Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-22.72%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.82%
baseline attrition
Rally response
-13.04%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $543M | 5.6% | +17.6% | 9.5 yr |
| IVViShares Core S&P 500 ETF | $246M | 2.5% | — | 2.5 yr |
| WBDWarner Bros. Discovery, | $237M | 2.4% | +155.9% | 4.0 yr |
| NSCNorfolk Southern Corpora | $210M | 2.2% | +23.6% | 8.8 yr |
| EAElectronic Arts Inc. | $168M | 1.7% | +41.7% | 8.5 yr |
| ONBOld National Bancorp | $113M | 1.2% | +6.9% | 4.8 yr |
| GTLSChart Industries, Inc. | $89M | 0.9% | +43.2% | 3.5 yr |
| TXNMTXNM Energy, Inc. | $79M | 0.8% | +12.5% | 7.8 yr |
| ALLThe Allstate Corporation | $78M | 0.8% | +2.1% | 8.5 yr |
| TRVThe Travelers Companies, | $76M | 0.8% | +12.0% | 7.8 yr |
| AONAon plc | $74M | 0.8% | -18.4% | 4.5 yr |
| BENFranklin Resources, Inc. | $71M | 0.7% | +27.8% | 6.5 yr |
| BROBrown & Brown, Inc. | $71M | 0.7% | -47.2% | 6.5 yr |
| CWANClearwater Analytics Hol | $68M | 0.7% | -11.8% | 2.8 yr |
| KVUEKenvue Inc. | $65M | 0.7% | -25.0% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management12.3%+1.6pp$1.20B
Banks - Regional7.1%+1.3pp$687M
Unknown4.9%+2.5pp$475M
Regulated Electric4.4%+0.6pp$430M
Software - Application3.1%-0.5pp$300M
Semiconductors3.1%-3.0pp$298M
Railroads3.0%+2.7pp$296M
Entertainment3.0%+1.8pp$292M
Insurance - Property & Casualty2.4%+0.1pp$238M
Industrial - Machinery2.3%+0.5pp$225M
Country
US86.3%-1.8pp
Unknown4.9%+2.5pp
CA2.0%+0.7pp
GB1.9%+0.1pp
IE1.4%-0.2pp
BM0.7%-0.3pp
TW0.5%+0.3pp
KY0.3%+0.2pp
Top 5: 14.4% · Top 10: 18.9% · Top 25: 27.9%
Top buys this quarter · 15
| AES The AES Corporation | +$62M |
| EA Electronic Arts Inc. | +$62M |
| NEE NextEra Energy, Inc. | +$43M |
| SSRM SSR Mining Inc. | +$43M |
| NSC Norfolk Southern Corporation | +$42M |
| SJM The J. M. Smucker Company | +$38M |
| GTLS Chart Industries, Inc. | +$38M |
| CWAN Clearwater Analytics Holdings, | +$35M |
| WAB Westinghouse Air Brake Technol | +$29M |
| TXNM TXNM Energy, Inc. | +$28M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$596M |
| TSLA Tesla, Inc. | −$490M |
| AMZN Amazon.com, Inc. | −$429M |
| SPY State Street SPDR S&P 500 ETF | −$281M |
| EXAS Exact Sciences Corporationexit | −$128M |
| MSFT Microsoft Corporation | −$117M |
| AAPL Apple Inc. | −$110M |
| MU Micron Technology, Inc. | −$95M |
| PLTR Palantir Technologies Inc. | −$81M |
| XEL Xcel Energy Inc. | −$52M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.73B | 1561 | +6.54% | +17.59% | -11.05% | -7.96B |
| 2025-12-31 | $17.91B | 2712 | +2.86% | +17.72% | -14.86% | +0.74B |
| 2025-09-30 | $16.91B | 2847 | +4.42% | +17.52% | -13.10% | +0.81B |
| 2025-06-30 | $16.81B | 2827 | +14.89% | +14.94% | -0.05% | -1.95B |
| 2025-03-31 | $16.91B | 2590 | +3.31% | +8.30% | -5.00% | -1.71B |
| 2024-12-31 | $19.53B | 2512 | +18.74% | +24.89% | -6.15% | +5.49B |
| 2024-09-30 | $13.63B | 2325 | +25.61% | +36.04% | -10.43% | +0.97B |
| 2024-06-30 | $12.00B | 2193 | +17.54% | +24.49% | -6.95% | +2.42B |
| 2024-03-31 | $9.62B | 2023 | +24.71% | +29.62% | -4.92% | +0.34B |
| 2023-12-31 | $8.47B | 1727 | +12.40% | +26.18% | -13.78% | +1.59B |
| 2023-09-30 | $6.31B | 1839 | +8.54% | +21.57% | -13.02% | +1.23B |
| 2023-06-30 | $5.15B | 1766 | +3.95% | +19.42% | -15.47% | -0.17B |
| 2023-03-31 | $5.02B | 1834 | -17.18% | -7.82% | -9.37% | +0.80B |
| 2022-12-31 | $4.28B | 1550 | -20.01% | -18.17% | -1.83% | -2.08B |
| 2022-09-30 | $6.03B | 2252 | -15.61% | -15.51% | -0.10% | +2.06B |
| 2022-06-30 | $4.20B | 1920 | -10.19% | -10.62% | +0.43% | +0.82B |