Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-25.48%
trims when stocks drop
when a holding falls −10%+
Middle response
-24.20%
baseline attrition
Rally response
-26.90%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $182M | 9.0% | — | 0.3 yr |
| XLFState Street Financial S | $104M | 5.1% | — | 8.0 yr |
| AAPLApple Inc. | $79M | 3.9% | +14.7% | 9.3 yr |
| BABAAlibaba Group Holding Li | $53M | 2.6% | -3.5% | 7.5 yr |
| — | $47M | 2.3% | — | 0.3 yr |
| XLEState Street Energy Sele | $37M | 1.8% | — | 7.5 yr |
| NFLXNetflix, Inc. | $36M | 1.8% | +3.1% | 10.0 yr |
| GOOGLAlphabet Inc. | $33M | 1.6% | — | 9.0 yr |
| GSThe Goldman Sachs Group, | $31M | 1.5% | +58.1% | 9.3 yr |
| CVXChevron Corporation | $30M | 1.5% | +29.2% | 7.5 yr |
| PEPPepsiCo, Inc. | $25M | 1.2% | +7.7% | 8.8 yr |
| CCitigroup Inc. | $25M | 1.2% | +63.9% | 9.3 yr |
| GDXVanEck Gold Miners ETF | $24M | 1.2% | — | 7.8 yr |
| MUMicron Technology, Inc. | $24M | 1.2% | +289.6% | 9.5 yr |
| EWZiShares MSCI Brazil ETF | $20M | 1.0% | — | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown16.1%+10.9pp$327M
Asset Management14.9%+6.9pp$303M
Semiconductors5.5%-12.7pp$113M
Oil & Gas Exploration & Production4.5%+4.2pp$92M
Software - Application4.1%+0.4pp$84M
Consumer Electronics3.9%+1.2pp$79M
Specialty Retail3.3%+0.4pp$66M
Software - Infrastructure3.1%-5.0pp$64M
Shell Companies2.8%+2.6pp$57M
Banks - Diversified2.5%-0.2pp$50M
Country
US75.2%-6.9pp
Unknown16.1%+10.9pp
CN3.0%+2.0pp
CA1.1%-1.8pp
TW0.9%-4.1pp
GB0.8%-1.1pp
AU0.6%
SG0.5%+0.5pp
Top 5: 22.9% · Top 10: 31.1% · Top 25: 46.1%
Top buys this quarter · 15
| AAPL Apple Inc. | +$47M |
| GS The Goldman Sachs Group, Inc. | +$28M |
| CVX Chevron Corporation | +$23M |
| MU Micron Technology, Inc. | +$20M |
| NFLX Netflix, Inc. | +$19M |
| DVN Devon Energy Corporation | +$18M |
| COP ConocoPhillips | +$17M |
| DHR Danaher Corporation | +$15M |
| PEP PepsiCo, Inc. | +$15M |
| OXY Occidental Petroleum Corporati | +$15M |
Top sells this quarter · 15
| AXP American Express Company | −$221M |
| NVDA NVIDIA Corporation | −$117M |
| TSLA Tesla, Inc. | −$115M |
| SPY State Street SPDR S&P 500 ETF exit | −$87M |
| GE GE Aerospace | −$64M |
| MS Morgan Stanley | −$62M |
| GEV GE Vernova Inc. | −$61M |
| PLTR Palantir Technologies Inc.exit | −$59M |
| AVGO Broadcom Inc.exit | −$53M |
| V Visa Inc. | −$44M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.03B | 586 | +40.10% | +17.59% | +22.50% | -0.74B |
| 2025-12-31 | $2.87B | 542 | +38.29% | +17.72% | +20.57% | -0.22B |
| 2025-09-30 | $2.97B | 522 | +42.11% | +17.52% | +24.60% | +0.44B |
| 2025-06-30 | $2.12B | 472 | +26.75% | +14.94% | +11.81% | -1.04B |
| 2025-03-31 | $2.70B | 494 | +13.62% | +8.30% | +5.32% | -1.15B |
| 2024-12-31 | $4.04B | 614 | +34.34% | +24.89% | +9.45% | +0.49B |
| 2024-09-30 | $3.33B | 550 | +41.13% | +36.04% | +5.09% | -0.35B |
| 2024-06-30 | $3.45B | 553 | +32.42% | +24.49% | +7.93% | +0.28B |
| 2024-03-31 | $3.03B | 529 | +38.21% | +29.62% | +8.59% | -0.45B |
| 2023-12-31 | $3.09B | 561 | +31.83% | +26.18% | +5.66% | +0.43B |
| 2023-09-30 | $2.37B | 627 | +23.50% | +21.57% | +1.94% | -0.03B |
| 2023-06-30 | $2.40B | 645 | +14.72% | +19.42% | -4.71% | -0.12B |
| 2023-03-31 | $2.31B | 836 | -16.25% | -7.82% | -8.43% | -1.32B |
| 2022-12-31 | $3.37B | 864 | +4.93% | +7.56% | -2.63% | -1.38B |
| 2022-09-30 | $4.53B | 961 | -6.97% | -4.93% | -2.04% | -0.75B |
| 2022-06-30 | $5.67B | 972 | -20.24% | -16.11% | -4.13% | +2.74B |