Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.86%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.46%
baseline attrition
Rally response
-0.82%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $2.60B | 7.5% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $2.28B | 6.6% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $1.62B | 4.7% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.24B | 3.6% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.03B | 3.0% | — | 10.5 yr |
| GOOGAlphabet Inc. | $919M | 2.6% | +84.3% | 10.5 yr |
| AVGOBroadcom Inc. | $837M | 2.4% | +86.0% | 8.0 yr |
| BRK-BBerkshire Hathaway Inc. | $641M | 1.8% | — | 10.5 yr |
| METAMeta Platforms, Inc. | $620M | 1.8% | -0.4% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $570M | 1.6% | +21.8% | 10.5 yr |
| TSLATesla, Inc. | $516M | 1.5% | +43.4% | 10.3 yr |
| VVisa Inc. | $417M | 1.2% | -13.1% | 10.5 yr |
| COSTCostco Wholesale Corpora | $393M | 1.1% | +5.9% | 10.5 yr |
| XOMExxon Mobil Corporation | $368M | 1.1% | +47.6% | 10.5 yr |
| LLYEli Lilly and Company | $366M | 1.1% | +12.2% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors14.0%+4.3pp$4.84B
Internet Content & Information7.5%+1.5pp$2.60B
Consumer Electronics6.6%-0.4pp$2.28B
Software - Infrastructure6.4%-0.7pp$2.22B
Drug Manufacturers - General4.5%+0.1pp$1.55B
Specialty Retail4.0%-0.2pp$1.39B
Banks - Diversified3.7%+0.2pp$1.27B
Aerospace & Defense2.4%+0.6pp$828M
Financial - Credit Services2.4%-0.8pp$822M
Regulated Electric2.1%+0.1pp$745M
Country
US95.1%-0.3pp
IE1.1%-0.3pp
GB0.8%-0.1pp
CH0.7%+0.0pp
NL0.5%+0.2pp
CA0.5%+0.1pp
ES0.4%+0.2pp
JP0.3%+0.0pp
Top 5: 25.3% · Top 10: 35.6% · Top 25: 48.4%
Top buys this quarter · 15
| VRT Vertiv Holdings Conew | +$47M |
| CIEN Ciena Corporation | +$26M |
| LITE Lumentum Holdings Inc. | +$25M |
| KTOS Kratos Defense & Security Solu | +$23M |
| COHR Coherent, Inc.new | +$22M |
| CGNX Cognex Corporation | +$18M |
| SLB SLB N.V. | +$15M |
| WMB The Williams Companies, Inc. | +$15M |
| FNV Franco-Nevada Corporation | +$11M |
| VZ Verizon Communications Inc. | +$9M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$77M |
| AAPL Apple Inc. | −$68M |
| MSFT Microsoft Corporation | −$50M |
| AMZN Amazon.com, Inc. | −$28M |
| GOOG Alphabet Inc. | −$26M |
| GS The Goldman Sachs Group, Inc. | −$24M |
| JPM JPMorgan Chase & Co. | −$21M |
| XOM Exxon Mobil Corporation | −$272M |
| KAI Kadant Inc. | −$15M |
| META Meta Platforms, Inc. | −$15M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $34.71B | 642 | +18.62% | +17.59% | +1.03% | -0.78B |
| 2025-12-31 | $37.02B | 638 | +18.00% | +17.72% | +0.28% | -0.33B |
| 2025-09-30 | $36.35B | 628 | +17.12% | +17.52% | -0.40% | -0.92B |
| 2025-06-30 | $34.38B | 633 | +14.22% | +14.94% | -0.72% | -0.36B |
| 2025-03-31 | $31.27B | 633 | +5.51% | +8.30% | -2.79% | -0.05B |
| 2024-12-31 | $32.85B | 633 | +19.56% | +24.89% | -5.33% | -0.42B |
| 2024-09-30 | $32.63B | 626 | +31.02% | +36.04% | -5.02% | -0.52B |
| 2024-06-30 | $31.34B | 613 | +18.94% | +24.49% | -5.55% | -0.01B |
| 2024-03-31 | $30.56B | 612 | +23.96% | +29.62% | -5.66% | +0.36B |
| 2023-12-31 | $27.94B | 622 | +22.80% | +26.18% | -3.38% | -0.35B |
| 2023-09-30 | $25.32B | 620 | +17.77% | +21.57% | -3.79% | -0.31B |
| 2023-06-30 | $26.70B | 621 | +17.55% | +19.42% | -1.87% | -0.29B |
| 2023-03-31 | $25.24B | 626 | -6.04% | -7.82% | +1.78% | +0.07B |
| 2022-12-31 | $23.50B | 647 | -16.28% | -18.17% | +1.90% | -1.55B |
| 2022-09-30 | $23.38B | 629 | -13.24% | -15.51% | +2.27% | +0.26B |
| 2022-06-30 | $24.13B | 630 | -8.93% | -10.62% | +1.69% | -0.62B |