Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.53%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.98%
baseline attrition
Rally response
+0.69%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HYGiShares iBoxx $ High Yie | $1.51B | 9.3% | — | 9.8 yr |
| SPLGSPDR Portfolio S&P 500 E | $592M | 3.7% | — | 6.3 yr |
| NVDANVIDIA Corporation | $414M | 2.6% | +60.9% | 8.0 yr |
| GOOGLAlphabet Inc. | $414M | 2.6% | — | 8.5 yr |
| AAPLApple Inc. | $391M | 2.4% | +14.7% | 10.5 yr |
| IVViShares Core S&P 500 ETF | $365M | 2.3% | — | 8.8 yr |
| JNKState Street SPDR Bloomb | $357M | 2.2% | — | 6.5 yr |
| MSFTMicrosoft Corporation | $342M | 2.1% | -0.6% | 10.5 yr |
| IXUSiShares Core MSCI Total | $258M | 1.6% | — | 6.5 yr |
| JPMJPMorgan Chase & Co. | $249M | 1.5% | +21.8% | 10.5 yr |
| JNJJohnson & Johnson | $229M | 1.4% | +51.5% | 10.5 yr |
| IJRiShares Core S&P Small-C | $226M | 1.4% | — | 10.3 yr |
| AVGOBroadcom Inc. | $202M | 1.2% | +86.0% | 8.0 yr |
| NVTnVent Electric plc | $178M | 1.1% | +127.9% | 5.5 yr |
| METAMeta Platforms, Inc. | $175M | 1.1% | -0.4% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management14.0%-1.7pp$2.26B
Asset Management - Bonds12.6%-6.2pp$2.04B
Semiconductors6.8%+3.1pp$1.10B
Banks - Diversified5.4%+1.2pp$883M
Drug Manufacturers - General4.3%+0.7pp$698M
Internet Content & Information3.9%+1.7pp$629M
Software - Infrastructure2.9%+1.0pp$474M
Consumer Electronics2.6%+0.6pp$429M
Regulated Electric2.3%+0.3pp$372M
Oil & Gas Integrated2.1%+0.2pp$345M
Country
US85.8%-0.1pp
GB3.4%+0.2pp
CH1.7%-0.6pp
CA1.7%+0.3pp
JP1.2%+0.2pp
BM1.2%+0.4pp
TW1.0%+0.4pp
ES0.9%+0.4pp
Top 5: 20.5% · Top 10: 30.2% · Top 25: 45.7%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$118M |
| AMAT Applied Materials, Inc. | +$79M |
| MRK Merck & Co., Inc. | +$75M |
| CAT Caterpillar Inc. | +$75M |
| HAL Halliburton Company | +$74M |
| FCX Freeport-McMoRan Inc. | +$67M |
| NEE NextEra Energy, Inc. | +$59M |
| MSFT Microsoft Corporation | +$342M |
| SHEL Shell plc | +$53M |
| PEP PepsiCo, Inc. | +$52M |
Top sells this quarter · 15
| GLW Corning Incorporated | −$91M |
| ACN Accenture plc | −$85M |
| LDOS Leidos Holdings, Inc.exit | −$68M |
| ADI Analog Devices, Inc. | −$60M |
| GE GE Aerospace | −$59M |
| VZ Verizon Communications Inc. | −$57M |
| NFG National Fuel Gas Company | −$57M |
| ALLE Allegion plcexit | −$55M |
| PGR The Progressive Corporation | −$53M |
| ETN Eaton Corporation plc | −$49M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $16.21B | 515 | +23.55% | +17.59% | +5.96% | -0.07B |
| 2025-12-31 | $16.28B | 495 | +21.96% | +17.72% | +4.25% | -0.20B |
| 2025-09-30 | $15.97B | 443 | +18.65% | +17.52% | +1.13% | +0.18B |
| 2025-06-30 | $14.42B | 415 | +16.59% | +14.94% | +1.65% | -0.84B |
| 2025-03-31 | $13.95B | 425 | +7.12% | +8.30% | -1.18% | -0.17B |
| 2024-12-31 | $14.30B | 413 | +20.51% | +24.89% | -4.38% | -0.36B |
| 2024-09-30 | $14.61B | 397 | +31.99% | +36.04% | -4.05% | -0.03B |
| 2024-06-30 | $13.60B | 384 | +19.77% | +24.49% | -4.72% | +0.14B |
| 2024-03-31 | $13.40B | 387 | +26.65% | +29.62% | -2.97% | -0.16B |
| 2023-12-31 | $12.21B | 367 | +18.73% | +26.18% | -7.45% | +1.23B |
| 2023-09-30 | $9.99B | 329 | +21.98% | +21.57% | +0.41% | -0.94B |
| 2023-06-30 | $11.19B | 331 | +19.90% | +19.42% | +0.47% | +1.70B |
| 2023-03-31 | $8.94B | 322 | -0.95% | -7.82% | +6.86% | -2.37B |
| 2022-12-31 | $10.86B | 344 | -9.24% | -18.17% | +8.94% | +2.24B |
| 2022-09-30 | $7.63B | 335 | -10.78% | -15.51% | +4.73% | +0.31B |
| 2022-06-30 | $7.62B | 321 | -6.51% | -10.62% | +4.11% | -0.22B |