Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.87%
baseline attrition
Rally response
-3.88%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $114M | 3.1% | +60.9% | 6.5 yr |
| AAPLApple Inc. | $91M | 2.5% | +14.7% | 6.5 yr |
| IEMGiShares Core MSCI Emergi | $89M | 2.5% | — | 0.5 yr |
| MSFTMicrosoft Corporation | $86M | 2.4% | -0.6% | 6.5 yr |
| AMZNAmazon.com, Inc. | $60M | 1.6% | +9.5% | 6.5 yr |
| GOOGLAlphabet Inc. | $47M | 1.3% | — | 6.5 yr |
| GOOGAlphabet Inc. | $43M | 1.2% | +84.3% | 6.5 yr |
| JNJJohnson & Johnson | $43M | 1.2% | +51.5% | 6.5 yr |
| TAT&T Inc. | $42M | 1.1% | +5.9% | 6.5 yr |
| AVGOBroadcom Inc. | $41M | 1.1% | +86.0% | 6.5 yr |
| VZVerizon Communications I | $37M | 1.0% | +16.5% | 6.5 yr |
| DUKDuke Energy Corporation | $37M | 1.0% | +11.2% | 6.5 yr |
| METAMeta Platforms, Inc. | $36M | 1.0% | -0.4% | 6.5 yr |
| CSCOCisco Systems, Inc. | $31M | 0.9% | +28.1% | 6.5 yr |
| WELLWelltower Inc. | $29M | 0.8% | +31.2% | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors7.0%+3.0pp$253M
Asset Management6.4%+3.6pp$232M
Regulated Electric5.3%+1.6pp$192M
Software - Infrastructure4.9%-0.9pp$179M
Drug Manufacturers - General3.9%-0.8pp$143M
Internet Content & Information3.8%+1.1pp$137M
Software - Application3.3%+0.2pp$120M
Telecommunications Services3.3%-0.2pp$119M
REIT - Specialty2.7%+0.5pp$99M
Consumer Electronics2.5%-0.3pp$92M
Country
US93.9%-0.0pp
CA1.9%+0.4pp
IE0.9%+0.1pp
IL0.6%-0.3pp
Unknown0.6%+0.1pp
GB0.4%-0.1pp
CH0.3%+0.2pp
BM0.3%-0.2pp
Top 5: 12.1% · Top 10: 18.1% · Top 25: 29.8%
Top buys this quarter · 15
| DUK Duke Energy Corporation | +$12M |
| O Realty Income Corporation | +$9M |
| CTSH Cognizant Technology Solutions | +$9M |
| TJX The TJX Companies, Inc. | +$8M |
| XEL Xcel Energy Inc. | +$8M |
| CB Chubb Limited | +$8M |
| PLD Prologis, Inc. | +$7M |
| AMT American Tower Corporation | +$7M |
| WELL Welltower Inc. | +$7M |
| NFLX Netflix, Inc. | +$7M |
Top sells this quarter · 15
| LITE Lumentum Holdings Inc. | −$20M |
| BMY Bristol-Myers Squibb Company | −$19M |
| EXAS Exact Sciences Corporationexit | −$15M |
| MRK Merck & Co., Inc. | −$9M |
| UNM Unum Group | −$8M |
| NEU NewMarket Corporation | −$8M |
| EA Electronic Arts Inc. | −$7M |
| CFLT Confluent, Inc.exit | −$7M |
| MSI Motorola Solutions, Inc. | −$7M |
| RGLD Royal Gold, Inc. | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.63B | 1179 | +12.57% | +17.59% | -5.02% | +0.14B |
| 2025-12-31 | $3.51B | 1143 | +12.42% | +17.72% | -5.30% | +0.14B |
| 2025-09-30 | $3.35B | 1165 | +11.02% | +17.52% | -6.50% | -0.14B |
| 2025-06-30 | $3.31B | 1148 | +13.73% | +14.94% | -1.21% | +0.14B |
| 2025-03-31 | $2.97B | 1151 | +7.98% | +8.30% | -0.32% | -0.03B |
| 2024-12-31 | $3.02B | 1194 | +17.03% | +24.89% | -7.86% | -0.14B |
| 2024-09-30 | $3.17B | 1159 | +29.94% | +36.04% | -6.10% | -0.02B |
| 2024-06-30 | $2.96B | 1162 | +16.34% | +24.49% | -8.15% | +0.00B |
| 2024-03-31 | $2.92B | 1244 | +20.78% | +29.62% | -8.84% | -0.26B |
| 2023-12-31 | $2.95B | 1225 | +17.29% | +26.18% | -8.88% | -0.07B |
| 2023-09-30 | $2.73B | 1288 | +14.50% | +21.57% | -7.07% | +0.09B |
| 2023-06-30 | $2.74B | 1065 | +12.59% | +19.42% | -6.84% | -0.13B |
| 2023-03-31 | $2.73B | 1187 | -5.36% | -7.82% | +2.45% | -0.12B |
| 2022-12-31 | $2.72B | 1258 | +7.86% | +7.56% | +0.30% | -0.12B |
| 2022-09-30 | $2.64B | 1353 | -5.06% | -4.93% | -0.13% | +0.09B |
| 2022-06-30 | $2.68B | 1344 | -11.75% | -16.11% | +4.36% | +0.12B |