Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.55%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.77%
baseline attrition
Rally response
-14.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $2.84B | 12.7% | +17.6% | 10.5 yr |
| IVViShares Core S&P 500 ETF | $1.75B | 7.8% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $914M | 4.1% | +9.5% | 3.5 yr |
| NVDANVIDIA Corporation | $818M | 3.7% | +60.9% | 6.3 yr |
| GOOGLAlphabet Inc. | $574M | 2.6% | — | 8.5 yr |
| AVGOBroadcom Inc. | $568M | 2.5% | +86.0% | 4.0 yr |
| MUMicron Technology, Inc. | $499M | 2.2% | +289.6% | 6.8 yr |
| MSFTMicrosoft Corporation | $402M | 1.8% | -0.6% | 8.0 yr |
| GEVGE Vernova Inc. | $380M | 1.7% | +186.8% | 2.0 yr |
| TSMTaiwan Semiconductor Man | $364M | 1.6% | +105.6% | 1.3 yr |
| LRCXLam Research Corporation | $336M | 1.5% | +196.1% | 1.5 yr |
| AMDAdvanced Micro Devices, | $263M | 1.2% | +98.0% | 4.0 yr |
| NEMNewmont Corporation | $251M | 1.1% | +127.1% | 9.5 yr |
| ORCLOracle Corporation | $234M | 1.0% | +5.9% | 8.0 yr |
| EWYiShares MSCI South Korea | $217M | 1.0% | — | 8.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management24.7%+0.9pp$5.51B
Semiconductors18.9%+13.9pp$4.23B
Specialty Retail5.0%-2.0pp$1.11B
Internet Content & Information4.1%-1.9pp$914M
Software - Infrastructure3.8%-1.6pp$843M
Gold2.6%+1.6pp$578M
Banks - Regional2.2%+2.2pp$490M
Hardware, Equipment & Parts2.1%+1.7pp$474M
Computer Hardware2.0%+1.6pp$452M
Renewable Utilities2.0%+0.2pp$439M
Country
US88.4%+3.1pp
CA2.6%+0.0pp
TW1.8%
GB1.5%-0.4pp
SG1.2%+0.5pp
NL0.8%+0.6pp
IE0.7%-0.8pp
IL0.6%
Top 5: 30.9% · Top 10: 40.7% · Top 25: 53.8%
Top buys this quarter · 15
| AMZN Amazon.com, Inc. | +$508M |
| TSM Taiwan Semiconductor Manufactu | +$344M |
| AVGO Broadcom Inc. | +$207M |
| MU Micron Technology, Inc. | +$198M |
| NVDA NVIDIA Corporation | +$144M |
| UNP Union Pacific Corporation | +$116M |
| GOOG Alphabet Inc.new | +$111M |
| MRVL Marvell Technology, Inc. | +$95M |
| PCAR PACCAR Inc | +$89M |
| NUE Nucor Corporation | +$86M |
Top sells this quarter · 15
| CRM Salesforce, Inc.exit | −$360M |
| LRCX Lam Research Corporation | −$314M |
| ADBE Adobe Inc. | −$310M |
| MA Mastercard Incorporated | −$202M |
| GEV GE Vernova Inc. | −$202M |
| V Visa Inc. | −$155M |
| JNJ Johnson & Johnson | −$151M |
| PYPL PayPal Holdings, Inc. | −$150M |
| EXPE Expedia Group, Inc. | −$144M |
| NOW ServiceNow, Inc.exit | −$140M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $22.35B | 991 | +18.61% | +17.59% | +1.02% | -4.04B |
| 2025-12-31 | $27.42B | 1039 | +20.74% | +17.72% | +3.02% | +1.42B |
| 2025-09-30 | $25.52B | 1013 | +19.55% | +17.52% | +2.03% | -1.09B |
| 2025-06-30 | $24.79B | 585 | +18.63% | +14.94% | +3.69% | +0.50B |
| 2025-03-31 | $21.55B | 664 | +4.79% | +8.30% | -3.51% | +0.18B |
| 2024-12-31 | $21.81B | 690 | +17.18% | +24.89% | -7.70% | +4.01B |
| 2024-09-30 | $17.66B | 771 | +28.01% | +36.04% | -8.03% | -2.74B |
| 2024-06-30 | $19.15B | 875 | +15.41% | +24.49% | -9.08% | -0.52B |
| 2024-03-31 | $19.76B | 675 | +20.05% | +29.62% | -9.57% | +0.21B |
| 2023-12-31 | $17.84B | 739 | +12.38% | +26.18% | -13.80% | -0.37B |
| 2023-09-30 | $16.53B | 737 | +13.29% | +21.57% | -8.28% | +0.98B |
| 2023-06-30 | $16.19B | 694 | +11.15% | +19.42% | -8.27% | -0.78B |
| 2023-03-31 | $16.38B | 708 | -0.53% | -7.82% | +7.29% | -2.40B |
| 2022-12-31 | $18.32B | 819 | -7.50% | -18.17% | +10.68% | -3.61B |
| 2022-09-30 | $19.75B | 864 | -7.49% | -15.51% | +8.02% | -2.48B |
| 2022-06-30 | $23.59B | 983 | -1.25% | -10.62% | +9.37% | +0.61B |