Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.68%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.32%
baseline attrition
Rally response
-2.17%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $3.60B | 5.9% | -0.6% | 10.5 yr |
| VVisa Inc. | $2.30B | 3.8% | -13.1% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $2.08B | 3.4% | +105.6% | 10.5 yr |
| GOOGAlphabet Inc. | $1.94B | 3.2% | +84.3% | 10.5 yr |
| MAMastercard Incorporated | $1.74B | 2.9% | -8.5% | 10.5 yr |
| NVDANVIDIA Corporation | $1.70B | 2.8% | +60.9% | 9.5 yr |
| AMZNAmazon.com, Inc. | $1.59B | 2.6% | +9.5% | 10.5 yr |
| BAFEBrown Advisory Flexible | $1.42B | 2.3% | — | 1.5 yr |
| IVViShares Core S&P 500 ETF | $1.12B | 1.8% | — | 10.5 yr |
| AAPLApple Inc. | $1.02B | 1.7% | +14.7% | 10.5 yr |
| SCHWThe Charles Schwab Corpo | $859M | 1.4% | +21.5% | 10.5 yr |
| AVGOBroadcom Inc. | $751M | 1.2% | +86.0% | 8.0 yr |
| DSPYTema S&P 500 Historical | $750M | 1.2% | — | 0.8 yr |
| GEGE Aerospace | $745M | 1.2% | +42.5% | 4.8 yr |
| VTIVanguard Total Stock Mar | $709M | 1.2% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management17.7%+7.0pp$10.79B
Semiconductors10.8%+2.3pp$6.57B
Software - Infrastructure7.3%+0.7pp$4.41B
Financial - Credit Services6.8%+0.8pp$4.14B
Internet Content & Information5.8%+1.2pp$3.52B
Software - Application5.7%-5.7pp$3.46B
Specialty Retail4.2%-0.4pp$2.57B
Financial - Capital Markets2.7%+1.9pp$1.63B
Medical - Devices2.6%-0.2pp$1.59B
Drug Manufacturers - General2.3%+0.2pp$1.38B
Country
US89.2%-4.7pp
TW3.4%+2.3pp
CA1.3%+0.5pp
GB1.2%+0.0pp
IE0.8%-0.1pp
NL0.8%+0.1pp
LU0.7%+0.7pp
UY0.7%+0.7pp
Top 5: 19.2% · Top 10: 30.4% · Top 25: 46.2%
Top buys this quarter · 15
| MELI MercadoLibre, Inc. | +$388M |
| PANW Palo Alto Networks, Inc. | +$258M |
| CTAS Cintas Corporation | +$174M |
| MA Mastercard Incorporated | +$1.74B |
| EFX Equifax Inc. | +$151M |
| SAP SAP SE | +$72M |
| ADSK Autodesk, Inc. | +$614M |
| V Visa Inc. | +$2.30B |
| LNTH Lantheus Holdings, Inc. | +$52M |
| AXON Axon Enterprise, Inc. | +$50M |
Top sells this quarter · 15
| INTU Intuit Inc. | −$610M |
| MSFT Microsoft Corporation | −$383M |
| AMZN Amazon.com, Inc. | −$350M |
| SCHW The Charles Schwab Corporation | −$287M |
| VRSK Verisk Analytics, Inc. | −$277M |
| PGR The Progressive Corporation | −$276M |
| DT Dynatrace, Inc. | −$262M |
| NVDA NVIDIA Corporation | −$261M |
| GOOG Alphabet Inc. | −$234M |
| NOW ServiceNow, Inc. | −$196M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $60.79B | 1389 | +6.32% | +17.59% | -11.27% | -4.24B |
| 2025-12-31 | $71.61B | 1377 | +9.57% | +17.72% | -8.15% | -5.16B |
| 2025-09-30 | $76.73B | 1375 | +11.18% | +17.52% | -6.33% | -1.76B |
| 2025-06-30 | $75.84B | 1353 | +12.21% | +14.94% | -2.73% | -3.16B |
| 2025-03-31 | $69.87B | 1318 | -0.25% | +8.30% | -8.55% | -3.86B |
| 2024-12-31 | $78.78B | 1329 | +14.85% | +24.89% | -10.04% | -2.07B |
| 2024-09-30 | $79.63B | 1257 | +28.78% | +36.04% | -7.26% | -0.25B |
| 2024-06-30 | $76.49B | 1223 | +18.35% | +24.49% | -6.14% | +1.31B |
| 2024-03-31 | $74.80B | 1241 | +27.08% | +29.62% | -2.54% | -1.85B |
| 2023-12-31 | $71.13B | 1214 | +28.59% | +26.18% | +2.41% | +1.78B |
| 2023-09-30 | $60.92B | 1186 | +20.79% | +21.57% | -0.78% | -0.52B |
| 2023-06-30 | $64.01B | 1178 | +18.92% | +19.42% | -0.51% | +0.26B |
| 2023-03-31 | $59.07B | 1204 | -7.55% | -7.82% | +0.27% | +0.38B |
| 2022-12-31 | $53.83B | 1201 | -19.12% | -18.17% | -0.94% | -1.15B |
| 2022-09-30 | $51.41B | 1133 | -16.00% | -15.51% | -0.49% | +1.07B |
| 2022-06-30 | $53.27B | 1317 | -10.60% | -10.62% | +0.02% | -3.11B |