Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.63%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.36%
baseline attrition
Rally response
+2.43%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VVVanguard Large-Cap ETF | $65M | 5.5% | — | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $32M | 2.7% | — | 5.3 yr |
| BNDVanguard Total Bond Mark | $28M | 2.4% | — | 10.5 yr |
| NVDANVIDIA Corporation | $27M | 2.3% | +60.9% | 8.5 yr |
| VEAVanguard FTSE Developed | $23M | 2.0% | — | 10.5 yr |
| VOVanguard Mid-Cap ETF | $19M | 1.7% | — | 3.5 yr |
| GEVGE Vernova Inc. | $19M | 1.6% | +186.8% | 0.8 yr |
| SCHXSchwab U.S. Large-Cap ET | $19M | 1.6% | — | 4.0 yr |
| AVGOBroadcom Inc. | $18M | 1.6% | +86.0% | 6.5 yr |
| AAPLApple Inc. | $18M | 1.5% | +14.7% | 6.5 yr |
| IJRiShares Core S&P Small-C | $16M | 1.4% | — | 10.5 yr |
| QQQMInvesco NASDAQ 100 ETF | $16M | 1.3% | — | 4.0 yr |
| PXIInvesco Dorsey Wright En | $15M | 1.3% | — | 6.3 yr |
| APHAmphenol Corporation | $14M | 1.2% | +93.6% | 0.8 yr |
| PRNInvesco Dorsey Wright In | $14M | 1.2% | — | 7.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management44.7%-18.0pp$521M
Asset Management - Bonds7.5%-0.8pp$88M
Semiconductors4.9%+3.4pp$58M
Software - Infrastructure2.1%+0.6pp$25M
Engineering & Construction2.0%$23M
Internet Content & Information1.8%+0.6pp$21M
Renewable Utilities1.6%$19M
Aerospace & Defense1.6%+0.5pp$18M
Consumer Electronics1.5%+0.7pp$18M
Drug Manufacturers - General1.5%+0.2pp$17M
Country
US96.3%-2.1pp
GB1.2%+1.0pp
IE0.7%+0.0pp
CA0.5%+0.1pp
NL0.4%+0.4pp
CH0.1%+0.1pp
Unknown0.1%+0.1pp
TW0.1%+0.1pp
Top 5: 15.0% · Top 10: 23.0% · Top 25: 40.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| HWM | $7M | +0.01B | 78.1% |
| NVDA | $9M | +0.01B | 60.9% |
| AVGO | $3M | +0.00B | 86.0% |
| AAPL | $8M | +0.00B | 14.7% |
| AMZN | $5M | +0.00B | 9.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $7M | -0.00B | -0.6% |
Top buys this quarter · 15
| IBKR Interactive Brokers Group, Inc | +$7M |
| TPR Tapestry, Inc. | +$6M |
| CAH Cardinal Health, Inc. | +$6M |
| ELAN Elanco Animal Health Incorpora | +$6M |
| HWM Howmet Aerospace Inc. | +$6M |
| HLT Hilton Worldwide Holdings Inc. | +$4M |
| ASML ASML Holding N.V. | +$4M |
| LLY Eli Lilly and Company | +$3M |
| MDB MongoDB, Inc. | +$2M |
| AAPL Apple Inc. | +$2M |
Top sells this quarter · 15
| TT Trane Technologies plc | −$8M |
| RCL Royal Caribbean Cruises Ltd. | −$7M |
| DELL Dell Technologies Inc. | −$6M |
| NRG NRG Energy, Inc. | −$5M |
| MA Mastercard Incorporated | −$5M |
| NFLX Netflix, Inc. | −$5M |
| HLI Houlihan Lokey, Inc. | −$4M |
| SNPS Synopsys, Inc. | −$3M |
| PANW Palo Alto Networks, Inc. | −$3M |
| GS The Goldman Sachs Group, Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.17B | 1918 | +17.74% | +17.59% | +0.15% | -0.01B |
| 2025-12-31 | $1.19B | 1805 | +15.16% | +17.72% | -2.56% | -0.01B |
| 2025-09-30 | $1.20B | 1586 | +16.11% | +17.52% | -1.41% | +0.06B |
| 2025-06-30 | $1.06B | 556 | +14.77% | +14.94% | -0.18% | -0.02B |
| 2025-03-31 | $971M | 518 | +4.19% | +8.30% | -4.12% | -0.00B |
| 2024-12-31 | $1.00B | 527 | +15.64% | +24.89% | -9.25% | -0.02B |
| 2024-09-30 | $1.02B | 527 | +25.06% | +36.04% | -10.97% | +0.04B |
| 2024-06-30 | $926M | 455 | +14.66% | +24.49% | -9.84% | -0.05B |
| 2024-03-31 | $972M | 494 | +16.25% | +29.62% | -13.37% | +0.19B |
| 2023-12-31 | $722M | 454 | +8.62% | +26.18% | -17.56% | -0.08B |
| 2023-09-30 | $737M | 479 | +13.58% | +21.57% | -7.99% | -0.01B |
| 2023-06-30 | $770M | 456 | +9.53% | +19.42% | -9.89% | -0.00B |
| 2023-03-31 | $755M | 454 | -6.76% | -7.82% | +1.06% | +0.05B |
| 2022-12-31 | $701M | 511 | +13.90% | +7.56% | +6.34% | -0.07B |
| 2022-09-30 | $677M | 469 | -6.47% | -4.93% | -1.54% | +0.02B |
| 2022-06-30 | $705M | 477 | -13.06% | -16.11% | +3.05% | +0.70B |