Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.11%
adds when stocks drop
when a holding falls −10%+
Middle response
-9.32%
baseline attrition
Rally response
-2.96%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $2.92B | 6.4% | +60.9% | 10.3 yr |
| AAPLApple Inc. | $2.37B | 5.2% | +14.7% | 10.5 yr |
| UBSUBS Group AG | $2.17B | 4.7% | +31.6% | 10.5 yr |
| MSFTMicrosoft Corporation | $1.99B | 4.3% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.22B | 2.7% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.22B | 2.7% | +9.5% | 10.5 yr |
| AVGOBroadcom Inc. | $971M | 2.1% | +86.0% | 7.8 yr |
| GOOGAlphabet Inc. | $840M | 1.8% | +84.3% | 10.5 yr |
| METAMeta Platforms, Inc. | $779M | 1.7% | -0.4% | 10.5 yr |
| TSLATesla, Inc. | $765M | 1.7% | +43.4% | 10.5 yr |
| ALCAlcon Inc. | $592M | 1.3% | -20.3% | 7.0 yr |
| LLYEli Lilly and Company | $587M | 1.3% | +12.2% | 10.5 yr |
| — | $579M | 1.3% | — | 1.0 yr |
| JPMJPMorgan Chase & Co. | $537M | 1.2% | +21.8% | 10.5 yr |
| WMTWalmart Inc. | $417M | 0.9% | +42.8% | 10.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.0%+4.0pp$5.52B
Banks - Diversified8.2%+0.1pp$3.76B
Internet Content & Information6.4%+1.0pp$2.95B
Software - Infrastructure6.3%-0.2pp$2.89B
Consumer Electronics5.3%-0.2pp$2.45B
Drug Manufacturers - General4.9%+0.7pp$2.26B
Specialty Retail3.3%-1.0pp$1.53B
Software - Application2.5%-0.8pp$1.13B
Financial - Credit Services2.2%-0.8pp$998M
Unknown2.1%+1.5pp$950M
Country
US82.6%-2.2pp
CH6.8%-1.2pp
CA2.9%+0.5pp
Unknown2.1%+1.5pp
IE1.9%+0.0pp
GB1.6%+0.7pp
FR0.4%+0.4pp
SG0.2%+0.1pp
Top 5: 23.2% · Top 10: 33.2% · Top 25: 45.6%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$393M |
| UBS UBS Group AG | +$2.17B |
| MSFT Microsoft Corporation | +$1.99B |
| NVDA NVIDIA Corporation | +$2.92B |
| AAPL Apple Inc. | +$2.37B |
| GEV GE Vernova Inc. | +$57M |
| MDT Medtronic plc | +$53M |
| INTU Intuit Inc. | +$45M |
| ADBE Adobe Inc. | +$175M |
| CB Chubb Limited | +$30M |
Top sells this quarter · 15
| BAC Bank of America Corporation | −$71M |
| JPM JPMorgan Chase & Co. | −$69M |
| TSLA Tesla, Inc. | −$58M |
| FIX Comfort Systems USA, Inc. | −$134M |
| LOGI Logitech International S.A. | −$37M |
| XYL Xylem Inc. | −$33M |
| EHC Encompass Health Corporation | −$32M |
| FOXA Fox Corporation | −$31M |
| PNR Pentair plc | −$30M |
| MPWR Monolithic Power Systems, Inc. | −$28M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $45.90B | 2484 | +18.39% | +17.59% | +0.80% | +4.84B |
| 2025-12-31 | $43.04B | 2474 | +19.07% | +17.72% | +1.35% | -1.64B |
| 2025-09-30 | $43.47B | 2483 | +16.74% | +17.52% | -0.78% | -0.80B |
| 2025-06-30 | $40.82B | 2486 | +14.19% | +14.94% | -0.76% | +2.13B |
| 2025-03-31 | $34.75B | 2544 | +4.26% | +8.30% | -4.05% | +1.11B |
| 2024-12-31 | $35.06B | 2576 | +16.11% | +24.89% | -8.78% | +1.24B |
| 2024-09-30 | $33.57B | 2579 | +29.64% | +36.04% | -6.40% | +0.99B |
| 2024-06-30 | $30.72B | 2574 | +18.85% | +24.49% | -5.64% | +1.72B |
| 2024-03-31 | $28.52B | 2642 | +25.11% | +29.62% | -4.52% | +0.64B |
| 2023-12-31 | $26.09B | 2661 | +25.49% | +26.18% | -0.69% | +0.64B |
| 2023-09-30 | $22.63B | 2720 | +20.44% | +21.57% | -1.13% | +0.63B |
| 2023-06-30 | $22.62B | 2730 | +17.65% | +19.42% | -1.78% | +0.69B |
| 2023-03-31 | $20.50B | 2782 | -6.74% | -7.82% | +1.08% | +0.50B |
| 2022-12-31 | $18.66B | 2776 | +0.46% | -18.17% | +18.63% | +0.49B |
| 2022-09-30 | $16.83B | 2820 | -5.02% | -4.93% | -0.09% | +0.66B |
| 2022-06-30 | $17.02B | 2795 | -15.16% | -16.11% | +0.95% | -0.16B |