Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.22%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.03%
baseline attrition
Rally response
-8.00%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $763M | 17.6% | -0.6% | 10.5 yr |
| NVDANVIDIA Corporation | $619M | 14.3% | +60.9% | 10.5 yr |
| AMZNAmazon.com, Inc. | $576M | 13.3% | +9.5% | 10.0 yr |
| AAPLApple Inc. | $286M | 6.6% | +14.7% | 10.0 yr |
| GOOGLAlphabet Inc. | $262M | 6.0% | — | 10.5 yr |
| METAMeta Platforms, Inc. | $229M | 5.3% | -0.4% | 10.5 yr |
| AVGOBroadcom Inc. | $223M | 5.1% | +86.0% | 7.8 yr |
| MCDMcDonald's Corporation | $149M | 3.4% | +1.8% | 10.5 yr |
| TSLATesla, Inc. | $146M | 3.4% | +43.4% | 10.5 yr |
| IBMInternational Business M | $93M | 2.2% | -0.1% | 10.5 yr |
| SYKStryker Corporation | $84M | 1.9% | -11.1% | 10.5 yr |
| BACBank of America Corporat | $74M | 1.7% | +19.4% | 10.0 yr |
| GOOGAlphabet Inc. | $73M | 1.7% | +84.3% | 10.5 yr |
| INTCIntel Corporation | $67M | 1.6% | +94.3% | 10.5 yr |
| GDGeneral Dynamics Corpora | $62M | 1.4% | +27.8% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors22.5%+12.3pp$977M
Software - Infrastructure18.9%+11.1pp$820M
Specialty Retail13.4%+7.6pp$580M
Internet Content & Information13.1%+6.3pp$570M
Consumer Electronics6.6%+1.2pp$286M
Restaurants3.4%+3.0pp$149M
Auto - Manufacturers3.4%+1.5pp$146M
Medical - Devices2.7%-0.0pp$117M
Information Technology Services2.2%+1.5pp$97M
Banks - Diversified1.7%-1.5pp$76M
Country
US97.6%+0.6pp
GB1.0%+0.9pp
AU0.5%+0.4pp
Unknown0.2%-0.0pp
BM0.2%+0.0pp
FR0.1%+0.1pp
IL0.1%-0.1pp
CA0.1%-1.0pp
Top 5: 57.8% · Top 10: 77.2% · Top 25: 92.7%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$44M |
| MCD McDonald's Corporation | +$31M |
| GD General Dynamics Corporation | +$31M |
| CARR Carrier Global Corporation | +$8M |
| GTLS Chart Industries, Inc. | +$6M |
| PTON Peloton Interactive, Inc. | +$5M |
| AL Air Lease Corporation | +$5M |
| TXNM TXNM Energy, Inc. | +$4M |
| SEMR Semrush Holdings, Inc.new | +$4M |
| CRTO Criteo S.A. | +$3M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$1.31B |
| AAPL Apple Inc. | −$984M |
| MSFT Microsoft Corporation | −$643M |
| AVGO Broadcom Inc. | −$455M |
| AMZN Amazon.com, Inc. | −$366M |
| GOOG Alphabet Inc. | −$334M |
| META Meta Platforms, Inc. | −$326M |
| LLY Eli Lilly and Companyexit | −$320M |
| MA Mastercard Incorporated | −$300M |
| GILD Gilead Sciences, Inc. | −$295M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.34B | 161 | +15.10% | +17.59% | -2.49% | -18.93B |
| 2025-12-31 | $24.92B | 708 | +15.25% | +17.72% | -2.47% | -0.62B |
| 2025-09-30 | $24.91B | 787 | +14.71% | +17.52% | -2.81% | +0.27B |
| 2025-06-30 | $22.96B | 841 | +12.10% | +14.94% | -2.84% | +0.21B |
| 2025-03-31 | $20.30B | 834 | +1.92% | +8.30% | -6.38% | -0.39B |
| 2024-12-31 | $22.13B | 839 | +18.26% | +24.89% | -6.62% | +0.01B |
| 2024-09-30 | $21.68B | 824 | +30.68% | +36.04% | -5.36% | -0.14B |
| 2024-06-30 | $20.81B | 767 | +19.28% | +24.49% | -5.21% | -0.01B |
| 2024-03-31 | $20.44B | 783 | +25.96% | +29.62% | -3.67% | +1.71B |
| 2023-12-31 | $17.26B | 918 | +23.24% | +26.18% | -2.93% | +0.09B |
| 2023-09-30 | $15.24B | 923 | +17.89% | +21.57% | -3.68% | +0.64B |
| 2023-06-30 | $15.25B | 941 | +17.17% | +19.42% | -2.25% | -0.15B |
| 2023-03-31 | $14.32B | 893 | -9.09% | -7.82% | -1.27% | +0.19B |
| 2022-12-31 | $13.30B | 850 | +7.84% | +7.56% | +0.28% | -0.10B |
| 2022-09-30 | $12.43B | 882 | -4.84% | -4.93% | +0.09% | -0.51B |
| 2022-06-30 | $13.60B | 1022 | -16.56% | -16.11% | -0.45% | -0.62B |