Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.65%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.57%
baseline attrition
Rally response
-39.30%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $3.26B | 2.4% | +60.9% | 10.3 yr |
| IVViShares Core S&P 500 ETF | $2.65B | 1.9% | — | 6.5 yr |
| AMZNAmazon.com, Inc. | $1.69B | 1.2% | +9.5% | 10.3 yr |
| MUMicron Technology, Inc. | $1.55B | 1.1% | +289.6% | 10.3 yr |
| DIAState Street SPDR Dow Jo | $1.55B | 1.1% | — | 9.8 yr |
| TSMTaiwan Semiconductor Man | $1.36B | 1.0% | +105.6% | 9.5 yr |
| AAPLApple Inc. | $1.32B | 1.0% | +14.7% | 10.5 yr |
| METAMeta Platforms, Inc. | $1.05B | 0.8% | -0.4% | 10.3 yr |
| AVGOBroadcom Inc. | $1.01B | 0.7% | +86.0% | 8.0 yr |
| MSFTMicrosoft Corporation | $977M | 0.7% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $817M | 0.6% | — | 10.3 yr |
| WBDWarner Bros. Discovery, | $807M | 0.6% | +155.9% | 3.8 yr |
| TSLATesla, Inc. | $778M | 0.6% | +43.4% | 10.0 yr |
| NSCNorfolk Southern Corpora | $752M | 0.5% | +23.6% | 10.3 yr |
| JPMJPMorgan Chase & Co. | $715M | 0.5% | +21.8% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management8.7%+1.5pp$12.07B
Semiconductors7.7%+4.3pp$10.67B
Software - Infrastructure4.0%+1.3pp$5.55B
Biotechnology3.9%+0.9pp$5.37B
Software - Application3.8%-1.0pp$5.20B
Specialty Retail2.7%-0.0pp$3.73B
Internet Content & Information2.4%+0.9pp$3.33B
Aerospace & Defense2.1%+0.9pp$2.92B
Regulated Electric2.0%-0.0pp$2.83B
Banks - Regional2.0%-0.4pp$2.81B
Country
US88.1%+0.5pp
CA2.3%+0.4pp
GB1.8%+0.3pp
Unknown1.6%-0.6pp
IE1.1%-0.8pp
TW1.0%+0.9pp
CN0.6%+0.1pp
NL0.5%+0.1pp
Top 5: 7.7% · Top 10: 11.9% · Top 25: 19.0%
Top buys this quarter · 15
| META Meta Platforms, Inc. | +$589M |
| MU Micron Technology, Inc. | +$522M |
| WBD Warner Bros. Discovery, Inc. | +$483M |
| MA Mastercard Incorporated | +$470M |
| TSLA Tesla, Inc. | +$447M |
| STZ Constellation Brands, Inc. | +$440M |
| EA Electronic Arts Inc. | +$397M |
| AZN AstraZeneca PLCnew | +$369M |
| TSM Taiwan Semiconductor Manufactu | +$353M |
| YUM Yum! Brands, Inc. | +$339M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc. | −$1.26B |
| V Visa Inc. | −$1.18B |
| SPY State Street SPDR S&P 500 ETF | −$1.18B |
| LRCX Lam Research Corporation | −$668M |
| NVDA NVIDIA Corporation | −$505M |
| NFLX Netflix, Inc. | −$494M |
| TER Teradyne, Inc. | −$422M |
| LLY Eli Lilly and Company | −$421M |
| LIN Linde plc | −$405M |
| AMAT Applied Materials, Inc. | −$405M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $138.22B | 5919 | +18.75% | +17.59% | +1.16% | -3.85B |
| 2025-12-31 | $144.69B | 5804 | +16.72% | +17.72% | -1.00% | +18.03B |
| 2025-09-30 | $121.94B | 5802 | +14.36% | +17.52% | -3.16% | +0.43B |
| 2025-06-30 | $113.21B | 5674 | +14.42% | +14.94% | -0.52% | +4.01B |
| 2025-03-31 | $100.66B | 5786 | +4.19% | +8.30% | -4.11% | -2.21B |
| 2024-12-31 | $106.60B | 5827 | +16.40% | +24.89% | -8.48% | +11.28B |
| 2024-09-30 | $93.66B | 5591 | +28.33% | +36.04% | -7.71% | -12.55B |
| 2024-06-30 | $98.90B | 5689 | +12.36% | +24.49% | -12.13% | -0.83B |
| 2024-03-31 | $100.96B | 5910 | +19.36% | +29.62% | -10.26% | -3.21B |
| 2023-12-31 | $96.61B | 5681 | +19.15% | +26.18% | -7.03% | -4.12B |
| 2023-09-30 | $89.78B | 5682 | +7.32% | +21.57% | -14.24% | +8.21B |
| 2023-06-30 | $86.76B | 5617 | +12.67% | +19.42% | -6.76% | -5.44B |
| 2023-03-31 | $87.86B | 5733 | -12.59% | -7.82% | -4.78% | -0.68B |
| 2022-12-31 | $82.25B | 5888 | -22.54% | -18.17% | -4.37% | +5.88B |
| 2022-09-30 | $75.58B | 5682 | -14.87% | -15.51% | +0.64% | +8.72B |
| 2022-06-30 | $67.73B | 5806 | -13.27% | -10.62% | -2.64% | +4.01B |