Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.04%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.97%
baseline attrition
Rally response
-6.11%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $97M | 6.3% | +105.6% | 10.5 yr |
| NVDANVIDIA Corporation | $70M | 4.5% | +60.9% | 4.8 yr |
| AAPLApple Inc. | $61M | 3.9% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $53M | 3.4% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $40M | 2.6% | — | 10.5 yr |
| AVGOBroadcom Inc. | $38M | 2.5% | +86.0% | 3.3 yr |
| GOOGAlphabet Inc. | $37M | 2.4% | +84.3% | 10.5 yr |
| NFLXNetflix, Inc. | $34M | 2.2% | +3.1% | 6.0 yr |
| VVisa Inc. | $29M | 1.9% | -13.1% | 10.5 yr |
| MSMorgan Stanley | $26M | 1.7% | +44.8% | 10.5 yr |
| SPOTSpotify Technology S.A. | $26M | 1.6% | -11.8% | 0.5 yr |
| VRTVertiv Holdings Co | $25M | 1.6% | +247.5% | 2.3 yr |
| MRKMerck & Co., Inc. | $24M | 1.5% | +38.9% | 10.5 yr |
| LLYEli Lilly and Company | $22M | 1.4% | +12.2% | 5.3 yr |
| CLColgate-Palmolive Compan | $21M | 1.4% | -6.8% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors16.5%+10.2pp$256M
Drug Manufacturers - General7.0%+2.6pp$108M
Internet Content & Information6.9%+4.9pp$107M
Consumer Electronics4.3%+2.4pp$67M
Electrical Equipment & Parts4.1%+2.5pp$64M
Software - Infrastructure4.0%+2.1pp$63M
Industrial - Machinery3.9%+1.2pp$61M
Telecommunications Services3.3%-1.2pp$51M
Banks - Regional3.2%-1.1pp$50M
Asset Management2.5%+0.9pp$39M
Country
US66.0%+28.6pp
TW6.3%+4.2pp
CH3.9%+0.3pp
JP3.2%+1.0pp
IE2.6%+0.2pp
Unknown1.9%-28.7pp
DE1.9%-2.9pp
NL1.7%-0.1pp
Top 5: 20.7% · Top 10: 31.3% · Top 25: 50.5%
Top buys this quarter · 15
| SPOT Spotify Technology S.A. | +$10M |
| AMAT Applied Materials, Inc. | +$9M |
| EBAY eBay Inc.new | +$8M |
| HASI HA Sustainable Infrastructure | +$4M |
| LIN Linde plcnew | +$4M |
| BBVA Banco Bilbao Vizcaya Argentarinew | +$3M |
| ARGX argenx SEnew | +$3M |
| DGX Quest Diagnostics Incorporated | +$3M |
| SFM Sprouts Farmers Market, Inc. | +$2M |
| PG The Procter & Gamble Company | +$2M |
Top sells this quarter · 15
| TSM Taiwan Semiconductor Manufactu | −$15M |
| INTU Intuit Inc. | −$9M |
| AZN AstraZeneca PLC | −$8M |
| BLD TopBuild Corp.exit | −$8M |
| VRT Vertiv Holdings Co | −$21M |
| ASML ASML Holding N.V. | −$7M |
| SBS Companhia de Saneamento Básicexit | −$7M |
| CFG Citizens Financial Group, Inc. | −$7M |
| WY Weyerhaeuser Companyexit | −$5M |
| TFC Truist Financial Corporationexit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.55B | 186 | +3.13% | +17.59% | -14.46% | -0.06B |
| 2025-12-31 | $1.67B | 197 | +8.22% | +17.72% | -9.50% | -2.06B |
| 2025-09-30 | $3.58B | 299 | +2.25% | +17.52% | -15.26% | +0.22B |
| 2025-06-30 | $3.57B | 299 | +12.02% | +14.94% | -2.92% | +0.02B |
| 2025-03-31 | $3.27B | 291 | -2.00% | +8.30% | -10.30% | -0.18B |
| 2024-12-31 | $3.41B | 299 | +2.28% | +24.89% | -22.61% | -0.38B |
| 2024-09-30 | $3.84B | 313 | +13.47% | +36.04% | -22.57% | -0.19B |
| 2024-06-30 | $3.90B | 314 | +8.66% | +24.49% | -15.83% | -0.07B |
| 2024-03-31 | $4.18B | 304 | +6.95% | +29.62% | -22.67% | -0.47B |
| 2023-12-31 | $4.39B | 305 | +5.61% | +26.18% | -20.57% | -0.20B |
| 2023-09-30 | $4.19B | 305 | +7.56% | +21.57% | -14.01% | -0.43B |
| 2023-06-30 | $4.68B | 301 | +5.66% | +19.42% | -13.77% | +0.19B |
| 2023-03-31 | $4.81B | 296 | -2.92% | -7.82% | +4.90% | +2.62B |
| 2022-12-31 | $2.09B | 258 | +11.57% | +7.56% | +4.00% | -0.04B |
| 2022-09-30 | $1.91B | 256 | -2.99% | -4.93% | +1.93% | -0.04B |
| 2022-06-30 | $2.01B | 264 | -14.10% | -16.11% | +2.01% | +0.02B |