Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-32.74%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.80%
baseline attrition
Rally response
-31.07%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AGGiShares Core U.S. Aggreg | $12M | 1.5% | — | 7.0 yr |
| AMZNAmazon.com, Inc. | $9M | 1.0% | +9.5% | 9.8 yr |
| SOXLDirexion Daily Semicondu | $8M | 0.9% | — | 4.0 yr |
| IEFiShares 7-10 Year Treasu | $8M | 0.9% | — | 6.8 yr |
| TSLATesla, Inc. | $7M | 0.8% | +43.4% | 8.0 yr |
| RSPInvesco S&P 500 Equal We | $7M | 0.8% | — | 5.3 yr |
| BNDVanguard Total Bond Mark | $6M | 0.7% | — | 7.0 yr |
| QQQInvesco QQQ Trust, Serie | $6M | 0.7% | — | 6.5 yr |
| VOOVanguard S&P 500 ETF | $6M | 0.7% | — | 4.0 yr |
| EEMiShares MSCI Emerging Ma | $6M | 0.7% | — | 7.5 yr |
| TIPiShares TIPS Bond ETF | $5M | 0.6% | — | 6.3 yr |
| VTIVanguard Total Stock Mar | $5M | 0.6% | — | 6.8 yr |
| VTVanguard Total World Sto | $5M | 0.6% | — | 4.3 yr |
| GLDSPDR Gold Shares | $5M | 0.6% | — | 5.5 yr |
| NSCNorfolk Southern Corpora | $5M | 0.5% | +23.6% | 6.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management32.0%-2.6pp$275M
Asset Management - Bonds4.6%-0.0pp$40M
Semiconductors3.3%-0.6pp$28M
Software - Application2.8%+0.0pp$24M
Asset Management - Leveraged2.6%-0.3pp$23M
Banks - Regional2.5%+0.7pp$22M
Industrial - Machinery1.8%+0.7pp$16M
Software - Infrastructure1.8%+0.4pp$16M
Specialty Retail1.7%+0.1pp$15M
Aerospace & Defense1.6%+0.0pp$13M
Country
US90.3%+1.1pp
CA2.1%+0.4pp
Unknown1.1%-1.6pp
GB0.9%-0.1pp
IE0.9%+0.0pp
BR0.7%+0.1pp
CN0.4%-0.3pp
CH0.3%-0.0pp
Top 5: 5.1% · Top 10: 8.6% · Top 25: 15.9%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| AMZN Amazon.com, Inc. | +$6M |
| DAL Delta Air Lines, Inc. | +$4M |
| V Visa Inc. | +$3M |
| NOW ServiceNow, Inc. | +$3M |
| IDCC InterDigital, Inc. | +$2M |
| AMD Advanced Micro Devices, Inc. | +$2M |
| SBUX Starbucks Corporation | +$2M |
| C Citigroup Inc. | +$2M |
| SHOP Shopify Inc. | +$2M |
| CME CME Group Inc. | +$2M |
Top sells this quarter · 15
| MSFT Microsoft Corporationexit | −$9M |
| XOM Exxon Mobil Corporation | −$5M |
| ORCL Oracle Corporationexit | −$4M |
| NVDA NVIDIA Corporation | −$4M |
| GOOG Alphabet Inc. | −$3M |
| WWD Woodward, Inc. | −$3M |
| KEYS Keysight Technologies, Inc. | −$3M |
| CL Colgate-Palmolive Company | −$3M |
| ADP Automatic Data Processing, Incexit | −$3M |
| NEM Newmont Corporationexit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $858M | 1595 | +29.53% | +17.59% | +11.93% | +0.11B |
| 2025-12-31 | $726M | 1418 | +20.99% | +17.72% | +3.27% | +0.01B |
| 2025-09-30 | $677M | 1325 | +18.74% | +17.52% | +1.22% | -0.19B |
| 2025-06-30 | $809M | 1434 | +14.59% | +14.94% | -0.35% | +0.09B |
| 2025-03-31 | $652M | 1378 | +5.45% | +8.30% | -2.85% | +0.12B |
| 2024-12-31 | $550M | 1350 | +15.30% | +24.89% | -9.59% | -0.77B |
| 2024-09-30 | $1.27B | 1514 | +23.18% | +36.04% | -12.86% | -0.91B |
| 2024-06-30 | $2.10B | 1478 | +10.47% | +24.49% | -14.02% | +0.02B |
| 2024-03-31 | $2.06B | 1376 | +18.13% | +29.62% | -11.49% | -0.26B |
| 2023-12-31 | $2.19B | 1388 | -2.51% | +26.18% | -28.69% | -0.22B |
| 2023-09-30 | $2.17B | 1319 | -34.82% | +21.57% | -56.39% | +1.03B |
| 2023-06-30 | $1.22B | 1200 | -56.94% | +19.42% | -76.37% | -0.08B |
| 2023-03-31 | $1.21B | 1277 | -73.83% | -7.82% | -66.01% | +0.59B |
| 2022-12-31 | $703M | 1305 | -71.40% | -18.17% | -53.22% | +0.18B |
| 2022-09-30 | $699M | 1317 | -57.22% | -15.51% | -41.71% | +0.35B |
| 2022-06-30 | $565M | 1190 | -30.07% | -10.62% | -19.45% | +0.10B |