Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.64%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.41%
baseline attrition
Rally response
-16.18%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $26M | 0.8% | +60.9% | 9.0 yr |
| SPYState Street SPDR S&P 50 | $19M | 0.6% | +17.6% | 9.0 yr |
| DDominion Energy, Inc. | $15M | 0.5% | +15.4% | 5.5 yr |
| GSThe Goldman Sachs Group, | $15M | 0.5% | +58.1% | 5.3 yr |
| EVRGEvergy, Inc. | $15M | 0.5% | +23.3% | 2.3 yr |
| BPOPPopular, Inc. | $15M | 0.5% | +48.9% | 3.3 yr |
| INCYIncyte Corporation | $15M | 0.5% | +55.4% | 3.0 yr |
| STTState Street Corporation | $14M | 0.5% | +44.6% | 4.0 yr |
| PORPortland General Electri | $14M | 0.5% | +22.6% | 2.3 yr |
| VICIVICI Properties Inc. | $14M | 0.5% | -11.1% | 1.8 yr |
| MSMorgan Stanley | $14M | 0.5% | +44.8% | 6.3 yr |
| DTMDT Midstream, Inc. | $14M | 0.5% | +43.6% | 1.5 yr |
| NTRSNorthern Trust Corporati | $14M | 0.5% | +41.1% | 4.5 yr |
| MSFTMicrosoft Corporation | $14M | 0.5% | -0.6% | 7.5 yr |
| RGAReinsurance Group of Ame | $13M | 0.4% | +5.6% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional6.3%+1.6pp$190M
Asset Management4.8%+0.2pp$146M
Biotechnology3.2%+0.4pp$96M
Regulated Electric3.0%+1.1pp$92M
Software - Application2.9%-1.3pp$89M
Semiconductors2.5%-0.2pp$77M
Software - Infrastructure2.1%-1.3pp$65M
Industrial - Machinery2.0%-0.9pp$61M
Information Technology Services2.0%+0.6pp$59M
Financial - Capital Markets1.9%+0.4pp$58M
Country
US93.9%-1.9pp
Unknown1.6%+0.6pp
BM1.4%+0.4pp
IE0.9%+0.4pp
GB0.6%-0.1pp
CA0.3%+0.1pp
SG0.3%+0.0pp
CH0.2%
Top 5: 3.0% · Top 10: 5.3% · Top 25: 11.6%
Top buys this quarter · 15
| INCY Incyte Corporation | +$14M |
| DTM DT Midstream, Inc. | +$13M |
| D Dominion Energy, Inc. | +$13M |
| RGA Reinsurance Group of America, | +$11M |
| AR Antero Resources Corporation | +$10M |
| SO The Southern Company | +$9M |
| CMC Commercial Metals Company | +$9M |
| CNM Core & Main, Inc. | +$9M |
| EXC Exelon Corporation | +$9M |
| VICI VICI Properties Inc. | +$9M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$47M |
| ODFL Old Dominion Freight Line, Inc | −$17M |
| CLH Clean Harbors, Inc. | −$17M |
| META Meta Platforms, Inc.exit | −$16M |
| RS Reliance Steel & Aluminum Co. | −$15M |
| SLAB Silicon Laboratories Inc.exit | −$14M |
| LYB LyondellBasell Industries N.V. | −$13M |
| RVMD Revolution Medicines, Inc. | −$13M |
| ABBV AbbVie Inc. | −$13M |
| TAP Molson Coors Beverage Companyexit | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.04B | 855 | +18.27% | +17.59% | +0.68% | -0.58B |
| 2025-12-31 | $3.54B | 921 | +12.89% | +17.72% | -4.83% | -0.00B |
| 2025-09-30 | $3.42B | 840 | +11.52% | +17.52% | -5.99% | -0.39B |
| 2025-06-30 | $3.59B | 823 | +13.89% | +14.94% | -1.05% | +0.49B |
| 2025-03-31 | $2.95B | 812 | +8.76% | +8.30% | +0.46% | +0.67B |
| 2024-12-31 | $2.34B | 824 | +20.72% | +24.89% | -4.17% | +0.01B |
| 2024-09-30 | $2.27B | 811 | +30.53% | +36.04% | -5.50% | +0.03B |
| 2024-06-30 | $2.07B | 810 | +20.24% | +24.49% | -4.25% | +0.06B |
| 2024-03-31 | $2.01B | 783 | +27.23% | +29.62% | -2.40% | +0.51B |
| 2023-12-31 | $1.39B | 798 | +27.91% | +26.18% | +1.74% | -0.00B |
| 2023-09-30 | $1.26B | 796 | +24.75% | +21.57% | +3.18% | +0.15B |
| 2023-06-30 | $1.10B | 703 | +19.69% | +19.42% | +0.27% | +0.14B |
| 2023-03-31 | $905M | 533 | -2.48% | -7.82% | +5.33% | -0.06B |
| 2022-12-31 | $889M | 489 | -14.36% | -18.17% | +3.81% | -0.51B |
| 2022-09-30 | $1.29B | 433 | -12.04% | -15.51% | +3.47% | +0.08B |
| 2022-06-30 | $1.26B | 492 | -7.53% | -10.62% | +3.09% | +0.18B |