Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.20%
trims when stocks drop
when a holding falls −10%+
Middle response
-20.99%
baseline attrition
Rally response
-5.51%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $116M | 6.3% | +17.6% | 8.8 yr |
| IEMGiShares Core MSCI Emergi | $76M | 4.1% | — | 5.3 yr |
| GOOGLAlphabet Inc. | $65M | 3.5% | — | 5.8 yr |
| VEAVanguard FTSE Developed | $59M | 3.2% | — | 3.0 yr |
| NVDANVIDIA Corporation | $56M | 3.1% | +60.9% | 5.8 yr |
| FXIiShares China Large-Cap | $54M | 2.9% | — | 5.0 yr |
| EEMiShares MSCI Emerging Ma | $44M | 2.4% | — | 5.0 yr |
| — | $37M | 2.0% | — | 1.5 yr |
| SHYiShares 1-3 Year Treasur | $25M | 1.4% | — | 1.8 yr |
| EWYiShares MSCI South Korea | $24M | 1.3% | — | 5.3 yr |
| GLDSPDR Gold Shares | $24M | 1.3% | — | 6.0 yr |
| TSLATesla, Inc. | $24M | 1.3% | +43.4% | 5.5 yr |
| EFAiShares MSCI EAFE ETF | $22M | 1.2% | — | 3.8 yr |
| BPBP p.l.c. | $22M | 1.2% | +47.2% | 5.8 yr |
| INDAiShares MSCI India ETF | $19M | 1.1% | — | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management37.9%+5.8pp$696M
Internet Content & Information6.0%+3.6pp$110M
Semiconductors5.5%-11.7pp$101M
Unknown3.6%+2.3pp$66M
Banks - Regional2.9%+1.8pp$53M
Auto - Manufacturers2.4%+2.3pp$43M
Software - Infrastructure2.2%+0.6pp$41M
Oil & Gas Integrated1.9%-1.1pp$35M
Asset Management - Bonds1.6%+1.1pp$30M
Banks - Diversified1.5%-0.7pp$27M
Country
US84.5%-2.7pp
GB3.6%+0.4pp
Unknown3.6%+2.3pp
CN2.0%+2.0pp
CA1.8%-0.6pp
TW0.7%-2.4pp
IN0.7%
IE0.5%+0.1pp
Top 5: 20.3% · Top 10: 30.4% · Top 25: 44.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $125M | +0.08B | 60.9% |
| BP | $19M | +0.01B | 47.2% |
| GOOG | $6M | +0.01B | 84.3% |
| GEV | $1M | +0.00B | 186.8% |
| CRWD | $7M | +0.00B | 10.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| META | $14M | -0.00B | -0.4% |
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$65M |
| NVDA NVIDIA Corporation | +$44M |
| F-PD Ford Motor Company 6.500% Note | +$16M |
| TSLA Tesla, Inc. | +$15M |
| META Meta Platforms, Inc. | +$12M |
| CRWD CrowdStrike Holdings, Inc. | +$12M |
| BP BP p.l.c. | +$12M |
| GEV GE Vernova Inc. | +$10M |
| GOOG Alphabet Inc. | +$9M |
| HD The Home Depot, Inc. | +$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.84B | 1087 | +33.12% | +17.59% | +15.53% | +0.47B |
| 2025-12-31 | $1.31B | 1049 | +25.99% | +17.72% | +8.27% | -0.68B |
| 2025-09-30 | $1.94B | 1065 | +27.83% | +17.52% | +10.31% | +0.40B |
| 2025-06-30 | $1.42B | 938 | +23.20% | +14.94% | +8.26% | +0.06B |
| 2025-03-31 | $1.18B | 440 | +12.37% | +8.30% | +4.06% | -0.27B |
| 2024-12-31 | $1.48B | 444 | +26.26% | +24.89% | +1.38% | -0.39B |
| 2024-09-30 | $1.79B | 454 | +35.91% | +36.04% | -0.12% | +0.09B |
| 2024-06-30 | $1.63B | 397 | +26.69% | +24.49% | +2.20% | -0.22B |
| 2024-03-31 | $1.75B | 274 | +33.16% | +29.62% | +3.53% | -1.91B |
| 2023-12-31 | $3.33B | 248 | +30.97% | +26.18% | +4.79% | +1.92B |
| 2023-09-30 | $1.26B | 260 | +11.87% | +21.57% | -9.69% | -0.01B |
| 2023-06-30 | $1.29B | 258 | -2.22% | +5.38% | -7.60% | +0.54B |
| 2023-03-31 | $683M | 220 | -15.53% | -7.51% | -8.02% | +0.15B |
| 2022-12-31 | $492M | 169 | -13.51% | -4.41% | -9.10% | +0.13B |
| 2022-06-30 | $381M | 160 | -9.09% | -10.62% | +1.53% | +0.04B |
| 2022-03-31 | $398M | 176 | +15.45% | +15.45% | +0.00% | -0.70B |