Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.83%
baseline attrition
Rally response
-5.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| QQQInvesco QQQ Trust, Serie | $9M | 9.1% | — | 1.5 yr |
| SPYState Street SPDR S&P 50 | $9M | 9.0% | +17.6% | 1.5 yr |
| AAPLApple Inc. | $7M | 7.3% | +14.7% | 1.5 yr |
| AZOAutoZone, Inc. | $6M | 6.1% | -11.4% | 1.5 yr |
| TLTiShares 20+ Year Treasur | $6M | 6.0% | — | 1.0 yr |
| TBILUS Treasury 3 Month Bill | $5M | 5.0% | — | 1.5 yr |
| JPMJPMorgan Chase & Co. | $5M | 4.7% | +21.8% | 1.5 yr |
| AMZNAmazon.com, Inc. | $4M | 3.8% | +9.5% | 1.5 yr |
| BRK-BBerkshire Hathaway Inc. | $3M | 2.8% | — | 1.5 yr |
| ANAutoNation, Inc. | $3M | 2.8% | +20.6% | 1.5 yr |
| WSMWilliams-Sonoma, Inc. | $2M | 2.4% | +17.1% | 1.5 yr |
| HDThe Home Depot, Inc. | $2M | 1.9% | -8.0% | 1.5 yr |
| TSLATesla, Inc. | $2M | 1.7% | +43.4% | 1.5 yr |
| COSTCostco Wholesale Corpora | $1M | 1.3% | +5.9% | 1.5 yr |
| SLSSELLAS Life Sciences Gro | $1M | 1.3% | +291.7% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management27.6%+1.4pp$28M
Specialty Retail12.6%-2.5pp$13M
Consumer Electronics7.3%-0.4pp$7M
Asset Management - Bonds7.0%+2.8pp$7M
Banks - Diversified5.1%+0.4pp$5M
Insurance - Diversified2.8%-1.2pp$3M
Auto - Dealerships2.8%+0.1pp$3M
Drug Manufacturers - General2.0%+0.1pp$2M
Software - Infrastructure2.0%+0.5pp$2M
Discount Stores2.0%-0.0pp$2M
Country
US97.9%-0.9pp
IL0.7%+0.7pp
CA0.5%+0.1pp
GB0.4%+0.0pp
Unknown0.2%-0.0pp
CN0.1%-0.0pp
TW0.1%+0.0pp
IE0.0%-0.0pp
Top 5: 37.5% · Top 10: 56.6% · Top 25: 75.4%
Top buys this quarter · 15
| SLS SELLAS Life Sciences Group, Innew | +$1M |
| ZIM ZIM Integrated Shipping Servicnew | +$1M |
| PSA Public Storagenew | +$1M |
| PANW Palo Alto Networks, Inc.new | +$0M |
| BTI British American Tobacco p.l.c | +$0M |
| NTR Nutrien Ltd. | +$0M |
| SPY State Street SPDR S&P 500 ETF | +$9M |
| MSFT Microsoft Corporation | +$1M |
| AVGO Broadcom Inc. | +$0M |
| TSLA Tesla, Inc. | +$2M |
Top sells this quarter · 15
| UNH UnitedHealth Group Incorporate | −$5M |
| AAPL Apple Inc. | −$0M |
| AZO AutoZone, Inc. | −$0M |
| SHAK Shake Shack Inc. | −$0M |
| AMZN Amazon.com, Inc. | −$0M |
| WMT Walmart Inc. | −$0M |
| WMB The Williams Companies, Inc. | −$0M |
| IRM Iron Mountain Incorporated | −$0M |
| WM Waste Management, Inc. | −$0M |
| STWD Starwood Property Trust, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $102M | 425 | +8.56% | +17.59% | -9.04% | +0.01B |
| 2025-12-31 | $98M | 409 | +10.53% | +17.72% | -7.19% | -0.02B |
| 2025-09-30 | $117M | 429 | +8.25% | +8.12% | +0.13% | +0.00B |
| 2025-06-30 | $106M | 433 | +6.34% | +10.78% | -4.44% | +0.01B |
| 2025-03-31 | $92M | 435 | -1.92% | -4.27% | +2.34% | +0.00B |
| 2024-12-31 | $93M | 231 | — | — | — | — |