Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.27%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.50%
baseline attrition
Rally response
-5.88%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $1.82B | 5.8% | -0.6% | 10.5 yr |
| NVDANVIDIA Corporation | $1.79B | 5.7% | +60.9% | 10.5 yr |
| AVGOBroadcom Inc. | $1.46B | 4.6% | +86.0% | 8.0 yr |
| AMZNAmazon.com, Inc. | $1.36B | 4.3% | +9.5% | 10.5 yr |
| AAPLApple Inc. | $1.30B | 4.1% | +14.7% | 10.5 yr |
| LLYEli Lilly and Company | $927M | 2.9% | +12.2% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $858M | 2.7% | +21.8% | 10.5 yr |
| COSTCostco Wholesale Corpora | $657M | 2.1% | +5.9% | 10.5 yr |
| MAMastercard Incorporated | $614M | 1.9% | -8.5% | 10.5 yr |
| TJXThe TJX Companies, Inc. | $417M | 1.3% | +32.7% | 10.5 yr |
| TMOThermo Fisher Scientific | $398M | 1.3% | -0.9% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $359M | 1.1% | — | 9.3 yr |
| CDNSCadence Design Systems, | $343M | 1.1% | +9.3% | 9.3 yr |
| FERGFerguson plc | $328M | 1.0% | +47.8% | 1.8 yr |
| VVisa Inc. | $321M | 1.0% | -13.1% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors14.5%+3.8pp$4.59B
Software - Infrastructure7.4%-1.1pp$2.32B
Drug Manufacturers - General5.6%+0.4pp$1.76B
Specialty Retail5.5%+0.4pp$1.74B
Banks - Diversified5.0%+1.0pp$1.57B
Software - Application4.2%-1.2pp$1.34B
Consumer Electronics4.1%-2.4pp$1.30B
Financial - Credit Services3.6%-0.1pp$1.14B
Discount Stores3.2%+1.0pp$1.01B
Medical - Devices2.7%-0.7pp$867M
Country
US93.5%+1.4pp
CA2.0%+0.4pp
GB1.7%+0.3pp
IE1.3%-1.6pp
Unknown0.4%-0.0pp
CH0.3%-0.0pp
SG0.2%+0.0pp
UY0.2%-0.0pp
Top 5: 24.5% · Top 10: 35.5% · Top 25: 49.8%
Top buys this quarter · 15
| LLY Eli Lilly and Company | +$263M |
| JPM JPMorgan Chase & Co. | +$139M |
| TYL Tyler Technologies, Inc. | +$96M |
| COST Costco Wholesale Corporation | +$88M |
| AVGO Broadcom Inc. | +$1.46B |
| WMT Walmart Inc. | +$61M |
| TJX The TJX Companies, Inc. | +$54M |
| MCO Moody's Corporation | +$50M |
| MA Mastercard Incorporated | +$614M |
| V Visa Inc. | +$47M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$1.24B |
| AAPL Apple Inc. | −$1.04B |
| MSFT Microsoft Corporation | −$383M |
| FIX Comfort Systems USA, Inc. | −$261M |
| STE STERIS plc | −$207M |
| ZBRA Zebra Technologies Corporation | −$57M |
| ROL Rollins, Inc. | −$53M |
| FERG Ferguson plc | −$49M |
| PDD PDD Holdings Inc.exit | −$39M |
| APH Amphenol Corporation | −$39M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $31.56B | 513 | +12.60% | +17.59% | -4.99% | -1.19B |
| 2025-12-31 | $35.23B | 540 | +16.09% | +17.72% | -1.63% | -1.23B |
| 2025-09-30 | $35.63B | 528 | +12.39% | +17.52% | -5.12% | -0.26B |
| 2025-06-30 | $33.77B | 539 | +12.78% | +14.94% | -2.17% | -2.14B |
| 2025-03-31 | $32.24B | 548 | +2.00% | +8.30% | -6.30% | -2.16B |
| 2024-12-31 | $35.90B | 548 | +13.77% | +24.89% | -11.12% | +20.97B |
| 2024-09-30 | $15.07B | 407 | +28.50% | +36.04% | -7.54% | -44.71B |
| 2024-06-30 | $56.05B | 650 | +14.75% | +24.49% | -9.74% | -1.46B |
| 2024-03-31 | $57.08B | 716 | +23.60% | +29.62% | -6.03% | +2.29B |
| 2023-12-31 | $51.27B | 717 | +23.69% | +26.18% | -2.49% | -3.45B |
| 2023-09-30 | $48.90B | 735 | +16.21% | +21.57% | -5.35% | +1.69B |
| 2023-06-30 | $49.58B | 724 | +16.71% | +19.42% | -2.71% | -1.57B |
| 2023-03-31 | $47.13B | 749 | -6.64% | -7.82% | +1.18% | -9.13B |
| 2022-12-31 | $52.60B | 784 | +5.14% | +7.56% | -2.42% | +11.84B |
| 2022-09-30 | $38.77B | 832 | -4.36% | -4.93% | +0.57% | -2.04B |
| 2022-06-30 | $42.67B | 865 | -13.19% | -16.11% | +2.92% | -3.27B |