Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.39%
adds when stocks drop
when a holding falls −10%+
Middle response
-15.11%
baseline attrition
Rally response
-15.70%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $6.92B | 9.0% | +17.6% | 10.3 yr |
| QQQInvesco QQQ Trust, Serie | $4.86B | 6.3% | — | 7.8 yr |
| TSLATesla, Inc. | $1.79B | 2.3% | +43.4% | 9.8 yr |
| MSFTMicrosoft Corporation | $1.73B | 2.2% | -0.6% | 9.5 yr |
| NVDANVIDIA Corporation | $1.54B | 2.0% | +60.9% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $1.31B | 1.7% | +105.6% | 10.0 yr |
| MUMicron Technology, Inc. | $1.23B | 1.6% | +289.6% | 10.5 yr |
| IWMiShares Russell 2000 ETF | $1.08B | 1.4% | — | 9.5 yr |
| AAPLApple Inc. | $978M | 1.3% | +14.7% | 10.5 yr |
| GOOGLAlphabet Inc. | $902M | 1.2% | — | 10.3 yr |
| UNHUnitedHealth Group Incor | $861M | 1.1% | -46.9% | 9.5 yr |
| AMDAdvanced Micro Devices, | $847M | 1.1% | +98.0% | 10.5 yr |
| GOOGAlphabet Inc. | $780M | 1.0% | +84.3% | 9.5 yr |
| METAMeta Platforms, Inc. | $745M | 1.0% | -0.4% | 10.5 yr |
| AVGOBroadcom Inc. | $736M | 1.0% | +86.0% | 7.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management31.7%-6.9pp$24.42B
Semiconductors10.3%+3.5pp$7.93B
Software - Infrastructure4.6%+2.0pp$3.59B
Internet Content & Information3.8%+1.1pp$2.92B
Software - Application3.2%+0.1pp$2.45B
Specialty Retail2.6%+0.2pp$1.97B
Auto - Manufacturers2.5%+0.5pp$1.95B
Biotechnology2.0%+0.2pp$1.57B
Asset Management - Bonds1.9%-2.2pp$1.48B
Medical - Healthcare Plans1.6%+0.2pp$1.25B
Country
US89.6%-1.0pp
TW1.7%+0.8pp
CA1.6%+0.8pp
Unknown1.3%-0.7pp
CN1.0%-0.3pp
IE0.6%-0.0pp
DK0.5%+0.4pp
GB0.5%-0.1pp
Top 5: 21.8% · Top 10: 29.0% · Top 25: 41.2%
Top buys this quarter · 15
| TSM Taiwan Semiconductor Manufactu | +$1.22B |
| MSFT Microsoft Corporation | +$974M |
| MU Micron Technology, Inc. | +$825M |
| UNH UnitedHealth Group Incorporate | +$703M |
| SNDK Sandisk Corporation | +$555M |
| SPY State Street SPDR S&P 500 ETF | +$411M |
| NVO Novo Nordisk A/S | +$363M |
| TSLA Tesla, Inc. | +$358M |
| ORCL Oracle Corporation | +$351M |
| AMD Advanced Micro Devices, Inc. | +$325M |
Top sells this quarter · 15
| NFLX Netflix, Inc. | −$633M |
| AVGO Broadcom Inc. | −$598M |
| AMAT Applied Materials, Inc. | −$266M |
| COST Costco Wholesale Corporation | −$251M |
| TXN Texas Instruments Incorporated | −$201M |
| OXY Occidental Petroleum Corporati | −$195M |
| ARM Arm Holdings plc American Depo | −$166M |
| AMZN Amazon.com, Inc. | −$163M |
| VRT Vertiv Holdings Co | −$144M |
| COIN Coinbase Global, Inc. | −$138M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $77.14B | 6499 | +23.67% | +17.59% | +6.08% | +7.12B |
| 2025-12-31 | $72.73B | 5941 | +21.69% | +17.72% | +3.97% | +4.21B |
| 2025-09-30 | $68.28B | 5785 | +27.42% | +17.52% | +9.90% | -4.51B |
| 2025-06-30 | $65.33B | 6297 | +20.89% | +14.94% | +5.95% | -4.62B |
| 2025-03-31 | $60.88B | 6316 | +8.03% | +8.30% | -0.27% | -2.46B |
| 2024-12-31 | $66.87B | 6088 | +21.42% | +24.89% | -3.47% | +5.93B |
| 2024-09-30 | $57.99B | 5506 | +29.62% | +36.04% | -6.42% | -1.70B |
| 2024-06-30 | $56.47B | 5506 | +18.86% | +24.49% | -5.63% | -11.40B |
| 2024-03-31 | $66.10B | 5397 | +24.28% | +29.62% | -5.35% | +4.03B |
| 2023-12-31 | $58.31B | 5794 | +31.22% | +26.18% | +5.04% | -13.27B |
| 2023-09-30 | $63.81B | 5414 | +17.41% | +21.57% | -4.16% | +4.14B |
| 2023-06-30 | $61.55B | 5513 | -3.82% | +19.42% | -23.24% | -6.32B |
| 2023-03-31 | $63.22B | 5834 | -33.85% | -7.82% | -26.03% | +7.20B |
| 2022-12-31 | $49.83B | 5646 | -43.87% | -18.17% | -25.69% | +1.62B |
| 2022-09-30 | $48.03B | 5955 | -37.89% | -15.51% | -22.38% | +11.51B |
| 2022-06-30 | $45.99B | 5621 | -21.34% | -10.62% | -10.72% | -2.77B |