Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.39%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.34%
baseline attrition
Rally response
-5.12%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $962M | 6.0% | — | 10.5 yr |
| IVViShares Core S&P 500 ETF | $888M | 5.6% | — | 10.5 yr |
| SPYState Street SPDR S&P 50 | $497M | 3.1% | +17.6% | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $457M | 2.9% | — | 10.0 yr |
| AAPLApple Inc. | $447M | 2.8% | +14.7% | 10.5 yr |
| NVDANVIDIA Corporation | $374M | 2.3% | +60.9% | 10.0 yr |
| RGENRepligen Corporation | $327M | 2.1% | -7.4% | 1.8 yr |
| MSFTMicrosoft Corporation | $287M | 1.8% | -0.6% | 10.5 yr |
| BIVVanguard Intermediate-Te | $285M | 1.8% | — | 7.3 yr |
| VTVVanguard Value ETF | $281M | 1.8% | — | 10.5 yr |
| IEMGiShares Core MSCI Emergi | $252M | 1.6% | — | 10.0 yr |
| VUGVanguard Growth ETF | $242M | 1.5% | — | 10.5 yr |
| GOOGLAlphabet Inc. | $227M | 1.4% | — | 10.0 yr |
| GOVTiShares U.S. Treasury Bo | $227M | 1.4% | — | 10.0 yr |
| IUSBiShares Core Universal U | $189M | 1.2% | — | 8.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management52.3%+0.9pp$8.34B
Asset Management - Bonds7.1%-0.9pp$1.14B
Semiconductors4.4%+1.4pp$699M
Internet Content & Information2.9%+0.5pp$469M
Consumer Electronics2.8%+0.0pp$450M
Software - Infrastructure2.4%-0.4pp$383M
Medical - Instruments & Supplies2.1%+2.0pp$332M
Drug Manufacturers - General2.0%+0.1pp$313M
Banks - Diversified1.1%-0.1pp$182M
Specialty Retail1.1%-0.1pp$170M
Country
US96.4%-0.1pp
IE0.8%-0.3pp
Unknown0.6%+0.5pp
NL0.4%+0.1pp
GB0.3%-0.4pp
CA0.3%+0.1pp
DK0.2%-0.1pp
TW0.2%+0.1pp
Top 5: 20.4% · Top 10: 30.1% · Top 25: 46.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $172M | +0.10B | 60.9% |
| GOOG | $82M | +0.07B | 84.3% |
| AAPL | $326M | +0.05B | 14.7% |
| JPM | $91M | +0.02B | 21.8% |
| AMZN | $106M | +0.01B | 9.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $244M | -0.00B | -0.6% |
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$31M |
| NVO Novo Nordisk A/S | +$15M |
| NFLX Netflix, Inc. | +$13M |
| NOW ServiceNow, Inc. | +$10M |
| AVGO Broadcom Inc. | +$10M |
| PG The Procter & Gamble Company | +$10M |
| NAVN Navan, Inc.new | +$8M |
| MSFT Microsoft Corporation | +$287M |
| F-PD Ford Motor Company 6.500% Note | +$5M |
| V Visa Inc. | +$85M |
Top sells this quarter · 15
| MTDR Matador Resources Company | −$47M |
| KTOS Kratos Defense & Security Solu | −$35M |
| ORCL Oracle Corporation | −$17M |
| WMT Walmart Inc. | −$10M |
| ADBE Adobe Inc. | −$8M |
| APD Air Products and Chemicals, In | −$8M |
| ASML ASML Holding N.V. | −$57M |
| MDU MDU Resources Group, Inc. | −$6M |
| GOOG Alphabet Inc. | −$6M |
| AAPL Apple Inc. | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $15.94B | 1615 | +11.41% | +17.59% | -6.18% | +0.49B |
| 2025-12-31 | $16.56B | 1359 | +15.34% | +17.72% | -2.38% | +2.25B |
| 2025-09-30 | $13.90B | 1193 | +12.83% | +17.52% | -4.69% | +0.78B |
| 2025-06-30 | $12.37B | 1081 | +13.67% | +14.94% | -1.28% | -0.38B |
| 2025-03-31 | $11.66B | 1054 | +5.25% | +8.30% | -3.05% | +0.24B |
| 2024-12-31 | $11.83B | 1051 | +17.05% | +24.89% | -7.83% | -0.41B |
| 2024-09-30 | $12.14B | 1052 | +29.70% | +36.04% | -6.34% | -0.28B |
| 2024-06-30 | $11.63B | 1023 | +17.28% | +24.49% | -7.21% | -0.65B |
| 2024-03-31 | $12.12B | 1069 | +22.54% | +29.62% | -7.09% | -0.82B |
| 2023-12-31 | $12.05B | 1056 | +20.26% | +26.18% | -5.91% | -4.99B |
| 2023-09-30 | $15.26B | 829 | +17.99% | +21.57% | -3.58% | -2.46B |
| 2023-06-30 | $18.34B | 885 | +15.23% | +19.42% | -4.20% | -0.60B |
| 2023-03-31 | $17.91B | 952 | -5.82% | -7.82% | +2.00% | -0.89B |
| 2022-12-31 | $17.83B | 1033 | -14.79% | -18.17% | +3.39% | -0.72B |
| 2022-09-30 | $16.93B | 1079 | -13.59% | -15.51% | +1.92% | -0.25B |
| 2022-06-30 | $18.21B | 1117 | -7.89% | -10.62% | +2.74% | +0.43B |