Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.18%
adds when stocks drop
when a holding falls −10%+
Middle response
+2.56%
steady accumulation
Rally response
-0.67%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $911M | 2.4% | — | 10.3 yr |
| SPLGSPDR Portfolio S&P 500 E | $861M | 2.3% | — | 8.3 yr |
| IUSBiShares Core Universal U | $814M | 2.2% | — | 9.3 yr |
| SPDWState Street SPDR Portfo | $807M | 2.1% | — | 8.0 yr |
| AAPLApple Inc. | $693M | 1.8% | +14.7% | 10.0 yr |
| NVDANVIDIA Corporation | $606M | 1.6% | +60.9% | 9.3 yr |
| IVEiShares S&P 500 Value ET | $542M | 1.4% | — | 10.3 yr |
| IVWiShares S&P 500 Growth E | $540M | 1.4% | — | 10.3 yr |
| — | $521M | 1.4% | — | 0.3 yr |
| DYNFiShares U.S. Equity Fact | $456M | 1.2% | — | 2.3 yr |
| SPYState Street SPDR S&P 50 | $444M | 1.2% | +17.6% | 10.3 yr |
| MSFTMicrosoft Corporation | $439M | 1.2% | -0.6% | 10.3 yr |
| SPMOInvesco S&P 500 Momentum | $403M | 1.1% | — | 2.3 yr |
| SPTIState Street SPDR Portfo | $368M | 1.0% | — | 7.8 yr |
| QUALiShares MSCI USA Quality | $362M | 1.0% | — | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management53.3%-4.7pp$20.16B
Asset Management - Bonds9.0%-1.6pp$3.39B
Semiconductors3.3%+1.1pp$1.25B
Drug Manufacturers - General2.1%+0.2pp$802M
Unknown2.1%+2.0pp$801M
Software - Infrastructure2.0%-0.1pp$745M
Consumer Electronics1.9%-0.2pp$701M
Internet Content & Information1.6%+0.0pp$592M
Asset Management - Income1.3%-0.1pp$508M
Specialty Retail1.1%-0.1pp$412M
Country
US96.3%-2.2pp
Unknown2.1%+2.0pp
GB0.4%+0.1pp
IE0.4%+0.0pp
BM0.2%-0.0pp
CA0.2%+0.1pp
CH0.1%+0.1pp
JP0.0%-0.0pp
Top 5: 10.8% · Top 10: 17.8% · Top 25: 31.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $317M | +0.19B | 60.9% |
| AAPL | $510M | +0.07B | 14.7% |
| SPY | $184M | +0.03B | 17.6% |
| AMZN | $260M | +0.02B | 9.5% |
| MSFT | $341M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $341M | -0.00B | -0.6% |
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$118M |
| MSFT Microsoft Corporation | +$439M |
| WMT Walmart Inc. | +$23M |
| IBM International Business Machine | +$22M |
| LRCX Lam Research Corporation | +$19M |
| NVDA NVIDIA Corporation | +$606M |
| MSTR Strategy Inc | +$17M |
| AMZN Amazon.com, Inc. | +$337M |
| NOW ServiceNow, Inc. | +$15M |
| PFE Pfizer Inc. | +$14M |
Top sells this quarter · 15
| SNDK Sandisk Corporation | −$16M |
| PEP PepsiCo, Inc. | −$15M |
| EXAS Exact Sciences Corporationexit | −$13M |
| ORCL Oracle Corporation | −$12M |
| ZM Zoom Communications, Inc. | −$10M |
| EXPE Expedia Group, Inc. | −$9M |
| PNFP Pinnacle Financial Partners, Iexit | −$9M |
| LYFT Lyft, Inc. | −$8M |
| CFLT Confluent, Inc.exit | −$8M |
| ACN Accenture plc | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $37.83B | 5610 | +18.80% | +17.59% | +1.21% | +1.88B |
| 2025-12-31 | $36.74B | 5300 | +16.94% | +17.72% | -0.78% | +3.03B |
| 2025-09-30 | $33.04B | 5216 | +17.40% | +17.52% | -0.12% | +2.55B |
| 2025-06-30 | $28.19B | 5071 | +15.86% | +14.94% | +0.91% | +0.71B |
| 2025-03-31 | $24.98B | 5000 | +7.07% | +8.30% | -1.24% | +1.83B |
| 2024-12-31 | $24.03B | 4847 | +19.60% | +24.89% | -5.29% | +0.30B |
| 2024-09-30 | $23.18B | 4758 | +29.99% | +36.04% | -6.05% | +0.61B |
| 2024-06-30 | $21.14B | 4524 | +16.34% | +24.49% | -8.15% | +0.30B |
| 2024-03-31 | $20.49B | 4246 | +21.44% | +29.62% | -8.18% | +0.55B |
| 2023-12-31 | $18.54B | 4065 | +18.33% | +26.18% | -7.85% | +0.41B |
| 2023-09-30 | $16.28B | 4107 | +13.45% | +21.57% | -8.12% | +0.86B |
| 2023-06-30 | $16.15B | 4097 | +12.16% | +19.42% | -7.27% | +0.47B |
| 2023-03-31 | $14.77B | 3974 | -7.26% | -7.82% | +0.56% | +0.56B |
| 2022-12-31 | $13.55B | 3902 | -15.62% | -18.17% | +2.56% | +0.14B |
| 2022-09-30 | $12.56B | 3834 | -11.68% | -15.51% | +3.83% | +0.39B |
| 2022-06-30 | $12.89B | 3698 | +1.33% | -3.70% | +5.02% | +0.52B |