Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.97%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.14%
baseline attrition
Rally response
-20.68%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VTVanguard Total World Sto | $141M | 15.7% | — | 3.8 yr |
| VXUSVanguard Total Internati | $111M | 12.4% | — | 7.0 yr |
| BNDVanguard Total Bond Mark | $110M | 12.3% | — | 10.5 yr |
| VTIVanguard Total Stock Mar | $107M | 12.0% | — | 7.0 yr |
| BBREJPMorgan BetaBuilders MS | $42M | 4.7% | — | 7.3 yr |
| AGGiShares Core U.S. Aggreg | $33M | 3.7% | — | 2.0 yr |
| GOOGLAlphabet Inc. | $29M | 3.2% | — | 10.5 yr |
| NVDANVIDIA Corporation | $22M | 2.4% | +60.9% | 2.0 yr |
| AAPLApple Inc. | $20M | 2.2% | +14.7% | 9.8 yr |
| SPYState Street SPDR S&P 50 | $19M | 2.2% | +17.6% | 10.0 yr |
| IYRiShares U.S. Real Estate | $19M | 2.2% | — | 2.5 yr |
| MSFTMicrosoft Corporation | $19M | 2.1% | -0.6% | 7.3 yr |
| VWOVanguard FTSE Emerging M | $16M | 1.8% | — | 10.3 yr |
| AAXJiShares MSCI All Country | $15M | 1.7% | — | 5.3 yr |
| VOOVanguard S&P 500 ETF | $15M | 1.7% | — | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management72.7%+8.0pp$652M
Asset Management - Bonds13.9%-6.6pp$124M
Internet Content & Information3.5%+2.5pp$31M
Semiconductors2.6%+0.9pp$23M
Consumer Electronics2.2%+0.0pp$20M
Software - Infrastructure2.2%+1.4pp$19M
Specialty Retail0.5%-0.3pp$4M
Oil & Gas Exploration & Production0.5%-4.5pp$4M
Insurance - Diversified0.4%-0.3pp$4M
Software - Application0.2%-0.0pp$1M
Country
US97.9%+0.1pp
CA1.6%+0.3pp
IE0.1%+0.0pp
Unknown0.1%-0.1pp
KR0.1%-0.0pp
KZ0.1%-0.0pp
TW0.1%
UY0.0%-0.0pp
Top 5: 57.0% · Top 10: 70.8% · Top 25: 89.4%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$19M |
| AGI Alamos Gold Inc.new | +$1M |
| SOLS Solstice Advanced Materials Innew | +$0M |
| CWAN Clearwater Analytics Holdings,new | +$0M |
| CPNG Coupang, Inc. | +$0M |
| VEEV Veeva Systems Inc. | +$0M |
| APPF AppFolio, Inc. | +$0M |
| CCOI Cogent Communications Holdings | +$0M |
| MELI MercadoLibre, Inc. | +$0M |
| BILL Bill.com Holdings, Inc. | +$0M |
Top sells this quarter · 15
| TXO TXO Partners, L.P. | −$19M |
| RGLD Royal Gold, Inc.exit | −$1M |
| IAC IAC InterActive Corp.exit | −$0M |
| AVGO Broadcom Inc. | −$0M |
| NWSA News Corporationexit | −$0M |
| ICE Intercontinental Exchange, Incexit | −$0M |
| GE GE Aerospace | −$0M |
| MSFT Microsoft Corporation | −$0M |
| V Visa Inc. | −$0M |
| MCO Moody's Corporationexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $896M | 126 | +1.71% | +17.59% | -15.89% | +0.14B |
| 2025-12-31 | $801M | 138 | +6.30% | +17.72% | -11.42% | +0.04B |
| 2025-09-30 | $799M | 128 | +15.91% | +17.52% | -1.61% | -0.01B |
| 2025-06-30 | $751M | 127 | +11.77% | +14.94% | -3.17% | -0.06B |
| 2025-03-31 | $769M | 142 | +18.05% | +8.30% | +9.74% | -0.00B |
| 2024-12-31 | $782M | 140 | +34.23% | +24.89% | +9.35% | -0.24B |
| 2024-09-30 | $990M | 131 | +41.62% | +36.04% | +5.58% | +0.01B |
| 2024-06-30 | $945M | 122 | +33.90% | +24.49% | +9.40% | -0.12B |
| 2024-03-31 | $960M | 128 | +37.03% | +29.62% | +7.41% | -0.05B |
| 2023-12-31 | $898M | 127 | +39.48% | +26.18% | +13.30% | -0.12B |
| 2023-09-30 | $934M | 118 | +17.02% | +21.57% | -4.55% | +0.11B |
| 2023-06-30 | $842M | 85 | +14.51% | +19.42% | -4.92% | -0.22B |
| 2023-03-31 | $939M | 103 | -22.21% | -7.82% | -14.40% | -0.09B |
| 2022-12-31 | $903M | 107 | -35.20% | -18.17% | -17.03% | -0.01B |
| 2022-09-30 | $991M | 111 | -21.54% | -15.51% | -6.04% | -0.11B |
| 2022-06-30 | $1.14B | 123 | -18.01% | -10.62% | -7.39% | +0.06B |