Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.35%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.50%
baseline attrition
Rally response
-15.47%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IEMGiShares Core MSCI Emergi | $622M | 14.8% | — | 4.8 yr |
| SPYState Street SPDR S&P 50 | $339M | 8.1% | +17.6% | 6.0 yr |
| FXIiShares China Large-Cap | $203M | 4.8% | — | 7.3 yr |
| ZALTInnovator U.S. Equity 10 | $142M | 3.4% | — | 0.3 yr |
| VOOVanguard S&P 500 ETF | $126M | 3.0% | — | 3.0 yr |
| EWYiShares MSCI South Korea | $109M | 2.6% | — | 6.3 yr |
| VCITVanguard Intermediate-Te | $103M | 2.5% | — | 4.0 yr |
| QQQInvesco QQQ Trust, Serie | $74M | 1.8% | — | 2.8 yr |
| BABAAlibaba Group Holding Li | $67M | 1.6% | -3.5% | 4.3 yr |
| LEMBiShares J.P. Morgan EM L | $58M | 1.4% | — | 2.5 yr |
| TSMTaiwan Semiconductor Man | $58M | 1.4% | +105.6% | 4.8 yr |
| VEAVanguard FTSE Developed | $57M | 1.3% | — | 3.8 yr |
| IEURiShares Core MSCI Europe | $50M | 1.2% | — | 6.0 yr |
| HYGiShares iBoxx $ High Yie | $45M | 1.1% | — | 3.3 yr |
| EWZiShares MSCI Brazil ETF | $45M | 1.1% | — | 5.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management72.4%-13.6pp$3.04B
Asset Management - Bonds9.1%+5.4pp$382M
Unknown2.7%+1.3pp$115M
Semiconductors2.3%+1.7pp$97M
Specialty Retail1.9%+1.7pp$81M
Auto - Manufacturers1.3%+1.2pp$55M
Drug Manufacturers - General1.2%+0.2pp$50M
Asset Management - Global1.1%-0.8pp$44M
Banks - Regional1.0%+1.0pp$41M
Software - Application0.9%+0.8pp$38M
Country
US86.2%-7.2pp
Unknown2.7%+1.3pp
GB2.4%+1.8pp
CN2.2%+1.8pp
IN1.5%+1.4pp
TW1.4%+0.9pp
NL0.7%+0.3pp
FR0.6%-0.3pp
Top 5: 34.1% · Top 10: 43.9% · Top 25: 58.1%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$119M |
| TSM Taiwan Semiconductor Manufactu | +$34M |
| INFY Infosys Limited | +$21M |
| IBN ICICI Bank Limited | +$19M |
| ASML ASML Holding N.V. | +$19M |
| GSK GSK plc | +$15M |
| DEO Diageo plc | +$14M |
| VOD Vodafone Group Public Limited | +$12M |
| BUD Anheuser-Busch InBev SA/NV | +$11M |
| HDB HDFC Bank Limited | +$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.20B | 990 | +17.13% | +17.59% | -0.46% | +1.47B |
| 2025-12-31 | $2.58B | 934 | +8.10% | +17.72% | -9.62% | -0.53B |
| 2025-09-30 | $2.80B | 966 | -6.26% | +17.52% | -23.78% | -0.70B |
| 2025-06-30 | $3.75B | 981 | +14.14% | +14.94% | -0.80% | -1.79B |
| 2025-03-31 | $5.18B | 870 | +13.15% | +8.30% | +4.85% | +0.98B |
| 2024-12-31 | $4.30B | 867 | +24.84% | +24.89% | -0.05% | -0.09B |
| 2024-09-30 | $4.56B | 829 | +37.46% | +36.04% | +1.42% | +0.24B |
| 2024-06-30 | $3.81B | 837 | +23.43% | +24.49% | -1.06% | -0.53B |
| 2024-03-31 | $4.09B | 858 | +22.43% | +29.62% | -7.20% | +0.24B |
| 2023-12-31 | $3.57B | 897 | +18.44% | +26.18% | -7.74% | +0.39B |
| 2023-09-30 | $3.00B | 888 | +9.23% | +21.57% | -12.34% | +0.25B |
| 2023-06-30 | $2.70B | 879 | -3.15% | +19.42% | -22.58% | -0.76B |
| 2023-03-31 | $3.29B | 966 | -13.33% | -7.82% | -5.51% | +0.85B |
| 2022-12-31 | $2.33B | 2978 | -2.20% | +7.56% | -9.76% | +0.09B |
| 2022-09-30 | $2.30B | 899 | -9.79% | -4.93% | -4.86% | -0.52B |
| 2022-06-30 | $3.12B | 1250 | -5.79% | -16.11% | +10.32% | -0.05B |