Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.35%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.03%
baseline attrition
Rally response
-1.72%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $3.16B | 6.6% | +60.9% | 10.3 yr |
| AAPLApple Inc. | $2.73B | 5.7% | +14.7% | 10.3 yr |
| IVViShares Core S&P 500 ETF | $2.62B | 5.4% | — | 10.0 yr |
| MSFTMicrosoft Corporation | $1.92B | 4.0% | -0.6% | 10.3 yr |
| AMZNAmazon.com, Inc. | $1.52B | 3.1% | +9.5% | 10.3 yr |
| GOOGLAlphabet Inc. | $1.22B | 2.5% | — | 10.3 yr |
| GOOGAlphabet Inc. | $1.05B | 2.2% | +84.3% | 10.3 yr |
| AVGOBroadcom Inc. | $1.02B | 2.1% | +86.0% | 7.8 yr |
| METAMeta Platforms, Inc. | $922M | 1.9% | -0.4% | 10.3 yr |
| TSLATesla, Inc. | $780M | 1.6% | +43.4% | 9.5 yr |
| LLYEli Lilly and Company | $654M | 1.4% | +12.2% | 10.3 yr |
| JPMJPMorgan Chase & Co. | $517M | 1.1% | +21.8% | 10.3 yr |
| BRK-BBerkshire Hathaway Inc. | $499M | 1.0% | — | 10.3 yr |
| XOMExxon Mobil Corporation | $496M | 1.0% | +47.6% | 10.3 yr |
| JNJJohnson & Johnson | $483M | 1.0% | +51.5% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.5%+3.7pp$6.04B
Asset Management7.4%+3.4pp$3.56B
Internet Content & Information6.9%+0.9pp$3.34B
Software - Infrastructure5.9%-1.1pp$2.84B
Consumer Electronics5.7%-0.5pp$2.73B
Drug Manufacturers - General5.0%+0.6pp$2.41B
Specialty Retail4.0%-0.4pp$1.92B
Banks - Diversified3.7%-0.3pp$1.76B
Oil & Gas Integrated2.2%+0.6pp$1.05B
Aerospace & Defense2.1%+0.4pp$1.03B
Country
US91.1%-1.0pp
CA3.4%+0.8pp
GB1.5%+0.5pp
IE1.3%-0.4pp
Unknown0.5%-0.2pp
CH0.5%+0.0pp
FR0.3%
SG0.2%+0.1pp
Top 5: 24.8% · Top 10: 35.1% · Top 25: 47.1%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$265M |
| AXP American Express Company | +$61M |
| VZ Verizon Communications Inc. | +$53M |
| GEV GE Vernova Inc. | +$53M |
| MO Altria Group, Inc. | +$47M |
| ROST Ross Stores, Inc. | +$45M |
| B Barrick Mining Corporation | +$45M |
| AMGN Amgen Inc. | +$40M |
| HWM Howmet Aerospace Inc. | +$39M |
| SEI Solaris Energy Infrastructure, | +$36M |
Top sells this quarter · 15
| MU Micron Technology, Inc. | −$130M |
| NVDA NVIDIA Corporation | −$126M |
| AAPL Apple Inc. | −$101M |
| MSFT Microsoft Corporation | −$76M |
| AVGO Broadcom Inc. | −$61M |
| KKR KKR & Co. Inc. | −$58M |
| ABBV AbbVie Inc. | −$54M |
| FCX Freeport-McMoRan Inc. | −$47M |
| META Meta Platforms, Inc. | −$46M |
| PGR The Progressive Corporation | −$40M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $48.26B | 687 | +19.85% | +17.59% | +2.26% | -0.45B |
| 2025-12-31 | $50.79B | 691 | +19.51% | +17.72% | +1.79% | +0.98B |
| 2025-09-30 | $48.62B | 687 | +19.54% | +17.52% | +2.02% | -0.12B |
| 2025-06-30 | $44.95B | 699 | +16.95% | +14.94% | +2.01% | -1.47B |
| 2025-03-31 | $41.26B | 719 | +6.09% | +8.30% | -2.22% | +0.92B |
| 2024-12-31 | $42.18B | 726 | +19.53% | +24.89% | -5.35% | -1.00B |
| 2024-09-30 | $42.14B | 732 | +30.30% | +36.04% | -5.74% | +0.03B |
| 2024-06-30 | $39.69B | 741 | +18.19% | +24.49% | -6.30% | -0.53B |
| 2024-03-31 | $39.41B | 742 | +25.05% | +29.62% | -4.58% | -1.63B |
| 2023-12-31 | $38.08B | 744 | +24.39% | +26.18% | -1.79% | +0.17B |
| 2023-09-30 | $33.95B | 757 | +18.93% | +21.57% | -2.63% | -0.30B |
| 2023-06-30 | $35.59B | 751 | +18.13% | +19.42% | -1.29% | -1.49B |
| 2023-03-31 | $34.34B | 751 | -7.09% | -7.82% | +0.73% | +0.22B |
| 2022-12-31 | $31.83B | 750 | +6.80% | +7.56% | -0.76% | -2.86B |
| 2022-09-30 | $32.49B | 755 | -4.42% | -4.93% | +0.50% | +1.22B |
| 2022-06-30 | $32.72B | 761 | -15.09% | -16.11% | +1.02% | -1.62B |