Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.37%
trims when stocks drop
when a holding falls −10%+
Middle response
-23.82%
baseline attrition
Rally response
-31.39%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| QQQInvesco QQQ Trust, Serie | $140M | 5.0% | — | 3.0 yr |
| IVViShares Core S&P 500 ETF | $132M | 4.7% | — | 3.0 yr |
| SPYState Street SPDR S&P 50 | $90M | 3.2% | +17.6% | 3.0 yr |
| NVDANVIDIA Corporation | $80M | 2.8% | +60.9% | 3.0 yr |
| MSFTMicrosoft Corporation | $70M | 2.5% | -0.6% | 3.0 yr |
| GDXVanEck Gold Miners ETF | $56M | 2.0% | — | 2.8 yr |
| SQSSapient Quality Select E | $47M | 1.7% | — | 0.3 yr |
| AAPLApple Inc. | $45M | 1.6% | +14.7% | 3.0 yr |
| VOOVanguard S&P 500 ETF | $44M | 1.6% | — | 2.5 yr |
| XLYState Street Consumer Di | $39M | 1.4% | — | 2.3 yr |
| TQQQProShares - UltraPro QQQ | $38M | 1.3% | — | 1.8 yr |
| AMZNAmazon.com, Inc. | $38M | 1.3% | +9.5% | 3.0 yr |
| BRK-ABerkshire Hathaway Inc. | $37M | 1.3% | — | 2.0 yr |
| XLEState Street Energy Sele | $33M | 1.2% | — | 3.0 yr |
| SOXLDirexion Daily Semicondu | $33M | 1.2% | — | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management63.5%+6.4pp$1.79B
Semiconductors5.4%-0.1pp$152M
Software - Infrastructure3.9%+2.2pp$109M
Internet Content & Information2.6%+1.2pp$74M
Asset Management - Global2.3%+1.2pp$66M
Asset Management - Leveraged1.7%-0.4pp$49M
Asset Management - Bonds1.7%-3.2pp$48M
Consumer Electronics1.6%+0.5pp$46M
Insurance - Diversified1.6%+1.1pp$44M
Specialty Retail1.4%+0.9pp$40M
Country
US96.7%-0.8pp
Unknown1.3%+0.4pp
GB0.5%+0.2pp
CA0.3%+0.2pp
CN0.2%+0.1pp
IE0.2%-0.2pp
TW0.2%
LU0.1%+0.1pp
Top 5: 18.2% · Top 10: 26.3% · Top 25: 42.2%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$75M |
| MU Micron Technology, Inc. | +$11M |
| MSFT Microsoft Corporation | +$70M |
| SHEL Shell plc | +$8M |
| PLTR Palantir Technologies Inc. | +$6M |
| HOOD Robinhood Markets, Inc. | +$2M |
| ORCL Oracle Corporation | +$2M |
| TOTB.DE TotalEnergies SE | +$2M |
| MSTR Strategy Inc | +$2M |
| AZN AstraZeneca PLCnew | +$1M |
Top sells this quarter · 15
| META Meta Platforms, Inc. | −$28M |
| CRWD CrowdStrike Holdings, Inc. | −$20M |
| AAPL Apple Inc. | −$19M |
| LITE Lumentum Holdings Inc. | −$13M |
| AMZN Amazon.com, Inc. | −$11M |
| AVGO Broadcom Inc. | −$10M |
| NOW ServiceNow, Inc. | −$10M |
| KGC Kinross Gold Corporation | −$9M |
| TSLA Tesla, Inc. | −$9M |
| AMAT Applied Materials, Inc. | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.83B | 1479 | +37.35% | +17.59% | +19.76% | -0.02B |
| 2025-12-31 | $2.93B | 1353 | +35.37% | +17.72% | +17.65% | +0.23B |
| 2025-09-30 | $2.60B | 1405 | +34.02% | +17.52% | +16.50% | -0.00B |
| 2025-06-30 | $2.24B | 1193 | +21.06% | +14.94% | +6.11% | -0.47B |
| 2025-03-31 | $2.31B | 1213 | +3.70% | +8.30% | -4.61% | +0.35B |
| 2024-12-31 | $2.05B | 1213 | +13.27% | +24.89% | -11.62% | -3.06B |
| 2024-09-30 | $4.97B | 1675 | +24.31% | +36.04% | -11.73% | -0.09B |
| 2024-06-30 | $4.82B | 1541 | +13.47% | +24.49% | -11.02% | +1.10B |
| 2024-03-31 | $3.70B | 1373 | +4.48% | +10.39% | -5.91% | -1.13B |
| 2023-12-31 | $4.62B | 1508 | +12.81% | +11.64% | +1.17% | -0.79B |
| 2023-09-30 | $4.80B | 1370 | -4.06% | -3.22% | -0.84% | +1.76B |
| 2023-06-30 | $3.16B | 1212 | — | — | — | — |