Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.28%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.97%
baseline attrition
Rally response
-4.06%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $2.25B | 5.5% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $1.91B | 4.7% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $1.42B | 3.5% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.13B | 2.8% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $935M | 2.3% | — | 10.5 yr |
| GOOGAlphabet Inc. | $751M | 1.9% | +84.3% | 10.5 yr |
| METAMeta Platforms, Inc. | $729M | 1.8% | -0.4% | 10.5 yr |
| AVGOBroadcom Inc. | $683M | 1.7% | +86.0% | 8.0 yr |
| TSLATesla, Inc. | $486M | 1.2% | +43.4% | 10.5 yr |
| HTHTH World Group Limited | $439M | 1.1% | +43.2% | 8.0 yr |
| LLYEli Lilly and Company | $409M | 1.0% | +12.2% | 10.5 yr |
| JNJJohnson & Johnson | $404M | 1.0% | +51.5% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $395M | 1.0% | +21.8% | 10.5 yr |
| XOMExxon Mobil Corporation | $388M | 1.0% | +47.6% | 10.5 yr |
| PDDPDD Holdings Inc. | $364M | 0.9% | -13.7% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors10.9%+3.1pp$4.40B
Internet Content & Information6.5%+0.9pp$2.62B
Software - Infrastructure5.6%-1.0pp$2.25B
Specialty Retail5.4%+0.7pp$2.20B
Regulated Electric5.1%+0.1pp$2.08B
Consumer Electronics4.7%-0.2pp$1.91B
Drug Manufacturers - General4.2%+0.0pp$1.71B
Banks - Diversified3.0%+0.6pp$1.22B
Software - Application2.7%-0.9pp$1.09B
Asset Management2.4%-0.3pp$993M
Country
US90.5%-2.5pp
IE2.1%+0.6pp
CN2.0%+1.2pp
CA1.3%+0.2pp
SG0.7%+0.4pp
GB0.5%+0.0pp
UY0.5%+0.3pp
BR0.4%+0.3pp
Top 5: 18.9% · Top 10: 26.5% · Top 25: 38.7%
Top buys this quarter · 15
| CNI Canadian National Railway Comp | +$144M |
| AQN Algonquin Power & Utilities Co | +$78M |
| HTHT H World Group Limited | +$55M |
| SBAC SBA Communications Corporation | +$42M |
| PDD PDD Holdings Inc. | +$41M |
| VZ Verizon Communications Inc. | +$35M |
| AVGO Broadcom Inc. | +$683M |
| OKE ONEOK, Inc. | +$31M |
| NU Nu Holdings Ltd. | +$28M |
| MELI MercadoLibre, Inc. | +$196M |
Top sells this quarter · 15
| ES Eversource Energy | −$108M |
| LNG Cheniere Energy, Inc. | −$197M |
| CSX CSX Corporation | −$62M |
| NFLX Netflix, Inc. | −$41M |
| AMZN Amazon.com, Inc. | −$21M |
| NEE NextEra Energy, Inc. | −$267M |
| TSM Taiwan Semiconductor Manufactu | −$19M |
| FTNT Fortinet, Inc. | −$19M |
| TRGP Targa Resources Corp. | −$101M |
| DTM DT Midstream, Inc. | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $40.56B | 1095 | +15.67% | +17.59% | -1.92% | +0.05B |
| 2025-12-31 | $42.08B | 1084 | +16.46% | +17.72% | -1.26% | -3.99B |
| 2025-09-30 | $45.51B | 1101 | +16.84% | +17.52% | -0.67% | -0.92B |
| 2025-06-30 | $43.17B | 1045 | +16.89% | +14.94% | +1.95% | +0.79B |
| 2025-03-31 | $38.41B | 1060 | +7.31% | +8.30% | -0.99% | -2.84B |
| 2024-12-31 | $42.55B | 1041 | +18.68% | +24.89% | -6.20% | -1.94B |
| 2024-09-30 | $43.81B | 1055 | +30.90% | +36.04% | -5.14% | -1.35B |
| 2024-06-30 | $41.96B | 1082 | +16.52% | +24.49% | -7.97% | -2.25B |
| 2024-03-31 | $43.65B | 1073 | +21.89% | +29.62% | -7.74% | -1.90B |
| 2023-12-31 | $42.48B | 1095 | +20.90% | +26.18% | -5.27% | -2.28B |
| 2023-09-30 | $39.96B | 1150 | +14.92% | +21.57% | -6.64% | -1.46B |
| 2023-06-30 | $43.24B | 1137 | +14.15% | +19.42% | -5.27% | -0.11B |
| 2023-03-31 | $40.91B | 1148 | -7.56% | -7.82% | +0.26% | +0.13B |
| 2022-12-31 | $38.35B | 1146 | +6.47% | +7.56% | -1.09% | +0.29B |
| 2022-09-30 | $35.74B | 1170 | -4.85% | -4.93% | +0.08% | -1.46B |
| 2022-06-30 | $39.10B | 1200 | -14.19% | -16.11% | +1.92% | +1.88B |