Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.92%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.21%
baseline attrition
Rally response
+4.49%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AVGOBroadcom Inc. | $35.91B | 5.6% | +86.0% | 8.3 yr |
| MSFTMicrosoft Corporation | $35.57B | 5.5% | -0.6% | 10.5 yr |
| NVDANVIDIA Corporation | $33.66B | 5.2% | +60.9% | 4.0 yr |
| AMZNAmazon.com, Inc. | $24.66B | 3.8% | +9.5% | 10.5 yr |
| LLYEli Lilly and Company | $22.65B | 3.5% | +12.2% | 4.0 yr |
| METAMeta Platforms, Inc. | $17.68B | 2.7% | -0.4% | 9.3 yr |
| GOOGLAlphabet Inc. | $16.55B | 2.6% | — | 10.5 yr |
| AAPLApple Inc. | $16.25B | 2.5% | +14.7% | 10.5 yr |
| PMPhilip Morris Internatio | $13.20B | 2.0% | +7.9% | 10.5 yr |
| GOOGAlphabet Inc. | $11.56B | 1.8% | +84.3% | 10.5 yr |
| RTXRTX Corporation | $10.10B | 1.6% | +48.1% | 6.3 yr |
| AMATApplied Materials, Inc. | $10.07B | 1.6% | +137.6% | 8.8 yr |
| GEGE Aerospace | $9.85B | 1.5% | +42.5% | 4.8 yr |
| VRTXVertex Pharmaceuticals I | $9.43B | 1.5% | -7.9% | 5.5 yr |
| SBUXStarbucks Corporation | $9.17B | 1.4% | -6.1% | 6.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors15.0%+7.8pp$96.48B
Internet Content & Information7.3%-0.2pp$47.03B
Software - Infrastructure6.7%-0.6pp$43.27B
Drug Manufacturers - General6.1%-0.1pp$39.21B
Specialty Retail4.7%+0.0pp$30.14B
Aerospace & Defense4.4%-2.1pp$28.67B
Banks - Diversified2.7%+0.4pp$17.19B
Tobacco2.6%+0.7pp$16.70B
Consumer Electronics2.5%+0.2pp$16.25B
Software - Application2.5%-2.2pp$16.19B
Country
US90.7%+0.2pp
CA2.8%+0.7pp
GB1.8%+0.5pp
Unknown0.9%-0.1pp
IE0.9%-0.6pp
UY0.7%-0.2pp
TW0.5%+0.5pp
BR0.4%-0.2pp
Top 5: 23.7% · Top 10: 35.3% · Top 25: 54.2%
Top buys this quarter · 15
| AVGO Broadcom Inc. | +$9.18B |
| MSFT Microsoft Corporation | +$8.43B |
| META Meta Platforms, Inc. | +$7.46B |
| AMZN Amazon.com, Inc. | +$5.91B |
| CSCO Cisco Systems, Inc. | +$4.61B |
| PM Philip Morris International In | +$4.18B |
| NVDA NVIDIA Corporation | +$3.75B |
| GOOG Alphabet Inc. | +$3.50B |
| LIN Linde plc | +$2.94B |
| UNH UnitedHealth Group Incorporate | +$2.94B |
Top sells this quarter · 15
| RTX RTX Corporation | −$4.59B |
| HAL Halliburton Company | −$2.10B |
| EXE Expand Energy Corporation | −$1.59B |
| AIG American International Group, | −$1.42B |
| PYPL PayPal Holdings, Inc. | −$1.23B |
| MU Micron Technology, Inc. | −$1.16B |
| AMAT Applied Materials, Inc. | −$8.41B |
| COF Capital One Financial Corporatexit | −$1.07B |
| AEM Agnico Eagle Mines Limited | −$898M |
| LVS Las Vegas Sands Corp.exit | −$875M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $644.55B | 458 | +16.48% | +17.59% | -1.12% | +124.27B |
| 2025-12-31 | $541.72B | 433 | +18.01% | +17.72% | +0.29% | -0.23B |
| 2025-09-30 | $532.97B | 433 | +16.61% | +17.52% | -0.90% | +2.98B |
| 2025-06-30 | $499.38B | 428 | +18.71% | +14.94% | +3.77% | -17.40B |
| 2025-03-31 | $459.86B | 455 | +6.32% | +8.30% | -1.98% | -13.32B |
| 2024-12-31 | $486.30B | 437 | +19.48% | +24.89% | -5.41% | +2.81B |
| 2024-09-30 | $481.14B | 415 | +34.94% | +36.04% | -1.10% | -11.23B |
| 2024-06-30 | $455.74B | 414 | +21.12% | +24.49% | -3.37% | +10.88B |
| 2024-03-31 | $441.98B | 410 | +28.80% | +29.62% | -0.83% | -2.45B |
| 2023-12-31 | $406.47B | 408 | +27.12% | +26.18% | +0.94% | -5.68B |
| 2023-09-30 | $363.15B | 410 | +21.68% | +21.57% | +0.11% | +1.27B |
| 2023-06-30 | $373.17B | 413 | +19.98% | +19.42% | +0.55% | -1.70B |
| 2023-03-31 | $350.26B | 422 | -5.63% | -7.82% | +2.19% | -6.66B |
| 2022-12-31 | $330.74B | 433 | -16.59% | -18.17% | +1.59% | +0.23B |
| 2022-09-30 | $304.23B | 426 | -14.72% | -15.51% | +0.79% | -2.62B |
| 2022-06-30 | $320.91B | 420 | -10.30% | -10.62% | +0.32% | -19.92B |