Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.65%
adds when stocks drop
when a holding falls −10%+
Middle response
+3.80%
steady accumulation
Rally response
+4.24%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $15.69B | 10.9% | — | 10.3 yr |
| BNDVanguard Total Bond Mark | $8.94B | 6.2% | — | 10.3 yr |
| VEAVanguard FTSE Developed | $7.72B | 5.3% | — | 10.3 yr |
| SPDWState Street SPDR Portfo | $6.11B | 4.2% | — | 10.5 yr |
| SPMDState Street SPDR Portfo | $5.72B | 4.0% | — | 8.5 yr |
| IEMGiShares Core MSCI Emergi | $5.42B | 3.7% | — | 10.3 yr |
| VVVanguard Large-Cap ETF | $3.66B | 2.5% | — | 10.3 yr |
| AAPLApple Inc. | $3.08B | 2.1% | +14.7% | 10.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $2.58B | 1.8% | — | 8.8 yr |
| VOVanguard Mid-Cap ETF | $2.39B | 1.7% | — | 10.5 yr |
| AVDVAvantis International Sm | $2.37B | 1.6% | — | 5.5 yr |
| NVDANVIDIA Corporation | $2.36B | 1.6% | +60.9% | 10.5 yr |
| VCITVanguard Intermediate-Te | $2.24B | 1.5% | — | 10.5 yr |
| AVUVAvantis U.S. Small Cap V | $2.23B | 1.5% | — | 5.5 yr |
| SCHXSchwab U.S. Large-Cap ET | $2.11B | 1.5% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management65.1%-2.9pp$93.99B
Asset Management - Bonds10.0%-1.9pp$14.49B
Semiconductors3.1%+1.5pp$4.49B
Consumer Electronics2.2%+0.0pp$3.14B
Software - Infrastructure1.5%+0.1pp$2.10B
Internet Content & Information1.4%+0.4pp$2.00B
Drug Manufacturers - General1.1%+0.2pp$1.57B
Insurance - Diversified1.1%-0.5pp$1.55B
Specialty Retail0.8%+0.0pp$1.14B
Banks - Diversified0.8%+0.1pp$1.09B
Country
US97.8%-0.7pp
CA0.4%+0.1pp
GB0.3%+0.1pp
IE0.2%-0.0pp
TW0.2%+0.1pp
Unknown0.2%+0.1pp
CH0.1%+0.0pp
JP0.1%-0.0pp
Top 5: 30.6% · Top 10: 42.4% · Top 25: 61.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $1.01B | +0.62B | 60.9% |
| AAPL | $2.26B | +0.33B | 14.7% |
| SPY | $1.67B | +0.29B | 17.6% |
| MSFT | $1.05B | -0.01B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $1.05B | -0.01B | -0.6% |
Top buys this quarter · 15
| AAPL Apple Inc. | +$208M |
| NVDA NVIDIA Corporation | +$172M |
| MSFT Microsoft Corporation | +$1.43B |
| AMZN Amazon.com, Inc. | +$899M |
| AZN AstraZeneca PLCnew | +$46M |
| XOM Exxon Mobil Corporation | +$36M |
| COST Costco Wholesale Corporation | +$35M |
| LLY Eli Lilly and Company | +$387M |
| CVX Chevron Corporation | +$35M |
| META Meta Platforms, Inc. | +$542M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$38M |
| MELI MercadoLibre, Inc. | −$13M |
| RACE Ferrari N.V. | −$12M |
| SFBS ServisFirst Bancshares, Inc. | −$11M |
| ANET Arista Networks, Inc. | −$8M |
| SNOW Snowflake Inc. | −$7M |
| ARM Arm Holdings plc American Depo | −$7M |
| INFY Infosys Limited | −$6M |
| OKTA Okta, Inc. | −$6M |
| EXAS Exact Sciences Corporationexit | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $144.46B | 4057 | +19.08% | +17.59% | +1.49% | +11.41B |
| 2025-12-31 | $137.61B | 3856 | +16.86% | +17.72% | -0.86% | +4.03B |
| 2025-09-30 | $130.81B | 3795 | +17.40% | +17.52% | -0.12% | +3.18B |
| 2025-06-30 | $117.01B | 3578 | +14.29% | +14.94% | -0.66% | -0.49B |
| 2025-03-31 | $106.27B | 3409 | +6.93% | +8.30% | -1.37% | +8.77B |
| 2024-12-31 | $102.76B | 3539 | +20.32% | +24.89% | -4.57% | -0.81B |
| 2024-09-30 | $100.94B | 3169 | +30.87% | +36.04% | -5.17% | +1.58B |
| 2024-06-30 | $93.59B | 2973 | +17.96% | +24.49% | -6.54% | +0.32B |
| 2024-03-31 | $90.15B | 2828 | +23.83% | +29.62% | -5.79% | +32.98B |
| 2023-12-31 | $53.55B | 2696 | +24.45% | +26.18% | -1.73% | -30.01B |
| 2023-09-30 | $74.88B | 2794 | +14.02% | +21.57% | -7.54% | +3.10B |
| 2023-06-30 | $75.01B | 2518 | +1.19% | +19.42% | -18.24% | -0.34B |
| 2023-03-31 | $69.37B | 2531 | -28.65% | -7.82% | -20.83% | -1.91B |
| 2022-12-31 | $66.43B | 2370 | -36.57% | -18.17% | -18.40% | +7.38B |
| 2022-09-30 | $57.76B | 2207 | -31.10% | -15.51% | -15.59% | +6.26B |
| 2022-06-30 | $60.64B | 2162 | -18.40% | -10.62% | -7.78% | +11.27B |