Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.73%
trims when stocks drop
when a holding falls −10%+
Middle response
-40.41%
baseline attrition
Rally response
-26.42%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| XLIState Street Industrial | $29M | 3.0% | — | 6.3 yr |
| MSFTMicrosoft Corporation | $27M | 2.8% | -0.6% | 3.8 yr |
| IGViShares Expanded Tech-So | $20M | 2.1% | — | 3.0 yr |
| GOOGLAlphabet Inc. | $19M | 2.0% | — | 4.8 yr |
| XLPState Street Consumer St | $18M | 1.8% | — | 5.3 yr |
| IBITiShares Bitcoin Trust ET | $14M | 1.5% | — | 0.8 yr |
| XBIState Street SPDR S&P Bi | $14M | 1.5% | — | 3.5 yr |
| ORCLOracle Corporation | $14M | 1.5% | +5.9% | 5.5 yr |
| XLYState Street Consumer Di | $14M | 1.4% | — | 6.5 yr |
| INTUIntuit Inc. | $13M | 1.3% | -29.3% | 5.3 yr |
| EWYiShares MSCI South Korea | $13M | 1.3% | — | 4.8 yr |
| SOFISoFi Technologies, Inc. | $12M | 1.3% | +36.5% | 0.8 yr |
| LMTLockheed Martin Corporat | $11M | 1.2% | +39.0% | 5.3 yr |
| XLVState Street Health Care | $11M | 1.2% | — | 4.8 yr |
| HOODRobinhood Markets, Inc. | $11M | 1.1% | +66.5% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management25.2%-8.9pp$242M
Software - Application7.7%+4.3pp$74M
Software - Infrastructure6.8%+5.7pp$66M
Aerospace & Defense5.3%+2.9pp$51M
Semiconductors4.6%-0.8pp$44M
Financial - Credit Services3.8%+2.9pp$37M
Internet Content & Information3.2%+2.1pp$31M
Specialty Retail3.1%+2.5pp$30M
Drug Manufacturers - General2.6%+0.8pp$25M
Medical - Diagnostics & Research2.3%+0.3pp$22M
Country
US90.8%-2.5pp
CA1.8%+0.3pp
TW1.1%+1.1pp
IE1.1%-0.2pp
NL1.1%+1.0pp
GB0.8%+0.3pp
SG0.6%+0.5pp
Unknown0.4%-0.3pp
Top 5: 11.8% · Top 10: 19.0% · Top 25: 35.0%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$23M |
| INTU Intuit Inc. | +$12M |
| SOFI SoFi Technologies, Inc. | +$11M |
| QCOM QUALCOMM Incorporated | +$10M |
| NOW ServiceNow, Inc. | +$10M |
| SHOP Shopify Inc. | +$8M |
| TSM Taiwan Semiconductor Manufactu | +$8M |
| RTX RTX Corporation | +$8M |
| APH Amphenol Corporation | +$8M |
| HOOD Robinhood Markets, Inc. | +$7M |
Top sells this quarter · 15
| NVDA NVIDIA Corporationexit | −$38M |
| MSTR Strategy Incexit | −$22M |
| NFLX Netflix, Inc.exit | −$16M |
| WMT Walmart Inc.exit | −$13M |
| UNH UnitedHealth Group Incorporateexit | −$13M |
| TXN Texas Instruments Incorporatedexit | −$12M |
| CVNA Carvana Co. | −$11M |
| NEM Newmont Corporation | −$10M |
| LLY Eli Lilly and Company | −$9M |
| AMD Advanced Micro Devices, Inc.exit | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $963M | 363 | +24.32% | +17.59% | +6.73% | -0.08B |
| 2025-12-31 | $1.03B | 376 | +18.47% | +17.72% | +0.76% | +0.30B |
| 2025-09-30 | $719M | 322 | +26.40% | +17.52% | +8.88% | -0.11B |
| 2025-06-30 | $746M | 296 | +20.01% | +14.94% | +5.07% | -0.44B |
| 2025-03-31 | $1.09B | 316 | +16.76% | +8.30% | +8.45% | -0.20B |
| 2024-12-31 | $1.33B | 312 | +30.69% | +24.89% | +5.81% | +0.24B |
| 2024-09-30 | $1.01B | 310 | +35.15% | +36.04% | -0.89% | +0.05B |
| 2024-06-30 | $917M | 300 | +25.39% | +24.49% | +0.90% | -0.88B |
| 2024-03-31 | $1.70B | 228 | +30.26% | +29.62% | +0.64% | -0.18B |
| 2023-12-31 | $1.74B | 303 | +34.14% | +26.18% | +7.96% | +1.01B |
| 2023-09-30 | $650M | 162 | +26.03% | +21.57% | +4.46% | -0.38B |
| 2023-06-30 | $1.06B | 264 | +21.71% | +19.42% | +2.29% | +0.53B |
| 2023-03-31 | $475M | 214 | -1.94% | -7.82% | +5.88% | -0.11B |
| 2022-12-31 | $526M | 206 | +39.98% | -18.17% | +58.15% | -0.11B |
| 2022-09-30 | $602M | 265 | -5.38% | -4.93% | -0.45% | -0.02B |
| 2022-06-30 | $656M | 207 | -11.18% | -16.11% | +4.93% | -0.17B |