Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.60%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.60%
steady accumulation
Rally response
+1.44%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VTIVanguard Total Stock Mar | $1.78B | 24.8% | — | 10.3 yr |
| IEFAiShares Core MSCI EAFE E | $603M | 8.4% | — | 10.5 yr |
| ITOTiShares Core S&P Total U | $454M | 6.3% | — | 10.5 yr |
| VEAVanguard FTSE Developed | $322M | 4.5% | — | 10.5 yr |
| IEMGiShares Core MSCI Emergi | $298M | 4.1% | — | 10.5 yr |
| IVViShares Core S&P 500 ETF | $241M | 3.4% | — | 10.5 yr |
| IGFiShares Global Infrastru | $162M | 2.3% | — | 4.8 yr |
| VWOVanguard FTSE Emerging M | $153M | 2.1% | — | 10.5 yr |
| SPYState Street SPDR S&P 50 | $148M | 2.1% | +17.6% | 10.5 yr |
| VNQVanguard Real Estate ETF | $138M | 1.9% | — | 10.3 yr |
| VVVanguard Large-Cap ETF | $114M | 1.6% | — | 10.5 yr |
| AAPLApple Inc. | $99M | 1.4% | +14.7% | 10.5 yr |
| NVDANVIDIA Corporation | $87M | 1.2% | +60.9% | 9.8 yr |
| SCHBSchwab U.S. Broad Market | $82M | 1.1% | — | 6.3 yr |
| IJHiShares Core S&P Mid-Cap | $79M | 1.1% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management75.9%-2.5pp$5.45B
Semiconductors3.0%+1.1pp$215M
Banks - Diversified1.8%+1.0pp$129M
Internet Content & Information1.7%+0.4pp$121M
Consumer Electronics1.4%-0.0pp$102M
Software - Infrastructure1.4%-0.2pp$98M
Banks - Regional1.3%+1.0pp$92M
Asset Management - Global1.1%-0.0pp$78M
Drug Manufacturers - General1.0%-0.0pp$72M
Specialty Retail0.8%-0.0pp$57M
Country
US96.6%-1.4pp
BR1.0%+1.0pp
GB0.3%+0.1pp
TW0.3%+0.1pp
IE0.2%-0.0pp
CA0.2%+0.1pp
NL0.2%+0.1pp
KR0.2%+0.1pp
Top 5: 48.1% · Top 10: 59.8% · Top 25: 74.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $51M | +0.03B | 60.9% |
| SPY | $126M | +0.02B | 17.6% |
| GOOG | $17M | +0.01B | 84.3% |
| AAPL | $82M | +0.01B | 14.7% |
| AMZN | $33M | +0.00B | 9.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $70M | -0.00B | -0.6% |
Top buys this quarter · 15
| FMBH First Mid Bancshares, Inc. | +$68M |
| NU Nu Holdings Ltd. | +$67M |
| MSFT Microsoft Corporation | +$76M |
| AZN AstraZeneca PLCnew | +$4M |
| GOOG Alphabet Inc. | +$4M |
| AMZN Amazon.com, Inc. | +$43M |
| NVDA NVIDIA Corporation | +$87M |
| AAPL Apple Inc. | +$99M |
| HUBS HubSpot, Inc. | +$3M |
| ASML ASML Holding N.V. | +$2M |
Top sells this quarter · 15
| CRCL Circle Internet Group | −$16M |
| MU Micron Technology, Inc. | −$11M |
| DOW Dow Inc. | −$2M |
| RBLX Roblox Corporation | −$1M |
| JJSF J&J Snack Foods Corp.exit | −$1M |
| AWK American Water Works Company, | −$1M |
| MA Mastercard Incorporated | −$1M |
| MOD Modine Manufacturing Company | −$1M |
| META Meta Platforms, Inc. | −$1M |
| V Visa Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.18B | 1014 | +19.59% | +17.59% | +2.00% | +0.31B |
| 2025-12-31 | $7.12B | 1009 | +19.47% | +17.72% | +1.75% | -0.24B |
| 2025-09-30 | $7.20B | 1016 | +18.52% | +17.52% | +1.00% | -0.02B |
| 2025-06-30 | $6.64B | 986 | +14.96% | +14.94% | +0.02% | +0.21B |
| 2025-03-31 | $5.77B | 910 | +6.26% | +8.30% | -2.04% | +0.14B |
| 2024-12-31 | $5.84B | 889 | +18.86% | +24.89% | -6.02% | -0.09B |
| 2024-09-30 | $5.85B | 845 | +31.36% | +36.04% | -4.68% | +0.15B |
| 2024-06-30 | $5.40B | 752 | +20.47% | +24.49% | -4.03% | -0.02B |
| 2024-03-31 | $5.27B | 739 | +26.11% | +29.62% | -3.51% | -0.02B |
| 2023-12-31 | $4.90B | 682 | +30.51% | +26.18% | +4.33% | +0.14B |
| 2023-09-30 | $4.25B | 603 | +23.42% | +21.57% | +1.86% | +0.04B |
| 2023-06-30 | $4.36B | 601 | +19.53% | +19.42% | +0.11% | +0.07B |
| 2023-03-31 | $3.97B | 567 | -4.65% | -7.82% | +3.17% | +0.22B |
| 2022-12-31 | $3.36B | 512 | -18.56% | -18.17% | -0.38% | +0.30B |
| 2022-09-30 | $2.89B | 480 | -14.63% | -15.51% | +0.88% | +0.24B |
| 2022-06-30 | $2.83B | 436 | -8.33% | -10.62% | +2.29% | +0.08B |