Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.89%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.86%
baseline attrition
Rally response
-4.48%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVSNovartis AG | $311M | 3.2% | +39.7% | 10.5 yr |
| CSCOCisco Systems, Inc. | $283M | 2.9% | +28.1% | 10.5 yr |
| JNJJohnson & Johnson | $273M | 2.8% | +51.5% | 10.5 yr |
| XOMExxon Mobil Corporation | $254M | 2.6% | +47.6% | 10.5 yr |
| BACBank of America Corporat | $252M | 2.6% | +19.4% | 7.0 yr |
| DUKDuke Energy Corporation | $252M | 2.6% | +11.2% | 8.3 yr |
| CCitigroup Inc. | $252M | 2.6% | +63.9% | 10.5 yr |
| MRKMerck & Co., Inc. | $249M | 2.6% | +38.9% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $238M | 2.4% | +21.8% | 10.5 yr |
| MSMorgan Stanley | $236M | 2.4% | +44.8% | 10.5 yr |
| COPConocoPhillips | $236M | 2.4% | +30.0% | 10.5 yr |
| GDGeneral Dynamics Corpora | $231M | 2.4% | +27.8% | 6.3 yr |
| MDTMedtronic plc | $228M | 2.3% | -1.3% | 10.3 yr |
| NEENextEra Energy, Inc. | $225M | 2.3% | +34.9% | 10.5 yr |
| RTXRTX Corporation | $222M | 2.3% | +48.1% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Drug Manufacturers - General10.3%+0.5pp$1.01B
Banks - Diversified7.6%-0.4pp$741M
Telecommunications Services6.5%-0.3pp$630M
Regulated Electric6.2%+0.3pp$605M
Oil & Gas Integrated5.9%-0.5pp$580M
Aerospace & Defense4.7%-0.7pp$455M
Semiconductors4.5%+1.2pp$441M
Tobacco4.4%-0.5pp$432M
Insurance - Property & Casualty3.7%-0.4pp$364M
Banks - Regional3.5%+0.3pp$341M
Country
US74.3%-4.2pp
CH5.4%+0.3pp
IE4.7%-0.8pp
GB3.5%-1.4pp
CA3.5%+1.4pp
Unknown2.1%+1.6pp
TW1.6%+0.8pp
JP1.0%+0.7pp
Top 5: 14.1% · Top 10: 26.7% · Top 25: 58.1%
Top buys this quarter · 15
| QSR Restaurant Brands Internationanew | +$82M |
| UPS United Parcel Service, Inc. | +$53M |
| HON Honeywell International Inc. | +$44M |
| UNH UnitedHealth Group Incorporate | +$38M |
| TOTB.DE TotalEnergies SE | +$36M |
| IX ORIX Corporationnew | +$32M |
| VICI VICI Properties Inc. | +$30M |
| DOC Healthpeak Properties, Inc. | +$29M |
| CPA Copa Holdings, S.A. | +$28M |
| TGT Target Corporation | +$25M |
Top sells this quarter · 15
| PCAR PACCAR Incexit | −$61M |
| ASX ASE Technology Holding Co., Lt | −$35M |
| XOM Exxon Mobil Corporation | −$204M |
| MRK Merck & Co., Inc. | −$241M |
| VZ Verizon Communications Inc. | −$23M |
| COP ConocoPhillips | −$179M |
| SHEL Shell plc | −$17M |
| PNC The PNC Financial Services Gro | −$16M |
| TSM Taiwan Semiconductor Manufactu | −$16M |
| IBN ICICI Bank Limited | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.75B | 213 | +20.76% | +17.59% | +3.17% | +0.08B |
| 2025-12-31 | $9.16B | 225 | +19.78% | +17.72% | +2.06% | -0.36B |
| 2025-09-30 | $9.14B | 217 | +10.97% | +17.52% | -6.55% | -0.17B |
| 2025-06-30 | $8.78B | 198 | +14.78% | +14.94% | -0.16% | -0.18B |
| 2025-03-31 | $8.65B | 204 | +9.58% | +8.30% | +1.27% | -0.34B |
| 2024-12-31 | $8.58B | 206 | +12.19% | +24.89% | -12.70% | -0.27B |
| 2024-09-30 | $9.18B | 204 | +25.76% | +36.04% | -10.28% | -0.35B |
| 2024-06-30 | $8.68B | 208 | +8.70% | +24.49% | -15.79% | -0.20B |
| 2024-03-31 | $8.98B | 197 | +11.27% | +29.62% | -18.36% | +1.75B |
| 2023-12-31 | $6.74B | 212 | +4.14% | +26.18% | -22.04% | -2.52B |
| 2023-09-30 | $8.57B | 205 | +10.41% | +21.57% | -11.16% | -2.03B |
| 2023-06-30 | $11.18B | 291 | +8.73% | +19.42% | -10.70% | +0.13B |
| 2023-03-31 | $10.92B | 272 | -2.01% | -7.82% | +5.81% | +3.10B |
| 2022-12-31 | $7.79B | 200 | +14.63% | +7.56% | +7.07% | -2.89B |
| 2022-09-30 | $9.31B | 277 | -6.64% | -4.93% | -1.71% | +0.04B |
| 2022-06-30 | $9.94B | 278 | -8.81% | -16.11% | +7.30% | +0.04B |