Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.78%
trims when stocks drop
when a holding falls −10%+
Middle response
+4.72%
steady accumulation
Rally response
-1.54%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $168M | 1.9% | +60.9% | 9.5 yr |
| IVViShares Core S&P 500 ETF | $161M | 1.8% | — | 10.3 yr |
| VOOVanguard S&P 500 ETF | $154M | 1.7% | — | 10.3 yr |
| MSFTMicrosoft Corporation | $140M | 1.6% | -0.6% | 10.3 yr |
| GLDSPDR Gold Shares | $115M | 1.3% | — | 10.5 yr |
| BILState Street SPDR Bloomb | $115M | 1.3% | — | 7.5 yr |
| AAPLApple Inc. | $108M | 1.2% | +14.7% | 10.3 yr |
| AMZNAmazon.com, Inc. | $92M | 1.0% | +9.5% | 10.3 yr |
| VGITVanguard Intermediate-Te | $89M | 1.0% | — | 8.3 yr |
| IEMGiShares Core MSCI Emergi | $89M | 1.0% | — | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $87M | 1.0% | — | 6.3 yr |
| MINTPIMCO Enhanced Short Mat | $86M | 1.0% | — | 10.5 yr |
| GOOGLAlphabet Inc. | $83M | 0.9% | — | 10.3 yr |
| VUGVanguard Growth ETF | $82M | 0.9% | — | 10.3 yr |
| SPYState Street SPDR S&P 50 | $77M | 0.9% | +17.6% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management43.2%+4.9pp$3.83B
Asset Management - Bonds5.4%-0.9pp$480M
Semiconductors4.9%+1.6pp$436M
Drug Manufacturers - General2.7%-0.0pp$235M
Internet Content & Information2.6%+0.4pp$231M
Software - Infrastructure2.4%-0.7pp$215M
Banks - Diversified1.7%-0.1pp$153M
Specialty Retail1.5%-0.6pp$131M
Asset Management - Leveraged1.4%+0.8pp$124M
Consumer Electronics1.3%-0.1pp$114M
Country
US93.5%-0.5pp
GB1.2%+0.3pp
Unknown1.1%+0.2pp
IE0.9%-0.2pp
CA0.9%+0.2pp
TW0.5%+0.2pp
CH0.3%+0.0pp
NL0.3%+0.1pp
Top 5: 8.3% · Top 10: 13.9% · Top 25: 26.1%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$13M |
| AAPL Apple Inc. | +$108M |
| MSI Motorola Solutions, Inc. | +$4M |
| GEV GE Vernova Inc. | +$4M |
| CVX Chevron Corporation | +$3M |
| LEN Lennar Corporation | +$3M |
| AMT American Tower Corporation | +$3M |
| KNX Knight-Swift Transportation Ho | +$3M |
| KO The Coca-Cola Company | +$3M |
| SLB SLB N.V. | +$3M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$11M |
| AMZN Amazon.com, Inc. | −$11M |
| MSFT Microsoft Corporation | −$11M |
| LITE Lumentum Holdings Inc. | −$1M |
| MA Mastercard Incorporated | −$8M |
| AVGO Broadcom Inc. | −$7M |
| WMT Walmart Inc. | −$6M |
| PNFP Pinnacle Financial Partners, Iexit | −$5M |
| CIEN Ciena Corporation | −$5M |
| V Visa Inc. | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.87B | 2016 | +14.60% | +17.59% | -2.99% | +0.35B |
| 2025-12-31 | $8.73B | 2007 | +14.09% | +17.72% | -3.63% | -0.07B |
| 2025-09-30 | $8.68B | 1992 | +13.27% | +17.52% | -4.25% | -0.24B |
| 2025-06-30 | $8.40B | 1972 | +13.97% | +14.94% | -0.97% | -0.04B |
| 2025-03-31 | $7.73B | 1879 | +4.41% | +8.30% | -3.89% | -0.01B |
| 2024-12-31 | $7.97B | 1836 | +17.11% | +24.89% | -7.78% | -0.07B |
| 2024-09-30 | $7.99B | 1885 | +29.76% | +36.04% | -6.28% | -0.20B |
| 2024-06-30 | $7.67B | 1895 | +17.46% | +24.49% | -7.03% | +0.47B |
| 2024-03-31 | $7.19B | 956 | +24.78% | +29.62% | -4.84% | +0.24B |
| 2023-12-31 | $6.39B | 884 | +20.09% | +26.18% | -6.09% | +0.21B |
| 2023-09-30 | $5.54B | 836 | +17.30% | +21.57% | -4.27% | +0.32B |
| 2023-06-30 | $5.40B | 820 | +15.08% | +19.42% | -4.34% | -0.06B |
| 2023-03-31 | $5.14B | 804 | -5.61% | -7.82% | +2.21% | +0.17B |
| 2022-12-31 | $4.74B | 759 | -14.08% | -18.17% | +4.09% | -0.03B |
| 2022-09-30 | $4.37B | 730 | -12.42% | -15.51% | +3.09% | -0.00B |
| 2022-06-30 | $4.61B | 742 | -7.17% | -10.62% | +3.45% | -0.27B |