Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.22%
trims when stocks drop
when a holding falls −10%+
Middle response
-14.03%
baseline attrition
Rally response
-8.36%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $3.29B | 5.5% | +60.9% | 6.5 yr |
| JPMJPMorgan Chase & Co. | $2.04B | 3.4% | +21.8% | 6.5 yr |
| AAPLApple Inc. | $1.94B | 3.2% | +14.7% | 6.5 yr |
| CNQCanadian Natural Resourc | $1.83B | 3.0% | +66.0% | 6.0 yr |
| IVViShares Core S&P 500 ETF | $1.73B | 2.9% | — | 1.8 yr |
| SPYState Street SPDR S&P 50 | $1.68B | 2.8% | +17.6% | 6.5 yr |
| QQQInvesco QQQ Trust, Serie | $1.43B | 2.4% | — | 6.5 yr |
| GOOGLAlphabet Inc. | $1.31B | 2.2% | — | 6.5 yr |
| XBIState Street SPDR S&P Bi | $1.24B | 2.1% | — | 6.5 yr |
| IWMiShares Russell 2000 ETF | $1.16B | 1.9% | — | 6.5 yr |
| METAMeta Platforms, Inc. | $1.09B | 1.8% | -0.4% | 6.5 yr |
| MSFTMicrosoft Corporation | $1.01B | 1.7% | -0.6% | 6.5 yr |
| AVGOBroadcom Inc. | $935M | 1.6% | +86.0% | 6.0 yr |
| TSLATesla, Inc. | $688M | 1.1% | +43.4% | 6.0 yr |
| TDThe Toronto-Dominion Ban | $604M | 1.0% | +60.9% | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management20.0%-8.3pp$12.00B
Semiconductors11.7%+3.4pp$7.03B
Banks - Diversified8.9%+1.8pp$5.35B
Internet Content & Information5.0%+2.4pp$2.99B
Oil & Gas Exploration & Production3.8%+2.3pp$2.29B
Consumer Electronics3.2%-1.9pp$1.94B
Drug Manufacturers - General2.4%+0.9pp$1.42B
Software - Infrastructure2.2%-2.5pp$1.34B
Discount Stores2.0%+0.7pp$1.20B
Financial - Credit Services1.9%-0.2pp$1.15B
Country
US83.9%-1.2pp
CA11.1%+3.2pp
Unknown1.2%-0.5pp
IE0.9%+0.1pp
GB0.7%-0.3pp
NL0.4%+0.2pp
BM0.4%+0.2pp
CN0.3%-1.1pp
Top 5: 18.0% · Top 10: 29.4% · Top 25: 45.4%
Top buys this quarter · 15
| WMT Walmart Inc. | +$502M |
| JPM JPMorgan Chase & Co. | +$486M |
| ABBV AbbVie Inc. | +$402M |
| SU Suncor Energy Inc. | +$362M |
| META Meta Platforms, Inc. | +$360M |
| AXP American Express Company | +$290M |
| UBER Uber Technologies, Inc. | +$268M |
| MFC Manulife Financial Corporation | +$261M |
| AAPL Apple Inc. | +$261M |
| TSLA Tesla, Inc. | +$245M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$757M |
| TD The Toronto-Dominion Bank | −$503M |
| CM Canadian Imperial Bank of Comm | −$479M |
| CVE Cenovus Energy Inc. | −$395M |
| AVGO Broadcom Inc. | −$339M |
| BNS The Bank of Nova Scotia | −$268M |
| BP BP p.l.c. | −$266M |
| TRP TC Energy Corporation | −$246M |
| EQIX Equinix, Inc. | −$193M |
| AMAT Applied Materials, Inc. | −$168M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $60.08B | 1430 | +26.17% | +17.59% | +8.58% | +1.65B |
| 2025-12-31 | $58.76B | 1330 | +21.87% | +17.72% | +4.15% | +2.97B |
| 2025-09-30 | $53.74B | 1129 | +19.77% | +17.52% | +2.25% | -0.06B |
| 2025-06-30 | $49.52B | 1032 | +17.40% | +14.94% | +2.46% | -1.07B |
| 2025-03-31 | $44.97B | 1055 | +7.29% | +8.30% | -1.01% | +0.33B |
| 2024-12-31 | $46.47B | 923 | +15.53% | +24.89% | -9.36% | +4.67B |
| 2024-09-30 | $40.97B | 944 | +27.91% | +36.04% | -8.13% | +5.10B |
| 2024-06-30 | $33.68B | 940 | +14.96% | +24.49% | -9.53% | +4.51B |
| 2024-03-31 | $28.37B | 882 | +17.16% | +29.62% | -12.46% | -1.02B |
| 2023-12-31 | $28.41B | 962 | +21.36% | +26.18% | -4.82% | +3.64B |
| 2023-09-30 | $21.93B | 964 | +13.30% | +21.57% | -8.27% | +0.60B |
| 2023-06-30 | $22.29B | 1132 | +10.26% | +19.42% | -9.17% | +3.82B |
| 2023-03-31 | $17.62B | 1192 | -9.81% | -7.82% | -1.99% | -3.56B |
| 2022-12-31 | $19.77B | 1360 | -19.70% | -18.17% | -1.53% | -0.99B |
| 2022-09-30 | $19.69B | 1444 | -15.43% | -15.51% | +0.08% | -0.45B |
| 2022-06-30 | $21.62B | 1507 | -8.69% | -10.62% | +1.93% | -2.20B |