Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.82%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.39%
baseline attrition
Rally response
-2.45%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $382M | 6.0% | +14.7% | 10.5 yr |
| NVDANVIDIA Corporation | $381M | 6.0% | +60.9% | 9.8 yr |
| MSFTMicrosoft Corporation | $290M | 4.6% | -0.6% | 10.5 yr |
| GOOGAlphabet Inc. | $255M | 4.0% | +84.3% | 10.5 yr |
| AMZNAmazon.com, Inc. | $234M | 3.7% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $205M | 3.2% | — | 10.5 yr |
| MAMastercard Incorporated | $196M | 3.1% | -8.5% | 10.5 yr |
| MSMorgan Stanley | $194M | 3.0% | +44.8% | 9.5 yr |
| FIXComfort Systems USA, Inc | $185M | 2.9% | +329.0% | 1.3 yr |
| AZOAutoZone, Inc. | $174M | 2.7% | -11.4% | 10.5 yr |
| WMBThe Williams Companies, | $173M | 2.7% | +25.8% | 9.5 yr |
| JPMJPMorgan Chase & Co. | $157M | 2.5% | +21.8% | 10.5 yr |
| BXBlackstone Inc. | $155M | 2.4% | -14.9% | 6.8 yr |
| HDThe Home Depot, Inc. | $142M | 2.2% | -8.0% | 10.5 yr |
| CBChubb Limited | $137M | 2.2% | +9.3% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management18.0%+4.4pp$1.14B
Internet Content & Information8.4%+3.9pp$537M
Specialty Retail7.2%+0.1pp$458M
Semiconductors6.6%+1.7pp$419M
Consumer Electronics6.0%-0.1pp$382M
Software - Infrastructure5.0%-0.7pp$316M
Financial - Credit Services3.3%-0.7pp$211M
Insurance - Property & Casualty3.2%-0.1pp$205M
Financial - Capital Markets3.2%+0.5pp$202M
Oil & Gas Midstream3.0%+0.1pp$192M
Country
US93.4%-1.1pp
CH2.2%-0.0pp
Unknown2.0%+0.9pp
LU1.2%+1.2pp
UY0.7%
IE0.4%-1.6pp
IL0.1%-0.1pp
CA0.0%-0.0pp
Top 5: 24.2% · Top 10: 39.2% · Top 25: 67.7%
Top buys this quarter · 15
| SPOT Spotify Technology S.A. | +$73M |
| SN SharkNinja, Inc. | +$14M |
| PGR The Progressive Corporation | +$63M |
| MELI MercadoLibre, Inc. | +$46M |
| UBER Uber Technologies, Inc. | +$83M |
| ARCC Ares Capital Corporation | +$56M |
| BX Blackstone Inc. | +$155M |
| VOYG Voyager Technologies, Inc.new | +$1M |
| IBM International Business Machine | +$15M |
| BDX Becton, Dickinson and Company | +$1M |
Top sells this quarter · 15
| CDW CDW Corporation | −$54M |
| FIX Comfort Systems USA, Inc. | −$145M |
| GOOG Alphabet Inc. | −$19M |
| AAPL Apple Inc. | −$18M |
| JPM JPMorgan Chase & Co. | −$16M |
| SCHW The Charles Schwab Corporation | −$14M |
| NVDA NVIDIA Corporation | −$14M |
| MSFT Microsoft Corporation | −$10M |
| LLY Eli Lilly and Company | −$7M |
| ACN Accenture plc | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.36B | 417 | +9.71% | +17.59% | -7.88% | -0.10B |
| 2025-12-31 | $6.82B | 419 | +10.86% | +17.72% | -6.86% | +0.00B |
| 2025-09-30 | $6.81B | 412 | +10.36% | +17.52% | -7.15% | -0.16B |
| 2025-06-30 | $6.43B | 405 | +10.01% | +14.94% | -4.93% | -0.20B |
| 2025-03-31 | $6.21B | 410 | +2.39% | +8.30% | -5.92% | -0.18B |
| 2024-12-31 | $6.68B | 416 | +14.78% | +24.89% | -10.11% | +0.03B |
| 2024-09-30 | $6.67B | 416 | +29.50% | +36.04% | -6.53% | -0.20B |
| 2024-06-30 | $6.35B | 409 | +17.55% | +24.49% | -6.94% | +0.01B |
| 2024-03-31 | $6.38B | 420 | +28.47% | +29.62% | -1.15% | -0.02B |
| 2023-12-31 | $5.96B | 430 | +26.95% | +26.18% | +0.77% | -0.04B |
| 2023-09-30 | $5.34B | 406 | +21.33% | +21.57% | -0.23% | -0.01B |
| 2023-06-30 | $5.45B | 413 | +16.84% | +19.42% | -2.59% | +0.01B |
| 2023-03-31 | $5.02B | 404 | -6.66% | -7.82% | +1.16% | -0.04B |
| 2022-12-31 | $4.77B | 395 | -16.00% | -18.17% | +2.18% | +0.01B |
| 2022-09-30 | $4.43B | 377 | -13.20% | -15.51% | +2.31% | -0.05B |
| 2022-06-30 | $4.74B | 391 | -7.57% | -10.62% | +3.05% | -0.16B |