Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.04%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.40%
baseline attrition
Rally response
+2.48%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $2.81B | 4.9% | — | 10.3 yr |
| VEAVanguard FTSE Developed | $2.07B | 3.6% | — | 10.5 yr |
| AAPLApple Inc. | $1.98B | 3.5% | +14.7% | 9.0 yr |
| SHYiShares 1-3 Year Treasur | $1.58B | 2.8% | — | 10.5 yr |
| NVDANVIDIA Corporation | $1.40B | 2.4% | +60.9% | 9.0 yr |
| VTVVanguard Value ETF | $1.31B | 2.3% | — | 10.3 yr |
| MSFTMicrosoft Corporation | $1.24B | 2.2% | -0.6% | 9.0 yr |
| GOOGLAlphabet Inc. | $945M | 1.7% | — | 9.0 yr |
| IXUSiShares Core MSCI Total | $944M | 1.7% | — | 7.5 yr |
| AMZNAmazon.com, Inc. | $771M | 1.3% | +9.5% | 9.0 yr |
| FNDXSchwab Fundamental U.S. | $766M | 1.3% | — | 7.0 yr |
| IEIiShares 3-7 Year Treasur | $742M | 1.3% | — | 9.5 yr |
| VBVanguard Small-Cap ETF | $742M | 1.3% | — | 10.3 yr |
| VOOVanguard S&P 500 ETF | $702M | 1.2% | — | 10.3 yr |
| IEMGiShares Core MSCI Emergi | $699M | 1.2% | — | 10.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management47.6%+0.2pp$27.21B
Semiconductors5.1%+2.4pp$2.89B
Asset Management - Bonds3.7%-1.7pp$2.12B
Consumer Electronics3.5%+0.1pp$1.99B
Software - Infrastructure3.4%-0.1pp$1.93B
Internet Content & Information2.9%+0.9pp$1.66B
Drug Manufacturers - General2.8%-0.4pp$1.62B
Specialty Retail1.9%+0.2pp$1.11B
Banks - Diversified1.5%+0.1pp$860M
Financial - Credit Services1.2%-0.3pp$673M
Country
US96.1%-0.6pp
CA0.6%+0.1pp
CH0.6%-0.1pp
Unknown0.6%+0.5pp
IE0.4%-0.0pp
GB0.4%-0.2pp
TW0.3%+0.3pp
JP0.2%+0.0pp
Top 5: 17.2% · Top 10: 26.3% · Top 25: 41.6%
Top buys this quarter · 15
| AAPL Apple Inc. | +$313M |
| NVDA NVIDIA Corporation | +$295M |
| MSFT Microsoft Corporation | +$1.24B |
| AMZN Amazon.com, Inc. | +$207M |
| TSM Taiwan Semiconductor Manufactu | +$135M |
| AVGO Broadcom Inc. | +$121M |
| GS The Goldman Sachs Group, Inc. | +$102M |
| PWR Quanta Services, Inc. | +$102M |
| JPM JPMorgan Chase & Co. | +$92M |
| PANW Palo Alto Networks, Inc. | +$86M |
Top sells this quarter · 15
| TWLO Twilio Inc. | −$71M |
| CPA Copa Holdings, S.A. | −$65M |
| AZO AutoZone, Inc. | −$49M |
| WRB W. R. Berkley Corporation | −$47M |
| ADSK Autodesk, Inc. | −$45M |
| RELX RELX Plc | −$42M |
| XOM Exxon Mobil Corporation | −$196M |
| APD Air Products and Chemicals, In | −$28M |
| PG The Procter & Gamble Company | −$26M |
| WSO Watsco, Inc. | −$24M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $57.15B | 2931 | +12.75% | +17.59% | -4.84% | +6.15B |
| 2025-12-31 | $52.57B | 2735 | +12.60% | +17.72% | -5.12% | +3.11B |
| 2025-09-30 | $49.04B | 2621 | +12.97% | +17.52% | -4.54% | +1.08B |
| 2025-06-30 | $44.82B | 2506 | +12.83% | +14.94% | -2.11% | +1.89B |
| 2025-03-31 | $39.86B | 2350 | +7.15% | +8.30% | -1.15% | +5.94B |
| 2024-12-31 | $35.01B | 2290 | +19.82% | +24.89% | -5.07% | +0.90B |
| 2024-09-30 | $33.71B | 2289 | +31.27% | +36.04% | -4.77% | +0.50B |
| 2024-06-30 | $31.07B | 2197 | +18.70% | +24.49% | -5.79% | +3.34B |
| 2024-03-31 | $27.12B | 2132 | +23.36% | +29.62% | -6.27% | -4.34B |
| 2023-12-31 | $29.04B | 2652 | +18.78% | +26.18% | -7.40% | +0.03B |
| 2023-09-30 | $26.17B | 2571 | +16.77% | +21.57% | -4.80% | +1.65B |
| 2023-06-30 | $25.37B | 2520 | +14.77% | +19.42% | -4.65% | +1.18B |
| 2023-03-31 | $22.76B | 2307 | -6.37% | -7.82% | +1.45% | +2.03B |
| 2022-12-31 | $19.87B | 2050 | -14.38% | -18.17% | +3.80% | +1.15B |
| 2022-09-30 | $17.18B | 2062 | -12.76% | -15.51% | +2.75% | +2.16B |
| 2022-06-30 | $15.82B | 5663 | -7.62% | -10.62% | +3.00% | +2.55B |