Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.35%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.43%
baseline attrition
Rally response
-2.18%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $835M | 30.2% | — | 10.5 yr |
| IUSBiShares Core Universal U | $233M | 8.5% | — | 1.5 yr |
| IWFiShares Russell 1000 Gro | $176M | 6.4% | — | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $175M | 6.3% | — | 7.8 yr |
| XLGInvesco S&P 500 Top 50 E | $113M | 4.1% | — | 2.3 yr |
| AAPLApple Inc. | $54M | 2.0% | +14.7% | 10.5 yr |
| ACWXiShares MSCI ACWI ex U.S | $48M | 1.7% | — | 10.0 yr |
| JOUTJohnson Outdoors Inc. | $44M | 1.6% | +94.8% | 10.5 yr |
| IXUSiShares Core MSCI Total | $41M | 1.5% | — | 7.5 yr |
| SPYState Street SPDR S&P 50 | $37M | 1.3% | +17.6% | 10.5 yr |
| MSFTMicrosoft Corporation | $37M | 1.3% | -0.6% | 10.5 yr |
| IEMGiShares Core MSCI Emergi | $31M | 1.1% | — | 7.8 yr |
| IJHiShares Core S&P Mid-Cap | $30M | 1.1% | — | 10.5 yr |
| JCPBJPMorgan Core Plus Bond | $27M | 1.0% | — | 2.5 yr |
| ISTBiShares Core 1-5 Year US | $27M | 1.0% | — | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management63.3%-1.7pp$1.75B
Asset Management - Bonds10.5%+8.8pp$291M
Semiconductors2.4%+0.8pp$65M
Consumer Electronics2.0%-0.2pp$54M
Internet Content & Information1.8%+0.2pp$51M
Software - Infrastructure1.7%-0.8pp$46M
Leisure1.6%-1.1pp$44M
Drug Manufacturers - General1.5%-0.2pp$42M
Oil & Gas Integrated0.9%-0.0pp$24M
Financial - Credit Services0.9%-0.4pp$24M
Country
US99.0%+0.4pp
IE0.3%-0.3pp
CH0.3%-0.1pp
GB0.2%-0.0pp
LU0.1%
TW0.0%+0.0pp
Unknown0.0%-0.1pp
CA0.0%-0.0pp
Top 5: 55.5% · Top 10: 63.6% · Top 25: 75.9%
Top buys this quarter · 15
| OBDC Blue Owl Capital Corporation | +$2M |
| KLAC KLA Corporation | +$2M |
| ALL The Allstate Corporation | +$1M |
| MCO Moody's Corporation | +$9M |
| RTX RTX Corporation | +$1M |
| APH Amphenol Corporation | +$1M |
| PGR The Progressive Corporation | +$1M |
| UBER Uber Technologies, Inc. | +$1M |
| IDXX IDEXX Laboratories, Inc. | +$1M |
| LOW Lowe's Companies, Inc. | +$1M |
Top sells this quarter · 15
| JOUT Johnson Outdoors Inc. | −$35M |
| NVDA NVIDIA Corporation | −$2M |
| KEYS Keysight Technologies, Inc. | −$2M |
| LRCX Lam Research Corporation | −$10M |
| LMT Lockheed Martin Corporation | −$6M |
| SPY State Street SPDR S&P 500 ETF | −$1M |
| GOOG Alphabet Inc. | −$1M |
| JNJ Johnson & Johnson | −$12M |
| FNF Fidelity National Financial, I | −$1M |
| CAT Caterpillar Inc. | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.76B | 885 | +21.56% | +17.59% | +3.97% | +0.11B |
| 2025-12-31 | $2.67B | 917 | +17.25% | +17.72% | -0.47% | -0.07B |
| 2025-09-30 | $2.66B | 1057 | +13.94% | +17.52% | -3.58% | +0.21B |
| 2025-06-30 | $2.22B | 708 | +9.86% | +14.94% | -5.08% | +0.03B |
| 2025-03-31 | $2.04B | 844 | +0.14% | +8.30% | -8.16% | +0.02B |
| 2024-12-31 | $2.11B | 829 | +7.97% | +24.89% | -16.92% | -0.07B |
| 2024-09-30 | $2.19B | 908 | +16.77% | +36.04% | -19.27% | -0.01B |
| 2024-06-30 | $2.06B | 819 | +4.65% | +24.49% | -19.84% | +0.24B |
| 2024-03-31 | $1.86B | 764 | +11.98% | +29.62% | -17.64% | -0.03B |
| 2023-12-31 | $1.83B | 908 | +11.40% | +26.18% | -14.78% | +0.27B |
| 2023-09-30 | $1.44B | 626 | +17.80% | +21.57% | -3.77% | +0.06B |
| 2023-06-30 | $1.44B | 643 | +13.16% | +19.42% | -6.26% | -0.03B |
| 2023-03-31 | $1.40B | 606 | -7.93% | -7.82% | -0.11% | +0.11B |
| 2022-12-31 | $1.26B | 622 | -14.60% | -18.17% | +3.58% | +0.02B |
| 2022-09-30 | $1.08B | 632 | -17.12% | -15.51% | -1.61% | -0.20B |
| 2022-06-30 | $1.40B | 683 | -9.14% | -10.62% | +1.48% | +0.19B |