Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.26%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.23%
baseline attrition
Rally response
-16.23%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $35M | 3.1% | — | 9.0 yr |
| CRWDCrowdStrike Holdings, In | $35M | 3.1% | +10.7% | 0.3 yr |
| FDXFedEx Corporation | $31M | 2.7% | +49.3% | 9.5 yr |
| NDAQNasdaq, Inc. | $31M | 2.7% | +13.3% | 0.3 yr |
| TSLATesla, Inc. | $31M | 2.7% | +43.4% | 3.5 yr |
| SPYState Street SPDR S&P 50 | $31M | 2.7% | +17.6% | 8.5 yr |
| MSFTMicrosoft Corporation | $27M | 2.4% | -0.6% | 10.0 yr |
| CAHCardinal Health, Inc. | $27M | 2.3% | +54.9% | 0.3 yr |
| DISThe Walt Disney Company | $27M | 2.3% | -1.3% | 9.3 yr |
| ACWIiShares MSCI ACWI ETF | $26M | 2.3% | — | 4.0 yr |
| WTWWillis Towers Watson Pub | $26M | 2.3% | -13.2% | 0.3 yr |
| VWOVanguard FTSE Emerging M | $25M | 2.2% | — | 10.3 yr |
| EWJiShares MSCI Japan ETF | $22M | 2.0% | — | 7.0 yr |
| BABAAlibaba Group Holding Li | $22M | 1.9% | -3.5% | 5.5 yr |
| DOWDow Inc. | $21M | 1.8% | +27.4% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management39.3%-7.6pp$447M
Software - Infrastructure5.8%+4.8pp$65M
Internet Content & Information4.6%+2.3pp$52M
Entertainment3.7%-2.4pp$43M
Drug Manufacturers - General2.9%-2.9pp$33M
Auto - Manufacturers2.9%-0.4pp$32M
Financial - Data & Stock Exchanges2.7%+2.6pp$31M
Integrated Freight & Logistics2.7%$31M
Insurance - Brokers2.4%$27M
Medical - Distribution2.3%$27M
Country
US91.2%+2.1pp
GB2.5%
CN1.9%-2.7pp
Unknown1.1%
IL0.9%
BR0.7%-2.6pp
ES0.6%-0.3pp
CA0.2%+0.2pp
Top 5: 14.3% · Top 10: 26.4% · Top 25: 50.3%
Top buys this quarter · 15
| CAH Cardinal Health, Inc.new | +$58M |
| WTW Willis Towers Watson Public Linew | +$56M |
| BLK BlackRock, Inc.new | +$55M |
| CRWD CrowdStrike Holdings, Inc.new | +$48M |
| NFLX Netflix, Inc. | +$15M |
| HOOD Robinhood Markets, Inc.new | +$12M |
| NDAQ Nasdaq, Inc.new | +$7M |
| TSLA Tesla, Inc. | +$31M |
| CRM Salesforce, Inc. | +$6M |
| GEHC GE HealthCare Technologies Incnew | +$6M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc.exit | −$47M |
| FDX FedEx Corporation | −$28M |
| KHC The Kraft Heinz Companyexit | −$3M |
| NVDA NVIDIA Corporation | −$3M |
| PFE Pfizer Inc. | −$3M |
| ADBE Adobe Inc. | −$3M |
| BSX Boston Scientific Corporation | −$2M |
| F-PD Ford Motor Company 6.500% Noteexit | −$2M |
| COP ConocoPhillips | −$1M |
| TV Grupo Televisa, S.A.B.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.14B | 231 | +26.00% | +17.59% | +8.41% | +0.33B |
| 2025-12-31 | $842M | 173 | +30.24% | +17.72% | +12.52% | -0.01B |
| 2025-09-30 | $784M | 147 | +25.77% | +17.52% | +8.25% | -0.03B |
| 2025-06-30 | $731M | 146 | +18.55% | +14.94% | +3.61% | +0.19B |
| 2025-03-31 | $498M | 122 | +7.71% | +8.30% | -0.59% | -0.16B |
| 2024-12-31 | $658M | 152 | +15.87% | +24.89% | -9.02% | +0.17B |
| 2024-09-30 | $470M | 111 | +22.44% | +36.04% | -13.60% | +0.37B |
| 2024-06-30 | $98M | 55 | +12.47% | +24.49% | -12.02% | -0.50B |
| 2024-03-31 | $604M | 146 | +22.39% | +29.62% | -7.23% | -0.13B |
| 2023-12-31 | $684M | 152 | +28.95% | +26.18% | +2.77% | -0.03B |
| 2023-09-30 | $643M | 151 | +24.87% | +21.57% | +3.31% | +0.21B |
| 2023-06-30 | $450M | 135 | +18.67% | +19.42% | -0.76% | -0.02B |
| 2023-03-31 | $435M | 137 | -2.34% | -7.82% | +5.48% | -0.07B |
| 2022-12-31 | $445M | 134 | -17.44% | -18.17% | +0.73% | -0.00B |
| 2022-09-30 | $417M | 139 | -14.31% | -15.51% | +1.20% | +0.01B |
| 2022-06-30 | $447M | 136 | -5.99% | -10.62% | +4.64% | +0.03B |