Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.13%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.92%
steady accumulation
Rally response
-0.48%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $694M | 38.7% | +17.6% | 10.5 yr |
| ILOWAlliance Bernstein - AB | $202M | 11.3% | — | 1.0 yr |
| IVViShares Core S&P 500 ETF | $122M | 6.8% | — | 6.5 yr |
| UPSUnited Parcel Service, I | $74M | 4.1% | -4.4% | 5.5 yr |
| AAPLApple Inc. | $51M | 2.8% | +14.7% | 10.5 yr |
| LPRELong Pond Real Estate Se | $33M | 1.8% | — | 1.0 yr |
| VOOVanguard S&P 500 ETF | $30M | 1.7% | — | 7.8 yr |
| GOOGLAlphabet Inc. | $24M | 1.3% | — | 9.0 yr |
| — | $24M | 1.3% | — | 4.5 yr |
| VTIVanguard Total Stock Mar | $22M | 1.3% | — | 6.5 yr |
| — | $22M | 1.2% | — | 6.8 yr |
| MSFTMicrosoft Corporation | $22M | 1.2% | -0.6% | 10.5 yr |
| PMPhilip Morris Internatio | $21M | 1.2% | +7.9% | 7.0 yr |
| — | $20M | 1.1% | — | 7.5 yr |
| — | $19M | 1.1% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management69.4%+13.6pp$1.24B
Unknown9.6%-5.3pp$172M
Integrated Freight & Logistics4.1%-0.9pp$74M
Consumer Electronics2.8%-0.6pp$51M
Internet Content & Information2.5%+0.5pp$45M
Software - Infrastructure1.3%-0.8pp$24M
Drug Manufacturers - General1.3%-0.2pp$23M
Tobacco1.2%-0.5pp$21M
Oil & Gas Integrated0.7%+0.0pp$12M
Insurance - Diversified0.6%-0.3pp$11M
Country
US89.8%+5.4pp
Unknown9.6%-5.3pp
GB0.5%+0.0pp
CA0.0%
BR0.0%
LU0.0%-0.0pp
CH0.0%-0.1pp
ES0.0%
Top 5: 63.8% · Top 10: 71.2% · Top 25: 83.2%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$694M |
| TPG TPG Inc.new | +$2M |
| ITT ITT Inc.new | +$1M |
| WAB Westinghouse Air Brake Technolnew | +$1M |
| SGI Somnigroup International Incnew | +$1M |
| LYV Live Nation Entertainment, Incnew | +$1M |
| LH Labcorp Holdings Inc.new | +$1M |
| MKL Markel Corporationnew | +$1M |
| TSCO Tractor Supply Companynew | +$1M |
| NDAQ Nasdaq, Inc.new | +$0M |
Top sells this quarter · 15
| AAPL Apple Inc. | −$7M |
| MSFT Microsoft Corporation | −$7M |
| ITUB Itaú Unibanco Holding S.A. | −$3M |
| PM Philip Morris International In | −$2M |
| WMT Walmart Inc. | −$2M |
| GOOG Alphabet Inc. | −$1M |
| SNOW Snowflake Inc.exit | −$1M |
| AMAT Applied Materials, Inc. | −$5M |
| INTC Intel Corporation | −$1M |
| HST Host Hotels & Resorts, Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.79B | 253 | +14.43% | +17.59% | -3.16% | +0.00B |
| 2025-12-31 | $1.86B | 267 | +14.21% | +17.72% | -3.51% | +0.06B |
| 2025-09-30 | $1.73B | 270 | +11.35% | +17.52% | -6.17% | +0.03B |
| 2025-06-30 | $1.61B | 236 | +10.46% | +14.94% | -4.48% | +0.08B |
| 2025-03-31 | $1.42B | 245 | +5.58% | +8.30% | -2.72% | +0.04B |
| 2024-12-31 | $1.43B | 250 | +18.29% | +24.89% | -6.59% | +0.10B |
| 2024-09-30 | $1.31B | 242 | +28.92% | +36.04% | -7.12% | +0.03B |
| 2024-06-30 | $1.22B | 220 | +16.34% | +24.49% | -8.15% | -0.07B |
| 2024-03-31 | $1.25B | 255 | +19.14% | +29.62% | -10.48% | +0.20B |
| 2023-12-31 | $978M | 193 | +20.10% | +26.18% | -6.08% | -0.00B |
| 2023-09-30 | $889M | 195 | +15.38% | +21.57% | -6.19% | +0.03B |
| 2023-06-30 | $904M | 158 | +14.83% | +19.42% | -4.59% | -0.01B |
| 2023-03-31 | $868M | 166 | -8.68% | -7.82% | -0.87% | -0.09B |
| 2022-12-31 | $889M | 175 | -19.48% | -18.17% | -1.30% | +0.06B |
| 2022-09-30 | $781M | 176 | -15.72% | -15.51% | -0.21% | -0.03B |
| 2022-06-30 | $856M | 227 | -10.52% | -10.62% | +0.10% | -0.03B |