Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.94%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.51%
baseline attrition
Rally response
+2.22%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $9.48B | 11.3% | +105.6% | 11.8 yr |
| GOOGAlphabet Inc. | $8.24B | 9.8% | +84.3% | 9.8 yr |
| AMZNAmazon.com, Inc. | $6.21B | 7.4% | +9.5% | 2.0 yr |
| METAMeta Platforms, Inc. | $6.04B | 7.2% | -0.4% | 7.8 yr |
| STXSeagate Technology Holdi | $5.05B | 6.0% | +366.3% | 4.8 yr |
| MSFTMicrosoft Corporation | $4.59B | 5.5% | -0.6% | 15.5 yr |
| HCAHCA Healthcare, Inc. | $4.24B | 5.1% | +37.9% | 6.3 yr |
| AAPLApple Inc. | $2.76B | 3.3% | +14.7% | 12.8 yr |
| CICigna Corporation | $2.74B | 3.3% | -17.2% | 7.5 yr |
| ACNAccenture plc | $2.22B | 2.6% | -35.6% | 1.0 yr |
| BACBank of America Corporat | $2.20B | 2.6% | +19.4% | 13.5 yr |
| AMATApplied Materials, Inc. | $2.11B | 2.5% | +137.6% | 1.5 yr |
| DALDelta Air Lines, Inc. | $1.96B | 2.3% | +54.5% | 2.3 yr |
| SPYState Street SPDR S&P 50 | $1.90B | 2.3% | +17.6% | 15.3 yr |
| RTXRTX Corporation | $1.81B | 2.2% | +48.1% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information17.0%-1.0pp$14.29B
Semiconductors15.3%+5.0pp$12.84B
Specialty Retail9.6%+2.0pp$8.03B
Medical - Healthcare Plans7.3%-4.3pp$6.08B
Computer Hardware6.0%+3.7pp$5.05B
Aerospace & Defense6.0%+0.9pp$5.02B
Software - Infrastructure5.5%-1.9pp$4.59B
Medical - Care Facilities5.1%-0.9pp$4.24B
Banks - Diversified4.3%-3.2pp$3.58B
Airlines, Airports & Air Services4.0%+0.5pp$3.36B
Country
US76.4%-3.6pp
TW11.3%+1.0pp
SG6.7%+3.4pp
IE3.6%+2.4pp
GB1.9%+1.7pp
KR0.0%+0.0pp
Unknown0.0%-1.7pp
NL0.0%-0.0pp
Top 5: 41.8% · Top 10: 61.5% · Top 25: 90.5%
Top buys this quarter · 15
| AMZN Amazon.com, Inc. | +$3.11B |
| AZN AstraZeneca PLCnew | +$1.39B |
| NVDA NVIDIA Corporation | +$1.23B |
| CI Cigna Corporation | +$664M |
| SPY State Street SPDR S&P 500 ETF | +$567M |
| V Visa Inc. | +$467M |
| MA Mastercard Incorporated | +$405M |
| ULTA Ulta Beauty, Inc. | +$337M |
| META Meta Platforms, Inc. | +$6.04B |
| CRM Salesforce, Inc. | +$1.78B |
Top sells this quarter · 15
| STX Seagate Technology Holdings pl | −$4.73B |
| TSM Taiwan Semiconductor Manufactu | −$1.32B |
| GOOG Alphabet Inc. | −$912M |
| AMAT Applied Materials, Inc. | −$909M |
| HCA HCA Healthcare, Inc. | −$713M |
| PEP PepsiCo, Inc. | −$384M |
| JPM JPMorgan Chase & Co. | −$120M |
| BKNG Booking Holdings Inc.exit | −$50M |
| NOC Northrop Grumman Corporation | −$1.09B |
| GD General Dynamics Corporation | −$1.24B |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $83.88B | 43 | +32.75% | +17.59% | +15.16% | +0.27B |
| 2025-12-31 | $86.82B | 44 | +31.60% | +17.72% | +13.88% | +0.16B |
| 2025-09-30 | $81.29B | 47 | +23.95% | +17.52% | +6.43% | -3.53B |
| 2025-06-30 | $74.49B | 47 | +15.76% | +14.94% | +0.82% | -1.49B |
| 2025-03-31 | $66.91B | 47 | +8.57% | +8.30% | +0.27% | +1.62B |
| 2024-12-31 | $68.39B | 46 | +30.13% | +24.89% | +5.24% | -0.92B |
| 2024-09-30 | $69.03B | 45 | +44.23% | +36.04% | +8.19% | -0.40B |
| 2024-06-30 | $65.28B | 45 | +32.46% | +24.49% | +7.97% | +1.49B |
| 2024-03-31 | $59.90B | 42 | +38.22% | +29.62% | +8.60% | -2.01B |
| 2023-12-31 | $54.11B | 44 | +32.17% | +26.18% | +5.99% | +1.44B |
| 2023-09-30 | $47.32B | 44 | +28.27% | +21.57% | +6.70% | +0.57B |
| 2023-06-30 | $47.87B | 49 | +23.19% | +19.42% | +3.76% | +0.96B |
| 2023-03-31 | $42.21B | 48 | -5.60% | -7.82% | +2.22% | +0.47B |
| 2022-12-31 | $38.15B | 46 | -17.70% | -18.17% | +0.47% | -1.12B |
| 2022-09-30 | $36.36B | 42 | -15.37% | -15.51% | +0.14% | -0.69B |
| 2022-06-30 | $39.50B | 42 | -9.27% | -10.62% | +1.35% | +0.35B |