Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.25%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.06%
baseline attrition
Rally response
-23.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $276M | 6.0% | +60.9% | 1.8 yr |
| AAPLApple Inc. | $262M | 5.7% | +14.7% | 2.8 yr |
| GOOGLAlphabet Inc. | $185M | 4.0% | — | 3.0 yr |
| MSFTMicrosoft Corporation | $174M | 3.8% | -0.6% | 2.8 yr |
| AMZNAmazon.com, Inc. | $131M | 2.8% | +9.5% | 3.5 yr |
| METAMeta Platforms, Inc. | $71M | 1.5% | -0.4% | 3.3 yr |
| TSLATesla, Inc. | $70M | 1.5% | +43.4% | 1.8 yr |
| LLYEli Lilly and Company | $68M | 1.5% | +12.2% | 1.8 yr |
| AVGOBroadcom Inc. | $65M | 1.4% | +86.0% | 1.5 yr |
| MAMastercard Incorporated | $58M | 1.2% | -8.5% | 1.5 yr |
| JPMJPMorgan Chase & Co. | $48M | 1.0% | +21.8% | 1.5 yr |
| VVisa Inc. | $39M | 0.8% | -13.1% | 1.5 yr |
| TAT&T Inc. | $38M | 0.8% | +5.9% | 1.8 yr |
| ORLYO'Reilly Automotive, Inc | $38M | 0.8% | -3.4% | 1.8 yr |
| BRK-BBerkshire Hathaway Inc. | $38M | 0.8% | — | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors11.2%+2.2pp$519M
Software - Infrastructure6.6%-2.6pp$305M
Internet Content & Information6.0%-0.5pp$278M
Consumer Electronics5.7%-0.3pp$263M
Specialty Retail4.2%-0.4pp$195M
Biotechnology3.9%+3.0pp$182M
Software - Application3.0%-0.2pp$140M
Drug Manufacturers - General2.9%-2.1pp$136M
Financial - Capital Markets2.7%+1.2pp$124M
Financial - Credit Services2.5%-1.0pp$118M
Country
US91.8%-5.6pp
Unknown1.8%+1.6pp
CA0.9%
GB0.6%+0.2pp
NL0.5%
ZA0.5%
CH0.4%+0.1pp
FR0.4%
Top 5: 22.2% · Top 10: 29.4% · Top 25: 41.1%
Top buys this quarter · 15
| LLY Eli Lilly and Company | +$30M |
| V Visa Inc. | +$30M |
| QCOM QUALCOMM Incorporated | +$23M |
| MS Morgan Stanley | +$22M |
| SNDK Sandisk Corporation | +$22M |
| RTX RTX Corporation | +$21M |
| META Meta Platforms, Inc. | +$20M |
| TRGP Targa Resources Corp. | +$19M |
| HD The Home Depot, Inc. | +$19M |
| JPM JPMorgan Chase & Co. | +$17M |
Top sells this quarter · 15
| HON Honeywell International Inc. | −$26M |
| LRCX Lam Research Corporation | −$23M |
| LMT Lockheed Martin Corporation | −$22M |
| UNP Union Pacific Corporation | −$19M |
| ODFL Old Dominion Freight Line, Inc | −$19M |
| MPC Marathon Petroleum Corporation | −$17M |
| BSX Boston Scientific Corporation | −$16M |
| VLO Valero Energy Corporation | −$15M |
| SYK Stryker Corporation | −$14M |
| MCO Moody's Corporation | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.63B | 778 | +17.66% | +17.59% | +0.07% | +0.19B |
| 2025-12-31 | $4.65B | 768 | +18.07% | +17.72% | +0.35% | +0.51B |
| 2025-09-30 | $4.09B | 881 | +62.77% | +17.52% | +45.25% | +2.11B |
| 2025-06-30 | $1.82B | 470 | +31.56% | -8.82% | +40.38% | +0.39B |
| 2025-03-31 | $1.28B | 323 | -4.12% | -4.27% | +0.15% | -0.01B |
| 2024-12-31 | $1.35B | 324 | +39.41% | +2.49% | +36.92% | +0.86B |
| 2022-06-30 | $350M | 5 | -12.42% | -16.11% | +3.69% | -0.05B |
| 2022-03-31 | $457M | 6 | — | — | — | -0.14B |
| 2021-12-31 | $599M | 14 | — | — | — | +0.51B |
| 2021-09-30 | $94M | 9 | — | — | — | -0.14B |
| 2021-06-30 | $229M | 5 | — | — | — | +0.07B |
| 2021-03-31 | $160M | 7 | — | — | — | -0.78B |
| 2020-12-31 | $936M | 43 | — | — | — | +0.67B |
| 2020-09-30 | $263M | 8 | — | — | — | +0.02B |
| 2020-06-30 | $239M | 10 | — | — | — | -1.49B |
| 2019-12-31 | $1.73B | 170 | — | — | — | +0.43B |