Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+11.96%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.71%
baseline attrition
Rally response
-8.24%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FEZState Street SPDR EURO S | $146M | 10.6% | — | 1.0 yr |
| EUFNiShares MSCI Europe Fina | $107M | 7.8% | — | 1.0 yr |
| BBJPJPMorgan BetaBuilders Ja | $104M | 7.6% | — | 2.5 yr |
| GOVTiShares U.S. Treasury Bo | $78M | 5.7% | — | 7.3 yr |
| EWLiShares MSCI Switzerland | $77M | 5.6% | — | 10.5 yr |
| USHYiShares Broad USD High Y | $53M | 3.8% | — | 3.5 yr |
| BKLNInvesco Senior Loan ETF | $42M | 3.0% | — | 3.3 yr |
| JOFJapan Smaller Capitaliza | $39M | 2.8% | — | 10.5 yr |
| SDHYPGIM Short Duration High | $28M | 2.0% | — | 5.0 yr |
| AGGiShares Core U.S. Aggreg | $27M | 2.0% | — | 5.5 yr |
| EFViShares MSCI EAFE Value | $21M | 1.5% | — | 0.3 yr |
| EVTEaton Vance Tax-Advantag | $21M | 1.5% | — | 2.3 yr |
| ETWEaton Vance Tax-Managed | $18M | 1.3% | — | 3.3 yr |
| EFREaton Vance Senior Float | $17M | 1.2% | — | 1.5 yr |
| JFRNuveen Floating Rate Inc | $16M | 1.2% | — | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management73.0%+7.4pp$1.00B
Asset Management - Income15.6%-2.3pp$214M
Asset Management - Bonds6.4%-4.7pp$88M
Asset Management - Global2.3%-0.2pp$31M
Asset Management - Leveraged2.0%-0.6pp$28M
Unknown0.7%+0.4pp$9M
Country
US92.3%+1.2pp
JP2.8%-0.3pp
DE1.8%-0.7pp
GB1.3%-0.1pp
Unknown0.7%+0.4pp
HK0.5%+0.1pp
SG0.3%+0.2pp
MX0.2%-0.0pp
Top 5: 37.3% · Top 10: 51.0% · Top 25: 68.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GAM | $16M | +0.00B | 29.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| BHK BlackRock Core Bond Trust | +$0M |
| BTZ BlackRock Credit Allocation In | +$0M |
| BME BlackRock Health Sciences Trus | +$9M |
| MHD BlackRock MuniHoldings Fund, I | +$0M |
| HYT BlackRock Corporate High Yieldnew | +$0M |
| BGX Blackstone / GSO Long-Short Crnew | +$0M |
| BTT Blackrock Municipal 2030 Targe | +$0M |
| BIT BlackRock Multi-Sector Income | +$0M |
| BST BlackRock Science and Technolo | +$14M |
| BSTZ BlackRock Science and Technolo | +$0M |
Top sells this quarter · 15
| HQL Tekla Life Sciences Investors | −$0M |
| GAM General American Investors Com | −$0M |
| CET Central Securities Corp. | −$0M |
| — | −$0M |
| AEF Abrdn Emerging Markets Equity | −$0M |
| ACP Abrdn Income Credit Strategies | −$0M |
| ADX Adams Diversified Equity Fund, | −$0M |
| BBN BlackRock Taxable Municipal Bo | −$0M |
| MYI BlackRock MuniYield Quality Fu | −$0M |
| BMEZ BlackRock Health Sciences Trus | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.37B | 138 | +24.10% | +17.59% | +6.51% | -0.06B |
| 2025-12-31 | $1.45B | 125 | +24.07% | +17.72% | +6.35% | +0.08B |
| 2025-09-30 | $1.31B | 120 | +20.83% | +17.52% | +3.31% | -0.03B |
| 2025-06-30 | $1.21B | 119 | +22.95% | +14.94% | +8.00% | -0.11B |
| 2025-03-31 | $1.22B | 120 | +20.90% | +8.30% | +12.60% | +0.00B |
| 2024-12-31 | $1.23B | 130 | +32.32% | +24.89% | +7.43% | +0.12B |
| 2024-09-30 | $1.08B | 135 | +44.38% | +36.04% | +8.34% | -0.16B |
| 2024-06-30 | $1.11B | 133 | +26.06% | +24.49% | +1.57% | -0.19B |
| 2024-03-31 | $1.21B | 137 | +24.37% | +29.62% | -5.26% | -0.33B |
| 2023-12-31 | $1.42B | 138 | +21.71% | +26.18% | -4.47% | -0.06B |
| 2023-09-30 | $1.33B | 142 | +18.19% | +21.57% | -3.38% | -0.03B |
| 2023-06-30 | $1.39B | 144 | +15.49% | +19.42% | -3.93% | -0.10B |
| 2023-03-31 | $1.42B | 145 | -4.45% | -7.82% | +3.37% | -0.13B |
| 2022-12-31 | $1.46B | 143 | -14.09% | -18.17% | +4.08% | +0.06B |
| 2022-09-30 | $1.29B | 134 | -11.83% | -15.51% | +3.68% | -0.11B |
| 2022-06-30 | $1.47B | 132 | -7.21% | -10.62% | +3.41% | -0.02B |