Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.35%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.83%
baseline attrition
Rally response
+11.91%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GLDSPDR Gold Shares | $47M | 5.3% | — | 6.5 yr |
| SPYState Street SPDR S&P 50 | $33M | 3.7% | +17.6% | 6.8 yr |
| SCHDSchwab U.S. Dividend Equ | $20M | 2.2% | — | 5.3 yr |
| CGMSCapital Group U.S. Multi | $19M | 2.2% | — | 2.0 yr |
| NVDANVIDIA Corporation | $19M | 2.1% | +60.9% | 7.3 yr |
| RSPInvesco S&P 500 Equal We | $18M | 2.1% | — | 2.5 yr |
| SPLVInvesco S&P 500 Low Vola | $18M | 2.0% | — | 0.3 yr |
| GBILGoldman Sachs Access Tre | $18M | 2.0% | — | 2.5 yr |
| PVALPutnam Focused Large Cap | $17M | 2.0% | — | 2.0 yr |
| SPHQInvesco S&P 500 Quality | $16M | 1.7% | — | 3.3 yr |
| SCHGSchwab U.S. Large-Cap Gr | $15M | 1.7% | — | 5.5 yr |
| SCHXSchwab U.S. Large-Cap ET | $14M | 1.6% | — | 6.3 yr |
| AAPLApple Inc. | $14M | 1.6% | +14.7% | 7.8 yr |
| USTBVictoryShares Short-Term | $13M | 1.5% | — | 2.8 yr |
| XLEState Street Energy Sele | $13M | 1.4% | — | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management65.4%-0.3pp$584M
Asset Management - Bonds6.0%-2.8pp$54M
Semiconductors3.3%+0.7pp$30M
Asset Management - Income2.5%-0.3pp$23M
Banks - Diversified2.1%+1.3pp$18M
Consumer Electronics1.6%-0.2pp$14M
Software - Infrastructure1.6%+0.1pp$14M
Hardware, Equipment & Parts1.5%$13M
Drug Manufacturers - General1.4%+0.3pp$12M
Aerospace & Defense1.0%+0.9pp$9M
Country
US94.5%-3.3pp
CA0.9%+0.5pp
GB0.7%+0.2pp
SG0.5%+0.4pp
IL0.4%
Unknown0.4%-0.0pp
ES0.4%
KY0.3%
Top 5: 15.5% · Top 10: 25.3% · Top 25: 44.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $14M | +0.01B | 60.9% |
| SPY | $31M | +0.01B | 17.6% |
| AAPL | $13M | +0.00B | 14.7% |
| MSFT | $6M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $6M | -0.00B | -0.6% |
Top buys this quarter · 15
| TPR Tapestry, Inc.new | +$4M |
| SPY State Street SPDR S&P 500 ETF | +$3M |
| MSFT Microsoft Corporation | +$2M |
| AAMI Acadian Asset Managementnew | +$2M |
| SAN Banco Santander, S.A.new | +$2M |
| VRT Vertiv Holdings Co | +$2M |
| GSK GSK plcnew | +$2M |
| TD The Toronto-Dominion Banknew | +$1M |
| HWM Howmet Aerospace Inc. | +$1M |
| AVGO Broadcom Inc. | +$1M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$5M |
| FIX Comfort Systems USA, Inc. | −$3M |
| PRIM Primoris Services Corporation | −$2M |
| MPWR Monolithic Power Systems, Inc. | −$2M |
| FSS Federal Signal Corporationexit | −$2M |
| LLY Eli Lilly and Company | −$1M |
| RACE Ferrari N.V.exit | −$1M |
| CCEP Coca-Cola Europacific Partnersexit | −$1M |
| BKE The Buckle, Inc.exit | −$1M |
| VZ Verizon Communications Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $893M | 384 | +29.30% | +17.59% | +11.71% | +0.02B |
| 2025-12-31 | $878M | 362 | +21.86% | +17.72% | +4.14% | -0.01B |
| 2025-09-30 | $861M | 337 | +21.13% | +17.52% | +3.61% | -0.03B |
| 2025-06-30 | $797M | 323 | +13.23% | +14.94% | -1.71% | -0.01B |
| 2025-03-31 | $711M | 292 | +5.02% | +8.30% | -3.29% | +0.02B |
| 2024-12-31 | $739M | 290 | +23.45% | +24.89% | -1.44% | +0.03B |
| 2024-09-30 | $696M | 306 | +33.37% | +36.04% | -2.67% | +0.02B |
| 2024-06-30 | $651M | 298 | +25.22% | +24.49% | +0.72% | +0.01B |
| 2024-03-31 | $611M | 305 | +28.48% | +29.62% | -1.14% | +0.05B |
| 2023-12-31 | $508M | 286 | +23.23% | +26.18% | -2.95% | +0.18B |
| 2023-09-30 | $300M | 196 | +16.42% | +21.57% | -5.15% | -0.02B |
| 2023-06-30 | $327M | 203 | +17.11% | +19.42% | -2.32% | +0.01B |
| 2023-03-31 | $297M | 173 | -7.72% | -7.82% | +0.10% | +0.03B |
| 2022-12-31 | $258M | 181 | -16.69% | -18.17% | +1.48% | +0.01B |
| 2022-09-30 | $236M | 154 | -11.50% | -15.51% | +4.01% | +0.02B |
| 2022-06-30 | $221M | 159 | -9.53% | -10.62% | +1.09% | -0.10B |