Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-28.08%
trims when stocks drop
when a holding falls −10%+
Middle response
-15.56%
baseline attrition
Rally response
-25.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HYGiShares iBoxx $ High Yie | $57M | 11.1% | — | 0.5 yr |
| SPYState Street SPDR S&P 50 | $46M | 8.9% | +17.6% | 3.0 yr |
| EWWiShares MSCI Mexico ETF | $38M | 7.5% | — | 1.8 yr |
| VOOVanguard S&P 500 ETF | $36M | 7.0% | — | 0.3 yr |
| IWMiShares Russell 2000 ETF | $35M | 6.8% | — | 1.3 yr |
| XLPState Street Consumer St | $29M | 5.7% | — | 0.5 yr |
| EWZiShares MSCI Brazil ETF | $29M | 5.6% | — | 1.8 yr |
| AVGOBroadcom Inc. | $22M | 4.2% | +86.0% | 2.3 yr |
| JAAAJanus Henderson AAA CLO | $22M | 4.2% | — | 0.3 yr |
| TSLATesla, Inc. | $19M | 3.8% | +43.4% | 1.5 yr |
| XLEState Street Energy Sele | $16M | 3.1% | — | 3.8 yr |
| XRTState Street SPDR S&P Re | $12M | 2.4% | — | 0.3 yr |
| WMTWalmart Inc. | $10M | 2.0% | +42.8% | 1.5 yr |
| JBBBJanus Henderson B-BBB CL | $10M | 2.0% | — | 0.3 yr |
| KREState Street SPDR S&P Re | $10M | 1.9% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management62.7%+39.0pp$322M
Asset Management - Bonds12.5%$64M
Semiconductors5.7%-3.9pp$29M
Auto - Manufacturers3.8%$19M
Airlines, Airports & Air Services2.2%+1.3pp$11M
Discount Stores2.0%$10M
Unknown1.9%+1.6pp$10M
Other Precious Metals1.2%$6M
Oil & Gas Integrated1.1%+0.7pp$5M
Specialty Retail0.9%-5.8pp$5M
Country
US91.0%+25.3pp
Unknown1.9%+1.6pp
PA1.9%
BR1.3%-9.1pp
CA1.2%-0.6pp
CO0.7%+0.3pp
TW0.5%-4.6pp
CL0.5%+0.4pp
Top 5: 41.2% · Top 10: 64.7% · Top 25: 86.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSM | $20M | +0.02B | 105.6% |
| AVGO | $4M | +0.00B | 86.0% |
| NU | $6M | +0.00B | 40.3% |
| AMZN | $15M | +0.00B | 9.5% |
| BN | $7M | +0.00B | 16.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$45M |
| TSLA Tesla, Inc. | +$19M |
| AVGO Broadcom Inc. | +$11M |
| WMT Walmart Inc. | +$10M |
| CPA Copa Holdings, S.A. | +$9M |
| AUGO Aura Minerals | +$6M |
| BN Brookfield Corporation | +$5M |
| EC Ecopetrol S.A. | +$2M |
| AMD Advanced Micro Devices, Inc. | +$2M |
| WELL Welltower Inc. | +$1M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$48M |
| META Meta Platforms, Inc.exit | −$39M |
| TSM Taiwan Semiconductor Manufactu | −$34M |
| MSFT Microsoft Corporation | −$28M |
| AMZN Amazon.com, Inc. | −$26M |
| GOOG Alphabet Inc.exit | −$16M |
| BABA Alibaba Group Holding Limitedexit | −$13M |
| NU Nu Holdings Ltd. | −$10M |
| XEL Xcel Energy Inc. | −$10M |
| V Visa Inc. | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $513M | 102 | +28.68% | +17.59% | +11.09% | -0.02B |
| 2025-12-31 | $564M | 157 | +27.35% | +17.72% | +9.63% | -0.16B |
| 2025-09-30 | $684M | 152 | +27.66% | +17.52% | +10.14% | +0.16B |
| 2025-06-30 | $492M | 153 | +25.72% | +14.94% | +10.77% | +0.01B |
| 2025-03-31 | $401M | 156 | +3.99% | +8.30% | -4.31% | +0.00B |
| 2024-12-31 | $426M | 150 | +16.07% | +24.89% | -8.82% | +0.02B |
| 2024-09-30 | $385M | 129 | +30.38% | +36.04% | -5.66% | -0.03B |
| 2024-06-30 | $391M | 126 | +37.23% | +24.49% | +12.74% | +0.07B |
| 2024-03-31 | $321M | 134 | +60.59% | +29.62% | +30.97% | -0.14B |
| 2023-12-31 | $441M | 108 | +66.58% | +26.18% | +40.40% | +0.15B |
| 2023-09-30 | $246M | 101 | +37.88% | +21.57% | +16.32% | +0.07B |
| 2023-06-30 | $157M | 77 | +12.59% | +19.42% | -6.83% | -0.10B |
| 2023-03-31 | $217M | 98 | -17.44% | -7.82% | -9.62% | +0.03B |
| 2022-12-31 | $174M | 129 | -1.44% | +7.56% | -9.01% | -0.00B |
| 2022-09-30 | $180M | 89 | -9.59% | -4.93% | -4.67% | +0.05B |
| 2022-06-30 | $146M | 96 | -13.82% | -16.11% | +2.29% | -0.02B |