Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.57%
trims when stocks drop
when a holding falls −10%+
Middle response
-22.05%
baseline attrition
Rally response
-24.56%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGAlphabet Inc. | $765M | 31.7% | +84.3% | 3.0 yr |
| BRK-ABerkshire Hathaway Inc. | $168M | 7.0% | — | 6.8 yr |
| SNDKSandisk Corporation | $98M | 4.1% | +1234.5% | 0.5 yr |
| MUMicron Technology, Inc. | $35M | 1.5% | +289.6% | 7.0 yr |
| FOXFox Corporation | $33M | 1.4% | +1.8% | 3.0 yr |
| CRCLCircle Internet Group | $26M | 1.1% | — | 0.5 yr |
| AAAUGoldman Sachs Physical G | $23M | 1.0% | — | 3.3 yr |
| PBR-APetróleo Brasileiro S.A | $20M | 0.8% | — | 3.5 yr |
| LLYVALiberty Live Group | $20M | 0.8% | — | 0.5 yr |
| BNOUnited States Brent Oil | $17M | 0.7% | — | 8.0 yr |
| MSFTMicrosoft Corporation | $16M | 0.6% | -0.6% | 8.5 yr |
| GBTCGrayscale Bitcoin Trust | $15M | 0.6% | — | 2.0 yr |
| XLYState Street Consumer Di | $12M | 0.5% | — | 6.3 yr |
| OUNZVanEck Merk Gold ETF | $12M | 0.5% | — | 4.5 yr |
| WBSWebster Financial Corpor | $11M | 0.5% | +38.5% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information32.6%+10.6pp$785M
Asset Management10.1%+1.4pp$243M
Insurance - Diversified7.0%-9.7pp$170M
Hardware, Equipment & Parts4.9%+4.6pp$118M
Entertainment2.6%-0.9pp$63M
Unknown2.5%-0.7pp$61M
Semiconductors2.3%+0.0pp$56M
Biotechnology2.0%+1.1pp$48M
Oil & Gas Exploration & Production1.5%+0.3pp$36M
Financial - Capital Markets1.4%+0.8pp$34M
Country
US91.2%+1.2pp
Unknown2.5%-0.7pp
BR1.2%+0.8pp
CA0.9%+0.2pp
GB0.7%-0.2pp
BM0.6%+0.2pp
IL0.4%+0.0pp
RU0.3%
Top 5: 45.6% · Top 10: 50.0% · Top 25: 56.4%
Top buys this quarter · 15
| GOOG Alphabet Inc. | +$764M |
| SNDK Sandisk Corporation | +$86M |
| MU Micron Technology, Inc. | +$32M |
| CRCL Circle Internet Group | +$24M |
| WBS Webster Financial Corporation | +$10M |
| PH Parker-Hannifin Corporation | +$8M |
| PWR Quanta Services, Inc. | +$8M |
| Z Zillow Group, Inc. Class C | +$7M |
| SNOW Snowflake Inc. | +$5M |
| DUK Duke Energy Corporation | +$5M |
Top sells this quarter · 15
| BMNR Bitmine Immersion Technologies | −$16M |
| MSTR Strategy Incexit | −$14M |
| PFE Pfizer Inc. | −$12M |
| VZ Verizon Communications Inc. | −$12M |
| CRWV CoreWeave, Inc. Class A Common | −$10M |
| UNH UnitedHealth Group Incorporateexit | −$10M |
| COST Costco Wholesale Corporationexit | −$9M |
| QBTS D-Wave Quantum Inc. | −$9M |
| NOW ServiceNow, Inc.exit | −$8M |
| LITE Lumentum Holdings Inc.exit | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.41B | 1554 | +30.34% | +17.59% | +12.75% | -0.19B |
| 2025-12-31 | $2.57B | 1565 | +28.27% | +17.72% | +10.55% | +0.74B |
| 2025-09-30 | $1.79B | 1401 | +32.91% | +17.52% | +15.39% | -0.43B |
| 2025-06-30 | $1.95B | 1376 | +25.97% | +14.94% | +11.03% | -0.09B |
| 2025-03-31 | $1.84B | 1277 | +12.90% | +8.30% | +4.60% | -0.04B |
| 2024-12-31 | $1.89B | 1472 | +24.62% | +24.89% | -0.27% | -0.03B |
| 2024-09-30 | $1.81B | 1292 | +30.98% | +36.04% | -5.05% | +0.27B |
| 2024-06-30 | $1.43B | 1224 | +19.47% | +24.49% | -5.02% | +0.13B |
| 2024-03-31 | $1.31B | 1340 | +23.17% | +29.62% | -6.46% | -0.08B |
| 2023-12-31 | $1.26B | 1501 | +15.77% | +26.18% | -10.41% | +0.14B |
| 2023-09-30 | $1.01B | 1202 | -14.16% | +21.57% | -35.72% | -0.28B |
| 2023-06-30 | $1.31B | 1445 | -42.28% | +19.42% | -61.70% | +0.35B |
| 2023-03-31 | $939M | 1459 | -58.18% | -7.82% | -50.37% | +0.16B |
| 2022-12-31 | $755M | 1508 | -61.35% | -18.17% | -43.18% | -0.15B |
| 2022-09-30 | $1.09B | 1656 | -48.02% | -15.51% | -32.51% | +0.31B |
| 2022-06-30 | $1.18B | 1514 | -14.29% | -10.62% | -3.67% | +0.17B |