Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.24%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.93%
baseline attrition
Rally response
+7.91%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AVGOBroadcom Inc. | $35.96B | 4.9% | +86.0% | 8.3 yr |
| METAMeta Platforms, Inc. | $23.49B | 3.2% | -0.4% | 10.5 yr |
| MSFTMicrosoft Corporation | $22.85B | 3.1% | -0.6% | 10.5 yr |
| NVDANVIDIA Corporation | $22.72B | 3.1% | +60.9% | 7.8 yr |
| PMPhilip Morris Internatio | $22.06B | 3.0% | +7.9% | 10.5 yr |
| GOOGLAlphabet Inc. | $18.79B | 2.6% | — | 10.5 yr |
| TSLATesla, Inc. | $15.95B | 2.2% | +43.4% | 10.5 yr |
| LLYEli Lilly and Company | $14.37B | 2.0% | +12.2% | 10.0 yr |
| MUMicron Technology, Inc. | $14.21B | 1.9% | +289.6% | 7.3 yr |
| GOOGAlphabet Inc. | $12.84B | 1.8% | +84.3% | 10.5 yr |
| VRTXVertex Pharmaceuticals I | $11.33B | 1.5% | -7.9% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $11.11B | 1.5% | +105.6% | 10.3 yr |
| AMZNAmazon.com, Inc. | $10.50B | 1.4% | +9.5% | 10.5 yr |
| AMGNAmgen Inc. | $10.30B | 1.4% | +16.5% | 5.0 yr |
| CNQCanadian Natural Resourc | $9.64B | 1.3% | +66.0% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors13.6%+4.1pp$99.80B
Internet Content & Information7.9%+1.9pp$58.18B
Drug Manufacturers - General5.9%+0.8pp$43.20B
Software - Infrastructure4.3%-1.4pp$31.46B
Aerospace & Defense3.9%+0.3pp$28.68B
Tobacco3.3%-0.7pp$23.85B
Biotechnology3.1%-0.5pp$22.38B
Oil & Gas Exploration & Production2.8%+0.5pp$20.36B
Banks - Diversified2.7%-0.0pp$19.83B
Restaurants2.6%-0.2pp$19.14B
Country
US84.8%-2.0pp
CA5.1%+0.5pp
Unknown1.8%+0.4pp
TW1.5%+0.7pp
IE1.3%+0.0pp
GB1.2%+0.1pp
NL0.9%+0.2pp
FR0.6%+0.5pp
Top 5: 17.3% · Top 10: 27.7% · Top 25: 45.2%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$5.57B |
| GOOG Alphabet Inc. | +$4.56B |
| AMZN Amazon.com, Inc. | +$3.47B |
| TOTB.DE TotalEnergies SE | +$3.38B |
| WDC Western Digital Corporation | +$2.93B |
| NOC Northrop Grumman Corporation | +$2.36B |
| AMGN Amgen Inc. | +$2.18B |
| TSM Taiwan Semiconductor Manufactu | +$1.85B |
| T AT&T Inc. | +$1.84B |
| GEV GE Vernova Inc. | +$1.82B |
Top sells this quarter · 15
| MU Micron Technology, Inc. | −$5.47B |
| NET Cloudflare, Inc. | −$2.70B |
| SNPS Synopsys, Inc.exit | −$2.63B |
| AVGO Broadcom Inc. | −$2.19B |
| TMO Thermo Fisher Scientific Inc. | −$2.14B |
| PWR Quanta Services, Inc. | −$2.05B |
| COST Costco Wholesale Corporation | −$1.90B |
| ALNY Alnylam Pharmaceuticals, Inc. | −$1.82B |
| SHOP Shopify Inc. | −$1.68B |
| GE GE Aerospace | −$1.67B |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $732.46B | 611 | +19.84% | +17.59% | +2.25% | +26.90B |
| 2025-12-31 | $735.10B | 560 | +20.22% | +17.72% | +2.50% | -17.63B |
| 2025-09-30 | $731.92B | 559 | +20.09% | +17.52% | +2.57% | -5.00B |
| 2025-06-30 | $687.92B | 575 | +19.53% | +14.94% | +4.59% | -11.56B |
| 2025-03-31 | $617.18B | 547 | +6.40% | +8.30% | -1.91% | -17.00B |
| 2024-12-31 | $658.66B | 538 | +20.36% | +24.89% | -4.52% | -3.93B |
| 2024-09-30 | $644.96B | 529 | +30.98% | +36.04% | -5.06% | -8.86B |
| 2024-06-30 | $613.21B | 531 | +20.65% | +24.49% | -3.84% | +3.72B |
| 2024-03-31 | $604.17B | 513 | +27.99% | +29.62% | -1.63% | -8.18B |
| 2023-12-31 | $562.18B | 502 | +22.64% | +26.18% | -3.54% | -2.09B |
| 2023-09-30 | $504.74B | 507 | +17.06% | +21.57% | -4.51% | -5.87B |
| 2023-06-30 | $519.89B | 500 | +14.04% | +19.42% | -5.38% | +2.25B |
| 2023-03-31 | $483.71B | 507 | -9.35% | -7.82% | -1.54% | -5.83B |
| 2022-12-31 | $469.03B | 533 | -17.16% | -18.17% | +1.01% | -6.15B |
| 2022-09-30 | $445.33B | 543 | -13.77% | -15.51% | +1.73% | -5.01B |
| 2022-06-30 | $470.63B | 557 | -9.37% | -10.62% | +1.25% | -23.22B |