Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.73%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.62%
baseline attrition
Rally response
-16.01%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| QQQInvesco QQQ Trust, Serie | $44M | 30.4% | — | 4.5 yr |
| VDEVanguard Energy ETF | $9M | 5.9% | — | 1.8 yr |
| VPUVanguard Utilities ETF | $7M | 5.0% | — | 1.8 yr |
| VAWVanguard Materials ETF | $7M | 4.9% | — | 1.8 yr |
| VISVanguard Industrials ETF | $7M | 4.8% | — | 1.8 yr |
| VDCVanguard Consumer Staple | $7M | 4.6% | — | 1.8 yr |
| VOXVanguard Communication S | $7M | 4.6% | — | 1.8 yr |
| VHTVanguard Health Care ETF | $6M | 4.5% | — | 1.8 yr |
| VGTVanguard Information Tec | $6M | 4.4% | — | 1.8 yr |
| VFHVanguard Financials ETF | $6M | 4.3% | — | 1.8 yr |
| VNQVanguard Real Estate ETF | $6M | 4.3% | — | 1.8 yr |
| VCRVanguard Consumer Discre | $6M | 4.2% | — | 1.8 yr |
| BIVVanguard Intermediate-Te | $4M | 3.1% | — | 1.8 yr |
| AAPLApple Inc. | $3M | 2.1% | +14.7% | 4.5 yr |
| GOFGuggenheim Strategic Opp | $3M | 2.0% | — | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management88.1%+18.6pp$126M
Asset Management - Bonds3.1%-7.5pp$4M
Consumer Electronics2.1%-0.5pp$3M
Biotechnology2.0%+0.2pp$3M
Insurance - Diversified2.0%-1.2pp$3M
Asset Management - Leveraged1.4%-8.8pp$2M
Software - Infrastructure0.6%-0.3pp$1M
Internet Content & Information0.4%+0.2pp$1M
Specialty Retail0.2%$0M
Drug Manufacturers - Specialty & Generic0.1%-0.0pp$0M
Country
US99.0%-0.0pp
CN0.9%
IS0.1%+0.0pp
Top 5: 50.9% · Top 10: 73.4% · Top 25: 98.7%
Top buys this quarter · 11
| CNTB Connect Biopharma Holdings Lim | +$1M |
| HRTX Heron Therapeutics, Inc. | +$1M |
| ALVO Alvotech | +$0M |
| MDXG MiMedx Group, Inc. | +$0M |
| AMZN Amazon.com, Inc. | +$0M |
| MSFT Microsoft Corporation | +$1M |
| GOOGL Alphabet Inc. | +$0M |
| BRK-B Berkshire Hathaway Inc. | +$3M |
| GOF Guggenheim Strategic Opportuni | +$3M |
| TQQQ ProShares - UltraPro QQQ | +$1M |
Top sells this quarter · 15
| AAPL Apple Inc. | −$0M |
| OPTT Ocean Power Technologies, Inc. | −$0M |
| QQQ Invesco QQQ Trust, Series 1 | −$0M |
| NVG Nuveen AMT-Free Municipal Cred | −$0M |
| SSO ProShares - Ultra S&P500 | −$0M |
| QLD ProShares - Ultra QQQ | −$0M |
| EDV Vanguard Extended Duration Tre | −$0M |
| BIV Vanguard Intermediate-Term Bon | −$0M |
| VTIP Vanguard Short-Term Inflation- | −$0M |
| VCR Vanguard Consumer Discretionar | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $143M | 34 | -7.51% | +17.59% | -25.11% | +0.02B |
| 2025-12-31 | $149M | 34 | +1.51% | +17.72% | -16.21% | -0.00B |
| 2025-09-30 | $143M | 32 | +14.57% | +17.52% | -2.94% | -0.00B |
| 2025-06-30 | $134M | 28 | +4.21% | +14.94% | -10.74% | +0.01B |
| 2025-03-31 | $130M | 30 | +10.87% | +8.30% | +2.57% | -0.01B |
| 2024-12-31 | $151M | 31 | +12.40% | +24.89% | -12.48% | -0.04B |
| 2024-09-30 | $159M | 32 | +11.32% | +36.04% | -24.71% | +0.11B |
| 2024-06-30 | $51M | 22 | +6.67% | +24.49% | -17.82% | -0.01B |
| 2024-03-31 | $54M | 24 | +51.70% | +29.62% | +22.08% | +0.00B |
| 2023-12-31 | $57M | 23 | +101.26% | +26.18% | +75.08% | -0.00B |
| 2023-09-30 | $53M | 24 | +65.58% | +21.57% | +44.01% | -0.00B |
| 2023-06-30 | $62M | 22 | +64.27% | +19.42% | +44.85% | -0.03B |
| 2023-03-31 | $59M | 22 | -10.39% | -7.82% | -2.57% | -0.03B |
| 2022-12-31 | $71M | 21 | -4.23% | +7.56% | -11.79% | -0.01B |
| 2022-09-30 | $88M | 23 | -6.60% | -4.93% | -1.67% | -0.00B |
| 2022-06-30 | $98M | 22 | -19.12% | -16.11% | -3.01% | -0.01B |