Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.44%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.53%
baseline attrition
Rally response
-11.55%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $614M | 7.7% | +60.9% | 9.8 yr |
| AAPLApple Inc. | $553M | 6.9% | +14.7% | 9.3 yr |
| MSFTMicrosoft Corporation | $382M | 4.8% | -0.6% | 9.3 yr |
| AMZNAmazon.com, Inc. | $290M | 3.6% | +9.5% | 7.5 yr |
| GOOGLAlphabet Inc. | $246M | 3.1% | — | 9.0 yr |
| GOOGAlphabet Inc. | $207M | 2.6% | +84.3% | 4.5 yr |
| AVGOBroadcom Inc. | $201M | 2.5% | +86.0% | 7.0 yr |
| METAMeta Platforms, Inc. | $186M | 2.3% | -0.4% | 9.8 yr |
| LLYEli Lilly and Company | $117M | 1.5% | +12.2% | 9.3 yr |
| JPMJPMorgan Chase & Co. | $113M | 1.4% | +21.8% | 9.8 yr |
| JNJJohnson & Johnson | $97M | 1.2% | +51.5% | 9.3 yr |
| WMTWalmart Inc. | $87M | 1.1% | +42.8% | 1.8 yr |
| MAMastercard Incorporated | $70M | 0.9% | -8.5% | 9.8 yr |
| MUMicron Technology, Inc. | $69M | 0.9% | +289.6% | 7.8 yr |
| VVisa Inc. | $69M | 0.9% | -13.1% | 9.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors15.0%+7.0pp$1.20B
Internet Content & Information8.8%+5.0pp$704M
Software - Infrastructure7.4%+2.2pp$594M
Consumer Electronics6.9%+4.5pp$553M
Drug Manufacturers - General5.1%+1.4pp$405M
Banks - Diversified4.7%+2.5pp$374M
Specialty Retail4.4%+0.6pp$354M
Software - Application3.0%-4.4pp$238M
Financial - Credit Services2.4%-0.5pp$192M
Industrial - Machinery2.1%+0.6pp$172M
Country
US91.4%-0.7pp
CA3.7%+1.1pp
IE1.5%+0.3pp
CH0.7%+0.6pp
GB0.7%+0.3pp
BR0.4%-0.0pp
Unknown0.4%-0.4pp
SG0.3%-0.1pp
Top 5: 26.0% · Top 10: 36.3% · Top 25: 47.8%
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$250M |
| AAPL Apple Inc. | +$233M |
| MSFT Microsoft Corporation | +$174M |
| GOOG Alphabet Inc. | +$135M |
| AMZN Amazon.com, Inc. | +$121M |
| META Meta Platforms, Inc. | +$104M |
| AVGO Broadcom Inc. | +$100M |
| WMT Walmart Inc. | +$48M |
| COST Costco Wholesale Corporation | +$46M |
| AMD Advanced Micro Devices, Inc. | +$45M |
Top sells this quarter · 15
| KLAC KLA Corporation | −$118M |
| QCOM QUALCOMM Incorporated | −$92M |
| AMAT Applied Materials, Inc. | −$74M |
| ULTA Ulta Beauty, Inc. | −$66M |
| LRCX Lam Research Corporation | −$61M |
| NTAP NetApp, Inc. | −$57M |
| WDC Western Digital Corporation | −$48M |
| NXPI NXP Semiconductors N.V. | −$48M |
| TER Teradyne, Inc. | −$46M |
| ON ON Semiconductor Corporationexit | −$42M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.02B | 394 | +16.69% | +17.59% | -0.90% | +0.39B |
| 2025-12-31 | $8.04B | 401 | +19.27% | +17.72% | +1.55% | -0.08B |
| 2025-09-30 | $7.83B | 404 | +16.02% | +17.52% | -1.50% | +0.05B |
| 2025-06-30 | $7.19B | 467 | +16.29% | +14.94% | +1.34% | +0.51B |
| 2025-03-31 | $6.10B | 463 | +7.19% | +8.30% | -1.12% | +0.04B |
| 2024-12-31 | $6.24B | 385 | +23.65% | +24.89% | -1.24% | -0.61B |
| 2024-09-30 | $6.79B | 426 | +37.75% | +36.04% | +1.72% | +0.33B |
| 2024-06-30 | $5.95B | 415 | +23.14% | +24.49% | -1.35% | +0.27B |
| 2024-03-31 | $5.63B | 363 | +26.42% | +29.62% | -3.20% | +3.52B |
| 2023-12-31 | $1.89B | 229 | +17.77% | +26.18% | -8.41% | -0.02B |
| 2023-09-30 | $1.70B | 260 | +15.75% | +21.57% | -5.81% | -2.14B |
| 2023-06-30 | $3.95B | 581 | +13.14% | +19.42% | -6.28% | -0.03B |
| 2023-03-31 | $3.84B | 558 | +4.32% | +7.46% | -3.14% | +0.40B |
| 2022-12-31 | $3.30B | 567 | +10.51% | +7.56% | +2.95% | -0.07B |
| 2022-09-30 | $3.05B | 556 | -5.22% | -4.93% | -0.29% | -0.26B |
| 2022-06-30 | $3.49B | 572 | — | — | — | -1.42B |