Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.49%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.80%
baseline attrition
Rally response
-5.49%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $861M | 10.0% | +9.5% | 10.5 yr |
| MSFTMicrosoft Corporation | $708M | 8.2% | -0.6% | 10.5 yr |
| GOOGAlphabet Inc. | $507M | 5.9% | +84.3% | 10.5 yr |
| GOOGLAlphabet Inc. | $465M | 5.4% | — | 10.5 yr |
| MCDMcDonald's Corporation | $346M | 4.0% | +1.8% | 10.5 yr |
| MAMastercard Incorporated | $332M | 3.8% | -8.5% | 10.5 yr |
| WMWaste Management, Inc. | $299M | 3.5% | +0.8% | 8.0 yr |
| TXNTexas Instruments Incorp | $295M | 3.4% | +11.4% | 10.5 yr |
| NVDANVIDIA Corporation | $261M | 3.0% | +60.9% | 9.3 yr |
| ZTSZoetis Inc. | $215M | 2.5% | -27.2% | 9.0 yr |
| MSCIMSCI Inc. | $210M | 2.4% | -3.4% | 2.3 yr |
| METAMeta Platforms, Inc. | $185M | 2.1% | -0.4% | 10.5 yr |
| MRNAModerna, Inc. | $140M | 1.6% | +79.2% | 7.0 yr |
| AAPLApple Inc. | $139M | 1.6% | +14.7% | 10.5 yr |
| TOTB.DETotalEnergies SE | $131M | 1.5% | +41.2% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information13.5%+0.1pp$1.16B
Specialty Retail11.2%-1.4pp$962M
Semiconductors11.1%+2.4pp$955M
Software - Infrastructure8.6%+4.5pp$738M
Drug Manufacturers - General6.2%-1.1pp$537M
Financial - Credit Services5.3%-2.0pp$453M
Asset Management5.2%+2.6pp$450M
Restaurants4.3%-1.8pp$367M
Waste Management3.5%-1.1pp$306M
Financial - Data & Stock Exchanges3.2%+2.0pp$272M
Country
US91.8%-3.4pp
FR1.5%+1.5pp
CH1.5%+0.5pp
TW1.5%+0.4pp
GB1.2%+0.6pp
IE0.9%-0.2pp
Unknown0.3%+0.1pp
CA0.3%+0.3pp
Top 5: 33.5% · Top 10: 49.7% · Top 25: 69.3%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$708M |
| MDLN Medline Inc.new | +$63M |
| TOTB.DE TotalEnergies SE | +$48M |
| BSX Boston Scientific Corporation | +$41M |
| AZN AstraZeneca PLCnew | +$39M |
| LIN Linde plc | +$28M |
| AVGO Broadcom Inc. | +$16M |
| SLB SLB N.V. | +$12M |
| NOC Northrop Grumman Corporation | +$7M |
| ESLT Elbit Systems Ltd.new | +$6M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc. | −$196M |
| GOOG Alphabet Inc. | −$179M |
| MCD McDonald's Corporation | −$105M |
| WM Waste Management, Inc. | −$97M |
| MA Mastercard Incorporated | −$95M |
| TXN Texas Instruments Incorporated | −$95M |
| MSCI MSCI Inc. | −$72M |
| ZTS Zoetis Inc. | −$66M |
| FCX Freeport-McMoRan Inc. | −$21M |
| MRNA Moderna, Inc. | −$92M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.63B | 373 | +10.70% | +17.59% | -6.89% | -0.78B |
| 2025-12-31 | $9.99B | 383 | +11.37% | +17.72% | -6.35% | -0.40B |
| 2025-09-30 | $9.96B | 374 | +6.75% | +17.52% | -10.77% | -0.09B |
| 2025-06-30 | $9.60B | 345 | +3.96% | +14.94% | -10.98% | -0.49B |
| 2025-03-31 | $9.36B | 373 | -2.38% | +8.30% | -10.69% | -0.36B |
| 2024-12-31 | $10.26B | 302 | +10.03% | +24.89% | -14.85% | +0.15B |
| 2024-09-30 | $10.11B | 281 | +22.50% | +36.04% | -13.53% | +0.17B |
| 2024-06-30 | $9.76B | 279 | +14.20% | +24.49% | -10.29% | +0.13B |
| 2024-03-31 | $9.53B | 328 | +20.85% | +29.62% | -8.77% | +0.13B |
| 2023-12-31 | $8.79B | 321 | +24.37% | +26.18% | -1.81% | -0.64B |
| 2023-09-30 | $8.47B | 464 | +16.05% | +21.57% | -5.52% | -1.74B |
| 2023-06-30 | $10.76B | 478 | +14.48% | +19.42% | -4.94% | -0.27B |
| 2023-03-31 | $10.30B | 564 | -9.20% | -7.82% | -1.39% | +0.28B |
| 2022-12-31 | $9.12B | 603 | -21.21% | -18.17% | -3.03% | +0.02B |
| 2022-09-30 | $8.76B | 603 | -15.73% | -15.51% | -0.23% | +0.04B |
| 2022-06-30 | $9.30B | 627 | -9.55% | -10.62% | +1.07% | -0.78B |