Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.07%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.30%
baseline attrition
Rally response
-9.20%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $2.20B | 13.3% | — | 10.0 yr |
| ESLTElbit Systems Ltd. | $1.35B | 8.2% | +122.6% | 10.3 yr |
| SPYState Street SPDR S&P 50 | $1.30B | 7.9% | +17.6% | 10.3 yr |
| TEVATeva Pharmaceutical Indu | $1.15B | 6.9% | +96.0% | 10.3 yr |
| — | $774M | 4.7% | — | 3.3 yr |
| TSEMTower Semiconductor Ltd. | $685M | 4.1% | +392.1% | 8.8 yr |
| MAGSRoundhill Investments - | $542M | 3.3% | — | 0.8 yr |
| NVMINova Ltd. | $522M | 3.2% | +135.6% | 10.5 yr |
| QQQMInvesco NASDAQ 100 ETF | $357M | 2.2% | — | 3.3 yr |
| KENKenon Holdings Ltd. | $330M | 2.0% | +198.6% | 5.3 yr |
| RSPInvesco S&P 500 Equal We | $319M | 1.9% | — | 1.3 yr |
| CAMTCamtek Ltd. | $280M | 1.7% | +158.6% | 4.5 yr |
| EEMiShares MSCI Emerging Ma | $252M | 1.5% | — | 3.0 yr |
| VHTVanguard Health Care ETF | $238M | 1.4% | — | 0.5 yr |
| SMHVanEck Semiconductor ETF | $219M | 1.3% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management43.6%-6.1pp$7.21B
Semiconductors14.3%+3.4pp$2.37B
Aerospace & Defense8.3%+2.9pp$1.37B
Drug Manufacturers - Specialty & Generic6.9%+1.0pp$1.15B
Unknown4.9%+2.7pp$804M
Internet Content & Information2.2%-0.2pp$363M
Software - Infrastructure2.1%-1.4pp$342M
Independent Power Producers2.0%+1.0pp$330M
Agricultural Inputs1.7%-0.8pp$278M
Software - Application1.6%-1.7pp$263M
Country
US61.6%-7.6pp
IL28.2%+3.8pp
Unknown4.9%+2.7pp
SG2.0%+1.0pp
IE1.1%+0.5pp
CA1.0%-0.4pp
TW0.9%+0.1pp
CN0.3%-0.1pp
Top 5: 41.0% · Top 10: 55.8% · Top 25: 74.3%
Top buys this quarter · 15
| KLAC KLA Corporation | +$103M |
| WDC Western Digital Corporation | +$85M |
| COHR Coherent, Inc.new | +$66M |
| ETN Eaton Corporation plc | +$64M |
| ESLT Elbit Systems Ltd. | +$59M |
| KEN Kenon Holdings Ltd. | +$49M |
| JNJ Johnson & Johnson | +$37M |
| PANW Palo Alto Networks, Inc. | +$32M |
| TEVA Teva Pharmaceutical Industries | +$1.15B |
| TSLA Tesla, Inc. | +$29M |
Top sells this quarter · 15
| TSEM Tower Semiconductor Ltd. | −$565M |
| SNDK Sandisk Corporation | −$142M |
| ZIM ZIM Integrated Shipping Servic | −$93M |
| MU Micron Technology, Inc. | −$50M |
| LRCX Lam Research Corporation | −$43M |
| PINS Pinterest, Inc.exit | −$21M |
| MRVL Marvell Technology, Inc. | −$21M |
| GILT Gilat Satellite Networks Ltd. | −$17M |
| NTR Nutrien Ltd. | −$148M |
| AMAT Applied Materials, Inc. | −$68M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $16.53B | 202 | +71.98% | +17.59% | +54.39% | -0.83B |
| 2025-12-31 | $15.50B | 209 | +42.65% | +17.72% | +24.93% | +0.51B |
| 2025-09-30 | $13.12B | 209 | +32.72% | +17.52% | +15.21% | +1.52B |
| 2025-06-30 | $10.16B | 198 | +22.77% | +14.94% | +7.82% | -1.22B |
| 2025-03-31 | $9.67B | 192 | +5.59% | +8.30% | -2.71% | -0.64B |
| 2024-12-31 | $11.10B | 183 | +26.65% | +24.89% | +1.76% | -0.92B |
| 2024-09-30 | $11.30B | 116 | +29.62% | +36.04% | -6.42% | +1.21B |
| 2024-06-30 | $9.57B | 118 | +17.54% | +24.49% | -6.95% | +0.58B |
| 2024-03-31 | $8.87B | 127 | +25.47% | +29.62% | -4.15% | +0.35B |
| 2023-12-31 | $7.64B | 115 | +15.89% | +26.18% | -10.29% | -0.17B |
| 2023-09-30 | $7.17B | 119 | -0.44% | +21.57% | -22.00% | -0.83B |
| 2023-06-30 | $8.37B | 137 | -21.51% | +19.42% | -40.94% | +1.15B |
| 2023-03-31 | $6.68B | 132 | -45.67% | -7.82% | -37.85% | -0.18B |
| 2022-12-31 | $6.66B | 143 | -49.65% | -18.17% | -31.47% | -0.14B |
| 2022-09-30 | $7.28B | 147 | -40.20% | -15.51% | -24.69% | +1.62B |
| 2022-06-30 | $7.50B | 151 | -20.25% | -10.62% | -9.63% | +0.42B |