Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.51%
trims when stocks drop
when a holding falls −10%+
Middle response
-14.89%
baseline attrition
Rally response
-12.96%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| QQQInvesco QQQ Trust, Serie | $140M | 3.6% | — | 8.0 yr |
| SOXLDirexion Daily Semicondu | $114M | 3.0% | — | 9.8 yr |
| AAPLApple Inc. | $112M | 2.9% | +14.7% | 10.3 yr |
| MSFTMicrosoft Corporation | $94M | 2.4% | -0.6% | 10.5 yr |
| MUMicron Technology, Inc. | $91M | 2.4% | +289.6% | 9.5 yr |
| TSLATesla, Inc. | $69M | 1.8% | +43.4% | 8.8 yr |
| NVDANVIDIA Corporation | $66M | 1.7% | +60.9% | 10.3 yr |
| AVGOBroadcom Inc. | $55M | 1.4% | +86.0% | 8.0 yr |
| GOOGLAlphabet Inc. | $49M | 1.3% | — | 10.0 yr |
| AGGiShares Core U.S. Aggreg | $40M | 1.0% | — | 8.8 yr |
| SPYState Street SPDR S&P 50 | $35M | 0.9% | +17.6% | 10.3 yr |
| PPHVanEck Pharmaceutical ET | $32M | 0.8% | — | 8.8 yr |
| AMZNAmazon.com, Inc. | $31M | 0.8% | +9.5% | 10.0 yr |
| JPMJPMorgan Chase & Co. | $29M | 0.8% | +21.8% | 10.0 yr |
| METAMeta Platforms, Inc. | $28M | 0.7% | -0.4% | 9.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management26.0%+2.9pp$999M
Semiconductors9.8%+3.7pp$378M
Software - Infrastructure3.7%-1.6pp$143M
Consumer Electronics3.0%-0.8pp$115M
Internet Content & Information2.9%-1.8pp$111M
Drug Manufacturers - General2.8%+0.2pp$106M
Oil & Gas Integrated2.5%+0.4pp$97M
Asset Management - Bonds2.5%+1.5pp$96M
Software - Application2.2%-0.2pp$83M
Auto - Manufacturers2.0%+0.4pp$75M
Country
US90.0%-2.6pp
GB4.2%+2.7pp
Unknown1.2%-0.0pp
CA1.1%-0.9pp
NL0.9%+0.6pp
IE0.6%-0.1pp
BE0.3%+0.2pp
FR0.2%+0.2pp
Top 5: 14.3% · Top 10: 21.6% · Top 25: 31.7%
Top buys this quarter · 15
| MU Micron Technology, Inc. | +$57M |
| SPY State Street SPDR S&P 500 ETF | +$35M |
| SHEL Shell plc | +$19M |
| AZN AstraZeneca PLCnew | +$16M |
| SNDK Sandisk Corporation | +$11M |
| CVX Chevron Corporation | +$11M |
| GSK GSK plc | +$8M |
| TOTB.DE TotalEnergies SE | +$7M |
| XOM Exxon Mobil Corporation | +$7M |
| TSLA Tesla, Inc. | +$69M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$99M |
| AAPL Apple Inc. | −$90M |
| AMZN Amazon.com, Inc. | −$72M |
| GOOG Alphabet Inc. | −$56M |
| META Meta Platforms, Inc. | −$45M |
| MSFT Microsoft Corporation | −$32M |
| AMD Advanced Micro Devices, Inc. | −$29M |
| AVGO Broadcom Inc. | −$23M |
| EQNR Equinor ASA | −$16M |
| COST Costco Wholesale Corporation | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.84B | 5068 | +18.80% | +17.59% | +1.21% | -0.13B |
| 2025-12-31 | $4.13B | 5100 | +16.65% | +17.72% | -1.07% | +0.46B |
| 2025-09-30 | $3.62B | 5177 | +17.09% | +17.52% | -0.43% | -0.42B |
| 2025-06-30 | $3.70B | 5224 | +13.65% | +14.94% | -1.29% | -0.04B |
| 2025-03-31 | $3.36B | 5108 | +3.90% | +8.30% | -4.41% | -1.40B |
| 2024-12-31 | $5.04B | 5647 | +17.92% | +24.89% | -6.97% | +1.19B |
| 2024-09-30 | $3.78B | 5653 | +29.39% | +36.04% | -6.65% | -2.50B |
| 2024-06-30 | $5.92B | 5616 | +16.40% | +24.49% | -8.09% | +1.69B |
| 2024-03-31 | $4.15B | 5793 | +22.45% | +29.62% | -7.17% | -4.53B |
| 2023-12-31 | $8.09B | 5863 | +22.34% | +26.18% | -3.84% | +4.53B |
| 2023-09-30 | $3.20B | 5903 | +9.43% | +21.57% | -12.13% | +0.35B |
| 2023-06-30 | $2.99B | 5963 | +2.40% | +19.42% | -17.02% | -0.38B |
| 2023-03-31 | $3.14B | 5723 | -25.09% | -7.82% | -17.27% | +0.56B |
| 2022-12-31 | $2.41B | 5804 | -33.34% | -18.17% | -15.16% | -3.73B |
| 2022-09-30 | $6.16B | 5986 | -25.82% | -15.51% | -10.32% | +2.18B |
| 2022-06-30 | $4.45B | 6002 | -16.39% | -10.62% | -5.77% | -3.75B |