Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.51%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.33%
baseline attrition
Rally response
-13.51%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LPLALPL Financial Holdings I | $699M | 12.1% | -7.7% | 9.5 yr |
| JPMJPMorgan Chase & Co. | $394M | 6.8% | +21.8% | 2.5 yr |
| PRMBPrimo Brands Corporation | $313M | 5.4% | -45.9% | 1.5 yr |
| COFCapital One Financial Co | $219M | 3.8% | +3.1% | 2.3 yr |
| MSMorgan Stanley | $218M | 3.8% | +44.8% | 2.5 yr |
| AMZNAmazon.com, Inc. | $183M | 3.2% | +9.5% | 9.0 yr |
| METAMeta Platforms, Inc. | $166M | 2.9% | -0.4% | 6.0 yr |
| TSMTaiwan Semiconductor Man | $152M | 2.6% | +105.6% | 1.0 yr |
| BLKBlackRock, Inc. | $147M | 2.5% | +3.7% | 0.3 yr |
| — | $143M | 2.5% | — | 0.5 yr |
| MELIMercadoLibre, Inc. | $116M | 2.0% | -11.4% | 2.3 yr |
| MKSIMKS Inc. | $114M | 2.0% | +188.8% | 0.5 yr |
| NVDANVIDIA Corporation | $113M | 2.0% | +60.9% | 2.8 yr |
| — | $113M | 2.0% | — | 1.3 yr |
| LYVLive Nation Entertainmen | $109M | 1.9% | +16.8% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Financial - Capital Markets15.9%+8.4pp$917M
Banks - Diversified7.3%-3.4pp$422M
Unknown6.5%+1.6pp$374M
Semiconductors5.6%+2.4pp$325M
Beverages - Non-Alcoholic5.4%+2.7pp$313M
Specialty Retail5.2%-0.6pp$298M
Asset Management4.5%+3.0pp$261M
Financial - Credit Services3.8%-0.6pp$219M
Internet Content & Information3.4%-1.0pp$196M
Biotechnology3.4%-0.7pp$193M
Country
US78.6%-6.2pp
Unknown6.5%+1.6pp
TW2.6%+0.9pp
UY2.0%-0.1pp
BR1.7%+0.7pp
AR1.5%+0.9pp
GB1.5%+1.4pp
KZ1.4%-0.5pp
Top 5: 32.0% · Top 10: 45.8% · Top 25: 70.6%
Top buys this quarter · 15
| PRMB Primo Brands Corporation | +$239M |
| LPLA LPL Financial Holdings Inc. | +$224M |
| JPM JPMorgan Chase & Co. | +$206M |
| BLK BlackRock, Inc.new | +$147M |
| AMZN Amazon.com, Inc. | +$117M |
| MKSI MKS Inc. | +$90M |
| CRS Carpenter Technology Corporatinew | +$73M |
| IP International Paper Company | +$61M |
| VSEC VSE Corporation | +$60M |
| META Meta Platforms, Inc. | +$56M |
Top sells this quarter · 15
| BAC Bank of America Corporation | −$436M |
| MSFT Microsoft Corporation | −$190M |
| COF Capital One Financial Corporat | −$130M |
| MEOH Methanex Corporation | −$114M |
| IVZ Invesco Ltd.exit | −$102M |
| SPOT Spotify Technology S.A. | −$79M |
| ASML ASML Holding N.V. | −$78M |
| TEL TE Connectivity Ltd.exit | −$74M |
| SPHR Sphere Entertainment Co.exit | −$71M |
| PEN Penumbra, Inc.exit | −$70M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.75B | 74 | +16.23% | +17.59% | -1.36% | -0.04B |
| 2025-12-31 | $6.20B | 72 | +16.99% | +17.72% | -0.73% | -1.10B |
| 2025-09-30 | $7.00B | 72 | +15.99% | +17.52% | -1.53% | -0.20B |
| 2025-06-30 | $6.87B | 68 | +18.20% | +14.94% | +3.26% | -0.02B |
| 2025-03-31 | $6.05B | 76 | +4.97% | +8.30% | -3.33% | +0.16B |
| 2024-12-31 | $6.27B | 85 | +25.82% | +24.89% | +0.94% | -0.12B |
| 2024-09-30 | $6.18B | 83 | +38.01% | +36.04% | +1.97% | -0.00B |
| 2024-06-30 | $5.79B | 85 | +26.25% | +24.49% | +1.76% | -0.01B |
| 2024-03-31 | $5.74B | 87 | +34.08% | +29.62% | +4.46% | +0.59B |
| 2023-12-31 | $4.56B | 70 | +31.50% | +26.18% | +5.32% | -1.81B |
| 2023-09-30 | $5.62B | 93 | +22.34% | +21.57% | +0.78% | +0.04B |
| 2023-06-30 | $5.72B | 83 | +27.19% | +19.42% | +7.77% | -0.10B |
| 2023-03-31 | $5.41B | 87 | +0.10% | -7.82% | +7.92% | -0.19B |
| 2022-12-31 | $5.06B | 88 | +5.51% | +7.56% | -2.05% | -0.44B |
| 2022-09-30 | $5.22B | 87 | +1.49% | -4.93% | +6.42% | +0.18B |
| 2022-06-30 | $4.97B | 84 | -15.46% | -16.11% | +0.65% | -0.60B |