Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.11%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.38%
baseline attrition
Rally response
-3.05%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $5.09B | 3.9% | +60.9% | 10.3 yr |
| MSFTMicrosoft Corporation | $4.21B | 3.2% | -0.6% | 10.3 yr |
| AAPLApple Inc. | $4.04B | 3.1% | +14.7% | 10.3 yr |
| AMZNAmazon.com, Inc. | $3.65B | 2.8% | +9.5% | 10.3 yr |
| GOOGLAlphabet Inc. | $2.74B | 2.1% | — | 10.3 yr |
| GOOGAlphabet Inc. | $2.46B | 1.9% | +84.3% | 10.3 yr |
| JPMJPMorgan Chase & Co. | $2.32B | 1.8% | +21.8% | 10.3 yr |
| LLYEli Lilly and Company | $1.59B | 1.2% | +12.2% | 10.3 yr |
| IVViShares Core S&P 500 ETF | $1.50B | 1.1% | — | 10.3 yr |
| METAMeta Platforms, Inc. | $1.41B | 1.1% | -0.4% | 10.3 yr |
| AVGOBroadcom Inc. | $1.30B | 1.0% | +86.0% | 7.8 yr |
| NEENextEra Energy, Inc. | $1.28B | 1.0% | +34.9% | 10.3 yr |
| HDThe Home Depot, Inc. | $1.28B | 1.0% | -8.0% | 10.3 yr |
| XOMExxon Mobil Corporation | $1.06B | 0.8% | +47.6% | 10.3 yr |
| ASMLASML Holding N.V. | $957M | 0.7% | +100.9% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors9.9%+3.5pp$12.99B
Internet Content & Information5.4%+1.4pp$7.09B
Software - Infrastructure5.3%-0.8pp$7.00B
Asset Management5.3%+0.7pp$6.95B
Oil & Gas Midstream3.4%+0.4pp$4.53B
Drug Manufacturers - General3.4%+0.7pp$4.52B
Specialty Retail3.4%+0.1pp$4.40B
Consumer Electronics3.1%+0.0pp$4.11B
Banks - Diversified2.7%-0.2pp$3.50B
Industrial - Machinery2.5%+0.2pp$3.31B
Country
US91.2%+0.2pp
CA1.9%+0.1pp
GB1.7%+0.8pp
IE1.6%-0.8pp
NL0.8%+0.2pp
Unknown0.6%-0.5pp
BM0.4%+0.2pp
TW0.3%+0.2pp
Top 5: 15.0% · Top 10: 22.1% · Top 25: 32.9%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$520M |
| NVDA NVIDIA Corporation | +$398M |
| AMZN Amazon.com, Inc. | +$3.65B |
| TER Teradyne, Inc. | +$221M |
| NFLX Netflix, Inc. | +$213M |
| BSX Boston Scientific Corporation | +$192M |
| AMD Advanced Micro Devices, Inc. | +$192M |
| EW Edwards Lifesciences Corporati | +$162M |
| ITW Illinois Tool Works Inc. | +$150M |
| JHG Janus Henderson Group plc | +$113M |
Top sells this quarter · 15
| LITE Lumentum Holdings Inc. | −$196M |
| ABT Abbott Laboratories | −$193M |
| AAOI Applied Optoelectronics, Inc. | −$183M |
| SNDK Sandisk Corporation | −$121M |
| PM Philip Morris International In | −$173M |
| WBD Warner Bros. Discovery, Inc. | −$149M |
| MSFT Microsoft Corporation | −$136M |
| GLW Corning Incorporated | −$134M |
| WPM Wheaton Precious Metals Corp. | −$111M |
| TMUS T-Mobile US, Inc. | −$110M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $131.37B | 2151 | +16.19% | +17.59% | -1.40% | -0.50B |
| 2025-12-31 | $134.30B | 2094 | +13.82% | +17.72% | -3.90% | -4.45B |
| 2025-09-30 | $136.79B | 2020 | +12.13% | +17.52% | -5.39% | -1.25B |
| 2025-06-30 | $129.92B | 2037 | +12.73% | +14.94% | -2.21% | -1.13B |
| 2025-03-31 | $119.36B | 1956 | +3.74% | +8.30% | -4.56% | -1.75B |
| 2024-12-31 | $125.92B | 1908 | +15.93% | +24.89% | -8.96% | -2.09B |
| 2024-09-30 | $128.10B | 1907 | +28.66% | +36.04% | -7.38% | -2.00B |
| 2024-06-30 | $121.79B | 1883 | +15.64% | +24.49% | -8.85% | -0.40B |
| 2024-03-31 | $120.93B | 1811 | +20.64% | +29.62% | -8.98% | -2.29B |
| 2023-12-31 | $114.65B | 1849 | +18.91% | +26.18% | -7.26% | -7.02B |
| 2023-09-30 | $109.71B | 1798 | +15.65% | +21.57% | -5.92% | +2.37B |
| 2023-06-30 | $111.79B | 1798 | +15.67% | +19.42% | -3.75% | -1.79B |
| 2023-03-31 | $107.76B | 1795 | -7.17% | -7.82% | +0.65% | -0.22B |
| 2022-12-31 | $101.92B | 1770 | -16.43% | -18.17% | +1.75% | -0.15B |
| 2022-09-30 | $94.63B | 1818 | -13.94% | -15.51% | +1.56% | +0.52B |
| 2022-06-30 | $97.99B | 1835 | -9.88% | -10.62% | +0.74% | -0.43B |