Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.64%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.86%
baseline attrition
Rally response
-2.04%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $1.55B | 7.3% | +60.9% | 9.3 yr |
| AAPLApple Inc. | $1.49B | 7.0% | +14.7% | 7.8 yr |
| TEVATeva Pharmaceutical Indu | $1.19B | 5.7% | +96.0% | 10.0 yr |
| GOOGLAlphabet Inc. | $1.00B | 4.7% | — | 10.3 yr |
| MSFTMicrosoft Corporation | $846M | 4.0% | -0.6% | 9.5 yr |
| XLIState Street Industrial | $700M | 3.3% | — | 2.8 yr |
| AVGOBroadcom Inc. | $640M | 3.0% | +86.0% | 1.5 yr |
| AMZNAmazon.com, Inc. | $585M | 2.8% | +9.5% | 9.5 yr |
| XLEState Street Energy Sele | $531M | 2.5% | — | 3.3 yr |
| NVMINova Ltd. | $506M | 2.4% | +135.6% | 10.5 yr |
| METAMeta Platforms, Inc. | $497M | 2.4% | -0.4% | 7.5 yr |
| SMHVanEck Semiconductor ETF | $459M | 2.2% | — | 3.3 yr |
| AMATApplied Materials, Inc. | $395M | 1.9% | +137.6% | 6.8 yr |
| MAMastercard Incorporated | $346M | 1.6% | -8.5% | 8.8 yr |
| XLPState Street Consumer St | $329M | 1.6% | — | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management21.2%-3.6pp$4.49B
Semiconductors19.5%+6.9pp$4.11B
Internet Content & Information7.1%-1.3pp$1.51B
Consumer Electronics7.0%+0.1pp$1.49B
Drug Manufacturers - Specialty & Generic5.8%+2.9pp$1.24B
Software - Infrastructure4.4%-2.7pp$934M
Specialty Retail3.0%-0.9pp$639M
Software - Application2.5%-0.5pp$530M
Drug Manufacturers - General2.5%-0.4pp$519M
Discount Stores2.0%+0.5pp$417M
Country
US85.0%-4.8pp
IL12.5%+4.7pp
TW1.2%+0.0pp
DE0.4%
Unknown0.3%-0.4pp
CA0.3%-0.1pp
IE0.2%
DK0.2%+0.0pp
Top 5: 28.8% · Top 10: 42.8% · Top 25: 65.1%
Top buys this quarter · 15
| AAPL Apple Inc. | +$274M |
| C Citigroup Inc. | +$183M |
| NVDA NVIDIA Corporation | +$175M |
| PGR The Progressive Corporation | +$121M |
| CCL Carnival Corporation & plc | +$118M |
| COST Costco Wholesale Corporationnew | +$110M |
| CI Cigna Corporationnew | +$105M |
| ABNB Airbnb, Inc.new | +$100M |
| EQT EQT Corporation | +$95M |
| TTWO Take-Two Interactive Software,new | +$89M |
Top sells this quarter · 15
| AMAT Applied Materials, Inc. | −$229M |
| MSFT Microsoft Corporation | −$211M |
| ALL The Allstate Corporationexit | −$154M |
| ABT Abbott Laboratories | −$112M |
| AMZN Amazon.com, Inc. | −$110M |
| RRC Range Resources Corporationexit | −$101M |
| NFLX Netflix, Inc. | −$100M |
| JPM JPMorgan Chase & Co. | −$98M |
| JNJ Johnson & Johnson | −$90M |
| LRCX Lam Research Corporation | −$81M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $21.12B | 155 | +28.70% | +17.59% | +11.11% | +0.78B |
| 2025-12-31 | $21.28B | 139 | +24.14% | +17.72% | +6.42% | +0.34B |
| 2025-09-30 | $19.70B | 132 | +18.96% | +17.52% | +1.44% | +0.53B |
| 2025-06-30 | $17.39B | 129 | +12.71% | +14.94% | -2.24% | -0.27B |
| 2025-03-31 | $15.37B | 123 | +3.03% | +8.30% | -5.28% | +0.65B |
| 2024-12-31 | $15.95B | 97 | +22.87% | +24.89% | -2.02% | -0.20B |
| 2024-09-30 | $15.87B | 93 | +34.61% | +36.04% | -1.43% | +0.50B |
| 2024-06-30 | $14.72B | 94 | +24.08% | +24.49% | -0.41% | +0.72B |
| 2024-03-31 | $13.32B | 86 | +29.00% | +29.62% | -0.63% | +0.26B |
| 2023-12-31 | $11.88B | 95 | +31.55% | +26.18% | +5.37% | -0.41B |
| 2023-09-30 | $11.02B | 93 | +28.08% | +21.57% | +6.51% | +0.60B |
| 2023-06-30 | $10.82B | 93 | +24.61% | +19.42% | +5.18% | +0.25B |
| 2023-03-31 | $9.68B | 91 | -7.80% | -7.82% | +0.02% | +3.02B |
| 2022-12-31 | $5.94B | 60 | +8.62% | +7.56% | +1.06% | +0.18B |
| 2022-09-30 | $5.30B | 58 | -6.36% | -4.93% | -1.43% | +0.16B |
| 2022-06-30 | $5.49B | 58 | -19.19% | -16.11% | -3.08% | -0.10B |