Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.49%
adds when stocks drop
when a holding falls −10%+
Middle response
+2.02%
steady accumulation
Rally response
+5.19%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $7.57B | 2.0% | — | 10.5 yr |
| SPYState Street SPDR S&P 50 | $6.48B | 1.7% | +17.6% | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $6.09B | 1.6% | — | 8.0 yr |
| AAPLApple Inc. | $6.01B | 1.6% | +14.7% | 10.5 yr |
| NVDANVIDIA Corporation | $5.84B | 1.6% | +60.9% | 10.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $4.49B | 1.2% | — | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $4.17B | 1.1% | — | 10.3 yr |
| SPYGState Street SPDR Portfo | $3.90B | 1.0% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $3.83B | 1.0% | -0.6% | 10.5 yr |
| VOOVanguard S&P 500 ETF | $3.83B | 1.0% | — | 10.5 yr |
| IEMGiShares Core MSCI Emergi | $3.64B | 1.0% | — | 10.3 yr |
| AMZNAmazon.com, Inc. | $3.49B | 0.9% | +9.5% | 10.5 yr |
| VTIVanguard Total Stock Mar | $3.31B | 0.9% | — | 10.3 yr |
| GOVTiShares U.S. Treasury Bo | $3.23B | 0.9% | — | 10.5 yr |
| QUALiShares MSCI USA Quality | $3.10B | 0.8% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management64.7%+0.4pp$240.98B
Asset Management - Bonds5.7%-0.5pp$21.31B
Semiconductors3.2%+0.9pp$11.93B
Asset Management - Income2.2%+0.3pp$8.06B
Internet Content & Information1.7%+0.3pp$6.34B
Consumer Electronics1.6%-0.2pp$6.05B
Software - Infrastructure1.6%-0.2pp$5.97B
Drug Manufacturers - General1.4%-0.0pp$5.16B
Specialty Retail1.1%-0.1pp$4.21B
Asset Management - Global1.0%+0.1pp$3.55B
Country
US97.7%-0.6pp
Unknown0.6%+0.4pp
CA0.4%+0.1pp
GB0.3%+0.0pp
IE0.2%-0.0pp
TW0.2%+0.1pp
CH0.1%-0.0pp
NL0.1%+0.0pp
Top 5: 8.6% · Top 10: 14.0% · Top 25: 25.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $3.13B | +1.91B | 60.9% |
| SPY | $5.06B | +0.88B | 17.6% |
| AAPL | $4.53B | +0.67B | 14.7% |
| AMZN | $2.55B | +0.24B | 9.5% |
| MSFT | $3.15B | -0.02B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $3.15B | -0.02B | -0.6% |
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$129M |
| MSFT Microsoft Corporation | +$3.83B |
| AVGO Broadcom Inc. | +$2.06B |
| WAT Waters Corporation | +$67M |
| NVDA NVIDIA Corporation | +$5.84B |
| AMZN Amazon.com, Inc. | +$3.49B |
| AMT American Tower Corporation | +$54M |
| CAT Caterpillar Inc. | +$54M |
| TSLA Tesla, Inc. | +$1.25B |
| RTX RTX Corporation | +$47M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$135M |
| BSX Boston Scientific Corporation | −$54M |
| COHR Coherent, Inc. | −$45M |
| HPE Hewlett Packard Enterprise Com | −$40M |
| GSK GSK plc | −$39M |
| TROW T. Rowe Price Group, Inc. | −$38M |
| LYB LyondellBasell Industries N.V. | −$46M |
| JNJ Johnson & Johnson | −$1.04B |
| XOM Exxon Mobil Corporation | −$881M |
| MCO Moody's Corporation | −$29M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $372.65B | 5708 | +18.69% | +17.59% | +1.10% | +20.59B |
| 2025-12-31 | $362.71B | 5595 | +17.02% | +17.72% | -0.70% | +17.36B |
| 2025-09-30 | $339.63B | 5494 | +17.92% | +17.52% | +0.40% | +17.90B |
| 2025-06-30 | $296.80B | 5306 | +15.74% | +14.94% | +0.80% | +14.04B |
| 2025-03-31 | $254.89B | 5127 | +6.96% | +8.30% | -1.34% | +21.42B |
| 2024-12-31 | $243.95B | 5068 | +20.25% | +24.89% | -4.63% | +15.92B |
| 2024-09-30 | $222.55B | 5000 | +30.93% | +36.04% | -5.11% | +10.57B |
| 2024-06-30 | $199.23B | 4857 | +18.20% | +24.49% | -6.29% | +9.71B |
| 2024-03-31 | $184.86B | 4789 | +23.31% | +29.62% | -6.31% | +8.72B |
| 2023-12-31 | $163.71B | 4686 | +22.33% | +26.18% | -3.85% | +5.68B |
| 2023-09-30 | $141.65B | 4582 | +16.28% | +21.57% | -5.28% | +8.33B |
| 2023-06-30 | $138.79B | 4485 | +11.93% | +19.42% | -7.49% | +2.58B |
| 2023-03-31 | $127.35B | 4406 | -11.78% | -7.82% | -3.97% | +3.81B |
| 2022-12-31 | $115.75B | 4374 | -21.17% | -18.17% | -2.99% | +6.83B |
| 2022-09-30 | $102.70B | 4330 | -17.44% | -15.51% | -1.93% | +6.29B |
| 2022-06-30 | $104.28B | 4331 | -10.19% | -10.62% | +0.43% | +7.04B |