Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.19%
adds when stocks drop
when a holding falls −10%+
Middle response
+2.23%
steady accumulation
Rally response
-0.05%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $2.99B | 3.2% | +14.7% | 10.3 yr |
| JNJJohnson & Johnson | $2.56B | 2.7% | +51.5% | 10.5 yr |
| IVViShares Core S&P 500 ETF | $2.08B | 2.2% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $1.87B | 2.0% | -0.6% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $1.82B | 1.9% | +17.6% | 10.5 yr |
| VOOVanguard S&P 500 ETF | $1.58B | 1.7% | — | 10.3 yr |
| BRK-ABerkshire Hathaway Inc. | $1.44B | 1.5% | — | 10.3 yr |
| NVDANVIDIA Corporation | $1.35B | 1.4% | +60.9% | 10.5 yr |
| XOMExxon Mobil Corporation | $1.22B | 1.3% | +47.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.20B | 1.3% | +9.5% | 10.3 yr |
| BRK-BBerkshire Hathaway Inc. | $1.17B | 1.2% | — | 10.3 yr |
| GOOGLAlphabet Inc. | $1.08B | 1.2% | — | 10.5 yr |
| METAMeta Platforms, Inc. | $790M | 0.8% | -0.4% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $783M | 0.8% | +21.8% | 10.3 yr |
| VEAVanguard FTSE Developed | $749M | 0.8% | — | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management42.9%+2.6pp$40.30B
Drug Manufacturers - General4.9%+1.6pp$4.60B
Semiconductors4.0%+1.1pp$3.75B
Consumer Electronics3.2%-0.2pp$2.99B
Asset Management - Bonds3.0%-0.0pp$2.82B
Insurance - Diversified2.8%-1.1pp$2.62B
Software - Infrastructure2.7%-0.7pp$2.54B
Internet Content & Information2.7%+0.8pp$2.53B
Oil & Gas Integrated2.1%+0.2pp$2.01B
Specialty Retail1.8%-0.3pp$1.67B
Country
US96.6%-0.1pp
IE0.7%-0.2pp
Unknown0.6%+0.2pp
GB0.4%+0.0pp
CA0.4%+0.0pp
TW0.3%+0.1pp
NL0.2%+0.0pp
CH0.1%-0.0pp
Top 5: 12.1% · Top 10: 19.3% · Top 25: 31.2%
Top buys this quarter · 15
| JNJ Johnson & Johnson | +$1.60B |
| SPY State Street SPDR S&P 500 ETF | +$517M |
| AAPL Apple Inc. | +$2.99B |
| AZN AstraZeneca PLCnew | +$94M |
| NVDA NVIDIA Corporation | +$88M |
| BX Blackstone Inc. | +$79M |
| NFLX Netflix, Inc. | +$77M |
| OWL Blue Owl Capital Inc. | +$63M |
| GBDC Golub Capital BDC, Inc. | +$60M |
| GIS General Mills, Inc. | +$56M |
Top sells this quarter · 15
| XOM Exxon Mobil Corporation | −$972M |
| EXAS Exact Sciences Corporationexit | −$128M |
| TER Teradyne, Inc. | −$72M |
| EMN Eastman Chemical Company | −$53M |
| ORCL Oracle Corporation | −$51M |
| LLY Eli Lilly and Company | −$43M |
| MS Morgan Stanley | −$34M |
| RTX RTX Corporation | −$33M |
| GEHC GE HealthCare Technologies Inc | −$33M |
| TRGP Targa Resources Corp. | −$32M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $93.93B | 3769 | +16.76% | +17.59% | -0.83% | +3.74B |
| 2025-12-31 | $91.18B | 3619 | +14.81% | +17.72% | -2.91% | +1.17B |
| 2025-09-30 | $87.82B | 3610 | +12.99% | +17.52% | -4.52% | +2.62B |
| 2025-06-30 | $79.56B | 3551 | +13.51% | +14.94% | -1.43% | +0.60B |
| 2025-03-31 | $73.42B | 3459 | +7.65% | +8.30% | -0.66% | +2.50B |
| 2024-12-31 | $72.92B | 3457 | +19.02% | +24.89% | -5.87% | +2.48B |
| 2024-09-30 | $69.83B | 3427 | +30.77% | +36.04% | -5.27% | +0.41B |
| 2024-06-30 | $64.52B | 3334 | +17.19% | +24.49% | -7.30% | +1.72B |
| 2024-03-31 | $61.58B | 3271 | +22.26% | +29.62% | -7.36% | -2.27B |
| 2023-12-31 | $59.37B | 3314 | +19.99% | +26.18% | -6.19% | +0.58B |
| 2023-09-30 | $53.04B | 3270 | +17.28% | +21.57% | -4.28% | +4.27B |
| 2023-06-30 | $50.59B | 3198 | +14.22% | +19.42% | -5.20% | +2.04B |
| 2023-03-31 | $45.63B | 3091 | -8.44% | -7.82% | -0.62% | -0.30B |
| 2022-12-31 | $43.53B | 3075 | -17.25% | -18.17% | +0.93% | +3.28B |
| 2022-09-30 | $37.15B | 2924 | -15.17% | -15.51% | +0.34% | +0.99B |
| 2022-06-30 | $38.51B | 2942 | -9.13% | -10.62% | +1.49% | +0.43B |