Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.43%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.35%
baseline attrition
Rally response
-1.99%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $59M | 28.7% | — | 9.5 yr |
| IQLTiShares MSCI Intl Qualit | $20M | 9.8% | — | 5.0 yr |
| GOVTiShares U.S. Treasury Bo | $18M | 8.7% | — | 0.3 yr |
| QUALiShares MSCI USA Quality | $13M | 6.2% | — | 5.5 yr |
| VOVanguard Mid-Cap ETF | $13M | 6.1% | — | 10.5 yr |
| DFATDimensional - US Targete | $11M | 5.3% | — | 0.3 yr |
| AVEMAvantis Emerging Markets | $10M | 5.0% | — | 5.0 yr |
| MUBiShares National Muni Bo | $9M | 4.4% | — | 2.8 yr |
| AAPLApple Inc. | $6M | 2.7% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $5M | 2.4% | -0.6% | 10.5 yr |
| QYLDGlobal X - Nasdaq 100 Co | $5M | 2.2% | — | 0.3 yr |
| ERIEErie Indemnity Company | $4M | 2.2% | -39.4% | 0.3 yr |
| BDJBlackRock Enhanced Equit | $3M | 1.5% | — | 0.3 yr |
| GTOInvesco Total Return Bon | $3M | 1.3% | — | 0.3 yr |
| ESGUiShares ESG Aware MSCI U | $2M | 1.1% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management82.6%+36.6pp$170M
Consumer Electronics2.7%+1.3pp$6M
Asset Management - Global2.4%+1.5pp$5M
Software - Infrastructure2.4%+1.0pp$5M
Insurance - Brokers2.2%+2.1pp$4M
Internet Content & Information1.3%$3M
Semiconductors1.1%+0.5pp$2M
Drug Manufacturers - General1.0%+0.5pp$2M
Banks - Regional0.8%-0.7pp$2M
Asset Management - Bonds0.7%-0.3pp$1M
Country
US99.8%+30.4pp
GB0.2%+0.1pp
Top 5: 59.5% · Top 10: 79.3% · Top 25: 94.3%
Top buys this quarter · 15
| ERIE Erie Indemnity Companynew | +$3M |
| NVDA NVIDIA Corporation | +$2M |
| GOOG Alphabet Inc.new | +$2M |
| GSK GSK plcnew | +$1M |
| KO The Coca-Cola Company | +$1M |
| TSLA Tesla, Inc.new | +$0M |
| NBTB NBT Bancorp Inc.new | +$0M |
| JNJ Johnson & Johnson | +$1M |
| IQV IQVIA Holdings Inc.new | +$0M |
| SLP Simulations Plus, Inc.new | +$0M |
Top sells this quarter · 15
| IBOC International Bancshares Corpoexit | −$13M |
| WBD Warner Bros. Discovery, Inc.exit | −$13M |
| BX Blackstone Inc.exit | −$13M |
| CG The Carlyle Group Inc.exit | −$9M |
| GE GE Aerospaceexit | −$9M |
| UNH UnitedHealth Group Incorporateexit | −$7M |
| JPM JPMorgan Chase & Co.exit | −$6M |
| SPY State Street SPDR S&P 500 ETF exit | −$6M |
| AMZN Amazon.com, Inc. | −$6M |
| FDX FedEx Corporationexit | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $206M | 52 | +17.92% | +17.59% | +0.33% | -0.86B |
| 2025-12-31 | $1.11B | 308 | +21.36% | +17.72% | +3.65% | -0.01B |
| 2025-09-30 | $1.12B | 305 | +24.74% | +17.52% | +7.22% | -0.04B |
| 2025-06-30 | $1.03B | 303 | +18.76% | +14.94% | +3.82% | +0.04B |
| 2025-03-31 | $907M | 296 | +10.47% | +8.30% | +2.17% | +0.03B |
| 2024-12-31 | $898M | 306 | +18.99% | +24.89% | -5.90% | -0.03B |
| 2024-09-30 | $901M | 310 | +32.95% | +36.04% | -3.09% | +0.01B |
| 2024-06-30 | $833M | 300 | +20.10% | +24.49% | -4.39% | +0.02B |
| 2024-03-31 | $795M | 303 | +24.82% | +29.62% | -4.81% | +0.02B |
| 2023-12-31 | $737M | 298 | +24.40% | +26.18% | -1.77% | -0.01B |
| 2023-09-30 | $645M | 291 | +16.51% | +21.57% | -5.06% | +0.01B |
| 2023-06-30 | $660M | 280 | +13.96% | +19.42% | -5.46% | +0.01B |
| 2023-03-31 | $610M | 278 | -9.47% | -7.82% | -1.65% | +0.01B |
| 2022-12-31 | $565M | 275 | -18.02% | -18.17% | +0.15% | +0.05B |
| 2022-09-30 | $481M | 265 | -15.81% | -15.51% | -0.30% | +0.01B |
| 2022-06-30 | $494M | 255 | -10.39% | -10.62% | +0.23% | +0.03B |