Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-18.34%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.49%
baseline attrition
Rally response
+1.04%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JPMJPMorgan Chase & Co. | $2.08B | 2.2% | +21.8% | 10.5 yr |
| USFDUS Foods Holding Corp. | $1.51B | 1.6% | +40.9% | 5.5 yr |
| ABCAmerisourceBergen Corpor | $1.41B | 1.5% | — | 7.5 yr |
| MPCMarathon Petroleum Corpo | $1.38B | 1.4% | +71.2% | 10.5 yr |
| LPLALPL Financial Holdings I | $1.24B | 1.3% | -7.7% | 7.5 yr |
| FANGDiamondback Energy, Inc. | $1.14B | 1.2% | +27.1% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.14B | 1.2% | +9.5% | 3.8 yr |
| KGCKinross Gold Corporation | $1.11B | 1.2% | +143.6% | 6.0 yr |
| MCKMcKesson Corporation | $1.00B | 1.0% | +29.1% | 10.5 yr |
| MCHPMicrochip Technology Inc | $953M | 1.0% | +37.5% | 4.8 yr |
| PMPhilip Morris Internatio | $953M | 1.0% | +7.9% | 8.3 yr |
| MUMicron Technology, Inc. | $951M | 1.0% | +289.6% | 8.5 yr |
| CRH.LCRH plc | $946M | 1.0% | — | 2.8 yr |
| AMATApplied Materials, Inc. | $934M | 1.0% | +137.6% | 6.3 yr |
| FEFirstEnergy Corp. | $893M | 0.9% | +30.4% | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors5.4%+3.0pp$5.15B
Financial - Capital Markets4.1%+0.6pp$3.95B
Banks - Diversified4.0%+0.4pp$3.85B
Oil & Gas Exploration & Production3.7%+0.6pp$3.56B
Regulated Electric3.1%-0.2pp$2.94B
Drug Manufacturers - General3.1%+0.2pp$2.94B
Hardware, Equipment & Parts2.7%+0.3pp$2.62B
Specialty Retail2.7%+0.5pp$2.53B
Medical - Distribution2.6%-0.4pp$2.45B
Medical - Diagnostics & Research2.4%+1.8pp$2.27B
Country
US86.3%+0.6pp
IE3.0%-0.9pp
CA2.8%+0.5pp
Unknown1.9%-0.3pp
GB1.7%+0.5pp
BM1.1%-0.2pp
SG0.9%+0.1pp
NL0.7%+0.4pp
Top 5: 8.0% · Top 10: 13.6% · Top 25: 27.1%
Top buys this quarter · 15
| MRVL Marvell Technology, Inc.new | +$610M |
| V Visa Inc. | +$433M |
| AZN AstraZeneca PLCnew | +$413M |
| NVDA NVIDIA Corporation | +$291M |
| SLB SLB N.V. | +$258M |
| MKC McCormick & Company, Incorporanew | +$222M |
| MUSA Murphy USA Inc. | +$220M |
| META Meta Platforms, Inc. | +$219M |
| LPLA LPL Financial Holdings Inc. | +$1.24B |
| NEU NewMarket Corporationnew | +$161M |
Top sells this quarter · 15
| UNH UnitedHealth Group Incorporate | −$439M |
| MDT Medtronic plc | −$408M |
| KEYS Keysight Technologies, Inc. | −$345M |
| AZO AutoZone, Inc. | −$340M |
| CG The Carlyle Group Inc.exit | −$268M |
| MU Micron Technology, Inc. | −$246M |
| EMR Emerson Electric Co.exit | −$240M |
| STX Seagate Technology Holdings pl | −$234M |
| LULU Lululemon Athletica Inc.exit | −$225M |
| AN AutoNation, Inc. | −$193M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $95.40B | 763 | +20.31% | +17.59% | +2.72% | -2.55B |
| 2025-12-31 | $96.58B | 753 | +17.91% | +17.72% | +0.19% | -4.20B |
| 2025-09-30 | $97.40B | 754 | +11.44% | +17.52% | -6.07% | +1.37B |
| 2025-06-30 | $90.05B | 707 | +12.25% | +14.94% | -2.70% | +1.16B |
| 2025-03-31 | $82.69B | 701 | +1.63% | +8.30% | -6.67% | +1.10B |
| 2024-12-31 | $82.09B | 705 | +12.73% | +24.89% | -12.15% | -0.57B |
| 2024-09-30 | $84.51B | 701 | +26.65% | +36.04% | -9.39% | -1.73B |
| 2024-06-30 | $80.30B | 698 | +17.26% | +24.49% | -7.24% | -1.11B |
| 2024-03-31 | $83.64B | 775 | +26.22% | +29.62% | -3.40% | +0.70B |
| 2023-12-31 | $75.23B | 688 | +15.12% | +26.18% | -11.06% | -4.01B |
| 2023-09-30 | $72.11B | 704 | +18.94% | +21.57% | -2.63% | -1.63B |
| 2023-06-30 | $74.16B | 684 | +14.21% | +19.42% | -5.22% | -1.86B |
| 2023-03-31 | $72.56B | 678 | -3.99% | -7.82% | +3.83% | -1.53B |
| 2022-12-31 | $73.68B | 675 | +13.53% | +7.56% | +5.97% | -3.71B |
| 2022-09-30 | $68.17B | 695 | -4.52% | -4.93% | +0.41% | +0.02B |
| 2022-06-30 | $71.37B | 688 | -11.92% | -16.11% | +4.19% | -1.34B |