Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-23.56%
trims when stocks drop
when a holding falls −10%+
Middle response
-15.13%
baseline attrition
Rally response
-2.53%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $43M | 5.4% | — | 10.0 yr |
| AAPLApple Inc. | $27M | 3.4% | +14.7% | 10.3 yr |
| — | $23M | 2.9% | — | 9.8 yr |
| — | $19M | 2.4% | — | 10.3 yr |
| AMZNAmazon.com, Inc. | $15M | 1.8% | +9.5% | 10.0 yr |
| AVGOBroadcom Inc. | $14M | 1.8% | +86.0% | 8.0 yr |
| — | $14M | 1.8% | — | 10.0 yr |
| MSFTMicrosoft Corporation | $14M | 1.7% | -0.6% | 10.3 yr |
| — | $13M | 1.7% | — | 10.3 yr |
| LLYEli Lilly and Company | $13M | 1.6% | +12.2% | 5.8 yr |
| — | $13M | 1.6% | — | 9.8 yr |
| JNJJohnson & Johnson | $12M | 1.5% | +51.5% | 10.3 yr |
| WMBThe Williams Companies, | $12M | 1.5% | +25.8% | 3.3 yr |
| — | $11M | 1.4% | — | 3.0 yr |
| — | $11M | 1.4% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown44.6%-8.3pp$355M
Asset Management6.9%-1.0pp$55M
Drug Manufacturers - General6.0%+1.9pp$48M
Semiconductors5.2%+3.0pp$41M
Industrial - Machinery5.0%+2.7pp$39M
Aerospace & Defense3.4%+0.1pp$27M
Consumer Electronics3.4%+0.4pp$27M
Oil & Gas Midstream3.1%+1.1pp$25M
Software - Infrastructure2.2%-1.3pp$17M
Regulated Electric2.1%+1.3pp$17M
Country
US49.0%+4.9pp
Unknown44.6%-8.3pp
TW1.4%+0.8pp
IE1.4%+0.5pp
CA1.0%+0.9pp
GB1.0%+0.7pp
BR0.4%
CH0.3%
Top 5: 15.9% · Top 10: 24.5% · Top 25: 44.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AVGO | $8M | +0.01B | 86.0% |
| CAT | $4M | +0.00B | 117.8% |
| TSM | $4M | +0.00B | 105.6% |
| AAPL | $24M | +0.00B | 14.7% |
| NOC | $10M | +0.00B | 35.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $15M | -0.00B | -0.6% |
Top buys this quarter · 15
| AEP American Electric Power Compan | +$8M |
| AEE Ameren Corporation | +$6M |
| GILD Gilead Sciences, Inc. | +$5M |
| OHI Omega Healthcare Investors, Innew | +$4M |
| OKE ONEOK, Inc. | +$4M |
| MTZ MasTec, Inc. | +$3M |
| WMB The Williams Companies, Inc. | +$2M |
| AVGO Broadcom Inc. | +$2M |
| CAT Caterpillar Inc. | +$1M |
| AMGN Amgen Inc. | +$1M |
Top sells this quarter · 15
| SNDK Sandisk Corporation | −$15M |
| BAC Bank of America Corporation | −$15M |
| AZN AstraZeneca PLC | −$12M |
| WDC Western Digital Corporation | −$10M |
| AA Alcoa Corporationexit | −$10M |
| MU Micron Technology, Inc. | −$9M |
| RIO Rio Tinto Group | −$8M |
| DLR Digital Realty Trust, Inc. | −$8M |
| C Citigroup Inc. | −$8M |
| STT State Street Corporation | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $795M | 233 | +44.18% | +17.59% | +26.58% | -0.35B |
| 2025-12-31 | $1.08B | 370 | +31.72% | +17.72% | +14.00% | -0.06B |
| 2025-09-30 | $1.04B | 343 | +25.95% | +17.52% | +8.43% | -0.10B |
| 2025-06-30 | $1.01B | 339 | +18.48% | +14.94% | +3.54% | +0.11B |
| 2025-03-31 | $811M | 352 | +13.68% | +8.30% | +5.38% | -0.07B |
| 2024-12-31 | $912M | 334 | +31.60% | +24.89% | +6.71% | -0.09B |
| 2024-09-30 | $957M | 344 | +37.86% | +36.04% | +1.82% | +0.03B |
| 2024-06-30 | $877M | 323 | +25.87% | +24.49% | +1.38% | -0.06B |
| 2024-03-31 | $885M | 332 | +26.87% | +29.62% | -2.75% | -0.03B |
| 2023-12-31 | $821M | 314 | +17.20% | +26.18% | -8.98% | +0.06B |
| 2023-09-30 | $696M | 294 | +16.04% | +21.57% | -5.53% | -0.03B |
| 2023-06-30 | $750M | 302 | +18.03% | +19.42% | -1.39% | -0.01B |
| 2023-03-31 | $714M | 301 | -4.21% | -7.82% | +3.61% | +0.16B |
| 2022-12-31 | $540M | 240 | +8.82% | +7.56% | +1.26% | -0.08B |
| 2022-09-30 | $567M | 229 | -1.53% | -4.93% | +3.40% | -0.02B |
| 2022-06-30 | $599M | 228 | -13.27% | -16.11% | +2.84% | -0.13B |