Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.62%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.88%
baseline attrition
Rally response
-0.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $26.82B | 4.9% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $23.38B | 4.3% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $19.12B | 3.5% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $13.94B | 2.6% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $11.54B | 2.1% | — | 10.5 yr |
| AVGOBroadcom Inc. | $8.89B | 1.6% | +86.0% | 8.0 yr |
| IVViShares Core S&P 500 ETF | $8.73B | 1.6% | — | 10.5 yr |
| GOOGAlphabet Inc. | $8.25B | 1.5% | +84.3% | 10.5 yr |
| METAMeta Platforms, Inc. | $8.10B | 1.5% | -0.4% | 10.5 yr |
| XOMExxon Mobil Corporation | $7.51B | 1.4% | +47.6% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $6.21B | 1.1% | +21.8% | 10.5 yr |
| TSLATesla, Inc. | $5.51B | 1.0% | +43.4% | 10.5 yr |
| JNJJohnson & Johnson | $5.33B | 1.0% | +51.5% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $5.18B | 1.0% | — | 10.5 yr |
| LLYEli Lilly and Company | $4.47B | 0.8% | +12.2% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors11.0%+3.5pp$59.75B
Asset Management9.6%+1.5pp$52.00B
Internet Content & Information5.3%+0.8pp$28.91B
Software - Infrastructure5.2%-1.0pp$28.38B
Consumer Electronics4.3%-0.4pp$23.52B
Drug Manufacturers - General4.3%+0.3pp$23.35B
Specialty Retail3.3%-0.1pp$17.90B
Banks - Diversified2.6%-0.1pp$14.26B
Oil & Gas Integrated2.2%+0.5pp$12.09B
Financial - Credit Services2.0%-0.6pp$10.70B
Country
US93.8%-0.2pp
IE1.5%-0.3pp
GB1.2%+0.2pp
CA0.7%-0.1pp
Unknown0.6%+0.2pp
TW0.6%-0.0pp
CH0.5%+0.1pp
FR0.2%+0.2pp
Top 5: 17.5% · Top 10: 25.1% · Top 25: 36.4%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$1.32B |
| TXN Texas Instruments Incorporated | +$802M |
| FITB Fifth Third Bancorp | +$702M |
| CL Colgate-Palmolive Company | +$676M |
| CB Chubb Limited | +$475M |
| SLB SLB N.V. | +$458M |
| LNG Cheniere Energy, Inc. | +$405M |
| VZ Verizon Communications Inc. | +$325M |
| SCHW The Charles Schwab Corporation | +$283M |
| UNH UnitedHealth Group Incorporate | +$2.73B |
Top sells this quarter · 15
| AAPL Apple Inc. | −$1.45B |
| MSFT Microsoft Corporation | −$1.03B |
| BAC Bank of America Corporation | −$812M |
| TSM Taiwan Semiconductor Manufactu | −$809M |
| NVDA NVIDIA Corporation | −$719M |
| JPM JPMorgan Chase & Co. | −$680M |
| ADP Automatic Data Processing, Inc | −$642M |
| JNJ Johnson & Johnson | −$5.05B |
| META Meta Platforms, Inc. | −$413M |
| AVGO Broadcom Inc. | −$398M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $543.21B | 4078 | +17.73% | +17.59% | +0.14% | -6.89B |
| 2025-12-31 | $566.98B | 4048 | +16.20% | +17.72% | -1.52% | -1.94B |
| 2025-09-30 | $556.72B | 4020 | +15.78% | +17.52% | -1.74% | -10.54B |
| 2025-06-30 | $528.62B | 3995 | +14.63% | +14.94% | -0.31% | -29.38B |
| 2025-03-31 | $504.26B | 3965 | +4.98% | +8.30% | -3.32% | -13.56B |
| 2024-12-31 | $540.76B | 3966 | +18.48% | +24.89% | -6.41% | -6.18B |
| 2024-09-30 | $537.14B | 3958 | +29.73% | +36.04% | -6.31% | -22.74B |
| 2024-06-30 | $526.97B | 3998 | +17.75% | +24.49% | -6.74% | -0.05B |
| 2024-03-31 | $520.07B | 4014 | +24.39% | +29.62% | -5.23% | -12.54B |
| 2023-12-31 | $492.82B | 4161 | +22.33% | +26.18% | -3.85% | -14.02B |
| 2023-09-30 | $454.59B | 4206 | +18.34% | +21.57% | -3.23% | -3.58B |
| 2023-06-30 | $475.11B | 4234 | +16.98% | +19.42% | -2.44% | -9.70B |
| 2023-03-31 | $452.89B | 4220 | -7.18% | -7.82% | +0.64% | -12.12B |
| 2022-12-31 | $437.52B | 4276 | -16.70% | -18.17% | +1.48% | -7.36B |
| 2022-09-30 | $412.47B | 4359 | -14.22% | -15.51% | +1.29% | -4.38B |
| 2022-06-30 | $437.28B | 4397 | -9.50% | -10.62% | +1.12% | -0.72B |