Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.59%
adds when stocks drop
when a holding falls −10%+
Middle response
+5.73%
steady accumulation
Rally response
-10.66%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $2.29B | 5.9% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.98B | 5.1% | — | 10.5 yr |
| JNJJohnson & Johnson | $1.78B | 4.6% | +51.5% | 10.5 yr |
| AAPLApple Inc. | $1.76B | 4.5% | +14.7% | 10.5 yr |
| METAMeta Platforms, Inc. | $1.76B | 4.5% | -0.4% | 8.3 yr |
| LRCXLam Research Corporation | $1.48B | 3.8% | +196.1% | 1.5 yr |
| AMZNAmazon.com, Inc. | $1.30B | 3.3% | +9.5% | 8.8 yr |
| TMOThermo Fisher Scientific | $1.23B | 3.1% | -0.9% | 3.8 yr |
| AVGOBroadcom Inc. | $1.04B | 2.7% | +86.0% | 5.3 yr |
| USBU.S. Bancorp | $994M | 2.5% | +27.1% | 9.3 yr |
| TXNTexas Instruments Incorp | $983M | 2.5% | +11.4% | 10.0 yr |
| VVisa Inc. | $918M | 2.3% | -13.1% | 8.8 yr |
| ABTAbbott Laboratories | $915M | 2.3% | -21.1% | 10.5 yr |
| UNHUnitedHealth Group Incor | $855M | 2.2% | -46.9% | 10.5 yr |
| MRKMerck & Co., Inc. | $844M | 2.2% | +38.9% | 10.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.4%+4.4pp$4.84B
Internet Content & Information9.8%+2.0pp$3.81B
Drug Manufacturers - General9.4%+1.9pp$3.66B
Software - Infrastructure6.8%-1.7pp$2.66B
Medical - Healthcare Plans5.5%-3.1pp$2.17B
Consumer Electronics4.6%-0.2pp$1.79B
Software - Application4.1%+0.4pp$1.61B
Medical - Diagnostics & Research4.1%+0.7pp$1.60B
Medical - Devices4.0%-1.3pp$1.56B
Financial - Credit Services4.0%-0.1pp$1.55B
Country
US90.1%-0.8pp
IE2.1%-0.5pp
CA1.9%+0.4pp
GB1.7%+0.3pp
NL0.8%+0.5pp
IL0.4%+0.0pp
FR0.4%+0.4pp
DE0.3%-0.1pp
Top 5: 24.5% · Top 10: 39.9% · Top 25: 68.7%
Top buys this quarter · 15
| MA Mastercard Incorporated | +$473M |
| NFLX Netflix, Inc. | +$386M |
| SNPS Synopsys, Inc. | +$358M |
| MSFT Microsoft Corporation | +$2.29B |
| CI Cigna Corporation | +$171M |
| UNH UnitedHealth Group Incorporate | +$855M |
| V Visa Inc. | +$918M |
| UBER Uber Technologies, Inc. | +$111M |
| META Meta Platforms, Inc. | +$1.76B |
| AVGO Broadcom Inc. | +$1.04B |
Top sells this quarter · 15
| LRCX Lam Research Corporation | −$521M |
| WFC Wells Fargo & Company | −$420M |
| PR Permian Resources Corporation | −$283M |
| NVDA NVIDIA Corporation | −$92M |
| KLAC KLA Corporation | −$618M |
| DAR Darling Ingredients Inc. | −$134M |
| KOS Kosmos Energy Ltd. | −$32M |
| BTI British American Tobacco p.l.c | −$44M |
| KO The Coca-Cola Company | −$616M |
| HLT Hilton Worldwide Holdings Inc. | −$672M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $39.06B | 627 | +17.87% | +17.59% | +0.28% | +1.00B |
| 2025-12-31 | $39.10B | 652 | +18.18% | +17.72% | +0.46% | +2.02B |
| 2025-09-30 | $35.38B | 596 | +10.27% | +17.52% | -7.25% | +0.11B |
| 2025-06-30 | $33.01B | 603 | +10.53% | +14.94% | -4.42% | -1.25B |
| 2025-03-31 | $31.69B | 614 | +2.69% | +8.30% | -5.62% | +1.71B |
| 2024-12-31 | $30.72B | 569 | +13.38% | +24.89% | -11.51% | -0.45B |
| 2024-09-30 | $31.86B | 558 | +27.76% | +36.04% | -8.27% | +0.20B |
| 2024-06-30 | $29.57B | 524 | +14.62% | +24.49% | -9.87% | +1.97B |
| 2024-03-31 | $27.48B | 512 | +23.69% | +29.62% | -5.93% | +3.08B |
| 2023-12-31 | $22.64B | 484 | +21.66% | +26.18% | -4.51% | -0.68B |
| 2023-09-30 | $21.16B | 571 | +20.48% | +21.57% | -1.08% | +0.42B |
| 2023-06-30 | $21.59B | 673 | +19.63% | +19.42% | +0.21% | +0.29B |
| 2023-03-31 | $19.65B | 691 | -4.84% | -7.82% | +2.98% | -0.24B |
| 2022-12-31 | $18.76B | 704 | +9.14% | +7.56% | +1.58% | -0.10B |
| 2022-09-30 | $17.28B | 705 | -4.60% | -4.93% | +0.33% | -0.29B |
| 2022-06-30 | $18.42B | 730 | -13.79% | -16.11% | +2.32% | +0.58B |