Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.05%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.73%
baseline attrition
Rally response
-6.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ACGLArch Capital Group Ltd. | $2.18B | 3.6% | -0.2% | 10.5 yr |
| BKThe Bank of New York Mel | $1.84B | 3.0% | +44.4% | 10.5 yr |
| SCHWThe Charles Schwab Corpo | $1.64B | 2.7% | +21.5% | 5.3 yr |
| GOOGLAlphabet Inc. | $1.62B | 2.7% | — | 10.5 yr |
| ANTMElevance Health Inc. | $1.50B | 2.5% | — | 10.5 yr |
| AXPAmerican Express Company | $1.39B | 2.3% | +13.3% | 10.5 yr |
| METAMeta Platforms, Inc. | $1.34B | 2.2% | -0.4% | 10.5 yr |
| CCitigroup Inc. | $1.30B | 2.2% | +63.9% | 10.5 yr |
| GRMNGarmin Ltd. | $1.28B | 2.1% | +8.6% | 4.8 yr |
| BRK-BBerkshire Hathaway Inc. | $1.25B | 2.1% | — | 10.5 yr |
| SUSuncor Energy Inc. | $1.14B | 1.9% | +77.6% | 6.3 yr |
| AMZNAmazon.com, Inc. | $1.13B | 1.9% | +9.5% | 10.0 yr |
| WTWWillis Towers Watson Pub | $1.10B | 1.8% | -13.2% | 7.5 yr |
| LRCXLam Research Corporation | $1.07B | 1.8% | +196.1% | 1.5 yr |
| ARGXargenx SE | $1.07B | 1.8% | +23.4% | 7.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors7.5%+1.8pp$4.54B
Internet Content & Information6.9%+1.4pp$4.15B
Insurance - Diversified5.7%-0.2pp$3.42B
Insurance - Brokers4.5%-0.4pp$2.73B
Specialty Retail4.5%+0.3pp$2.69B
Medical - Diagnostics & Research4.2%+1.7pp$2.50B
Aerospace & Defense4.0%+3.1pp$2.39B
Banks - Diversified3.6%+1.3pp$2.15B
Financial - Capital Markets3.5%-0.0pp$2.12B
Hardware, Equipment & Parts3.2%+0.2pp$1.96B
Country
US71.7%+2.7pp
GB3.7%-0.5pp
BM3.7%-0.1pp
IE3.4%-0.3pp
CA3.0%-0.1pp
Unknown2.7%+0.3pp
CH2.1%+0.1pp
NL2.0%-0.8pp
Top 5: 14.6% · Top 10: 25.5% · Top 25: 47.9%
Top buys this quarter · 15
| CPNG Coupang, Inc. | +$624M |
| AXTA Axalta Coating Systems Ltd. | +$449M |
| JPM JPMorgan Chase & Co. | +$343M |
| EW Edwards Lifesciences Corporati | +$323M |
| IQV IQVIA Holdings Inc. | +$288M |
| RBLX Roblox Corporation | +$199M |
| MDB MongoDB, Inc. | +$195M |
| LLY Eli Lilly and Company | +$175M |
| AON Aon plc | +$170M |
| AMZN Amazon.com, Inc. | +$167M |
Top sells this quarter · 15
| SU Suncor Energy Inc. | −$1.03B |
| LRCX Lam Research Corporation | −$624M |
| NFLX Netflix, Inc. | −$399M |
| PYPL PayPal Holdings, Inc.exit | −$340M |
| BKR Baker Hughes Company | −$278M |
| ONTO Onto Innovation Inc. | −$273M |
| DHR Danaher Corporationexit | −$263M |
| AAPL Apple Inc. | −$234M |
| SPGI S&P Global Inc. | −$219M |
| ARGX argenx SE | −$211M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $60.23B | 326 | +14.78% | +17.59% | -2.81% | -1.75B |
| 2025-12-31 | $64.53B | 324 | +15.93% | +17.72% | -1.79% | -5.05B |
| 2025-09-30 | $68.83B | 321 | +18.02% | +17.52% | +0.50% | -2.70B |
| 2025-06-30 | $66.81B | 328 | +17.04% | +14.94% | +2.10% | -0.97B |
| 2025-03-31 | $61.40B | 337 | +5.20% | +8.30% | -3.11% | -1.38B |
| 2024-12-31 | $64.70B | 348 | +20.74% | +24.89% | -4.14% | -3.70B |
| 2024-09-30 | $66.47B | 325 | +30.23% | +36.04% | -5.81% | -3.15B |
| 2024-06-30 | $65.57B | 319 | +19.57% | +24.49% | -4.92% | -2.52B |
| 2024-03-31 | $68.62B | 324 | +27.67% | +29.62% | -1.95% | -2.30B |
| 2023-12-31 | $63.68B | 315 | +27.04% | +26.18% | +0.86% | -1.59B |
| 2023-09-30 | $58.81B | 305 | +22.68% | +21.57% | +1.12% | -1.76B |
| 2023-06-30 | $62.13B | 299 | +20.50% | +19.42% | +1.07% | -1.75B |
| 2023-03-31 | $60.29B | 312 | -7.08% | -7.82% | +0.74% | -2.15B |
| 2022-12-31 | $56.34B | 312 | +7.19% | +7.56% | -0.37% | -4.29B |
| 2022-09-30 | $56.56B | 307 | -4.25% | -4.93% | +0.68% | +0.12B |
| 2022-06-30 | $58.95B | 311 | -18.30% | -16.11% | -2.19% | -2.60B |