Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-19.89%
trims when stocks drop
when a holding falls −10%+
Middle response
-16.65%
baseline attrition
Rally response
-15.67%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $341M | 7.0% | — | 8.3 yr |
| INTCIntel Corporation | $260M | 5.3% | +94.3% | 7.8 yr |
| TSMTaiwan Semiconductor Man | $166M | 3.4% | +105.6% | 4.0 yr |
| CICigna Corporation | $160M | 3.3% | -17.2% | 7.0 yr |
| IWMiShares Russell 2000 ETF | $145M | 3.0% | — | 5.5 yr |
| MSFTMicrosoft Corporation | $103M | 2.1% | -0.6% | 6.8 yr |
| QQQInvesco QQQ Trust, Serie | $101M | 2.1% | — | 4.8 yr |
| METAMeta Platforms, Inc. | $86M | 1.8% | -0.4% | 8.8 yr |
| ZTSZoetis Inc. | $80M | 1.6% | -27.2% | 5.8 yr |
| AMZNAmazon.com, Inc. | $76M | 1.6% | +9.5% | 8.3 yr |
| BABAAlibaba Group Holding Li | $74M | 1.5% | -3.5% | 5.3 yr |
| VRTVertiv Holdings Co | $69M | 1.4% | +247.5% | 2.3 yr |
| IBITiShares Bitcoin Trust ET | $67M | 1.4% | — | 2.3 yr |
| ASMLASML Holding N.V. | $66M | 1.4% | +100.9% | 4.3 yr |
| PDDPDD Holdings Inc. | $62M | 1.3% | -13.7% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management14.4%+1.6pp$701M
Semiconductors13.9%-2.6pp$676M
Internet Content & Information9.1%+5.8pp$443M
Medical - Healthcare Plans5.1%+2.2pp$247M
Specialty Retail5.0%+1.3pp$243M
Software - Infrastructure4.5%+1.6pp$218M
Software - Application3.5%-3.3pp$168M
Drug Manufacturers - General2.6%+1.4pp$126M
Financial - Credit Services2.1%-1.3pp$101M
Financial - Capital Markets1.9%-2.8pp$91M
Country
US83.6%+4.0pp
TW3.5%+1.4pp
CA2.6%+1.1pp
CN2.5%-0.8pp
IE1.5%+0.6pp
NL1.5%+0.0pp
GB1.3%-2.3pp
IL0.6%-1.3pp
Top 5: 22.1% · Top 10: 31.2% · Top 25: 47.4%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$74M |
| META Meta Platforms, Inc. | +$50M |
| ASML ASML Holding N.V. | +$49M |
| AMZN Amazon.com, Inc. | +$45M |
| BX Blackstone Inc. | +$40M |
| WDC Western Digital Corporation | +$31M |
| VRT Vertiv Holdings Co | +$26M |
| BP BP p.l.c. | +$25M |
| HON Honeywell International Inc. | +$25M |
| DVN Devon Energy Corporation | +$23M |
Top sells this quarter · 15
| UNH UnitedHealth Group Incorporateexit | −$196M |
| ARM Arm Holdings plc American Depo | −$195M |
| TSLA Tesla, Inc. | −$140M |
| SPY State Street SPDR S&P 500 ETF exit | −$121M |
| ORCL Oracle Corporation | −$107M |
| SNDK Sandisk Corporation | −$103M |
| AXP American Express Company | −$86M |
| CSX CSX Corporation | −$80M |
| CX CEMEX, S.A.B. de C.V. | −$61M |
| SATS EchoStar Corporationexit | −$53M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.85B | 999 | +35.57% | +17.59% | +17.98% | -1.27B |
| 2025-12-31 | $6.21B | 1035 | +32.90% | +17.72% | +15.18% | -0.39B |
| 2025-09-30 | $6.25B | 1042 | +26.50% | +17.52% | +8.98% | +1.70B |
| 2025-06-30 | $4.08B | 947 | +20.58% | +14.94% | +5.64% | -0.03B |
| 2025-03-31 | $3.52B | 906 | +6.04% | +8.30% | -2.26% | -1.40B |
| 2024-12-31 | $5.08B | 1035 | +18.96% | +24.89% | -5.92% | +0.90B |
| 2024-09-30 | $4.16B | 1175 | +32.73% | +36.04% | -3.30% | -1.23B |
| 2024-06-30 | $5.07B | 1435 | +27.24% | +24.49% | +2.75% | -1.19B |
| 2024-03-31 | $6.10B | 1565 | +33.64% | +29.62% | +4.02% | -1.10B |
| 2023-12-31 | $6.65B | 1673 | +32.85% | +26.18% | +6.67% | +1.85B |
| 2023-09-30 | $4.28B | 1658 | +23.33% | +21.57% | +1.76% | +2.32B |
| 2023-06-30 | $1.92B | 1409 | +18.65% | +19.42% | -0.78% | -1.12B |
| 2023-03-31 | $2.82B | 1496 | -15.79% | -7.82% | -7.98% | -1.45B |
| 2022-12-31 | $3.96B | 1665 | -17.21% | -18.17% | +0.96% | +0.78B |
| 2022-09-30 | $3.06B | 1807 | -16.02% | -15.51% | -0.51% | -1.01B |
| 2022-06-30 | $4.14B | 1859 | -13.93% | -10.62% | -3.31% | +0.40B |