Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.00%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.55%
baseline attrition
Rally response
-6.85%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $1.22B | 6.4% | +60.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $991M | 5.2% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $889M | 4.7% | +14.7% | 10.3 yr |
| GOOGLAlphabet Inc. | $743M | 3.9% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $528M | 2.8% | +9.5% | 10.3 yr |
| AVGOBroadcom Inc. | $439M | 2.3% | +86.0% | 8.0 yr |
| LLYEli Lilly and Company | $384M | 2.0% | +12.2% | 10.5 yr |
| ABBVAbbVie Inc. | $249M | 1.3% | +7.3% | 10.5 yr |
| GOOGAlphabet Inc. | $246M | 1.3% | +84.3% | 10.5 yr |
| GILDGilead Sciences, Inc. | $233M | 1.2% | +27.7% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $222M | 1.2% | +105.6% | 10.3 yr |
| MCKMcKesson Corporation | $207M | 1.1% | +29.1% | 10.5 yr |
| JNJJohnson & Johnson | $195M | 1.0% | +51.5% | 10.5 yr |
| MAMastercard Incorporated | $195M | 1.0% | -8.5% | 10.5 yr |
| PANWPalo Alto Networks, Inc. | $192M | 1.0% | -6.0% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors15.2%+4.3pp$2.90B
Biotechnology9.2%+2.6pp$1.76B
Drug Manufacturers - General8.3%+0.3pp$1.59B
Software - Infrastructure7.5%-1.3pp$1.43B
Internet Content & Information6.1%+1.1pp$1.16B
Consumer Electronics4.7%-0.1pp$901M
Specialty Retail3.8%+0.0pp$719M
Medical - Diagnostics & Research3.1%-0.6pp$594M
Software - Application3.0%-1.1pp$580M
Financial - Credit Services2.7%-1.2pp$517M
Country
US93.8%-0.9pp
CA1.8%+0.6pp
TW1.2%+0.2pp
Unknown0.7%+0.4pp
GB0.4%+0.1pp
CN0.4%-0.1pp
PE0.2%+0.2pp
DE0.2%-0.2pp
Top 5: 22.9% · Top 10: 31.0% · Top 25: 44.9%
Top buys this quarter · 15
| KLAC KLA Corporation | +$79M |
| NEE NextEra Energy, Inc. | +$60M |
| NVDA NVIDIA Corporation | +$1.22B |
| GEV GE Vernova Inc. | +$41M |
| EXC Exelon Corporation | +$39M |
| ENSG The Ensign Group, Inc. | +$38M |
| AAPL Apple Inc. | +$889M |
| BABA Alibaba Group Holding Limited | +$36M |
| TRGP Targa Resources Corp. | +$34M |
| MSFT Microsoft Corporation | +$991M |
Top sells this quarter · 15
| NU Nu Holdings Ltd. | −$78M |
| RVMD Revolution Medicines, Inc. | −$44M |
| WM Waste Management, Inc. | −$43M |
| JPM JPMorgan Chase & Co. | −$43M |
| ABT Abbott Laboratories | −$40M |
| UTHR United Therapeutics Corporatio | −$38M |
| EBAY eBay Inc. | −$38M |
| IQV IQVIA Holdings Inc. | −$38M |
| LRCX Lam Research Corporation | −$178M |
| DHR Danaher Corporation | −$37M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $19.11B | 672 | +20.91% | +17.59% | +3.32% | +0.23B |
| 2025-12-31 | $19.90B | 661 | +20.43% | +17.72% | +2.71% | -0.06B |
| 2025-09-30 | $18.94B | 633 | +13.77% | +17.52% | -3.75% | +0.25B |
| 2025-06-30 | $17.21B | 645 | +9.95% | +14.94% | -4.99% | -0.45B |
| 2025-03-31 | $15.85B | 639 | +0.26% | +8.30% | -8.05% | -0.42B |
| 2024-12-31 | $17.23B | 636 | +13.99% | +24.89% | -10.90% | +0.05B |
| 2024-09-30 | $17.26B | 636 | +28.59% | +36.04% | -7.44% | +0.09B |
| 2024-06-30 | $16.35B | 639 | +16.06% | +24.49% | -8.43% | +0.59B |
| 2024-03-31 | $15.51B | 645 | +20.21% | +29.62% | -9.41% | +0.07B |
| 2023-12-31 | $14.38B | 658 | +17.87% | +26.18% | -8.31% | +0.75B |
| 2023-09-30 | $12.14B | 617 | +11.49% | +21.57% | -10.08% | -0.83B |
| 2023-06-30 | $13.69B | 671 | +14.66% | +19.42% | -4.77% | -1.34B |
| 2023-03-31 | $14.29B | 833 | -7.03% | -7.82% | +0.78% | -1.16B |
| 2022-12-31 | $14.66B | 818 | +6.20% | +7.56% | -1.36% | -0.28B |
| 2022-09-30 | $14.07B | 825 | -2.55% | -4.93% | +2.38% | +2.35B |
| 2022-06-30 | $12.02B | 732 | -14.71% | -16.11% | +1.40% | -0.37B |