Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.39%
trims when stocks drop
when a holding falls −10%+
Middle response
-17.48%
baseline attrition
Rally response
-4.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FEZState Street SPDR EURO S | $287M | 9.1% | — | 7.3 yr |
| VGKVanguard FTSE Europe ETF | $180M | 5.7% | — | 6.8 yr |
| SPDWState Street SPDR Portfo | $114M | 3.6% | — | 3.8 yr |
| VPLVanguard FTSE Pacific ET | $104M | 3.3% | — | 6.8 yr |
| IEURiShares Core MSCI Europe | $80M | 2.5% | — | 8.3 yr |
| SPGMState Street SPDR Portfo | $69M | 2.2% | — | 3.0 yr |
| VXUSVanguard Total Internati | $62M | 2.0% | — | 6.0 yr |
| DBMFiMGP DBi Managed Futures | $59M | 1.9% | — | 1.5 yr |
| DBEFXtrackers MSCI EAFE Hedg | $54M | 1.7% | — | 6.0 yr |
| EZUiShares MSCI Eurozone ET | $49M | 1.5% | — | 6.3 yr |
| EWJiShares MSCI Japan ETF | $43M | 1.4% | — | 4.5 yr |
| HEFAiShares Currency Hedged | $42M | 1.3% | — | 7.5 yr |
| BRK-ABerkshire Hathaway Inc. | $38M | 1.2% | — | 1.0 yr |
| IEViShares Europe ETF | $30M | 1.0% | — | 8.3 yr |
| EWLiShares MSCI Switzerland | $27M | 0.8% | — | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management85.9%+4.2pp$2.72B
Asset Management - Global2.5%-1.0pp$79M
Asset Management - Bonds1.9%-7.7pp$61M
Asset Management - Leveraged1.7%+0.2pp$53M
Semiconductors1.5%+1.5pp$48M
Insurance - Diversified1.2%+1.1pp$38M
Unknown1.1%+0.1pp$35M
Software - Infrastructure0.7%+0.7pp$22M
Asset Management - Income0.4%-0.8pp$13M
Asset Management - Cryptocurrency0.3%-0.2pp$9M
Country
US97.3%-1.2pp
Unknown1.1%+0.1pp
CA0.3%+0.1pp
GB0.3%+0.3pp
NL0.3%+0.2pp
LU0.1%
BR0.1%+0.0pp
CN0.1%
Top 5: 24.2% · Top 10: 33.5% · Top 25: 45.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| MU Micron Technology, Inc. | +$17M |
| MSFT Microsoft Corporation | +$9M |
| NVDA NVIDIA Corporation | +$7M |
| AVGO Broadcom Inc. | +$3M |
| SPOT Spotify Technology S.A. | +$3M |
| AAPL Apple Inc. | +$3M |
| ASTS AST SpaceMobile, Inc.new | +$2M |
| ORCL Oracle Corporation | +$2M |
| CRCL Circle Internet Groupnew | +$1M |
| AAL American Airlines Group Inc. | +$1M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF exit | −$88M |
| TSLA Tesla, Inc. | −$18M |
| NFLX Netflix, Inc. | −$6M |
| META Meta Platforms, Inc. | −$5M |
| TSM Taiwan Semiconductor Manufactu | −$5M |
| HSBC HSBC Holdings plcexit | −$4M |
| SAP SAP SEexit | −$4M |
| AMZN Amazon.com, Inc. | −$4M |
| INTC Intel Corporation | −$3M |
| PLTR Palantir Technologies Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.16B | 978 | +32.54% | +17.59% | +14.95% | +0.18B |
| 2025-12-31 | $3.05B | 881 | +31.48% | +17.72% | +13.76% | +0.49B |
| 2025-09-30 | $2.47B | 917 | +42.37% | +17.52% | +24.85% | -0.67B |
| 2025-06-30 | $2.71B | 909 | +29.66% | +14.94% | +14.72% | +0.04B |
| 2025-03-31 | $2.37B | 889 | +16.20% | +8.30% | +7.90% | -0.06B |
| 2024-12-31 | $2.51B | 970 | +31.51% | +24.89% | +6.63% | +0.29B |
| 2024-09-30 | $1.97B | 855 | +25.02% | +36.04% | -11.02% | -0.17B |
| 2024-06-30 | $2.03B | 852 | +20.16% | +24.49% | -4.33% | +0.14B |
| 2024-03-31 | $1.87B | 773 | +18.61% | +29.62% | -11.01% | -1.71B |
| 2023-12-31 | $3.27B | 789 | +43.98% | +26.18% | +17.80% | +0.98B |
| 2023-09-30 | $2.13B | 881 | +36.77% | +21.57% | +15.20% | -0.20B |
| 2023-06-30 | $2.30B | 861 | +22.14% | +19.42% | +2.71% | -0.16B |
| 2023-03-31 | $2.47B | 906 | +11.74% | -7.82% | +19.55% | -0.18B |
| 2022-12-31 | $1.99B | 830 | -20.00% | -18.17% | -1.83% | +0.09B |
| 2022-09-30 | $1.86B | 1002 | -12.68% | -15.51% | +2.82% | +0.17B |
| 2022-06-30 | $1.87B | 801 | +5.06% | -10.62% | +15.68% | -0.76B |