Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.85%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.26%
baseline attrition
Rally response
-0.05%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $3.30B | 5.4% | — | 9.5 yr |
| AAPLApple Inc. | $2.81B | 4.6% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $2.80B | 4.6% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $2.21B | 3.6% | +9.5% | 10.5 yr |
| METAMeta Platforms, Inc. | $1.33B | 2.2% | -0.4% | 10.5 yr |
| TOTB.DETotalEnergies SE | $1.10B | 1.8% | +41.2% | 0.3 yr |
| JNJJohnson & Johnson | $1.10B | 1.8% | +51.5% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $1.03B | 1.7% | +21.8% | 10.5 yr |
| LLYEli Lilly and Company | $848M | 1.4% | +12.2% | 10.5 yr |
| AZNAstraZeneca PLC | $747M | 1.2% | +36.2% | 0.3 yr |
| TSLATesla, Inc. | $727M | 1.2% | +43.4% | 10.5 yr |
| CSCOCisco Systems, Inc. | $679M | 1.1% | +28.1% | 10.5 yr |
| MAMastercard Incorporated | $672M | 1.1% | -8.5% | 10.5 yr |
| ABBVAbbVie Inc. | $662M | 1.1% | +7.3% | 10.5 yr |
| PGThe Procter & Gamble Com | $657M | 1.1% | -12.9% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information8.7%+1.9pp$5.26B
Drug Manufacturers - General8.3%+1.4pp$5.05B
Software - Infrastructure6.2%-0.9pp$3.72B
Semiconductors5.8%+2.2pp$3.49B
Consumer Electronics4.7%+0.5pp$2.85B
Specialty Retail4.3%-0.0pp$2.58B
Industrial - Machinery3.4%-0.0pp$2.08B
Banks - Diversified3.4%+0.1pp$2.07B
Oil & Gas Integrated3.2%+2.0pp$1.95B
Medical - Devices2.3%-0.8pp$1.42B
Country
US85.9%-2.9pp
CA2.9%+0.4pp
IE2.7%-0.6pp
GB2.4%+1.1pp
FR1.8%+1.8pp
DE1.1%+0.3pp
CH0.7%+0.0pp
TW0.7%+0.3pp
Top 5: 20.6% · Top 10: 28.5% · Top 25: 42.5%
Top buys this quarter · 11
| TOTB.DE TotalEnergies SEnew | +$943M |
| AZN AstraZeneca PLCnew | +$746M |
| NVDA NVIDIA Corporation | +$88M |
| MSFT Microsoft Corporation | +$2.80B |
| DB Deutsche Bank AG | +$601M |
| DLTR Dollar Tree, Inc. | +$11M |
| MICC The Magnum Ice Cream Company Nnew | +$1M |
| NFLX Netflix, Inc. | +$34M |
| ORCL Oracle Corporation | +$0M |
| TSLA Tesla, Inc. | +$0M |
Top sells this quarter · 15
| GTLS Chart Industries, Inc.exit | −$45M |
| XPEV XPeng Inc.exit | −$19M |
| RACE Ferrari N.V. | −$17M |
| ROIV Roivant Sciences Ltd.exit | −$10M |
| SNY Sanofiexit | −$10M |
| TGNA TEGNA Inc.exit | −$9M |
| SUZ Suzano S.A.exit | −$8M |
| GTES Gates Industrial Corporation pexit | −$8M |
| TREX Trex Company, Inc.exit | −$7M |
| GPK Graphic Packaging Holding Compexit | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $60.54B | 1097 | +13.35% | +17.59% | -4.24% | +8.04B |
| 2025-12-31 | $54.15B | 1343 | +14.80% | +17.72% | -2.92% | -6.68B |
| 2025-09-30 | $59.42B | 1378 | +11.88% | +17.52% | -5.64% | +0.14B |
| 2025-06-30 | $56.05B | 1386 | +12.25% | +14.94% | -2.69% | +0.96B |
| 2025-03-31 | $51.02B | 1391 | +5.17% | +8.30% | -3.14% | -2.03B |
| 2024-12-31 | $54.02B | 1408 | +16.10% | +24.89% | -8.78% | +0.24B |
| 2024-09-30 | $53.90B | 1422 | +29.04% | +36.04% | -7.00% | -5.03B |
| 2024-06-30 | $55.54B | 1446 | +16.26% | +24.49% | -8.23% | +1.25B |
| 2024-03-31 | $53.67B | 1434 | +22.86% | +29.62% | -6.76% | +1.02B |
| 2023-12-31 | $48.57B | 1470 | +20.77% | +26.18% | -5.41% | +0.42B |
| 2023-09-30 | $43.41B | 1481 | +18.49% | +21.57% | -3.08% | +0.87B |
| 2023-06-30 | $44.50B | 1245 | +18.05% | +19.42% | -1.38% | +2.04B |
| 2023-03-31 | $39.72B | 1299 | -4.44% | -7.82% | +3.38% | -0.55B |
| 2022-12-31 | $37.79B | 1334 | +8.80% | +7.56% | +1.24% | +0.97B |
| 2022-09-30 | $33.84B | 1367 | -4.75% | -4.93% | +0.17% | +1.07B |
| 2022-06-30 | $34.40B | 1357 | -13.46% | -16.11% | +2.65% | -0.96B |