | +8.30% | -2.64% | +0.23B |
| 2024-12-31 | $36.08B | 2676 | +17.46% | +24.89% | -7.43% | -0.01B |
| 2024-09-30 | $35.82B | 2649 | +28.99% | +36.04% | -7.04% | +0.77B |
| 2024-06-30 | $32.80B | 2597 | +16.52% | +24.49% | -7.97% | -1.18B |
| 2024-03-31 | $33.63B | 2710 | +24.67% | +29.62% | -4.96% | +0.35B |
| 2023-12-31 | $30.82B | 2617 | +19.64% | +26.18% | -6.54% | +1.13B |
| 2023-09-30 | $26.83B | 2549 | +17.18% | +21.57% | -4.38% | -0.84B |
| 2023-06-30 | $28.67B | 2624 | +13.74% | +19.42% | -5.68% | +2.19B |
| 2023-03-31 | $24.49B | 2450 | -10.52% | -7.82% | -2.70% | -2.11B |
| 2022-12-31 | $25.68B | 2554 | -17.63% | -18.17% | +0.54% | +0.38B |
| 2022-09-30 | $23.34B | 2487 | -15.61% | -15.51% | -0.10% | +2.60B |
| 2022-06-30 | $22.14B | 2305 | -9.39% | -10.62% | +1.23% | +2.25B |