Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.17%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.70%
baseline attrition
Rally response
-3.23%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IBKRInteractive Brokers Grou | $666M | 27.3% | +62.8% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $225M | 9.2% | +17.6% | 10.5 yr |
| FUTUFutu Holdings Limited | $168M | 6.9% | +33.6% | 0.8 yr |
| NMAXNewsmax, Inc. | $119M | 4.9% | -93.7% | 0.5 yr |
| HOODRobinhood Markets, Inc. | $79M | 3.2% | +66.5% | 1.0 yr |
| GOOGAlphabet Inc. | $41M | 1.7% | +84.3% | 6.5 yr |
| AAPLApple Inc. | $39M | 1.6% | +14.7% | 10.5 yr |
| — | $32M | 1.3% | — | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $31M | 1.3% | — | 3.8 yr |
| GBTCGrayscale Bitcoin Trust | $31M | 1.3% | — | 2.3 yr |
| SLViShares Silver Trust | $30M | 1.2% | — | 0.5 yr |
| ORCLOracle Corporation | $27M | 1.1% | +5.9% | 10.3 yr |
| SCHWThe Charles Schwab Corpo | $26M | 1.1% | +21.5% | 7.8 yr |
| CCJCameco Corporation | $26M | 1.1% | +164.4% | 5.0 yr |
| WYNNWynn Resorts, Limited | $25M | 1.0% | +22.7% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Investment - Banking & Investment Services27.3%-6.8pp$666M
Asset Management21.1%+1.2pp$516M
Financial - Capital Markets12.8%+9.5pp$313M
Broadcasting4.9%$119M
Software - Infrastructure2.9%-3.5pp$72M
Asset Management - Income2.3%+1.3pp$57M
Semiconductors2.3%-2.6pp$56M
Internet Content & Information2.2%+1.7pp$53M
Gold1.8%$43M
Unknown1.8%+0.9pp$43M
Country
US85.6%-8.9pp
HK6.9%
CA3.2%+2.5pp
Unknown1.8%+0.9pp
IE0.7%-0.3pp
IL0.5%
UY0.4%-0.4pp
GB0.4%-1.2pp
Top 5: 51.4% · Top 10: 58.6% · Top 25: 72.9%
Top buys this quarter · 15
| FUTU Futu Holdings Limited | +$98M |
| HOOD Robinhood Markets, Inc. | +$76M |
| SPY State Street SPDR S&P 500 ETF | +$65M |
| IBKR Interactive Brokers Group, Inc | +$50M |
| THM International Tower Hill Minesnew | +$23M |
| PYPL PayPal Holdings, Inc. | +$15M |
| ETOR eToro Group Ltd. | +$10M |
| MP MP Materials Corp. | +$7M |
| PNFP Pinnacle Financial Partners, Inew | +$2M |
| KMB Kimberly-Clark Corporation | +$0M |
Top sells this quarter · 15
| TSLA Tesla, Inc. | −$19M |
| GS The Goldman Sachs Group, Inc. | −$15M |
| SCHW The Charles Schwab Corporation | −$4M |
| BEN Franklin Resources, Inc. | −$4M |
| OPY Oppenheimer Holdings Inc. | −$2M |
| HPE Hewlett Packard Enterprise Comexit | −$2M |
| HPQ HP Inc. | −$1M |
| UBS UBS Group AGexit | −$1M |
| AUR Aurora Innovation, Inc. | −$1M |
| PGC Peapack-Gladstone Financial Coexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.44B | 303 | +30.53% | +17.59% | +12.94% | +0.31B |
| 2025-12-31 | $2.23B | 283 | +29.16% | +17.72% | +11.44% | +0.32B |
| 2025-09-30 | $2.00B | 274 | +44.39% | +17.52% | +26.87% | -0.40B |
| 2025-06-30 | $2.05B | 250 | +30.68% | +14.94% | +15.74% | +0.44B |
| 2025-03-31 | $1.31B | 234 | +10.69% | +8.30% | +2.39% | -0.02B |
| 2024-12-31 | $1.41B | 253 | +31.20% | +24.89% | +6.32% | -0.16B |
| 2024-09-30 | $1.46B | 245 | +33.86% | +36.04% | -2.18% | +0.03B |
| 2024-06-30 | $1.36B | 240 | +24.16% | +24.49% | -0.33% | +0.06B |
| 2024-03-31 | $1.25B | 242 | +28.97% | +29.62% | -0.66% | +0.12B |
| 2023-12-31 | $1.01B | 231 | +23.21% | +26.18% | -2.97% | -0.02B |
| 2023-09-30 | $941M | 226 | +25.11% | +21.57% | +3.54% | +0.02B |
| 2023-06-30 | $947M | 235 | +26.89% | +19.42% | +7.47% | -0.04B |
| 2023-03-31 | $912M | 234 | -4.79% | -7.82% | +3.03% | -0.06B |
| 2022-12-31 | $906M | 235 | -14.97% | -18.17% | +3.21% | -0.13B |
| 2022-09-30 | $935M | 235 | -14.87% | -15.51% | +0.63% | +0.19B |
| 2022-06-30 | $752M | 231 | -13.68% | -10.62% | -3.06% | -0.04B |