Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.75%
adds when stocks drop
when a holding falls −10%+
Middle response
-5.67%
baseline attrition
Rally response
-2.60%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $1.14B | 6.1% | — | 10.5 yr |
| GOOGAlphabet Inc. | $811M | 4.3% | +84.3% | 10.5 yr |
| MSFTMicrosoft Corporation | $721M | 3.9% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $687M | 3.7% | +14.7% | 10.5 yr |
| AKREAkre Focus ETF | $634M | 3.4% | — | 0.5 yr |
| BRK-BBerkshire Hathaway Inc. | $546M | 2.9% | — | 10.5 yr |
| KLACKLA Corporation | $515M | 2.8% | +118.2% | 8.3 yr |
| AMZNAmazon.com, Inc. | $475M | 2.5% | +9.5% | 10.5 yr |
| — | $463M | 2.5% | — | 0.5 yr |
| — | $420M | 2.3% | — | 0.5 yr |
| IEFAiShares Core MSCI EAFE E | $387M | 2.1% | — | 9.0 yr |
| WMWaste Management, Inc. | $379M | 2.0% | +0.8% | 10.5 yr |
| MAMastercard Incorporated | $362M | 1.9% | -8.5% | 10.5 yr |
| LINLinde plc | $359M | 1.9% | +7.9% | 3.3 yr |
| NVDANVIDIA Corporation | $331M | 1.8% | +60.9% | 9.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management19.3%+10.6pp$3.60B
Semiconductors8.8%+2.6pp$1.64B
Software - Infrastructure6.3%-2.3pp$1.18B
Internet Content & Information5.4%+0.2pp$1.01B
Unknown5.2%+4.9pp$969M
Consumer Electronics3.7%+1.6pp$688M
Insurance - Diversified3.5%-2.4pp$646M
Drug Manufacturers - General3.4%-0.3pp$632M
Discount Stores2.8%+0.4pp$530M
Specialty Retail2.8%-0.6pp$513M
Country
US90.9%-0.4pp
Unknown5.2%+4.9pp
GB2.1%-1.9pp
CH0.9%-1.7pp
CA0.5%-0.2pp
IE0.2%-0.3pp
DK0.1%-0.1pp
TW0.0%+0.0pp
Top 5: 21.4% · Top 10: 34.4% · Top 25: 58.1%
Top buys this quarter · 15
| USB U.S. Bancorp | +$293M |
| ROK Rockwell Automation, Inc. | +$152M |
| JPM JPMorgan Chase & Co. | +$126M |
| AVGO Broadcom Inc. | +$108M |
| AAPL Apple Inc. | +$96M |
| PANW Palo Alto Networks, Inc. | +$94M |
| HLT Hilton Worldwide Holdings Inc. | +$62M |
| PH Parker-Hannifin Corporation | +$62M |
| LLY Eli Lilly and Company | +$56M |
| JNJ Johnson & Johnson | +$55M |
Top sells this quarter · 15
| ADP Automatic Data Processing, Inc | −$136M |
| MA Mastercard Incorporated | −$132M |
| KLAC KLA Corporation | −$124M |
| SPGI S&P Global Inc. | −$86M |
| ADBE Adobe Inc. | −$77M |
| CWAN Clearwater Analytics Holdings, | −$70M |
| AMAT Applied Materials, Inc. | −$276M |
| TMO Thermo Fisher Scientific Inc. | −$60M |
| GOOG Alphabet Inc. | −$54M |
| ORCL Oracle Corporation | −$52M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $18.65B | 1800 | +5.77% | +17.59% | -11.82% | +1.64B |
| 2025-12-31 | $18.34B | 1833 | +12.66% | +17.72% | -5.06% | +1.86B |
| 2025-09-30 | $16.42B | 1678 | +9.45% | +17.52% | -8.07% | +0.09B |
| 2025-06-30 | $15.55B | 1547 | +11.71% | +14.94% | -3.23% | +0.06B |
| 2025-03-31 | $14.31B | 1304 | +6.53% | +8.30% | -1.78% | +0.22B |
| 2024-12-31 | $14.26B | 1457 | +16.78% | +24.89% | -8.11% | -0.08B |
| 2024-09-30 | $14.71B | 1419 | +34.06% | +36.04% | -1.98% | +0.48B |
| 2024-06-30 | $13.28B | 1142 | +20.38% | +24.49% | -4.11% | -0.17B |
| 2024-03-31 | $13.03B | 1158 | +26.04% | +29.62% | -3.58% | -0.01B |
| 2023-12-31 | $12.04B | 1147 | +24.92% | +26.18% | -1.25% | -0.63B |
| 2023-09-30 | $11.32B | 1210 | +21.38% | +21.57% | -0.19% | -0.63B |
| 2023-06-30 | $12.43B | 1215 | +15.86% | +19.42% | -3.56% | -0.47B |
| 2023-03-31 | $11.94B | 1259 | -6.09% | -7.82% | +1.72% | -0.33B |
| 2022-12-31 | $11.42B | 1244 | -16.58% | -18.17% | +1.59% | -0.17B |
| 2022-09-30 | $10.67B | 1497 | -14.80% | -15.51% | +0.71% | -0.06B |
| 2022-06-30 | $11.69B | 1291 | -6.69% | -10.62% | +3.93% | -0.70B |