Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.27%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.98%
baseline attrition
Rally response
-4.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $5.65B | 4.9% | +60.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $3.43B | 3.0% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $3.33B | 2.9% | +14.7% | 10.5 yr |
| GOOGLAlphabet Inc. | $3.02B | 2.6% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $3.01B | 2.6% | +9.5% | 10.5 yr |
| METAMeta Platforms, Inc. | $2.70B | 2.4% | -0.4% | 10.5 yr |
| AVGOBroadcom Inc. | $2.58B | 2.2% | +86.0% | 8.0 yr |
| VVisa Inc. | $1.95B | 1.7% | -13.1% | 10.5 yr |
| NFLXNetflix, Inc. | $1.88B | 1.6% | +3.1% | 10.5 yr |
| WMBThe Williams Companies, | $1.69B | 1.5% | +25.8% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $1.60B | 1.4% | +105.6% | 10.5 yr |
| JNJJohnson & Johnson | $1.38B | 1.2% | +51.5% | 10.5 yr |
| LINLinde plc | $1.32B | 1.2% | +7.9% | 3.0 yr |
| JPMJPMorgan Chase & Co. | $1.27B | 1.1% | +21.8% | 10.5 yr |
| ASMLASML Holding N.V. | $1.22B | 1.1% | +100.9% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors11.3%+4.2pp$13.00B
Software - Infrastructure5.4%-1.8pp$6.23B
Internet Content & Information5.4%+1.1pp$6.20B
Oil & Gas Midstream4.8%+1.4pp$5.46B
Specialty Retail3.9%-0.6pp$4.49B
Consumer Electronics3.0%-0.0pp$3.44B
Regulated Electric2.9%+1.6pp$3.32B
Chemicals - Specialty2.8%+0.5pp$3.22B
Drug Manufacturers - General2.8%-0.3pp$3.21B
Aerospace & Defense2.7%+0.6pp$3.14B
Country
US84.4%-2.1pp
CA4.5%+1.5pp
GB2.7%+0.9pp
IE2.3%-0.9pp
Unknown1.5%+0.3pp
TW1.4%+0.8pp
NL1.2%+0.1pp
CH0.2%+0.2pp
Top 5: 16.1% · Top 10: 25.5% · Top 25: 40.4%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$1.02B |
| HON Honeywell International Inc. | +$392M |
| ANET Arista Networks, Inc. | +$359M |
| BX Blackstone Inc. | +$329M |
| PBA Pembina Pipeline Corporation | +$305M |
| NFLX Netflix, Inc. | +$278M |
| TXN Texas Instruments Incorporated | +$252M |
| ALNY Alnylam Pharmaceuticals, Inc. | +$251M |
| APO Apollo Global Management, Inc. | +$226M |
| SPOT Spotify Technology S.A. | +$157M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc. | −$470M |
| AVGO Broadcom Inc. | −$469M |
| EQIX Equinix, Inc. | −$444M |
| MSFT Microsoft Corporation | −$403M |
| CRM Salesforce, Inc.exit | −$381M |
| ENB Enbridge Inc. | −$372M |
| NOC Northrop Grumman Corporation | −$367M |
| XOM Exxon Mobil Corporation | −$1.08B |
| ASML ASML Holding N.V. | −$308M |
| MRVL Marvell Technology, Inc. | −$275M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $114.75B | 686 | +14.46% | +17.59% | -3.14% | -6.76B |
| 2025-12-31 | $124.76B | 693 | +12.72% | +17.72% | -5.00% | -8.25B |
| 2025-09-30 | $132.62B | 707 | +14.89% | +17.52% | -2.63% | +2.40B |
| 2025-06-30 | $122.99B | 702 | +15.16% | +14.94% | +0.22% | -3.49B |
| 2025-03-31 | $114.29B | 697 | +3.84% | +8.30% | -4.47% | -3.85B |
| 2024-12-31 | $123.16B | 707 | +17.02% | +24.89% | -7.87% | -6.68B |
| 2024-09-30 | $127.01B | 705 | +29.33% | +36.04% | -6.71% | -3.48B |
| 2024-06-30 | $122.96B | 727 | +16.19% | +24.49% | -8.30% | -2.82B |
| 2024-03-31 | $126.05B | 742 | +25.53% | +29.62% | -4.09% | +0.50B |
| 2023-12-31 | $116.15B | 738 | +24.08% | +26.18% | -2.09% | -1.21B |
| 2023-09-30 | $103.87B | 683 | +18.25% | +21.57% | -3.31% | -1.70B |
| 2023-06-30 | $110.72B | 691 | +18.55% | +19.42% | -0.88% | -1.98B |
| 2023-03-31 | $104.54B | 706 | -7.28% | -7.82% | +0.54% | -3.54B |
| 2022-12-31 | $101.16B | 731 | -17.23% | -18.17% | +0.95% | -5.48B |
| 2022-09-30 | $99.04B | 729 | -14.62% | -15.51% | +0.89% | -3.40B |
| 2022-06-30 | $107.18B | 755 | -10.17% | -10.62% | +0.45% | -4.92B |