Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.72%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.61%
baseline attrition
Rally response
-3.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GLDSPDR Gold Shares | $76M | 6.9% | — | 10.0 yr |
| IYZiShares U.S. Telecommuni | $59M | 5.4% | — | 1.3 yr |
| IYWiShares U.S. Technology | $57M | 5.2% | — | 3.0 yr |
| IYHiShares U.S. Healthcare | $56M | 5.1% | — | 0.5 yr |
| IDUiShares U.S. Utilities E | $55M | 5.0% | — | 1.5 yr |
| SPYState Street SPDR S&P 50 | $48M | 4.4% | +17.6% | 11.0 yr |
| SSOProShares - Ultra S&P500 | $43M | 4.0% | — | 2.0 yr |
| BIVVanguard Intermediate-Te | $38M | 3.5% | — | 9.8 yr |
| SCHXSchwab U.S. Large-Cap ET | $38M | 3.4% | — | 8.5 yr |
| SCHFSchwab International Equ | $31M | 2.8% | — | 7.8 yr |
| QQQInvesco QQQ Trust, Serie | $30M | 2.7% | — | 6.0 yr |
| IVWiShares S&P 500 Growth E | $29M | 2.6% | — | 4.0 yr |
| BNDVanguard Total Bond Mark | $29M | 2.6% | — | 2.3 yr |
| EEMiShares MSCI Emerging Ma | $27M | 2.4% | — | 2.8 yr |
| EFAiShares MSCI EAFE ETF | $26M | 2.4% | — | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management59.6%-6.2pp$654M
Asset Management - Bonds8.2%+0.6pp$91M
Semiconductors6.0%+3.1pp$65M
Drug Manufacturers - General1.7%-0.2pp$19M
Software - Infrastructure1.5%+0.4pp$16M
Unknown1.4%+0.8pp$15M
Aerospace & Defense1.4%-0.1pp$15M
Banks - Diversified1.3%-0.1pp$14M
Hardware, Equipment & Parts1.1%$12M
Oil & Gas Integrated1.0%-0.3pp$11M
Country
US97.5%-0.8pp
Unknown1.4%+0.8pp
TW0.5%+0.1pp
IE0.3%+0.3pp
SG0.3%
GB0.0%-0.6pp
CA0.0%-0.0pp
Top 5: 27.6% · Top 10: 45.6% · Top 25: 68.0%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$1M |
| WDC Western Digital Corporation | +$1M |
| TER Teradyne, Inc. | +$1M |
| GLW Corning Incorporated | +$1M |
| LRCX Lam Research Corporation | +$0M |
| STX Seagate Technology Holdings pl | +$0M |
| MU Micron Technology, Inc. | +$0M |
| ALB Albemarle Corporation | +$0M |
| NEM Newmont Corporation | +$0M |
| WBD Warner Bros. Discovery, Inc. | +$0M |
Top sells this quarter · 15
| TSM Taiwan Semiconductor Manufactu | −$0M |
| PEP PepsiCo, Inc. | −$0M |
| RTX RTX Corporation | −$0M |
| BK The Bank of New York Mellon Co | −$0M |
| MSFT Microsoft Corporation | −$0M |
| ADI Analog Devices, Inc. | −$0M |
| TSLA Tesla, Inc. | −$0M |
| CVX Chevron Corporation | −$0M |
| XOM Exxon Mobil Corporation | −$0M |
| PSX Phillips 66 | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.10B | 137 | +26.24% | +17.59% | +8.64% | +0.10B |
| 2025-12-31 | $975M | 137 | +21.97% | +17.72% | +4.25% | +0.00B |
| 2025-09-30 | $930M | 138 | +17.80% | +17.52% | +0.28% | +0.02B |
| 2025-06-30 | $838M | 137 | +17.09% | +14.94% | +2.14% | -0.01B |
| 2025-03-31 | $770M | 102 | +10.52% | +8.30% | +2.22% | +0.09B |
| 2024-12-31 | $689M | 129 | +23.92% | +24.89% | -0.97% | -0.00B |
| 2024-09-30 | $688M | 135 | +36.36% | +36.04% | +0.33% | -0.01B |
| 2024-06-30 | $651M | 123 | +22.57% | +24.49% | -1.92% | +0.01B |
| 2024-03-31 | $622M | 130 | +24.04% | +29.62% | -5.58% | +0.05B |
| 2023-12-31 | $517M | 127 | +15.80% | +26.18% | -10.37% | +0.01B |
| 2023-09-30 | $458M | 134 | +15.31% | +21.57% | -6.25% | -0.03B |
| 2023-06-30 | $504M | 137 | +15.52% | +19.42% | -3.91% | -0.05B |
| 2023-03-31 | $533M | 133 | -0.54% | -7.82% | +7.28% | +0.06B |
| 2022-12-31 | $460M | 119 | -8.23% | -18.17% | +9.94% | +0.17B |
| 2022-09-30 | $258M | 113 | -7.76% | -15.51% | +7.75% | -0.06B |
| 2022-06-30 | $329M | 93 | -4.04% | -10.62% | +6.58% | -0.08B |