Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.53%
trims when stocks drop
when a holding falls −10%+
Middle response
+6.40%
steady accumulation
Rally response
-4.40%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $179M | 3.2% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $170M | 3.1% | +14.7% | 10.5 yr |
| NVDANVIDIA Corporation | $138M | 2.5% | +60.9% | 5.8 yr |
| JPMJPMorgan Chase & Co. | $120M | 2.2% | +21.8% | 7.0 yr |
| GOOGLAlphabet Inc. | $114M | 2.1% | — | 8.0 yr |
| AMZNAmazon.com, Inc. | $112M | 2.0% | +9.5% | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $108M | 1.9% | — | 6.0 yr |
| SCHXSchwab U.S. Large-Cap ET | $93M | 1.7% | — | 4.3 yr |
| IVViShares Core S&P 500 ETF | $91M | 1.6% | — | 10.5 yr |
| SPYState Street SPDR S&P 50 | $78M | 1.4% | +17.6% | 8.5 yr |
| GOOGAlphabet Inc. | $74M | 1.3% | +84.3% | 6.8 yr |
| VVisa Inc. | $74M | 1.3% | -13.1% | 4.8 yr |
| AMEAMETEK, Inc. | $64M | 1.2% | +25.3% | 3.8 yr |
| LLYEli Lilly and Company | $61M | 1.1% | +12.2% | 9.3 yr |
| AVGOBroadcom Inc. | $60M | 1.1% | +86.0% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management24.5%+5.0pp$1.36B
Semiconductors6.5%+3.1pp$364M
Banks - Regional5.9%-1.6pp$326M
Software - Infrastructure5.5%-1.1pp$308M
Internet Content & Information4.2%+1.6pp$236M
Drug Manufacturers - General3.8%+0.9pp$213M
Banks - Diversified3.1%+0.2pp$170M
Consumer Electronics3.1%+1.0pp$170M
Specialty Retail2.4%-0.3pp$134M
Aerospace & Defense2.3%+0.4pp$129M
Country
US96.7%+0.0pp
GB1.2%+0.4pp
IE0.6%+0.3pp
CH0.4%-0.2pp
NL0.3%-0.1pp
Unknown0.2%-0.0pp
CA0.2%+0.1pp
BE0.1%-0.0pp
Top 5: 13.0% · Top 10: 21.6% · Top 25: 36.4%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$22M |
| AMD Advanced Micro Devices, Inc. | +$21M |
| LUMN Lumen Technologies, Inc. | +$17M |
| AMAT Applied Materials, Inc. | +$15M |
| CVX Chevron Corporation | +$11M |
| AAPL Apple Inc. | +$170M |
| IDXX IDEXX Laboratories, Inc. | +$10M |
| META Meta Platforms, Inc. | +$9M |
| PNC The PNC Financial Services Gro | +$9M |
| AVGO Broadcom Inc. | +$8M |
Top sells this quarter · 15
| CRM Salesforce, Inc. | −$29M |
| MTB M&T Bank Corporation | −$18M |
| TYL Tyler Technologies, Inc. | −$17M |
| EQIX Equinix, Inc. | −$15M |
| MSFT Microsoft Corporation | −$14M |
| SNPS Synopsys, Inc. | −$12M |
| EXAS Exact Sciences Corporationexit | −$12M |
| AROC Archrock, Inc. | −$10M |
| CWAN Clearwater Analytics Holdings,exit | −$10M |
| POOL Pool Corporation | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.56B | 855 | +8.49% | +17.59% | -9.10% | +0.14B |
| 2025-12-31 | $5.73B | 862 | +10.28% | +17.72% | -7.44% | +0.16B |
| 2025-09-30 | $5.41B | 695 | +7.34% | +17.52% | -10.18% | -0.02B |
| 2025-06-30 | $5.23B | 656 | +10.67% | +14.94% | -4.27% | +0.89B |
| 2025-03-31 | $4.05B | 474 | +2.59% | +8.30% | -5.72% | -0.13B |
| 2024-12-31 | $4.34B | 511 | +13.56% | +24.89% | -11.32% | -0.07B |
| 2024-09-30 | $4.40B | 538 | +29.07% | +36.04% | -6.97% | -0.06B |
| 2024-06-30 | $4.17B | 524 | +16.62% | +24.49% | -7.87% | -0.09B |
| 2024-03-31 | $4.28B | 558 | +23.19% | +29.62% | -6.43% | +0.79B |
| 2023-12-31 | $3.27B | 501 | +21.87% | +26.18% | -4.31% | -0.05B |
| 2023-09-30 | $2.92B | 495 | +14.22% | +21.57% | -7.35% | -0.02B |
| 2023-06-30 | $3.04B | 503 | +13.83% | +19.42% | -5.60% | +0.04B |
| 2023-03-31 | $2.86B | 480 | -6.84% | -7.82% | +0.97% | -0.03B |
| 2022-12-31 | $2.75B | 461 | -15.70% | -18.17% | +2.47% | -0.11B |
| 2022-09-30 | $2.68B | 463 | +1.76% | -15.51% | +17.27% | -0.12B |
| 2022-06-30 | $2.91B | 466 | -14.04% | -16.11% | +2.07% | +0.19B |