Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.77%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.98%
baseline attrition
Rally response
-0.44%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ATOAtmos Energy Corporation | $196M | 13.4% | +22.2% | 10.5 yr |
| PTLCPacer Trendpilot US Larg | $132M | 9.0% | — | 2.0 yr |
| SPHQInvesco S&P 500 Quality | $127M | 8.7% | — | 8.0 yr |
| GSLCGoldman Sachs ActiveBeta | $107M | 7.3% | — | 10.5 yr |
| QUSState Street SPDR MSCI U | $93M | 6.4% | — | 6.8 yr |
| MOATVanEck Morningstar Wide | $65M | 4.5% | — | 8.5 yr |
| AAPLApple Inc. | $59M | 4.0% | +14.7% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $54M | 3.7% | — | 10.3 yr |
| COWZPacer US Cash Cows 100 E | $35M | 2.4% | — | 4.0 yr |
| IVViShares Core S&P 500 ETF | $34M | 2.3% | — | 10.5 yr |
| NVDANVIDIA Corporation | $30M | 2.0% | +60.9% | 8.3 yr |
| MSFTMicrosoft Corporation | $23M | 1.5% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $22M | 1.5% | +9.5% | 10.0 yr |
| GOOGAlphabet Inc. | $20M | 1.4% | +84.3% | 8.8 yr |
| AMATApplied Materials, Inc. | $17M | 1.2% | +137.6% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management50.2%+0.0pp$732M
Regulated Gas13.4%+0.5pp$196M
Semiconductors4.7%+1.9pp$69M
Consumer Electronics4.0%+0.2pp$59M
Insurance - Diversified3.8%-0.9pp$56M
Internet Content & Information2.2%+0.6pp$33M
Software - Infrastructure2.2%-0.3pp$32M
Specialty Retail1.7%+0.2pp$24M
Asset Management - Income1.3%+0.1pp$20M
Discount Stores1.2%+0.2pp$18M
Country
US98.4%-0.6pp
IE0.5%-0.0pp
DK0.3%
CA0.2%-0.0pp
SG0.1%+0.1pp
Unknown0.1%+0.1pp
GB0.1%+0.0pp
NL0.1%+0.0pp
Top 5: 44.8% · Top 10: 61.7% · Top 25: 77.4%
Top buys this quarter · 15
| AAPL Apple Inc. | +$59M |
| COST Costco Wholesale Corporation | +$1M |
| NVDA NVIDIA Corporation | +$30M |
| JPM JPMorgan Chase & Co. | +$1M |
| DAR Darling Ingredients Inc. | +$1M |
| PEP PepsiCo, Inc. | +$0M |
| IREN IREN Limitednew | +$0M |
| CFR Cullen/Frost Bankers, Inc.new | +$0M |
| PLBY Playboy, Inc. | +$0M |
| NNDM Nano Dimension Ltd.new | +$0M |
Top sells this quarter · 15
| KMI Kinder Morgan, Inc.exit | −$3M |
| MRK Merck & Co., Inc. | −$1M |
| GOOG Alphabet Inc. | −$1M |
| MSDL Morgan Stanley Direct Lending | −$0M |
| MTDR Matador Resources Companyexit | −$0M |
| ATO Atmos Energy Corporation | −$178M |
| HLT Hilton Worldwide Holdings Inc. | −$0M |
| DELL Dell Technologies Inc. | −$0M |
| NET Cloudflare, Inc.exit | −$0M |
| VLO Valero Energy Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.46B | 313 | +20.29% | +17.59% | +2.70% | -0.05B |
| 2025-12-31 | $1.49B | 304 | +17.90% | +17.72% | +0.18% | +0.01B |
| 2025-09-30 | $1.44B | 304 | +18.75% | +17.52% | +1.23% | -0.01B |
| 2025-06-30 | $1.33B | 275 | +17.51% | +14.94% | +2.57% | -0.01B |
| 2025-03-31 | $1.27B | 278 | +13.52% | +8.30% | +5.22% | +0.01B |
| 2024-12-31 | $1.27B | 267 | +22.49% | +24.89% | -2.40% | -0.01B |
| 2024-09-30 | $1.23B | 268 | +31.91% | +36.04% | -4.13% | -0.01B |
| 2024-06-30 | $1.15B | 266 | +15.91% | +24.49% | -8.59% | -0.04B |
| 2024-03-31 | $1.16B | 277 | +21.70% | +29.62% | -7.92% | +0.01B |
| 2023-12-31 | $1.08B | 265 | +19.65% | +26.18% | -6.53% | -0.00B |
| 2023-09-30 | $973M | 248 | +15.98% | +21.57% | -5.59% | +0.05B |
| 2023-06-30 | $971M | 251 | +14.81% | +19.42% | -4.62% | -0.03B |
| 2023-03-31 | $928M | 257 | -5.15% | -7.82% | +2.66% | -0.02B |
| 2022-12-31 | $901M | 256 | -13.99% | -18.17% | +4.18% | -0.02B |
| 2022-09-30 | $856M | 245 | -11.38% | -15.51% | +4.13% | +0.05B |
| 2022-06-30 | $861M | 267 | -5.17% | -10.62% | +5.45% | -0.04B |