Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-39.69%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.69%
baseline attrition
Rally response
-17.74%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $4.49B | 11.4% | +17.6% | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $1.48B | 3.8% | — | 7.0 yr |
| IWMiShares Russell 2000 ETF | $973M | 2.5% | — | 8.3 yr |
| — | $655M | 1.7% | — | 2.0 yr |
| — | $619M | 1.6% | — | 3.5 yr |
| SNDKSandisk Corporation | $567M | 1.4% | +1234.5% | 0.8 yr |
| — | $401M | 1.0% | — | 4.3 yr |
| — | $373M | 0.9% | — | 3.0 yr |
| — | $355M | 0.9% | — | 4.0 yr |
| WMTWalmart Inc. | $340M | 0.9% | +42.8% | 5.5 yr |
| — | $332M | 0.8% | — | 3.5 yr |
| — | $310M | 0.8% | — | 1.3 yr |
| AAPLApple Inc. | $301M | 0.8% | +14.7% | 6.0 yr |
| — | $289M | 0.7% | — | 3.8 yr |
| MRVLMarvell Technology, Inc. | $268M | 0.7% | +61.3% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown35.4%+18.5pp$13.98B
Asset Management21.1%-11.4pp$8.33B
Semiconductors2.6%-1.1pp$1.02B
Hardware, Equipment & Parts2.0%+1.1pp$784M
Drug Manufacturers - General1.5%-1.2pp$580M
Discount Stores1.3%+1.1pp$530M
Oil & Gas Midstream1.3%+0.4pp$513M
Software - Application1.3%-3.0pp$503M
Aerospace & Defense1.3%+0.7pp$496M
Financial - Capital Markets1.2%+0.9pp$486M
Country
US59.5%-17.4pp
Unknown35.4%+18.5pp
CA1.1%-1.2pp
GB0.9%+0.1pp
BM0.4%+0.1pp
SG0.3%+0.3pp
IE0.3%-0.1pp
IN0.3%+0.2pp
Top 5: 20.8% · Top 10: 26.0% · Top 25: 35.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $3.03B | +0.53B | 17.6% |
| LRCX | $35M | +0.07B | 196.1% |
| MRVL | $19M | +0.01B | 61.3% |
| WMT | $3M | +0.00B | 42.8% |
| ABBV | $15M | +0.00B | 7.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SNDK Sandisk Corporation | +$525M |
| ABBV AbbVie Inc. | +$192M |
| VLO Valero Energy Corporation | +$129M |
| MRVL Marvell Technology, Inc. | +$126M |
| CSCO Cisco Systems, Inc. | +$119M |
| BMY Bristol-Myers Squibb Company | +$113M |
| AMGN Amgen Inc. | +$103M |
| SOFI SoFi Technologies, Inc. | +$102M |
| LITE Lumentum Holdings Inc. | +$94M |
| LMT Lockheed Martin Corporation | +$93M |
Top sells this quarter · 15
| AVGO Broadcom Inc. | −$563M |
| NVDA NVIDIA Corporationexit | −$445M |
| SHOP Shopify Inc. | −$351M |
| AMAT Applied Materials, Inc.exit | −$311M |
| AAPL Apple Inc. | −$273M |
| AMZN Amazon.com, Inc. | −$230M |
| MU Micron Technology, Inc. | −$224M |
| WBD Warner Bros. Discovery, Inc.exit | −$172M |
| EOG EOG Resources, Inc. | −$165M |
| SPY State Street SPDR S&P 500 ETF | −$161M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $39.46B | 3690 | +26.55% | +17.59% | +8.95% | +8.16B |
| 2025-12-31 | $31.37B | 3075 | +21.15% | +17.72% | +3.44% | +3.17B |
| 2025-09-30 | $26.73B | 2753 | +18.66% | +17.52% | +1.14% | +1.72B |
| 2025-06-30 | $22.52B | 2481 | +14.03% | +14.94% | -0.91% | +5.50B |
| 2025-03-31 | $15.72B | 2426 | +5.70% | +8.30% | -2.61% | -2.26B |
| 2024-12-31 | $18.83B | 2335 | +21.32% | +24.89% | -3.56% | -1.82B |
| 2024-09-30 | $19.98B | 2316 | +27.91% | +36.04% | -8.13% | +0.99B |
| 2024-06-30 | $17.80B | 2115 | +24.92% | +24.49% | +0.43% | +1.49B |
| 2024-03-31 | $16.25B | 2189 | +33.30% | +29.62% | +3.67% | +1.25B |
| 2023-12-31 | $13.68B | 2221 | +30.63% | +26.18% | +4.45% | +2.77B |
| 2023-09-30 | $10.02B | 2310 | +20.65% | +21.57% | -0.92% | -1.12B |
| 2023-06-30 | $10.69B | 2351 | +3.55% | +19.42% | -15.88% | +1.94B |
| 2023-03-31 | $8.17B | 2405 | -33.26% | -7.82% | -25.44% | +0.59B |
| 2022-12-31 | $7.06B | 2392 | -40.76% | -18.17% | -22.58% | -2.24B |
| 2022-09-30 | $9.25B | 2692 | -34.61% | -15.51% | -19.10% | +1.09B |
| 2022-06-30 | $9.12B | 2829 | -26.46% | -10.62% | -15.84% | -0.54B |