Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.28%
trims when stocks drop
when a holding falls −10%+
Middle response
+2.96%
steady accumulation
Rally response
+2.87%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $21.53B | 5.9% | — | 10.5 yr |
| VOOVanguard S&P 500 ETF | $6.38B | 1.7% | — | 10.5 yr |
| DYNFiShares U.S. Equity Fact | $6.34B | 1.7% | — | 2.3 yr |
| IUSBiShares Core Universal U | $6.15B | 1.7% | — | 9.5 yr |
| IEMGiShares Core MSCI Emergi | $6.05B | 1.6% | — | 10.5 yr |
| IVEiShares S&P 500 Value ET | $5.86B | 1.6% | — | 10.5 yr |
| IVWiShares S&P 500 Growth E | $5.58B | 1.5% | — | 10.5 yr |
| VEAVanguard FTSE Developed | $5.52B | 1.5% | — | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $4.60B | 1.3% | — | 10.5 yr |
| EFViShares MSCI EAFE Value | $4.44B | 1.2% | — | 10.5 yr |
| VTVVanguard Value ETF | $4.43B | 1.2% | — | 10.5 yr |
| AGGiShares Core U.S. Aggreg | $4.42B | 1.2% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $4.31B | 1.2% | -0.6% | 10.5 yr |
| NVDANVIDIA Corporation | $4.02B | 1.1% | +60.9% | 10.5 yr |
| VUGVanguard Growth ETF | $3.80B | 1.0% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management57.5%+1.7pp$211.43B
Asset Management - Bonds7.5%-0.7pp$27.74B
Semiconductors3.3%+1.0pp$11.99B
Drug Manufacturers - General1.7%+0.0pp$6.25B
Software - Infrastructure1.7%-0.2pp$6.08B
Internet Content & Information1.6%+0.3pp$6.05B
Specialty Retail1.3%-0.1pp$4.61B
Banks - Diversified1.2%+0.1pp$4.50B
Consumer Electronics1.0%-0.0pp$3.52B
Asset Management - Income0.9%+0.3pp$3.39B
Country
US95.4%-0.5pp
Unknown0.9%+0.5pp
GB0.7%+0.1pp
IE0.7%-0.1pp
CA0.5%+0.0pp
TW0.4%+0.2pp
CH0.3%+0.0pp
NL0.2%+0.0pp
Top 5: 12.6% · Top 10: 19.7% · Top 25: 33.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $2.28B | +1.39B | 60.9% |
| AVGO | $1.15B | +0.98B | 86.0% |
| AAPL | $2.79B | +0.41B | 14.7% |
| JPM | $1.74B | +0.37B | 21.8% |
| AMZN | $2.40B | +0.23B | 9.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $3.96B | -0.02B | -0.6% |
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$4.31B |
| AZN AstraZeneca PLCnew | +$448M |
| AAPL Apple Inc. | +$418M |
| NVDA NVIDIA Corporation | +$402M |
| AVGO Broadcom Inc. | +$300M |
| AMZN Amazon.com, Inc. | +$2.73B |
| META Meta Platforms, Inc. | +$1.82B |
| CME CME Group Inc. | +$179M |
| AMGN Amgen Inc. | +$176M |
| MDT Medtronic plc | +$142M |
Top sells this quarter · 15
| GEV GE Vernova Inc. | −$122M |
| LRCX Lam Research Corporation | −$564M |
| CDNS Cadence Design Systems, Inc. | −$93M |
| AMP Ameriprise Financial, Inc. | −$88M |
| KKR KKR & Co. Inc. | −$69M |
| BSX Boston Scientific Corporation | −$58M |
| VEEV Veeva Systems Inc. | −$56M |
| AJG Arthur J. Gallagher & Co. | −$53M |
| PSX Phillips 66 | −$169M |
| IBM International Business Machine | −$45M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $367.84B | 4658 | +13.45% | +17.59% | -4.14% | +43.91B |
| 2025-12-31 | $332.57B | 4403 | +13.79% | +17.72% | -3.92% | -13.95B |
| 2025-09-30 | $342.86B | 4467 | +12.69% | +17.52% | -4.83% | -13.38B |
| 2025-06-30 | $336.10B | 4390 | +13.69% | +14.94% | -1.26% | +5.78B |
| 2025-03-31 | $303.79B | 4307 | +4.38% | +8.30% | -3.92% | +5.58B |
| 2024-12-31 | $305.24B | 4260 | +15.86% | +24.89% | -9.02% | +1.41B |
| 2024-09-30 | $303.59B | 4178 | +29.28% | +36.04% | -6.75% | +2.74B |
| 2024-06-30 | $281.34B | 4120 | +16.49% | +24.49% | -8.00% | +19.40B |
| 2024-03-31 | $262.36B | 4128 | +24.69% | +29.62% | -4.93% | +5.96B |
| 2023-12-31 | $236.45B | 4007 | +20.05% | +26.18% | -6.13% | -1.59B |
| 2023-09-30 | $213.16B | 3970 | +17.64% | +21.57% | -3.93% | +2.57B |
| 2023-06-30 | $218.57B | 3894 | +15.94% | +19.42% | -3.49% | +11.93B |
| 2023-03-31 | $193.35B | 3575 | -6.75% | -7.82% | +1.07% | -1.35B |
| 2022-12-31 | $186.50B | 3899 | -14.80% | -18.17% | +3.37% | +1.97B |
| 2022-09-30 | $168.64B | 3847 | -13.53% | -15.51% | +1.98% | +4.36B |
| 2022-06-30 | $173.00B | 3862 | -8.42% | -10.62% | +2.20% | +6.69B |