Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.50%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.78%
baseline attrition
Rally response
-15.23%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TEVATeva Pharmaceutical Indu | $1.14B | 9.9% | +96.0% | 10.5 yr |
| NVMINova Ltd. | $681M | 5.9% | +135.6% | 10.0 yr |
| XLIState Street Industrial | $649M | 5.6% | — | 10.5 yr |
| XLKState Street Technology | $571M | 5.0% | — | 9.8 yr |
| GOOGAlphabet Inc. | $440M | 3.8% | +84.3% | 10.5 yr |
| RSPInvesco S&P 500 Equal We | $365M | 3.2% | — | 3.5 yr |
| TSEMTower Semiconductor Ltd. | $354M | 3.1% | +392.1% | 10.0 yr |
| NVDANVIDIA Corporation | $337M | 2.9% | +60.9% | 9.5 yr |
| XLYState Street Consumer Di | $323M | 2.8% | — | 10.5 yr |
| XLCState Street Communicati | $305M | 2.6% | — | 7.8 yr |
| TSMTaiwan Semiconductor Man | $304M | 2.6% | +105.6% | 8.0 yr |
| AMZNAmazon.com, Inc. | $297M | 2.6% | +9.5% | 9.5 yr |
| CAMTCamtek Ltd. | $292M | 2.5% | +158.6% | 6.8 yr |
| SMHVanEck Semiconductor ETF | $292M | 2.5% | — | 9.0 yr |
| AAPLApple Inc. | $235M | 2.0% | +14.7% | 9.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management35.0%-11.1pp$4.04B
Semiconductors22.6%+10.9pp$2.60B
Drug Manufacturers - Specialty & Generic9.9%+4.2pp$1.14B
Internet Content & Information5.6%+2.1pp$647M
Specialty Retail3.3%-0.4pp$383M
Drug Manufacturers - General3.1%+1.8pp$360M
Asset Management - Bonds2.6%-3.3pp$297M
Software - Infrastructure2.0%-3.1pp$236M
Consumer Electronics2.0%-1.0pp$236M
Banks - Diversified1.8%+0.5pp$205M
Country
US69.3%-8.3pp
IL23.9%+6.5pp
TW2.6%-0.5pp
Unknown1.1%+0.3pp
CA0.9%+0.9pp
IE0.8%+0.8pp
GB0.5%+0.5pp
CN0.3%+0.3pp
Top 5: 30.2% · Top 10: 44.8% · Top 25: 71.4%
Top buys this quarter · 15
| LRCX Lam Research Corporation | +$121M |
| MU Micron Technology, Inc. | +$113M |
| JPM JPMorgan Chase & Co. | +$93M |
| CAMT Camtek Ltd. | +$92M |
| LMT Lockheed Martin Corporation | +$74M |
| NOC Northrop Grumman Corporation | +$66M |
| AAPL Apple Inc. | +$64M |
| VRT Vertiv Holdings Co | +$64M |
| GOOG Alphabet Inc. | +$61M |
| AZN AstraZeneca PLCnew | +$56M |
Top sells this quarter · 15
| TSEM Tower Semiconductor Ltd. | −$353M |
| META Meta Platforms, Inc. | −$121M |
| TSM Taiwan Semiconductor Manufactu | −$105M |
| NICE NICE Ltd. | −$80M |
| CEG Constellation Energy Corporati | −$70M |
| EQT EQT Corporationexit | −$59M |
| EXE Expand Energy Corporationexit | −$50M |
| HD The Home Depot, Inc.exit | −$46M |
| AMZN Amazon.com, Inc. | −$44M |
| EQIX Equinix, Inc.exit | −$43M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $11.53B | 360 | +54.06% | +17.59% | +36.47% | -0.32B |
| 2025-12-31 | $11.63B | 346 | +28.90% | +17.72% | +11.18% | +1.25B |
| 2025-09-30 | $9.29B | 323 | +26.91% | +17.52% | +9.39% | -0.28B |
| 2025-06-30 | $8.42B | 334 | +12.57% | +14.94% | -2.37% | -0.06B |
| 2025-03-31 | $7.12B | 405 | -1.39% | +8.30% | -9.70% | +1.18B |
| 2024-12-31 | $6.97B | 344 | +31.79% | +24.89% | +6.90% | +0.17B |
| 2024-09-30 | $6.18B | 425 | +34.09% | +36.04% | -1.95% | +0.15B |
| 2024-06-30 | $5.99B | 502 | +30.77% | +24.49% | +6.28% | -0.54B |
| 2024-03-31 | $6.25B | 384 | +26.35% | +29.62% | -3.27% | +0.60B |
| 2023-12-31 | $4.96B | 469 | +25.96% | +26.18% | -0.21% | -0.26B |
| 2023-09-30 | $4.67B | 480 | +16.67% | +21.57% | -4.89% | +0.42B |
| 2023-06-30 | $4.33B | 497 | +13.42% | +19.42% | -6.01% | -0.24B |
| 2023-03-31 | $4.52B | 510 | -13.85% | -7.82% | -6.03% | -0.58B |
| 2022-12-31 | $4.49B | 516 | -27.62% | -18.17% | -9.44% | -0.10B |
| 2022-09-30 | $4.43B | 516 | -22.48% | -15.51% | -6.97% | +0.15B |
| 2022-06-30 | $4.49B | 609 | -18.36% | -10.62% | -7.74% | +0.09B |