Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.77%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.52%
baseline attrition
Rally response
-4.95%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $872M | 56.4% | — | 10.5 yr |
| VXFVanguard Extended Market | $171M | 11.1% | — | 9.8 yr |
| VEAVanguard FTSE Developed | $148M | 9.6% | — | 10.5 yr |
| VVVanguard Large-Cap ETF | $86M | 5.5% | — | 9.0 yr |
| VBRVanguard Small-Cap Value | $28M | 1.8% | — | 10.5 yr |
| MUBiShares National Muni Bo | $24M | 1.6% | — | 7.5 yr |
| SPYState Street SPDR S&P 50 | $20M | 1.3% | +17.6% | 10.5 yr |
| SCHMSchwab U.S. Mid-Cap ETF | $19M | 1.2% | — | 7.0 yr |
| SPDWState Street SPDR Portfo | $15M | 0.9% | — | 4.8 yr |
| AAPLApple Inc. | $12M | 0.8% | +14.7% | 10.5 yr |
| IVViShares Core S&P 500 ETF | $9M | 0.6% | — | 10.5 yr |
| VTIVanguard Total Stock Mar | $7M | 0.4% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $6M | 0.4% | -0.6% | 10.5 yr |
| JNJJohnson & Johnson | $3M | 0.2% | +51.5% | 10.5 yr |
| VUGVanguard Growth ETF | $3M | 0.2% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management94.4%+4.7pp$1.46B
Consumer Electronics0.8%-0.8pp$13M
Software - Infrastructure0.4%-0.4pp$7M
Drug Manufacturers - General0.4%-0.0pp$6M
Internet Content & Information0.4%-0.1pp$6M
Banks - Diversified0.3%-0.1pp$4M
Regulated Electric0.3%-0.1pp$4M
Insurance - Diversified0.2%-0.4pp$3M
Specialty Retail0.2%-0.2pp$3M
Semiconductors0.2%-0.2pp$3M
Country
US99.8%+0.1pp
CA0.1%-0.0pp
IE0.1%-0.0pp
JP0.0%-0.0pp
GB0.0%-0.0pp
Unknown0.0%-0.0pp
FI0.0%+0.0pp
NL0.0%-0.0pp
Top 5: 84.4% · Top 10: 90.2% · Top 25: 93.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $16M | +0.00B | 17.6% |
| AAPL | $18M | +0.00B | 14.7% |
| GOOG | $2M | +0.00B | 84.3% |
| JNJ | $2M | +0.00B | 51.5% |
| JPM | $3M | +0.00B | 21.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $8M | -0.00B | -0.6% |
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$1M |
| WMT Walmart Inc. | +$0M |
| LOW Lowe's Companies, Inc. | +$0M |
| FITB Fifth Third Bancorp | +$0M |
| COST Costco Wholesale Corporation | +$0M |
| PFE Pfizer Inc. | +$0M |
| NVDA NVIDIA Corporation | +$0M |
| KMI Kinder Morgan, Inc. | +$0M |
| GS The Goldman Sachs Group, Inc. | +$0M |
| SII Sprott Inc. | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.55B | 717 | +15.41% | +17.59% | -2.18% | +0.01B |
| 2025-12-31 | $1.58B | 810 | +14.72% | +17.72% | -3.00% | -0.05B |
| 2025-09-30 | $1.59B | 783 | +12.92% | +17.52% | -4.60% | +0.05B |
| 2025-06-30 | $1.42B | 770 | +10.86% | +14.94% | -4.08% | +0.18B |
| 2025-03-31 | $1.16B | 789 | +6.72% | +8.30% | -1.58% | +0.00B |
| 2024-12-31 | $1.20B | 900 | +18.67% | +24.89% | -6.22% | +0.02B |
| 2024-09-30 | $1.17B | 869 | +24.55% | +36.04% | -11.49% | +0.11B |
| 2024-06-30 | $1.00B | 782 | +9.75% | +24.49% | -14.74% | +0.04B |
| 2024-03-31 | $931M | 838 | +11.81% | +29.62% | -17.81% | -0.09B |
| 2023-12-31 | $957M | 816 | -2.68% | +26.18% | -28.86% | +0.07B |
| 2023-09-30 | $833M | 759 | +2.05% | +21.57% | -19.52% | +0.04B |
| 2023-06-30 | $845M | 784 | +5.85% | +19.42% | -13.57% | +0.07B |
| 2023-03-31 | $732M | 786 | -12.15% | -7.82% | -4.34% | +0.09B |
| 2022-12-31 | $689M | 855 | -10.19% | -18.17% | +7.99% | +0.04B |
| 2022-09-30 | $584M | 837 | -10.26% | -15.51% | +5.25% | +0.00B |
| 2022-06-30 | $598M | 962 | -6.98% | -10.62% | +3.64% | +0.13B |